Video length: 06:28 VIDEO Leisure & Hospitality Dubai Parks and Resorts refocuses on the ‘right’ customers Dubai Parks and Resorts’ decision to scrap its Bollywood Parks theme park and replace it with the football-focused Real Madrid World is the latest change it has implemented over the past two years to turn its attractions around. The strategy is part of management’s shift in focus, from satisfying investors to attracting the “right” visitors. […] May 30, 2024
Markets Drake & Scull International shares up by 24% as trading resumes Shares in Drake & Scull International rose by 24 percent on Wednesday as the troubled contractor resumed trading on Dubai Financial Market following a six-year suspension. DSI stock ended Wednesday at AED0.31, having started the day at AED0.25 – the price at which it sold AED450 million ($123 million) of shares earlier this month as […] May 29, 2024
Finance Dubai wealth fund reports record net profit for second year running Investment Corporation of Dubai, the Dubai government’s main investment unit, has reported a record annual net profit. Earnings were bolstered by higher interest rates and a resurgent aviation sector. ICD owns Emirates and FlyDubai airlines, travel agency Dnata, Emirates National Oil Company (Enoc) and stock exchange operator Borse Dubai. NewsletterGet the Best of AGBI delivered […] May 29, 2024
Trade Trade deal signed during UAE state visit to South Korea The UAE has signed a trade agreement with South Korea during a two-day state visit by the Emirati president, Sheikh Mohamed bin Zayed Al Nahyan, that has resulted in deals worth billions of dollars being struck between the two countries. The UAE has become the first Arab country to formally sign a comprehensive economic partnership […] May 29, 2024
Construction Egypt and UAE still in talks over $35bn Ras El Hekma deal Egypt and the UAE are holding talks on issuing contracts for the $35 billion Ras El Hekma development project, according to a news report. “It’s still extremely premature. We are now in the stage of finalising contracts,” Nader El Biblawi, chairman of the Egyptian Travel Agents Association, told Reuters. While no details were given on […] May 29, 2024
Renewable Energy Adnoc Distribution targets 200 EV stations this year Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy. The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news […] May 29, 2024
Video length: 06:12 Analysis Real Estate Dubai fractional ownership is promising, but untested Fractional ownership of property in Dubai promises to widen access to real estate investment in the emirate’s surging market. But the lack of a proven secondary market raises questions about just how much liquidity this asset class can count on in a potential crisis, experts say. Buying even small portions of one or more units […] May 29, 2024
Analysis Trade Diplomacy and trade to fore as China woos GCC leaders It’s quite a coup. Hu Jintao (still with us) must be feeling vindicated. The heads of four Arab states are in Beijing to attend the China-Arab States Cooperation Forum, which Hu founded in 2004 to bring together China and the Arab League. Xi Jinping, Hu’s successor as leader of the Chinese Communist Party (CCP), will […] May 28, 2024
Construction DSI claims bumper revenues to come before it resumes trading Dubai’s Drake & Scull International is forecasting a more than tenfold increase in revenues between this year and the end of 2029 as the troubled contractor prepares to return to trading on Dubai Financial Market. Trading in the utilities and infrastructure engineering company’s shares came to a halt in November 2018 when DSI disclosed losses […] May 28, 2024
Manufacturing India’s UltraTech offers to boost stake in RAK Cement India’s UltraTech Cement has offered to acquire a 31.6 percent stake in Abu Dhabi-listed RAK Cement Co for White Cement and Construction Materials (RAKWCT). The Indian cement producer’s wholly owned subsidiary in the UAE, UltraTech Cement Middle East Investments, bought a 29.4 percent stake in RAKWCT in April 2022 for $101 million. The UAE subsidiary […] May 28, 2024
Markets Alef Education valued at $2.5bn as IPO price range set Alef Education, the first education technology company to list on a UAE stock exchange, has set its initial public offering (IPO) price range between AED1.30 and AED1.35 ($0.35-0.37) a share. Accordingly, the market capitalisation on listing will be between AED9.1 billion ($2.5 billion) and AED9.45 billion on listing. The IPO subscription period starts on May […] May 28, 2024
Manufacturing UAE to direct additional $6bn to local manufacturers The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […] May 27, 2024
Opinion Oil & Gas Opec+ – if it ain’t broke, don’t fix it The rejigged meeting is likely to maintain the status quo in global crude markets May 27, 2024
Aviation Malaysian airport deal faces Gaza war backlash Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […] May 27, 2024
Analysis Real Estate Flexibility and amenities key to UAE office sector’s future As workers globally grow resistant to spending all week at their desks, even the UAE’s strong-performing office sector must rethink its offering to meet shifting demand, industry professionals have told AGBI. “Since the pandemic, people have realised that the workplace has changed for ever. We are not going back to working in the office 80 […] May 27, 2024
Oil & Gas Adnoc to reach its 5m bpd oil target before 2027 Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations. The oil company announced in November 2022 that the new target was to be achieved by 2027 […] May 27, 2024
Real Estate Infrastructure work to start on relaunched Palm Jebel Ali Work has commenced on Dubai’s Palm Jebel Ali mega project with the award of new infrastructure contracts. Among the contracts is one to build a 6km-long public access road from Sheikh Zayed Road to the palm-shaped master development, Nakheel, the developer of the man-made palm-shaped island, said in a statement. DBB Contracting, a local contractor, […] May 27, 2024
Analysis Education Days of high returns numbered for investors in Dubai’s schools Dubai’s private school market, once a goldmine for investors, is no longer yielding the lucrative double-digit returns it used to, the chief executive of a leading school operator has said. Navin Valrani, CEO of The Arcadia School, told AGBI new investors considering the emirate must tackle significant entry barriers, escalating costs and an increasingly mature […] May 26, 2024
Leisure & Hospitality Tourism to contribute $64bn to UAE’s economy in 2024 The tourism sector’s contribution to the UAE’s economy is expected to reach AED236 billion ($64 billion) in 2024, accounting for 12 percent of the overall GDP, a senior government official has said. The sector contributed AED220 billion to the GDP last year, accounting for almost 12 percent of the overall economy, Khaled Al Midfa, chairman of Sharjah […] May 26, 2024
Real Estate What billionaires want in their luxury Dubai homes Never mind saunas and double garages, the new must-haves are underwater sound systems and cryogenic rooms May 24, 2024
