Video length: 03:32 VIDEO Health The Dubai spa charging AED90,000 to increase ‘healthspan’ Clinique La Prairie opened its fifth Longevity Hub-branded spa in Dubai last month and is preparing to open a $300 million health resort in Saudi Arabia’s Amaala giga-project next year. The “medical spa” receives 60,000 clients each year from the Middle East to its luxury facility in Montreux, Switzerland for longevity and preventative medicine treatments. […] March 15, 2024
People & Lifestyle UK’s non-dom shake-up to attract high earners to Gulf There is likely to be an influx of expats and returning nationals to the Gulf as a result of the UK’s abolition of non-domicile tax status from April 2025, experts told AGBI. ‘Non-doms’ live in the UK but claim to have a permanent residence in another country, so they do not pay tax on overseas […] March 15, 2024
Finance Parkin raises $428m as IPO oversubscribed 165 times Parkin, the Dubai government’s parking management company, has raised AED1.6 billion ($427.5 million) after pricing its initial public offering (IPO) at the upper end of its range at AED2.1 per share. The offering was oversubscribed 165 times as the order book hit AED259 billion at the final offer price, the UAE state-run Wam news agency […] March 15, 2024
Logistics DP World sets capex at $2bn despite ‘uncertain’ outlook The global ports operator DP World has forecast a capital investment of $2 billion in 2024 despite an “uncertain” outlook because of the challenging geopolitical and economic environment. The proposed investment will be spread across Jebel Ali in Dubai, London Gateway in the UK, Inland Logistics in India, Dakar in Senegal, East Java, Congo, Peru, and […] March 15, 2024
Analysis Banking and Finance UAE banks struggling to match 2023’s record profits Banks in the UAE will struggle to repeat last year’s record annual profits in 2024, after the introduction of corporate tax, expected US interest rate cuts and the likely absence of the bumper one-off gains that bolstered their bottom line in 2023. However, a slight decline in profitability would still represent a strong performance by […] March 15, 2024
Media & Advertising UK’s new media law threatens UAE’s Telegraph bid A likely decision by the UK to ban foreign governments from owning British newspapers and news magazines is being seen as a setback for a UAE-backed investment company’s bid to buy the Telegraph newspaper titles. Lord Parkinson of Whitley Bay announced the ban on Wednesday, saying a new law will “rule out newspaper and periodical […] March 14, 2024
Retail Currency concerns hit Majid Al Futtaim’s retail revenue Dubai conglomerate Majid Al Futtaim recorded a slight increase in revenues over the past year but the company’s retail business was hamstrung by geopolitical tensions and currency concerns across several countries. Overall revenue was up by a single percentage point to AED34.5 billion ($9.4 billion) for 2023, with profit rising 12 percent to AED2.7 billion. […] March 14, 2024
Economy UAE government surplus hit $6.8bn in last quarter UAE government revenues reached AED156 billion ($42 billion) for the fourth quarter in 2023, resulting in the Gulf state recording a federal surplus of AED25 billion ($6.8 billion) over the period, according to data from the Ministry of Finance. Expenditure over the three-month period hit AED131 billion. It was made up of investment in non-financial […] March 14, 2024
Trade UAE developer wins $6bn Budapest contract An Emirati developer has finalised a €5.5 billion ($6 billion) deal to transform a rundown area of Budapest in the same week that the UAE and Hungary signed an economic cooperation agreement aimed at improving bilateral trade and investment. Eagle Hills International, which is based in Abu Dhabi, has partnered with the Hungarian government to […] March 14, 2024
Finance UAE banks add 2.5m new loans and credit cards in 2023 The number of bank loans and credit cards issued by banks and financial institutions in the UAE last year grew by 3 percent year on year, driven by increased confidence in borrowers’ capacity to fulfil their financial obligations. The number of contracts reached 2.52 million in 2023, the UAE state-run Wam news agency reported, citing […] March 14, 2024
Analysis Trade Boats, baubles and balsamic lift Italian exports to UAE Italian boat manufacturers were out in force at the Dubai International Boat Show earlier this month, doubtless buoyed by the news that nautical exports to the UAE totalled nearly $120 million in the first 11 months of 2023. More than 20 Italian companies attended the event at Dubai Harbour, part of a strengthening Italy-UAE trade […] March 14, 2024
Trade Dubai’s diamond trade grows 2% to $38bn in 2023 Dubai’s trade in rough and polished diamonds rose 2 percent year on year to $38 billion, making the emirate one of the world’s largest trading centres for the precious gems. The free zone registered a five-year compound annual growth rate of 11 percent, Dubai Media Office reported, citing a statement from the Dubai Multi-Commodities Centre […] March 14, 2024
Energy Adnoc and BP suspend bid for Israel’s NewMed Energy Abu Dhabi state oil company Adnoc and BP have suspended a proposed $2 billion bid to buy a major stake in Israel’s NewMed Energy as a result of the ongoing conflict in Gaza. The Tel Aviv Stock Exchange-listed natural gas operator, part of the Israeli conglomerate Delek Group, said on Wednesday that the deal was […] March 13, 2024
Analysis Trade Digital economy focus of UAE-Malaysia trade talks The UAE is expected to sign a free trade deal with Malaysia by the end of June as the latter courts more investment to develop its digital economy. Talks on establishing a comprehensive economic partnership agreement (Cepa) began last year and Tengku Zafrul Abdul Aziz, Malaysia’s minister of investment, trade and industry, said the two […] March 13, 2024
Energy Adnoc starts work on ‘green’ LNG plant at Ruwais Early engineering, procurement and construction work has started on Adnoc’s low-carbon liquefied natural gas (LNG) project at Al Ruwais Industrial City in Abu Dhabi. Abu Dhabi’s state oil company has awarded the contract to a joint venture between France’s Technip Energies, Japan’s JGC Corporation and Abu Dhabi’s National Petroleum Construction Company. The final investment decision […] March 13, 2024
Finance ADIA backs $832m European real estate debt fund Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will pump additional capital into Cheyne Capital’s European real estate debt fund, increasing the total investment to £650 million ($832 million). The investment by a Gulf state-owned fund subsidiary marks the ninth round of the London-based Cheyne Real Estate Credit Holdings programme, called the […] March 13, 2024
Finance Parkin expands IPO retail tranche after high demand Parkin, the Dubai government’s parking management company, has increased the UAE tranche of its initial public offering (IPO) from 10 percent to 12 percent, after high demand for its shares . After approval from the Securities and Exchange Authority, the retail offer rose to just under 90 million ordinary shares, from 75 million. The retail […] March 13, 2024
Opinion Tech Think local: the best weapon in the fight to topple an e-commerce giant A Mena startup can outwit a global behemoth if it uses its insider knowledge of its customers March 12, 2024
Aviation Air taxi makers promise Dubai-Abu Dhabi commute in 30 minutes Flying cars could cut the commute between Dubai and Abu Dhabi to 30 minutes next year after a deal between Archer Aviation of the US and the UAE’s Falcon Aviation. Under the agreement, the two will develop air taxi vertiports at the Falcon heliport at Atlantis the Palm in Dubai and the Marina Mall heliport […] March 12, 2024
Infrastructure Infrastructure projects to lift UAE construction sector While the residential segment continues to dominate the $94 billion UAE construction sector, investments in transport and renewable energy infrastructure will help propel future growth, a new report says. Government transport projects such as rail and road infrastructure, energy ventures and sewerage and water infrastructure projects, will fuel the construction sector’s expansion, according to the […] March 12, 2024
