Construction Work on ADQ-backed resort in Egypt ‘to start this year’ ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […] May 20, 2024
People & Lifestyle Alef Education to be first edtech with UAE bourse listing Alef Education plans to offer a 20 percent stake on the Abu Dhabi stock exchange, becoming the first edtech – education technology – company to list in the UAE. The selling shareholders, Tech Nova Investment, Sole Proprietorship and Kryptonite Investments, will offload 1.4 billion shares. NewsletterGet the Best of AGBI delivered straight to your inbox […] May 20, 2024
Economy Private sector to propel Sharjah’s economic growth Global ratings agency S&P has affirmed Sharjah’s rating at “BBB-/A-3” and maintained a stable outlook, citing strong private-sector activity as a key driver of economic growth. The emirate, one of seven that makes up the UAE, is expected to average 2.8 percent growth between 2024 and 2027, supported by manufacturing, construction, transport, and trade sectors. […] May 20, 2024
People & Lifestyle UAE’s RedBird IMI acquires UK TV producer for $1.5bn RedBird IMI, a US investment management company partly owned by Abu Dhabi’s International Media Investments, has acquired All3Media, the UK’s largest independent TV production company behind hits such as Fleabag, The Traitors and Gogglebox. The for £1.15 billion ($1.5 billion) deal is the largest for RedBird IMI to date, the company said in a statement. […] May 19, 2024
Analysis Energy Saudi Arabia’s nuclear plans stall while UAE pushes on The UAE is moving ahead with its second nuclear power plant, but plans for Saudi Arabia’s first facility remain bogged down in controversy and delay. The kingdom is attempting to win US approval to enrich its own uranium and use US technology. Saudi Arabia said last year it would allow inspections of future nuclear facilities, […] May 19, 2024
Tourism Palazzo Versace hotel sale aims to ride Dubai tourism wave Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […] May 17, 2024
Opinion Leisure & Hospitality When the saxophonist appears, it’s time to pay the bill The noise in Dubai's restaurants is the single biggest obstacle to enjoying a night out May 17, 2024
Retail Fire-hit Dubai shopping mall fails to attract auction bids A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […] May 17, 2024
Transport Emirates to resume Nigeria service from October Emirates will restart services to Nigeria from October 1, after suspending flights on the route for almost two years. The Dubai airline will operate a daily service to Lagos, Nigeria’s largest city. “We are excited to resume our services to Nigeria,” said Adnan Kazim, deputy president and chief commercial officer, Emirates. “We thank the Nigerian government for their partnership and support in re-establishing this […] May 17, 2024
Analysis Real Estate Marbella beckons for Abu Dhabi real estate developers A joint venture with a high-end Spanish residential developer has been launched by two Abu Dhabi real estate companies to build ten hectares of luxury homes in the Golden Mile, a premier area in Marbella. The deal with Mabel Real Estate to co-build Mabel Marbella Residences is the first luxury project in Europe for Bloom […] May 16, 2024
Education Dubai’s Amanat moves ahead with education platform IPO Amanat Holdings is planning for a potential initial public offering (IPO) of its education platform. The Dubai-listed healthcare and education investment company aims to monetise its education platform by creating a new holding company. Advisors have been appointed to explore the monetisation options to unlock significant shareholder value, the company said in a Dubai Finanical Market filing […] May 16, 2024
Aviation UAE wealth fund in $4bn bid to privatise Malaysian airport A consortium that includes the UAE’s Abu Dhabi Investment Authority has announced a voluntary offer to acquire all the shares in Malaysia Airports Holdings Berhad (MAHB) for nearly $4 billion. The other consortium partners are Malaysian government-backed Khazanah Nasional and the Employees Provident Fund (EPF) and New York-headquartered Global Infrastructure Partners (GIP). Upon completion of the offer, Khazanah ownership stake in MAHB […] May 16, 2024
Logistics DP World’s $142m projects enhance Romania’s trade links The global ports operator DP World has opened three new sites in Romania with an investment of €130 million ($142 million), enhancing the country’s growing status as a key trade hub in Europe. Two new facilities were opened in Constanta, the largest container port on the Black Sea, following a €65 million investment. These include a five-hectare cargo […] May 16, 2024
Finance Dubai tops ‘greenfield’ FDI ranking for third year Dubai is the world’s top location for “greenfield” foreign direct investment for the third consecutive year, according to fDi Markets. A total of 1,070 greenfield FDI projects, where a company sets up in a foreign country, building its facilities from the ground up, were reported in Dubai in 2023. This was more than double the […] May 15, 2024
ANALYSIS Tourism Travel startups seen as ‘high risk’ by VC investors The co-founder and CEO of Dharma, an Abu Dhabi business travel management platform, has claimed the tourism sector isn’t seen as attractive enough for investors. Dharma, which was one of the first startups accepted into Abu Dhabi’s Hub71 incubation programme, closed a $4.7 million Series A funding round last year. “I think for venture capital […] May 15, 2024
Energy Profit at Abu Dhabi’s Taqa falls 82% on one-off items Net profit at Abu Dhabi National Energy Company (Taqa) dropped 82 percent to AED2.1 billion ($572 million) in the first quarter of 2024, from AED11.6 billion a year ago. Taqa’s fall in profit was attributed to one-off items recognised in 2023. Net income at Taqa, excluding the one-off items, increased by AED100 million, 6.9 percent […] May 15, 2024
Real Estate Dubai’s Emaar sets quarterly sales record of $3.7bn Dubai-listed Emaar Properties reported its highest-ever quarterly sales, driven by sustained real estate demand in the emirate. Sales surged 47 percent year on year to AED13.5 billion ($3.7 billion), the developer said in a statement. Despite a 9 percent decline in net profit year on year to nearly AED3 billion, net profit before tax rose 16 percent […] May 15, 2024
Aviation Dnata CEO confident of victory in Rome airport case The group CEO of Dnata, the Dubai-based global air and travel services provider, is “very confident” the company will soon begin operations in Rome. “We’re certainly planning to be operating this year,” Steve Allen told AGBI at a media event on Tuesday, referring to an appeal ruling on the decision to award ground-handling contracts due […] May 14, 2024
Economy Egypt receives second tranche of UAE’s $35bn investment Egyptian authorities have received the second tranche of a $35 billion investment from the UAE, local media reported on Tuesday. The payment secures the right of Abu Dhabi sovereign wealth fund ADQ to develop the land of Ras El Hekma on Egypt’s north coast. The $20 billion tranche consists of $14 billion fresh money and […] May 14, 2024
Food & Drink ADIA consortium bids for stake in India’s largest snack maker A consortium including Abu Dhabi Investment Authority (ADIA) has submitted a bid to acquire a controlling stake in the snacks business of India’s Haldiram, according to a media report. The consortium, which also include US-based alternative asset manager Blackstone and GIC of Singapore, aims to secure 75 percent of the Indian company’s snacks unit, valuing it […] May 14, 2024
