Exclusive Manufacturing Why Emsteel is not worried about rising Chinese imports UAE steel and building material company Emsteel expects demand for its products to grow 10 percent this year, paced by multi-billion-dollar infrastructure projects and real estate developments, its CEO said. That could offset a challenge from surging imports from China and declining world prices. The Abu Dhabi-based company has increased production capacity to meet demand […] May 15, 2025
Oil & Gas Taqa profit falls as oil and gas earnings take a hit Abu Dhabi National Energy Company (Taqa) said earnings fell in the first quarter of 2025 amid commodity market volatility and a fall in oil and gas production. Net profit declined by 1.5 percent year on year to AED2 billion ($572 million) in the quarter ended March 31, 2025, the company said in a statement to the […] May 15, 2025
Opinion Tourism Mickey Mouse meets the Middle East in Abu Dhabi The UAE's new Disney park will increase consumer spending across the emirate May 15, 2025
Artificial Intelligence US ‘to let UAE import millions of Nvidia’s AI chips’ The US has a preliminary agreement with the United Arab Emirates to allow it to import 500,000 of Nvidia’s most advanced AI chips per year starting in 2025, sources said. The move will boost the Emirates’ construction of data centres that are vital to developing artificial intelligence models. The sources said the agreement was at least […] May 15, 2025
Oil & Gas Abu Dhabi’s XRG buys stake in Turkmenistan gas block XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has entered the Central Asian market with an investment in Turkmenistan’s gas and condensate fields. XRG will hold a 38 percent stake in the offshore “Block I” concession, the company said in a statement. Malaysian state-owned oil company Petronas and Turkmenistan state […] May 15, 2025
Retail Lulu profit and revenue up as online sales grow by quarter Net profit of Lulu Retail, the largest grocery retailer in the GCC, increased in the first quarter of 2025, supported by higher online sales. Net profit grew 16 percent year on year to $70 million, with net profit margin rising to 3 percent, up 25 basis points annually, the retailer said in a statement published […] May 14, 2025
Industry Fertiglobe revenue rises by a quarter but profit down Fertiglobe said revenues surged more than a quarter in the first three months of 2025, thanks to higher sales volumes and urea prices. The first quarter top line rose 26 percent year on year to $695 million. However, net profit attributable fell 24 percent annually to $73 million but rose 74 percent quarter on quarter, […] May 14, 2025
Aviation Air Arabia turnover rises despite challenges UAE low-cost airline Air Arabia said turnover registered a double-digit growth in the first quarter of 2025 despite fuel price volatility, currency fluctuations and supply chain challenges. Revenue rose 14 percent year on year to AED1.8 billion ($490 million), as passenger volume increased 11 percent annually to nearly 5 million, the Sharjah-headquartered airline said in a […] May 14, 2025
Analysis Banking and Finance Rise of Middle East fintechs gives banks a run for their money The growth of fintech in the Middle East is driving traditional banks to refocus on better serving their customers and invest in their own dedicated subsidiaries as the sector eats into their market share, industry experts say. In the three months to March 31, fintech funding accounted for almost 60 percent of all venture capital […] May 13, 2025
Markets Dubai Holding seeks up to $500m from REIT listing Dubai Holding aims to raise a maximum of AED1.8 billion ($490 million) from its residential real estate investment trust (REIT) listing. This month the investment conglomerate owned by Sheikh Mohammed bin Rashid Al Maktoum, the emirate’s ruler, announced floating 12.5 percent of its Dubai Residential REIT, or 1.63 billion units, on the Dubai Financial Market (DFM). […] May 13, 2025
Energy Dewa Q1 2025 profit falls despite revenue rise Net profit at the Dubai Electricity and Water Authority (Dewa) fell by about a quarter in the first three months of 2025 despite a rise in revenue. Net profit reached AED497.8 million in the first quarter, a drop of 23 percent year on year, according to Dewa’s consolidated interim financial report. Revenue rose 3 percent year […] May 13, 2025
Retail Spinneys targets expansion in UAE and Saudi Arabia Supermarket operator Spinneys plans to expand its network further in the UAE and Saudi Arabia this year as online sales and a bigger spend per customer drove revenue in the first quarter of the year. The top line rose 11.3 percent year on year to AED906 million ($247 million) in the first three months of 2025. Like-for-like […] May 13, 2025
Real Estate Emaar revenue doubles as property sales rise Emaar Properties, Dubai’s largest listed property company, doubled its revenue in the first quarter of 2025, supported by higher property sales. Top line reached AED10.1 billion ($2.8 billion) in the first quarter, compared to AED6.7 billion a year ago as cost-effective measures were implemented, the developer said in a statement. Net profit rose 27 percent to […] May 13, 2025
Analysis Retail Dollar rebound offers little relief to UAE retailers The dollar has jumped in the past 24 hours but it is still trading at around an eight-month low, at least against the euro. For Gulf oil producers, most of whose currencies are pegged to the US currency, the weaker dollar poses a challenge. “The dollar has been part of the collateral damage as investors […] May 13, 2025
Health NMC’s BR Shetty fails to overturn $33m DIFC court ruling BR Shetty has lost his bid to appeal against a $33 million judgment by the Dubai International Financial Centre Courts in a case linked to the collapse of the company he founded, NMC Health. In the ruling made public this month, Chief Justice Wayne Martin dismissed Shetty’s request to challenge the judgment in favour of […] May 12, 2025
Analysis Artificial Intelligence Dubai’s hottest new job title: chief AI officer Three years ago, finding a single person in the Middle East and the Gulf with the job title “chief AI officer” was rare, if not unheard of. Today, however, with the help of the world’s biggest technology companies and their complicated artificial intelligence tools, chief AI officers – or CAIOs as they are also known […] May 12, 2025
Retail Ramadan sales support Talabat’s top-line growth Talabat, the Dubai-listed online food ordering and delivery company, said its top line rose more than a quarter in the first three months of this year, supported by growth in the grocery and retail segments during the holy month of Ramadan. Net profit nearly tripled to $103 million in January to March period from $24 […] May 12, 2025
Manufacturing Fertiglobe buys Australia’s Wengfu fertiliser company Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia. The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday. Wengfu Australia Pty […] May 12, 2025
Logistics Lower shipping rates hit Adnoc L&S earnings Adnoc Logistics and Services (Adnoc L&S) said earnings were reduced due to lower commercial shipping rates, despite revenues rising by nearly half in the first quarter of 2025. Net profit fell 5 percent year on year to $185 million (AED678 million) for the three months ending March 31, 2025, the company said in a statement […] May 12, 2025
Real Estate Sharjah real estate demand rises on population growth Real-estate transactions in Sharjah rose nearly a quarter in April 2025 following a strong start to the year, thanks to population growth and rising demand for residential units. The emirate registered 7,206 transactions, up 20 percent year on year, with a trading value reaching AED4 billion ($1 billion), the UAE state-run Wam news agency reported, […] May 12, 2025
