Development UAE commits $50m to development fund The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […] April 24, 2024
Banking and Finance Abu Dhabi launches $5bn bond issue Abu Dhabi has initiated $5 billion in a three-tranche bond after a hiatus of three years, according to a media report. The $1.75 billion five-year bond, $1.5 billion 10-year tranche and $1.75 billion 30-year issue was priced at 35, 45 and 90 basis points, respectively, over US Treasuries, fixed income news service IFR reported. Abu Dhabi […] April 24, 2024
Analysis Finance UAE insurers face ‘very severe’ impact from floods UAE insurers have been “badly hit” following April’s freak rains, a veteran industry executive warned on Tuesday, but the scale of companies’ losses from the floods will depend on their own reinsurance cover. The UAE experienced its heaviest rains in 75 years last week. The downpour turned main roads, particularly in Dubai, into waterways, leaving […] April 24, 2024
Finance Oman and UAE sign deals worth $35bn The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said. Investment and collaboration agreements covered areas including renewable energy, green metals, […] April 23, 2024
Trade India’s silver imports from UAE on the rise Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express. The UAE route […] April 23, 2024
Transport Gulf to collaborate on $17bn Suez Canal road and rail rival The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement. The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […] April 23, 2024
Infrastructure Concrete or sponge? Dubai’s post-flooding options In the wake of last week’s floods, retrofitting Dubai with traditional, concrete-based drainage systems would be expensive, time-consuming and complicated. As an alternative, authorities should look to nature-based solutions, industry professionals told AGBI. “Dubai should not repeat the mistakes that have been made in most of the Western world,” said Ronny Berndtsson, professor in water […] April 23, 2024
Agriculture Agricultural robotics centre planned for the UAE Khalifa University of Science and Technology and agri-food giant Silal plan to create a centre of excellence for farming robotics in the UAE. The proposed research centre, to be located at Silal’s Innovation Oasis site in Al Ain, Abu Dhabi, will feature a dedicated autonomous greenhouse equipped with various robotic platforms, sensors and Internet of […] April 23, 2024
Opinion Aviation Dubai has faced the ultimate dilemma for an airline In bad weather, airport operators and carriers must make tough decisions fast. Let's cut Emirates some slack April 23, 2024
Construction Emaar doubles dividend to $1.2bn after $11bn in sales Shareholders of Emaar Properties, Dubai’s largest listed developer, have approved a dividend of AED4.4 billion ($1.2 billion) for 2023, up from AED2.2 billion the year before. The dividend payout reflects the company’s “robust profitability and solid financial health”, the developer said in a statement. Shareholders also voted to appoint new board members “to drive the […] April 23, 2024
Infrastructure UAE offers loan relief in response to flood damage The UAE central bank has instructed banks to defer personal and car loan installments for six months for customers affected by last week’s flooding. The deferral will come without additional fees, interest or profits, and won’t increase the principal amount of the loan for the deferral of the repayment of installments, the UAE state-run Wam […] April 23, 2024
Retail Spinneys targets market cap of $1.5bn on Dubai listing Supermarket operator Spinneys will have a market capitalisation of between AED5.11 billion to AED5.51 billion ($1.39 billion-$1.5 billion) after its initial public offering (IPO) price range was set between AED 1.42 and AED 1.53 per share. The total offering size is expected to be between AED1.3 billion and AED 1.4 billion, the company said. Spinneys last […] April 23, 2024
Real Estate UAE launches Aston Martin-branded residential tower The global development arm of Saudi-listed Dar Al Arkan Real Estate Development will launch a $250 million luxury beachfront residential project in Ras Al Khaimah with interiors designed by British luxury carmaker Aston Martin. The residential project, located on Al Marjan Island, will be launched in May, London-listed Dar Global said in a statement. The project is […] April 23, 2024
Employment Remittances from UAE to Bangladesh surge 48% Remittances from the UAE to Bangladesh surged 48 percent year on year to $3.3 billion in the first nine months of fiscal year 2023-24, according to data from the country’s central bank. Dhaka receives remittances between $250 million to $300 million per month from the UAE, The Business Standard, a financial newspaper, reported. However, remittances […] April 23, 2024
Finance Oman’s sultan in UAE to push for rebound in trade Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner. During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 […] April 22, 2024
Infrastructure Crown Prince tells developers to pay for Dubai flood clean-up Dubai property developers have been ordered by the emirate’s Crown Prince to bring “normalcy” back to communities devastated by last week’s flooding – at no additional charge to tenants. The UAE experienced its heaviest rains in 75 years last Tuesday. The downpour turned main roads, particularly in Dubai, into waterways, leaving motorists stranded and causing […] April 22, 2024
Energy Spain open to Taqa’s bid for potential Naturgy takeover The Spanish government is open to allowing Abu Dhabi National Energy Company (Taqa) to make a potential takeover bid for energy firm Naturgy, according to a media report. “I have spoken of the need to be vigilant and guarantee energy security in defence of Spain’s strategic interests,” Reuters reported Spanish energy minister Teresa Ribera as […] April 22, 2024
Transport Abu Dhabi’s non-oil trade rises 8% as economy expands Non-oil foreign trade through Abu Dhabi ports grew 8 percent to AED282 billion ($77 billion) in 2023 from AED260 billion in 2022, as the UAE’s economic diversifation plans continue to bear fruit. Imports grew by 19 percent year on year, reaching AED136 billion, the UAE state-run Wam news agency reported, quoting Abu Dhabi Customs data. […] April 22, 2024
Infrastructure Emaar promises free repairs as Dubai launches sewerage system Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […] April 19, 2024
Trade UAE strikes Colombia deal to strengthen Latin American links The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […] April 19, 2024
