Leisure & Hospitality Emaar Hotels reveals wide expansion plans Emaar Hospitality Group is talking to investors in Europe, the Middle East and China to expand its footprint regionally and internationally. The Dubai-based company is behind iconic names such as The Address Hotels & Resorts, Vida Hotels, Palace Hotels & Resorts and Armani Hotels & Resorts. Mark Kirby, head of hospitality at Emaar Hospitality, told […] May 8, 2024
Finance Aldar prepares for new 10-year green Islamic bonds Aldar Properties, the largest developer in Abu Dhabi, has appointed banks for its US-dollar-denominated 10-year green Islamic bond, according to a news report. HSBC and Standard Chartered Bank will lead as joint global coordinators, Reuters reported, citing a bank document. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First […] May 8, 2024
Transport Dubai Taxi revenue and profit soar as fleet expands Dubai Taxi Company (DTC), a subsidiary of the emirate’s transport regulator, reported that revenue rose 16 percent year on year to AED558 million ($152 million) in the first quarter of 2024 due to a growing fleet and more taxi journeys. Revenue in the core taxi segment rose 15 percent annually, driven by increased trips, trip […] May 8, 2024
Aviation Emirates chairman ‘not happy’ with Boeing delays Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum has called on Boeing’s new management to address technical issues with the 777X widebody aircraft as a matter of urgency, admitting that he was “not happy” with the US planemaker. The flight operator has an order for 205 of the jets which were originally due to be […] May 8, 2024
Industry Rising freight costs impact Emirates Steel Arkan profit Emirates Steel Arkan reported a net profit of AED128 million ($35 million) in the first quarter of 2024, down 16 percent year on year, due to elevated freight costs on the back of regional geopolitical challenges. Revenue at the Abu Dhabi-headquartered company for the three months to March 2024 fell 12.5 percent to AED2.1 billion […] May 8, 2024
Trade UAE and NZ in talks to build on non-oil trade The UAE has agreed to start negotiations on a comprehensive economic partnership agreement (Cepa) with New Zealand as part of plans to boost the Gulf state’s foreign trade to AED4 trillion ($1.1 trillion) by 2031. A joint declaration of intent confirming the agreement has been signed by Dr Thani bin Ahmed Al Zeyoudi and Todd […] May 8, 2024
INTERVIEW Banking and Finance Wealth manager seeks Gulf growth despite setbacks in UK St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […] May 7, 2024
Aviation Boeing’s ‘negative issues’ are top concern for FlyDubai CEO Escalating regional tensions and recent floods in Dubai have “not especially” affected FlyDubai’s operations, but the low-cost airline’s chief executive said he was closely monitoring US plane maker Boeing’s response to a string of safety scandals. “We are definitely very concerned about the delays and all the negative issues that are in the pipeline or […] May 7, 2024
Food & Drink Americana profit tumbles as Gaza boycotts hit sales Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million. Net profit fell […] May 7, 2024
Trade Philippines is next stage of UAE’s Asean trade push Negotiations on a free trade agreement between the UAE and the Philippines began this week as the Gulf state turns its focus to the Association of Southeast Asian Nations bloc (Asean). Manila is hoping to seal a deal before the end of this year, said Allan Gepty, undersecretary for international trade at the Department of […] May 7, 2024
Aviation Emirates expands retrofit plan by 60% to 191 aircraft Emirates has expanded its fleet refurbishment programme by 60 percent to include 43 A380s and 28 Boeing 777 aircraft. The original refurbishment plan, covering 67 Emirates A380s and 53 of its 777s, will now be increased to 191. “We’re topping up our multi-billion dollar investment in the retrofit programme to introduce cutting-edge cabin products on […] May 7, 2024
Energy Adnoc Gas targets global expansion as profit rises 21% Adnoc Gas said its net profit rose 21 percent year on year to $1.2 billion, as the Abu Dhabi-listed energy provider invests in expanding its global operations. Revenue rose 15 percent year on year to more than $6 billion, driven by a strong increase in demand in the UAE. Domestic sales volumes increased by 14 percent annually. […] May 7, 2024
Aviation Etihad weighs options to buy directly from planemakers Abu Dhabi’s Etihad Airways is exploring the option of buying a limited number of new aircraft directly from Airbus and Boeing, utilising the available delivery slots that have been canceled or rescheduled by other airlines. However, the state-backed airline’s CEO Antonoaldo Neves has no plans to place a “large order”, Reuters reported. “I’m a big believer […] May 7, 2024
Oil & Gas Adnoc ends talks to buy stake in Brazilian petchem producer Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […] May 7, 2024
EXCLUSIVE Finance Binance clamps down on suspicious UAE crypto trades Binance has blocked hundreds of thousands of suspicious cryptocurrency transactions in the UAE as it ramps up compliance efforts, senior executives have told AGBI. The business, which is the world’s largest crypto exchange, received nearly 60,000 law enforcement requests from governments around the world in 2023 after heightened regulatory scrutiny. Meera Judge, the Dubai-based director […] May 7, 2024
Renewable Energy Mubadala to invest $13.5bn in sustainable biofuels in Brazil Mubadala Capital is to invest $13.5 billion in biofuels in Brazil. Its chief investment officer and head of Brazil Oscar Fahlgren told the Financial Times that the scheme to produce renewable diesel and aviation kerosene using mainly non-food plant matter is “a very important capital project”. Mubadala is the second-biggest sovereign wealth fund in Abu […] May 6, 2024
Banking and Finance Card payments market in UAE to be worth $139bn in 2024 Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […] May 6, 2024
Banking and Finance Alpha Dhabi explores buyouts despite profit drop Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, reported a net profit of AED4.6 billion ($1.3 billion) for the first quarter of 2024, a decrease of 37 percent year on year. Revenue rose 11 percent annually to AED14.2 billion and total assets rose 5 percent year on year at AED147 billion at […] May 6, 2024
Analysis Aviation Luggage, airspace and size: challenges for Dubai’s new airport Sizing, air traffic control and passenger handling are among the challenges Dubai will face in building the world’s largest airport within the next 10 years, industry experts tell AGBI. Authorities announced last month plans to expand Al Maktoum International into a facility that will handle 150 million passengers annually within a decade, and eventually 260 […] May 6, 2024
Transport Work to start on $3bn Oman-UAE rail network Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […] May 6, 2024
