Renewable Energy Masdar acquires 49% stake in UK’s offshore wind farms Abu Dhabi’s renewable energy company Masdar has acquired a 49 percent stake in the 3-gigawatt (GW) Dogger Bank South (DBS) offshore wind farm project in the UK, as part of its global expansion drive. The acquisition is part of the planned £11 billion ($14 billion) joint investment with Germany’s renewables major RWE to support net-zero […] March 1, 2024
Renewable Energy EGA’s industrial data centres go green Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, has broken ground on the first industrial data centres in the emirates to be totally powered by renewable energy. The two data centres in Jebel Ali and Al Taweelah will be developed in collaboration with Scientechnic, a […] March 1, 2024
Real Estate Abu Dhabi residential sales buoyed by off-plan purchases Property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. There were more than 8,000 units introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last […] February 29, 2024
Banking and Finance Morgan Stanley latest US bank to set up in Abu Dhabi Morgan Stanley is opening an office in Abu Dhabi Global Market in a bid to win more business in the Middle East and North Africa. The latest international bank to set up shop in the UAE capital’s financial centre, Morgan Stanley already has offices in Dubai, Riyadh and Doha. The lender, ranked 31st worldwide in […] February 29, 2024
Oil & Gas Adnoc Drilling and Alpha Dhabi to surpass 3-year $1.5bn target A joint venture between Adnoc Drilling and Alpha Dhabi will surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company, and Alpha Dhabi Holding, one of Abu Dhabi’s biggest investment companies, announced the […] February 29, 2024
Analysis Manufacturing Make it in the Emirates ‘needs more SMEs’ More than AED120 billion ($33 billion) has been invested by UAE-based companies to develop hundreds of new product lines under the country’s “Make it in the Emirates” (MIITE) campaign. As the Ministry of Industry and Advanced Technology prepares to host its third forum on local manufacturing, latest statistics show that the number of MIITE products […] February 29, 2024
Banking and Finance First Abu Dhabi makes China expansion a priority First Abu Dhabi, the UAE’s largest bank by assets, plans to triple revenue from its operations in China by 2026. FAB is the only fully licensed UAE-based bank in mainland China and considers growth in the country a “priority” after revenue rose by 50 percent last year to about AED100 million ($27 million). Group CEO […] February 29, 2024
Construction Dubai’s Emaar unveils $26bn projects as market rebounds Dubai’s largest developer, Emaar Properties, has unveiled two new mega projects with a development cost of AED96 billion ($26.14 billion), driven by a rebound in the emirate’s real estate sector. The projects – The Heights Country Club and Grand Club Resort – will target the high-end residential and hospitality segments, the developer said in a […] February 29, 2024
Tech Sovereign funds must be ‘enablers of progress’ says Mubadala chief Sovereign wealth funds have a responsibility to transform from asset investors to enablers of global progress, the CEO of Abu Dhabi’s Mubadala Investment Company, Khaldoon Al Mubarak, has announced. Al Mubarak told an investor conference in Abu Dhabi: “We are in the business of driving progress and investing in solutions to global challenges.” The government-controlled fund was […] February 29, 2024
Finance Asset manager Offset8 invests in Indonesia carbon project Asset manager Offset8 Capital, which specialises in financing climate mitigation projects, has facilitated an undisclosed early-stage investment in a waste management scheme in Indonesia. The project, run by Singapore-based sustainable waste management company Sawa EcoSolutions and its Indonesian operating arm Legasi Alam Indonesia, is expected to generate around $50 million of carbon credits over the […] February 29, 2024
Renewable Energy Masdar starts work on two UK battery storage projects Masdar Arlington Energy, a subsidiary of UAE’s Masdar, has started construction on two battery energy storage system (BESS) projects in the UK. The Royle Barn Road plant in Rochdale and Welkin Road plant in Stockport will have a combined capacity of 55 MW and provide enough energy to power 25,700 homes. Masdar acquired UK-based Arlington Energy in […] February 28, 2024
Markets Dubai parking operator IPO will fund EV expansion plans Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services. The company will release nearly 25 percent of its shares on the Dubai Financial Market next month. The offering begins on March 5, with a price range to be […] February 27, 2024
Construction Drake & Scull to issue sukuk for return to Dubai market The directors of Drake & Scull International are looking to recapitalise the troubled construction giant via a sukuk, with a view to resuming trading on the Dubai Financial Market. A general assembly meeting will be held “as soon as possible” to increase the company’s share capital, which will be done through a mandatory convertible sukuk, […] February 27, 2024
Finance IHC reports marginal profit despite revenue climbing 18% International Holding Company (IHC) has reported an increase in net profit of just 1.2 percent year on year to AED32.95 billion ($8.97 billion) in 2023, despite an almost 20 percent rise in revenue. IHC – the Middle East’s largest listed holding company, which is listed in Abu Dhabi – is part of a business empire […] February 27, 2024
Analysis Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024
Transport Dubai South and Aldar to work together The state developer Dubai South and the Abu Dhabi-listed Aldar Properties will jointly develop facilities in Dubai South’s logistics district. The new joint venture will offer build-to-lease and build-to-suit facilities. Aldar will lead the design, development and delivery of the new facilities, starting with a Grade A logistics facility with 24,000sq m of gross floor […] February 27, 2024
Renewable Energy DP World and Masdar link up for project to decarbonise ports Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […] February 27, 2024
Video length: 05:02 VIDEO Food & Drink Made in UAE: consumers turn to local food brands UAE consumers are increasingly turning to locally produced products, according to the head of a multi-billion-dirham food and beverage conglomerate. Consumption patterns in the region are changing rapidly, prioritising healthy lifestyles, time-saving and convenience while maintaining authentic tastes. “If you can produce something locally, give them good value for money, they are much more open […] February 27, 2024
EXCLUSIVE Real Estate Casino plan tempts Dubai’s Danube to buy plots in RAK Danube Properties, a Dubai-based real estate developer, is pursuing land deals in Ras Al Khaimah as the emirate’s real estate market heats up, driven by the planned arrival of a casino. Prices for one-bedroom apartments are now matching or even exceeding those in Downtown Dubai, an upmarket part of the UAE’s commercial capital, after RAK’s […] February 27, 2024
Real Estate Union Properties sells $136m of land to ‘foster growth’ Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt. It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed. […] February 26, 2024
