Education Brookfield to invest in Dubai’s Gems Education A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […] June 18, 2024
Economy Cairo and Istanbul feel biggest cost of living squeeze Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […] June 18, 2024
Tech Nvidia stocks are all the rage in UAE as trading surges 50% Retail investors in the UAE have significantly ramped up their holdings in Nvidia – now the world’s most valuable company. Trading activity in the Emirates for the AI chipmaker’s stock jumped 50 percent in the first quarter of the year, according to data from a global trading and investment platform. Nvidia is now worth $3.34 […] June 18, 2024
Real Estate Construction begins at Expo City Dubai site Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […] June 17, 2024
Retail Chalhoub Group in venture with Italian luxury brand Luxury distributor Chalhoub Group has entered into a joint venture with Italian fashion conglomerate OTB Group to expand the brand’s footprint in the Gulf. OTB (which stands for Only The Brave) owns the Diesel, Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, the Staff International and Brave Kid companies, and holds a stake in the […] June 17, 2024
Opinion Economy Modi’s coalition era: a new chapter for Gulf ties? The BJP must now share power, potentially complicating relationships with crucial partners like the UAE June 17, 2024
Finance ADIA acquires minority stake in Fisher Investments Private equity firm Advent International and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have agreed to take up a minority stake in US investment adviser Fisher Investments. The investment will be between $2.5 billion and $3 billion, valuing Fisher Investments at $12.75 billion. The deal, which is expected to close later this year, is subject […] June 17, 2024
Finance UAE’s gold reserves rise 13% to $5.3bn The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year. Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the […] June 17, 2024
Banking and Finance Shorooq Partners targets startups with private credit fund A $100 million private credit fund from Abu Dhabi’s Shorooq Partners will lend to Gulf startups and medium-sized companies that possess tangible assets or generate strong, recurring cashflows, a senior executive told AGBI. The firm’s second private credit fund made its first close in late May. Its minority partner is South Korea’s IMM Investment Global, […] June 17, 2024
Analysis Infrastructure The future of DXB: airport could be turned into a city The $35 billion plan to turn Al Maktoum International into the busiest airport in the world has everyone talking about the remaking of Dubai South. Perhaps a bigger challenge is the redevelopment of the city’s main airport – Dubai International, or DXB. DXB is near some of the city’s most densely populated neighbourhoods and the […] June 16, 2024
Opinion Transport The Rolls-Royce Spectre: saving the planet, ostentatiously The new elite EV is a jaw-dropping phenomenon even on Dubai's blingy roads June 14, 2024
Aviation US fines Emirates for operating in prohibited airspace Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […] June 14, 2024
Tech US firm to invest $50m in Mena climate tech A US venture capital firm backed by Hollywood actor Leonardo DiCaprio plans to invest $50 million in Mena climate tech startups over the next five years. Princeville Capital is targeting mature startups with strong growth potential, facilitating quick exits and a clear path to profitability, its co-founder Joaquin Rodriguez Torres told AGBI. The firm has […] June 14, 2024
Banking and Finance UAE bank deposits soar as higher rates attract savers Deposits at banks in the UAE have surged as account holders take advantage of higher interest rates to earn bigger returns on their savings, data from the country’s central bank shows. Resident deposits totalled AED2.4 trillion ($664 billion) as of March 31, up 16 percent versus 12 months earlier. Non-resident deposits – those held by […] June 14, 2024
Energy Adnoc awards $5.5bn contract for Ruwais LNG Abu Dhabi state oil company Adnoc has awarded a AED20.2 billion ($5.5 billion) engineering, procurement and construction contract for its low-carbon intensity Ruwais liquefied natural gas project. A joint venture led by Technip Energies, with JGC Corporation and NMDC Energy, won the contract after approval by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, crown […] June 13, 2024
Transport Etihad Airways carries 36% more passengers on a growing fleet Etihad Airways, one of the UAE’s two flag carriers, reported a 36 percent year on year rise in passengers in May 2024 thanks to its fleet expansion strategy. The airline transported 1.5 million passengers last month, up from 1.1 million in the same month in 2023. The number of destinations rose from 63 to 68 […] June 13, 2024
People & Lifestyle NMC Healthcare weighs IPO among strategic options The UAE hospital group NMC Healthcare has appointed Rothschild & Co as its first financial adviser, to review strategic options for its future, including a sale or initial public offering. The second financial adviser will be appointed in due course. The Abu Dhabi-headquartered healthcare provider completed its restructuring in March 2022, which included appointing a […] June 13, 2024
Education Alef Education shares drop 13% on first day Shares in Alef Education fell 12.6 percent after the company’s Abu Dhabi bourse debut on Wednesday. The education technology company had raised AED1.9 billion ($515 million) in an initial public offering (IPO) that was 39 times over-subscribed. The IPO was priced at AED1.35 ($0.37) a share, the upper limit of its range. However Alef’s shares […] June 12, 2024
Media & Advertising Al Habtoor scraps Lebanon TV channel after physical threats Dubai’s Al Habtoor Group has cancelled plans to launch a TV channel from Lebanon after physical threats were made to the founder and staff. Chairman and founder Khalaf Ahmad Al Habtoor said that the “lack of necessary security stability for investment … has left us no choice but to step back from this initiative and […] June 12, 2024
Finance Global hedge funds expand presence in Dubai and Abu Dhabi Thirteen of the world’s top 100 hedge funds have offices in the Dubai International Finance Centre, research shows, as more of the specialist asset managers set up operations in the UAE. It is a similar story in the newer-established Abu Dhabi Global Market, where Brevan Howard – the world’s 13th-largest hedge fund by assets under […] June 12, 2024
