Analysis Markets Gulf weightings increase on MSCI Emerging Markets The MSCI Emerging Markets Index has increased the weightings of Gulf countries since their inclusion on the benchmark, as regulators loosened rules and companies ease foreign ownership restrictions to make it easier to invest. According to MSCI, more than $1.3 trillion in assets under management (AuM) was benchmarked against its emerging markets indexes as of […] March 21, 2024
Industry Abu Dhabi industrial sector attracts foreign investors The Abu Dhabi Chamber of Commerce has said that the number of industrial licences issued by the emirate last year increased by 51 percent. The total now stands at 363, excluding free zones. Statistics from Abu Dhabi Chamber also revealed that 46 foreign companies secured industrial licences in the emirate, with mining support services attracting […] March 21, 2024
Aviation Dubai Aerospace secures $420m from Chinese lenders Aircraft lessor Dubai Aerospace Enterprise (DAE) has signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion. The DIFC branch of China Construction Bank and China Construction Bank (Asia) Corporation offered the loan facility. “This term loan will serve to further strengthen our already exceptional liquidity, which stood at […] March 21, 2024
Analysis Finance Green finance focus of UAE-Rwanda trade ambitions With trade between the UAE and Rwanda topping $1 billion last year, Kigali International Financial Centre and Abu Dhabi Global Market (ADGM) are to work together on developing green and Islamic finance options. The two markets have signed an agreement to establish a framework for collaboration, with sustainable finance highlighted as a “major focus” for […] March 21, 2024
Trade Barakah Unit 4 adds extra power to UAE-South Korea trade The fourth and final nuclear reactor at the UAE’s Barakah nuclear energy plant will be connected to the country’s electricity grid in the next few weeks. The $32 billion Barakah plant, 140 miles west of Abu Dhabi city, has been developed by Barakah One, a joint venture between Emirates Nuclear Energy Corporation and Korea Electric […] March 20, 2024
Finance Borse Dubai to sell $1.6bn stake in Nasdaq State-owned Borse Dubai will sell nearly 27 million shares in the US stock exchange operator Nasdaq for $1.6 billion. The holding company for Dubai Financial Market and Nasdaq Dubai will reduce its stake from 15.5 percent to 10.8 percent, or 62.4 million shares, making it the second largest shareholder in Nasdaq, the US bourse operator […] March 20, 2024
Finance Mubadala backs UAE startup Moove’s $100m funding round Moove, a UAE-headquartered vehicle-financing startup, has secured $100 million in a new funding round backed by Abu Dhabi’s Mubadala Investment Company, an existing investor. The Series B round, which saw investments from US ride-hailing app Uber, valued the Nigeria-founded startup at $750 million. The new funding will allow Moove to expand its vehicle financing offering […] March 20, 2024
Renewable Energy Masdar to buy 50% stake in US green energy producer UAE’s clean energy company Masdar has signed a deal to acquire a 50 percent stake in Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar will buy the stake from Energy Capital Partners, a US investment company. No financial details on the deal were shared. Igneo Infrastructure […] March 20, 2024
Construction Sharjah developer launches Syria home-building campaign The Sharjah developer Arada has launched its third annual Ramadan charity campaign, pledging to build homes for displaced families in Syria. For every house sold at Arada’s real estate developments during the holy month, the company will build a home for a Syrian family affected by recent conflict and the February 2023 earthquakes. NewsletterGet the […] March 19, 2024
Health NMC and Dubai Islamic Bank end legal dispute NMC Healthcare has reached an out-of-court settlement with Dubai Islamic Bank, ending the long-running legal dispute between the two businesses. The healthcare operator had borrowed around $400 million from DIB, which is the largest Islamic bank in the UAE. The loan used collateral known as insurance receivables, which are payments by insurance companies for medical […] March 19, 2024
Opinion Aviation Etihad’s IPO is a risky proposition There is no doubt competition is going to get tougher in the Middle East aviation market March 19, 2024
Construction Nobu penthouse shatters Abu Dhabi sales record A three-bed penthouse at Nobu Residences on Saadiyat Island has sold for AED137 million ($37.3 million), fetching the highest price per sq m ever seen in Abu Dhabi, at AED96,000 ($26,137), Aldar Properties has claimed. It comes after the sale of a four-bed duplex sky villa in Nobu Residences for AED130 million, the state-run WAM […] March 19, 2024
Finance UAE tourist tax refunds rise 14% to 4.2m in 2023 The UAE reported a 14.4 percent rise in tourist tax refund transactions, totalling 4.18 million in 2023. The average transaction processed reached 11,460 per day, the Federal Tax Authority (FTA) said. No details were given on the total amount refunded. Tourists and visitors can claim refund on VAT paid on purchases they made during their […] March 19, 2024
Opinion Lifestyle Abu Dhabi is getting serious in its bid to lure the wealthy Competition with Dubai is about more than country club fees March 18, 2024
Tech Hong Kong most likely for IPO listing of Dubai’s Telegram Telegram, the Dubai-based messaging app known for its encryption features and large group chats, is most likely to target Hong Kong for its potential listing, experts have said. This preference stems from the challenges its founder, Pavel Durov, might face in Western markets due to his Russian nationality. Durov said in a Financial Times interview […] March 18, 2024
Tech UAE’s G42 to build green data centre in Kenya Abu Dhabi artificial intelligence company G42 has said it will develop a one-gigawatt (GW) data centre in Kenya powered by geothermal energy. The new facility, developed in partnership with Kenya’s EcoCloud, will boost cloud computing and AI services, the Abu Dhabi Media Office reported, citing a company statement. The EcoCloud-G42 mega data centre will have […] March 18, 2024
Finance UAE and US non-oil trade reached $31bn in 2023 Non-oil trade between the UAE and the US reached $31.4 billion in 2023, said Danny Sebright, president of the US-UAE Business Council. Trade is projected to grow at the same pace this year, the UAE state-owned Wam news agency reported, citing Sebright. US exports to the UAE reached $24.8 billion last year, rising 19 percent […] March 18, 2024
Construction Nakheel and Meydan merge with Dubai Holding Two of Dubai’s largest state-backed developers – Nakheel and Meydan – will merge into Dubai Holding, the investment vehicle of Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum, to create a new global economic entity. Nakheel and Meydan will become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, with […] March 17, 2024
Opinion People & Lifestyle Ukrainians in the UAE reflect on two years in geopolitical limbo They are living the best life they can in tragic circumstances not of their choosing March 15, 2024
People & Lifestyle Art trumps diamonds when it comes to luxury investment For Middle East investors, works of art are worth hanging on to. Artworks have more than doubled in value over the past decade, the latest edition of the Knight Frank Global Wealth Report reveals. It was a mixed year for luxury investments last year. Whisky, cars, handbags, furniture and wine lost value. Diamonds, coins and […] March 15, 2024
