Aviation Sustainability chief calls for tax on oil companies Oil companies should be taxed and renewable alternatives incentivised in order to meet ambitious sustainability targets in the aviation industry, according to the sector’s industry trade body. “It’s too easy today to make money by drilling for oil,” said Dr Marie Owens Thomsen, senior vice president for sustainability and chief economist at the International Air […] June 4, 2024
Aviation Groundwork to begin soon on Dubai’s $35bn airport Work will begin shortly on the world’s largest passenger terminal in Dubai. Major groundwork at Al Maktoum International will start this month, Emirates president Sir Tim Clark said. The first phase of the AED128 billion ($34.85 billion) project, slated to be completed within a decade, will be able to accommodate 150 million passengers annually, the […] June 4, 2024
Retail Emaar starts work on $408m Dubai Mall expansion Emaar Properties, Dubai’s largest developer, has commenced work on expanding Dubai Mall at a cost of AED1.5 billion ($408 million). The expansion will include 240 new luxury stores and food and beverage outlets. The contractor is already mobilising on-site, the Dubai-listed developer said in a statement. However, no details were given on when work would […] June 4, 2024
Manufacturing Indian manufacturers urged to set up shop in UAE The future of the UAE’s economic partnership with India hinges on more manufacturing taking place in the Gulf state, a senior executive from a royal family office has said. Zulfiquar Ghadiyali, managing director of Royal Arab Holdings, the business arm of the private office of Sheikh Tahnoon bin Zayed Al Nahyan, said Indian businesses were […] June 4, 2024
Construction UAE official keen to address government payment delays A senior UAE official is advocating for policymakers to reassess government payment schedules, citing the strain late payments places on the private sector. Omar Saif Ghobash, adviser to the UAE Ministry of Foreign Affairs and ambassador to the Holy See, told a panel at the India-UAE Business Forum in Dubai last week that the systemic […] June 4, 2024
Aviation Emirates chief backs Chinese plane maker Comac The president of Emirates, Sir Tim Clark, has given his backing to Chinese aircraft manufacturer Comac as problems persist at the US plane maker Boeing. Commercial Aircraft Corporation of China, based in Shanghai, has been courting attention across the Gulf in recent months as Boeing grapples with delivery delays, a spate of accidents and whistleblower […] June 3, 2024
Logistics Adnoc L&S buys tanker operator Navig8 for $1.5bn A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has finalised an agreement to fully acquire Navig8 TopCo Holdings, a shipping and tanker operator, for up to AED5.14 billion ($1.5 billion). As part of the agreement, Adnoc Logistics and Services (Adnoc L&S) will acquire 80 percent of Navig8 for AED3.8 billion, […] June 3, 2024
Aviation Emirates seeks damages from Boeing over jet delays Emirates is seeking compensation from US planemaker Boeing for delays in the delivery of the 777X wide-body aircraft, a news report said. Boeing has not provided a clear timeline for the delivery of the new 777X jet, Reuters reported, quoting Emirates president Tim Clark. While the Dubai-headquartered airline is refurbishing many of its existing 777 […] June 3, 2024
Logistics AD Ports JV buys 95% stake in Tanzania’s port operator A joint venture consisting of the UAE’s AD Ports Group, India’s Adani Ports and China’s East Harbour Terminals has acquired 95 percent of Tanzania International Container Terminal Services in Tanzania. Abu Dhabi-based East Africa Gateway purchased the stake for nearly $40 million from Hutchison Port Holdings, Hutchison Port Investments and Harbours Investment, the Abu Dhabi-listed […] June 3, 2024
Oil & Gas Adnoc awards concession interest to Azerbaijan’s Socar Abu Dhabi National Oil Company (Adnoc) has signed an agreement to award a 3 percent interest in the Sarb and Umm Lulu offshore concession to State Oil Company of the Republic of Azerbaijan (Socar). The agreement follows previous collaborations between the two companies, including Adnoc’s acquisition of a 30 percent equity stake in the Absheron […] June 3, 2024
Real Estate Dubai developers fined for off-plan sales violations Three developers in Dubai were fined AED1.5 million ($408,441) for failing to comply with the regulations for off-plan sales. The Dubai Land Department (DLD) imposed fines of AED500,000 on each of the unnamed developers for promoting and marketing real estate projects without completing the required registration procedures. The regulations are mentioned in Law No. 8 […] June 3, 2024
Energy UAE and China to explore civil nuclear initiatives The state-backed regulators for the UAE and China’s nuclear energy programmes are exploring joint development opportunities. The UAE’s Emirates Nuclear Energy Corporation (Enec) has signed a memorandum of understanding (MoU) with China National Nuclear Corporation (CNNC) to explore opportunities for developing, operating and maintaining nuclear plants. The agreement provides a framework for collaboration in short and long-term fuel cycle […] June 2, 2024
Finance UAE and Qatar in deal to avoid double taxation The UAE and Qatar have signed an agreement to prevent double taxation and curb fiscal evasion of income taxes. The agreement will enhance financial, economic, and investment partnerships between the two nations, UAE minister of state for financial affairs Mohamed Al Hussaini said. The move will bolster coordination and cooperation in tax matters, open up […] May 31, 2024
Trade India must cut red tape for investors, says Mubadala executive Reducing red tape is critical to making India more attractive to global investors, an executive at Abu Dhabi’s sovereign wealth fund Mubadala has said. Sridhar Iyengar, chief financial officer of Mubadala’s Aerospace, Renewables and Information Communications Technology business, said the New Delhi government must enhance its bureaucratic efficiency to improve the pace at which projects […] May 31, 2024
Infrastructure Dubai’s Sidara submits ‘final’ $2bn bid for John Wood Group Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has made a fourth and “final” bid to buy London-listed contractor John Wood Group. The latest proposal of 230 pence sterling per share gives Wood a valuation of £1.58 billion ($2 billion) and is significantly higher than the first of three bids, which […] May 30, 2024
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
