Employment UAE to invest $1.7bn to place more Emiratis in private sector jobs The UAE is aiming to add 36,000 Emiratis to the private sector workforce this year and has approved a $1.7 billion budget to support Emiratisation. The number of UAE nationals working in the private sector was about 92,000 by the end of 2023, according to the Emirati Talent Competitiveness Council. Nearly 42,000 joined private businesses […] March 6, 2024
Artificial Intelligence Adnoc claims AI generated $500m in extra value The Abu Dhabi state oil company Adnoc said it generated $500 million (AED1.84 billion) in extra value by using artificial intelligence solutions in 2023. The energy major has deployed more than 30 AI tools across its value chain, from field operations to corporate decision-making, in an effort to increase efficiency and productivity. “We have integrated […] March 6, 2024
Opinion Transport Emirates ‘warms up’ the Miami-Bogota route The latest route in a long line of Fifth Freedom destinations March 6, 2024
Tech Yahsat 2023 profit rises to $116m on revenue growth Al Yah Satellite Communications Company, known as Yahsat, said net income grew 9 percent to AED424 million ($116 million) in 2023, driven by revenue growth across all operating segments. Revenue grew 6 percent year on year to AED1.7 billion, with all four operating segments exceeding the top end of the previous guidance range of AED1.6-1.7 billion. […] March 6, 2024
Industry Emirates Global Aluminium profit falls with metal prices Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, reported a decline in net profit last year, despite posting record production volumes of alumina, cast and hot metal for 2023. Net profit fell 54 percent year on year to AED3.4 billion ($937 million), against a backdrop […] March 5, 2024
Infrastructure Sweden’s Abu Dhabi truck deal to drive bilateral trade The UAE’s deal for Swedish tech company Einride to help to build the Abu Dhabi portion of the Falcon Rise Grid electrified road freight system could portend more business between the two countries. Einride will deploy 1,000 electric heavy duty trucks and 100 autonomous vehicles across Abu Dhabi and Al Ain, and install charging infrastructure. […] March 5, 2024
Finance Dubai’s Parkin valued at $1.7bn on listing Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share. The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 […] March 5, 2024
Aviation ADIA builds up stake in Indian carrier SpiceJet Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, has acquired shares in India’s budget carrier SpiceJet, according to Indian media reports. “ADIA has acquired shares of the airline from the open market,” a SpiceJet spokesperson told moneycontrol.com, an Indian financial website. No details were given on the percentage of the stake acquired […] March 5, 2024
Transport Salik doubles dividend pay to $300m as revenue surges 12% Dubai toll operator Salik has proposed a dividend of AED550 million ($150 million) for the second half of 2023 after toll usage revenue surged 12 percent to AED1.8 billion. Total dividends for the year stand at AED1.1 billion, more than double that allocated the year before. A total of AED548 million was distributed to shareholders […] March 5, 2024
Opinion Banking and Finance Took them long enough, but at last BlackRock is calling out ESG The US investment giant could have got there sooner if it had listened to the Gulf March 4, 2024
Finance Dubai Airport free zone operator’s profit rises 65% State-owned Dubai Integrated Economic Zones Authority (DIEZ) said operating profit rose 64.6 percent year on year in 2023, driven by an 8 percent annual rise in revenues. The market value of net assets surpassed AED20.8 billion ($5.7 billion), Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said on the social messaging platform X. “These […] March 4, 2024
Energy Hydrogen-producing nations told to put local use first Hydrogen-producing nations should put local use of the green fuel ahead of exports, a conference in Dubai has been told. Francesco La Camera, director general of the International Renewable Energy Agency (Irena), said making hydrogen a major global export commodity is only a medium to long term prospect. Instead, he said, hydrogen-producing nations should follow […] March 4, 2024
Finance ADQ explores potential listing of Etihad Airways ADQ, the UAE’s sovereign wealth fund, is considering a potential listing of Etihad Airways, making it the first publicly traded airline in the GCC. The fund has held discussions with banks on a possible floatation deal as soon as this year, Bloomberg reported, citing a source familiar with the deal. ADQ has been weighing the […] March 3, 2024
Tech e&’s $6bn pledge to advance ‘affordable’ connectivity The UAE’s e&, the telecommunications company formerly known as Etisalat, has committed $6 billion to improve network connectivity and digital services across its 16 operating countries in Africa, Asia, and the Middle East. The investment pledge was made to the International Telecommunication Union’s (ITU) Partner2Connect Digital Coalition, which will help drive technological advancement, infrastructure development, […] March 3, 2024
Opinion Finance Grey list removal is milestone for investor confidence Coming off the FATF list is testament to UAE's willingness to improve overall governance March 1, 2024
Video length: 05:02 Food & Drink Agthia increases stake in Egyptian snack group Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022. In […] March 1, 2024
Energy Adnoc buys 25% of Austrian chemical group OMV Abu Dhabi state oil company Adnoc has formally closed the acquisition of a 25 percent stake in Austrian energy and chemicals group OMV. The energy giant bought the stake from UAE sovereign wealth fund Mubadala Investment Company. Financial details were not disclosed. Österreichische Beteiligungs AG, an Austrian independent holding company, holds 31 percent in OMV, […] March 1, 2024
Video length: 04:40 VIDEO Trade UAE companies ‘can do more’ with Brics UAE businesses need to do more to take advantage of the UAE joining Brics and signing free trade agreements with various countries, according to the chairman of Dubai Chambers. “Other countries are aware, but our business community needs to take advantage of what they can do with India, Indonesia, Turkey and other countries,” Abdul Aziz […] March 1, 2024
Banking and Finance Abu Dhabi courts celebrity investors to make its mark Abu Dhabi is increasingly turning to celebrities, from actors and comedians to boxers and writers, to increase its presence on the world stage. The UAE’s capital has attracted entrepreneurs from around the world who are investing and expanding their businesses in the emirate. Among the latest to announce plans to invest in Abu Dhabi are […] March 1, 2024
Transport Dubai Taxi 2023 profit up 54% as trip numbers rise Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, said net profit surged 54 percent year on year to AED345 million ($94 million) in 2023, as fleet size and trips increased. Revenue increased 11 percent year on year to AED2 billion, primarily driven by the strong performance of its taxi segment, supported by Dubai’s […] March 1, 2024
