Opinion Oil & Gas Adnoc’s acquisition strategy could lead to something major Abu Dhabi's oil giant is keeping watch as European supermajors shed assets February 19, 2024
Transport DXB sets new target for 2024 as it flies past pre-pandemic levels Dubai International (DXB) expects to receive 88.8 million passengers this year, up 2.1 percent from 87 million received last year. The airport’s previous all-time high was 89.1 million passengers in 2018. DXB surpassed Dubai Airports’, the airport operator, yearly forecast and pre-pandemic traffic levels, in 2023. Passenger number increased 32 percent year on year last […] February 19, 2024
Transport Emirates SkyCargo plans service expansion in India Emirates SkyCargo plans to add three new destinations in India by June, an Indian business news daily has reported. “We are looking forward to operating scheduled freighter flights to three additional cities in India,” Nabil Sultan, divisional senior vice-president at the Dubai-based company, told The Hindu Business Line. The three destinations were not disclosed. Emirates […] February 19, 2024
Trade UAE’s non-oil trade hits all-time high of $953bn The UAE’s non-oil trade reached a record high of AED3.5 trillion ($952.93 billion) in 2023. “This is a genuine milestone for our nation,” said Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade. “The expansion of foreign trade is a pillar of the UAE’s economic strategy, a driving force of growth and diversification […] February 19, 2024
Analysis Markets Tough IPO rules deter UAE tech startups from listing The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […] February 19, 2024
Analysis Trade Modi’s UAE visit ‘adds to execution of deals’ Indian prime minister Narendra Modi deftly blended politics and commerce last week as he opened the Middle East’s largest Hindu temple on a visit to the UAE, a Muslim state that is home to 3.5 million Indian expatriates and a major trading ally. The temple’s inauguration was widely covered in Indian media, while tens of […] February 19, 2024
Food & Drink UAE diners eat local as global fast food faces boycott Homegrown restaurants in the UAE are reporting a lift in sales since the start of the Israel-Gaza conflict, as diners opt for local brands over international fast-food outlets. Steve Flawith, founder of UAE-based Yolk Brands that operates the Pickl and BonBird chains, said its sales have increased by 15 to 20 percent since the start […] February 19, 2024
Banking and Finance Finance free zone takes action against greenwashing A clampdown on greenwashing by “bad actors” trying to enter the fast-growing sustainable finance industry is underway in the UAE financial free zone Abu Dhabi Global Market. Greenwashing is the use of deceptive marketing by companies to persuade investors and the public that their products, aims and policies are environmentally friendly. “The challenge is [creating] […] February 16, 2024
Banking and Finance Not yet time to write off UAE cheque payments Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […] February 16, 2024
Real Estate UP to invest $1bn in real estate projects as profits rise Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year. Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday. UP, best known […] February 16, 2024
Aviation Flydubai expands in Europe with four new routes Dubai low-cost airline Flydubai has launched four new services to expand its European network to 43 destinations in 21 countries. The carrier will be the first UAE airline to operate direct flights to EuroAirport Basel-Mulhouse-Freiburg, starting August 2. Flydubai is also marking its first entry into the Baltic region with direct flights to Riga International Airport […] February 16, 2024
Industry Tenaris opens $60m industrial complex in Abu Dhabi Tenaris, a global supplier of pipes for the oil and gas industries, has opened its AED220 million ($60 million) industrial complex in Abu Dhabi, a boost for the UAE government’s “Make it in the Emirates” initiative. Etihad Tubulars, the newly established 200,000 sq m industrial complex in Abu Dhabi Industrial City, will house a training centre […] February 16, 2024
Finance Record occupancy at DIFC despite Riyadh’s HQ drive Occupancy levels in Dubai’s International Financial Centre (DIFC) have risen significantly in the last year, despite strong competition from neighbouring Saudi Arabia. “The fastest growth we ever witnessed in the DIFC has been in the last three or four years,” Essa Kazim, the DIFC governor, told a media briefing on Thursday. He revealed that the […] February 15, 2024
Analysis Infrastructure Digital economy central to UAE-Greece partnership The UAE’s Ministry of Investment and Greece’s Ministry of Digital Governance have signed an agreement to create a framework for investments in digital infrastructure. The UAE government is keen to invest in data centres and become a technological leader in south-east Europe. Data centres to be developed under the deal will reach a total capacity […] February 15, 2024
Banking and Finance Emirates NBD wins first UAE green bond fee waiver Emirates NBD has become the first financial institution to benefit from a fee waiver intended to boost sustainability-related debt security issuances in the UAE. The Dubai Financial Services Authority, which announced the green bond fee waiver during the Cop28 summit last year, said more financial institutions were submitting applications to benefit from the scheme. However, […] February 15, 2024
Logistics Adnoc logistics subsidiary profit up 138% Adnoc Logistics and Services (L&S) reported a 138 percent year on year increase in net profit to AED2.3 billion ($620 million) as all its business segments continued to perform strongly. Revenues at Adnoc’s logistics subsidiary rose 41 percent year on year to $2.8 billion, particularly aided by the integrated logistics division, Adnoc L&S said in a […] February 15, 2024
Food & Drink Americana 2023 revenue rises on 300 new store openings Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, said it will remain focused on growth and market penetration after opening a record 300 new stores last year. The new stores pushed revenue at Americana to $2.4 billion in 2023, a gain of 1.5 percent year on year. […] February 15, 2024
Exclusive Aviation Etihad outsources flights as airlines grapple with jet shortage Etihad Airways has engaged charter airlines to operate its flights on at least two key routes, as it accelerates the expansion of its network. Spanish carrier Wamos Air is operating two wide-bodied Airbus A330 jets under Etihad flight numbers on the Abu Dhabi-Jakarta route, while Hi Fly Malta is deploying an Etihad-numbered A330 on daily […] February 15, 2024
Trade Modi’s visit to Abu Dhabi deepens UAE-India trade ties Top-level talks between the UAE and India have taken place in Abu Dhabi, on the back of a deal to strengthen their ties and a 16 percent rise in bilateral trade. Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE, and Narendra Modi, India’s prime minister, met on Tuesday to review progress since […] February 14, 2024
Opinion Banking and Finance Banks swap bricks and mortar for clicks and torture Fuelled by the ill effects of the Covid pandemic, everything in retail banking has gone digital February 14, 2024
