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
Banking and Finance Mubadala and Goldman Sachs to put $1bn into Asia-Pacific Mubadala and Goldman Sachs have signed a $1 billion agreement to invest in private credit deals in the Asia-Pacific region. The partnership between Abu Dhabi’s sovereign wealth fund and Goldman Sachs Alternatives will put private credit into “high-quality companies and sponsors” throughout the region with a particular focus on India, they said in a joint […] February 26, 2024
Energy Adnoc Distribution reveals plans for Egypt and Saudi Arabia Adnoc Distribution, the UAE’s largest fuel and convenience retailer, plans to increase revenues from international operations in Saudi Arabia and Egypt. The company is listed on the Abu Dhabi Securities Exchange and made the announcement during a presentation to investors on Monday when its share price fell slightly. CEO Bader Saeed Al Lamki said it […] February 26, 2024
Analysis Banking and Finance VC firms ready for Mena investment rebound Venture capital companies expect investment activity in the Middle East and North Africa to rebound this year after a slump in 2023, with startups in Saudi Arabia and the United Arab Emirates likely again to dominate dealmaking. In 2023 there were 517 VC deals in the Middle East, North Africa and Turkey. They raised a […] February 26, 2024
Cybersecurity UAE authority issues security alert for Google Chrome users The UAE Cyber Security Council has issued a high-risk alert for those using the desktop version of Google Chrome browser. Google released Google Chrome security updates last week to patch several high-risk vulnerabilities that could allow attackers to remotely execute code on affected systems or compromise sensitive data. The UAE’s council recommended updating to the […] February 26, 2024
Construction Dubai launches $30m project to upgrade historic creek Dubai Municipality is undertaking a project to rebuild and rehabilitate parts of the historic Dubai Creek with a total investment of AED112 million ($30.5 million). The project aims to improve the creek’s retaining walls by upgrading the dock, reconstructing sections that have been damaged and dilapidated over the past 50 years and preventing potential flooding […] February 26, 2024
Transport UAE’s Sky One submits bid for Indian carrier Go First UAE-based aviation company Sky One is one of two companies that have submitted bids to acquire bankrupt Indian carrier Go First, according to a media report from India. “We have submitted the bid for Go First and look forward to the next stage, which is due diligence,” The Indian Express, a news outlet, reported, citing […] February 25, 2024
Finance Capital and reserves of UAE banks rise 13% to $131bn The total capital and reserves of banks operating in the UAE increased 13.3 percent to AED481.5 billion ($131 billion) by the end of November 2023, compared to AED425 billion a year ago, the Central Bank of the UAE’s (CBUAE) data showed. Banks’ aggregate capital and reserves increased 12.3 percent or AED53 billion during the first […] February 25, 2024
Video length: 01:24 Analysis Banking and Finance UAE removed from FATF ‘grey list’ The Financial Action Task Force (FATF) said on Friday that it had removed the UAE from its so-called grey list, in recognition of the Gulf state’s efforts to curb illicit financial flows. Experts told AGBI the cleared status is expected to restore the UAE’s correspondent banking ties with institutions which had withdrawn services over the […] February 25, 2024
Trade UAE and Kenya complete Cepa negotiations The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […] February 23, 2024
Oil & Gas Adnoc faces hurdles in completing ambitious European deals Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […] February 23, 2024
Construction Dubai Science Park reveals expansion plans Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI. Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […] February 23, 2024
Tourism Dubai introduces multiple-entry visa for Indian nationals Dubai has introduced a five-year multiple-entry visa for Indian nationals to strengthen economic, tourism and business ties with India, the Dubai Department of Economy and Tourism (DET) has said. The decision follows closely on the heels of prime minister Narendra Modi’s visit to the UAE, marked by significant developments including the opening of the Middle […] February 23, 2024
Banking and Finance Dubal Holding net yearly profit down by half Dubal Holding, the investment company owned by the Dubai government, has announced a 50 percent drop in net profit for 2023 compared to the previous year. Dubal Holding, which invests in the commodities, mining, power, energy and industrial sectors, recorded a net profit of AED 1.79 billion ($487 million) for 2023, down from the previous […] February 23, 2024
Aviation Flydubai profit up a record 75% as passenger growth surges UAE carrier Flydubai reported its highest-ever profit in 2023, which surged 75 percent year on year to AED2.1 billion ($572 million). The airline carried 13.8 million passengers, an increase of 31 percent year on year to a new record, surpassing its 11 million pre-pandemic figure. The GCC network reported a 56 percent year on year […] February 23, 2024
Energy Abu Dhabi plans decade of solar power launches Abu Dhabi is to launch a new solar power project each year for a decade, starting in 2027, Bruce Smith, strategy and planning executive director at the Emirates Water and Electricity Company (EWEC), told AGBI. EWEC is also exploring the issuance of a green bond to finance this series of projects, he said. The company […] February 23, 2024
Sustainability Climate transition galvanises ties between UAE and France Climate transition is becoming a central focus of economic cooperation between the UAE and France as the countries agreed to establish a “Bilateral Climate Investment Platform”. The platform aims to accelerate joint projects and investments in clean energy sectors, with a particular focus on advancing the decarbonisation of industries such as steel, cement and petrochemicals. […] February 22, 2024
Real Estate UAE developer to build $2bn project in Egypt’s New Cairo Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […] February 22, 2024
Real Estate Bahrain and UAE sign $4bn real estate deal A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […] February 22, 2024
