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United Arab Emirates

Business news and financial news from the United Arab Emirates, covering the UAE's biggest companies including the Emirates Group, International Holding Group, Etisalat, Adnoc and Emaar Properties

The value of real estate transactions in Sharjah reached AED13.2 billion in the first quarter of 2025, rising 32 percent year on year

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, […]

UAE advanced technology minister Sultan Al Jaber will chair the new venture between IHC and BlackRock

IHC enters reinsurance business with BlackRock

Abu Dhabi-listed IHC plans to establish a $1 billion local artificial intelligence (AI)-driven reinsurance platform with New York-based asset manager BlackRock. The venture will target more than $10 billion in liabilities through a buy-and-build strategy, with Lunate, the alternative investment manager based in Abu Dhabi, also joining as a partner, IHC said in a statement. […]

Bringing Chinese equities to the region would be a 'game changer' said Ahmed Al Aulaqi of the DIFC

Dubai lays out welcome mat for Chinese finance

The Dubai International Financial Centre is stepping up efforts to attract Chinese securities firms and corporates hoping to raise funds through initial public offerings, positioning itself as an alternative jurisdiction to Hong Kong and New York. Set up in 2004, the DIFC provides a platform for financial institutions with a legal and regulatory framework that […]

Emarat petrol station in Dubai City. Emarat is teaming up with Crypto.com to offer cryptocurrency payment options at their service stations

Emarat customers can soon use crypto to pay for gas

Customers at some of Emarat’s service stations across the UAE will soon have the option to pay for their gas and snacks in cryptocurrencies. Emarat has partnered with UAE crypto trading platform Crypto.com to allow merchants to use cryptocurrencies at their checkouts, the company announced on LinkedIn this week. Initially, 10 service stations will be […]

The first phase of Al Maktoum International Airport includes the construction of a passenger terminal and four concourses

Tenders launched for $35bn Al Maktoum International

Dubai plans to award major infrastructure contracts at Al Maktoum International Airport this year as construction accelerates on what will become the world’s largest airport, a senior government official said. Tenders for an automated people mover system and baggage handling infrastructure have already been floated and are expected to be awarded before the end of […]

Wynn says its businesses in Macau are 'holding up quite well'

Wynn says UAE casino on track despite delays to US projects

Wynn Resorts has said its $5 billion integrated resort in the UAE is progressing on schedule, even as the Las Vegas casino operator delays hundreds of millions of dollars in other projects due to rising construction costs linked to new Trump tariffs.` While gambling remains prohibited under UAE federal law, the 47-storey resort on Al […]

Guinea is aiming to revoke EGA's mining licence

Guinea ‘to pull EGA’s licence over alumina refinery row’

The Guinean government’s move to revoke Emirates Global Aluminium’s (EGA) mining licence stemmed from the company’s failure to fulfil its commitment to construct an alumina refinery, sources have told Reuters. Reuters reported on Wednesday that Guinea has launched a process to revoke the EGA licence, escalating a dispute that began in October with the suspension […]

Abu Dhabi's Helm cluster will be a key area of focus for the San Francisco office

ADIO expands US office in health sector push

The state-backed Abu Dhabi Investment Office (ADIO), which aims to attract inward investment into the UAE capital, is expanding its US operations to secure new funds for the local health sector. The expansion of the San Francisco office will support Abu Dhabi’s clinical validation and regulatory advancement in the healthcare and other priority sectors, state-run […]

AD Ports' portfolio comprises 34 terminals, operates in 50 countries and has more than 550 sq km of economic zones within Kezad free zone

AD Ports reports revenue gains from Red Sea crisis

Abu Dhabi-listed AD Ports Group said first-quarter 2025 revenue jumped as Red Sea disruptions positively impacted its container shipping business. The top line was up 18 percent year on year to AED4.6 billion ($1.3 billion), supported by revenues from ports, economic cities and free zones, as well as maritime and shipping clusters, the company said […]

Dubai taxis and limousines completed nearly 13 million trips during the first quarter of 2025, up 8 percent year on year

Tourism and fleet expansion drive up Dubai Taxi revenue

Dubai Taxi Company, 75 percent-owned by state-backed Dubai Investment Fund, said revenues rose in the first quarter of 2025, supported by fleet expansion and tourism growth. The top line increased by 5 percent year on year to AED588 million ($160 million) in the first quarter. The taxi segment revenue increased 7 percent annually to AED515 […]

Emaar Development's backlog, which refers to future revenue from property sales, surged 52 percent year on year

Emaar Development project backlog hits $27bn

Emaar Development, the UAE-focused development arm of Emaar Properties, said backlog growth had crossed AED100 billion ($27 billion) by the end of the first quarter of 2025. The backlog, which refers to future revenue from property sales to be recognised in the coming years, surged 52 percent year on year, the developer said in a […]

Emirates Group which includes Emirates airline reported a record profit of $5.6 billion for the financial year ending March 2025; a 20 percent increase over the previous year

Emirates Group delivers record annual profit

Emirates Group, Dubai’s flagship aviation conglomerate, has posted record annual earnings on the back of a surge in international travel, rising cargo volumes and declining fuel costs. The state-owned group, which includes long-haul carrier Emirates airline and global airport services provider Dnata, reported a profit of AED20.5 billion ($5.6 billion) for the financial year ending […]

Khaldoon Khalifa Al Mubarak said Mubadala's results reflected the fund's 'focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction'

Abu Dhabi’s Mubadala reveals 34% rise in 2024 spending

Mubadala deployed AED119 billion ($32 billion) of capital last year, a rise of nearly 34 percent on 2023, the Abu Dhabi sovereign wealth fund has revealed in its latest earnings report.  The fund, which is thought to have been the world’s most active sovereign investor in 2024, has not released data on its annual revenues […]

Revenue from Adnoc Drilling's offshore segment increased 2 percent annually to $334 million

Adnoc Drilling to pay quarterly dividends

Adnoc Drilling, a subsidiary of state-backed oil major Adnoc, will begin paying quarterly dividends, starting with $217 million for the first quarter of 2025. This comes as the company reported a 24 percent year-on-year jump in net profit to $341 million during the quarter ended March 2025. Revenues surged 32 percent yearly to $1.2 billion, […]

A branch of Emirates Islamic Bank. The UAE is keen to increase the assets held by its Islamic banks

UAE plans to double Islamic bank assets

The UAE has approved a new strategy that aims to more than double the assets of its Islamic banks in the next six years. The government aims to increase the assets of Islamic banks from AED986 billion ($268 billion) to AED2.56 trillion by 2031, state-run news agency Wam quoted vice president and prime minister Sheikh […]

Yat Siu says Animoca Brands' new Dubai office will facilitate dedicated funds to empower blockchain and Web3 startups across the UAE Video length: 04:32

Crypto company Animoca Brands to launch in Dubai

Yat Siu, the co-founder of the blockchain and venture capital business Animoca Brands, is at the forefront of the growing digital asset sector. As part of its global expansion, the company is establishing a presence in the Middle East with the launch of its new office in Dubai. It plans to establish dedicated funds for […]

Gantry cranes and shipping containers on Vancouver's downtown waterfront. The Port of Vancouver facility is operated by DP World

DP World trials hydrogen cranes to reduce emissions

DP World, the world’s biggest container port operator, is testing out a hydrogen powered crane to reduce its reliance on diesel and cut carbon dioxide emissions.  The Dubai logistics giant, which handles 70 million containers each year, operates 1,500 cranes in over 60 ports around the world. While it is considering converting half of those from […]