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
Finance Union Properties issues final notice to former chairman Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement. The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million). Under […] February 14, 2024
Energy Taqa energy company doubles earnings in 2023 Abu Dhabi National Energy Company’s (Taqa) net income more than doubled to AED17 billion ($4.6 billion) in 2023. The higher income was driven by a one-off gain of AED10.8 billion recognised on the acquisition of a five percent shareholding in Adnoc Gas. However, it was offset in part by a one-off AED1.1 billion deferred tax […] February 14, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Oil & Gas Adnoc Drilling focuses on expansion outside UAE Adnoc Drilling is seeking opportunities outside the UAE to increase its international presence, a senior executive has said. The Abu Dhabi-listed company has started operations in Jordan, where it deployed one rig as part of a contract with the Jordanian government, according to Yussef Salem, their chief financial officer. The company said recently it would […] February 14, 2024
Manufacturing Abu Dhabi plans lithium plant to support EV growth A $1.4 billion lithium processing plant is being planned in Abu Dhabi by Kezad Group and Titan Lithium, a UAE-based company, to support the region’s fledgling electric vehicle (EV) industry. Kezad (Khalifa Economic Zones Abu Dhabi) and Titan have signed a 50-year land lease agreement for the AED5 billion plant. The plant, to be developed […] February 14, 2024
Finance Al Ansari profit falls 16% as remittance takes a hit UAE remittance and foreign exchange house Al Ansari Financial Services reported a 16 percent year on year decline in profit due to a drop in the remittance segment and increased expenses. The company reported a net profit of AED495 million for 2023, hoping the newly announced remittance fee hike will help offset costs and strengthen […] February 14, 2024
Aviation Air Arabia remains upbeat despite profit drop in Q4 Air Arabia remains optimistic about the future of low-cost air travel despite reporting a drop in profit in the last quarter of 2023. Based in Sharjah, the no-frills airline reported a net profit of AED225 million ($61 million) in the fourth quarter of 2023, down 37 percent year on year in the last three months […] February 14, 2024
Industry Emirates Steel Arkan profit rises 18% on robust sales Abu Dhabi-headquartered Emirates Steel Arkan said net profit increased by 18 percent year on year to AED602 million in 2023, on robust domestic and global sales. Revenue fell 5.3 percent year on year to nearly AED9 billion amid a challenging and volatile global economic landscape and its impact on commodity prices. The steel division accounted […] February 14, 2024
Video length: 04:37 Retail Look to lab-grown diamonds, says Bollywood’s Vivek Oberoi When you google the word “lab”, among the top three predictions in the search bar is likely to be “lab-grown diamonds”. Gen Z are driving the sales and demand of lab-grown diamonds, which are surging as the fastest growing segment within the jewellery sector. Being 40 to 50 percent cheaper than natural diamonds, the gems […] February 14, 2024
Trade Maharashtra plans food security corridor with UAE The central Indian state of Maharashtra is working to develop a food security corridor with the UAE. The government of Maharashtra, which has 11 million farmers, has linked up with US fund manager Pegasus Capital Advisors for the food trade project. Under their agreement, the Maharashtra authorities will share an operational plan within three months, […] February 14, 2024
Tech Abu Dhabi launches tech fund for developing countries Abu Dhabi has launched a $200 million tech investment platform that it hopes will help developing countries catch up with wealthier nations. The emirate’s Advanced Technology Research Council (ATRC), which unveiled the initiative at the World Government Summit in Dubai, will fund “resource and research costs” in six sectors, transport, healthcare, aerospace and space, food […] February 13, 2024
Sustainability UAE maintaining Cop28 momentum with ‘Troika’ partnership Cop28 host the UAE has reached an agreement with future hosts Azerbaijan and Brazil to make sure the momentum achieved at the event in Dubai continues throughout the next two climate summits. The Cop Presidencies Troika (group of three) was launched at Dubai’s Expo City with the aim of sticking to the 1.5C maximum global […] February 13, 2024
EXCLUSIVE Aviation Etihad predicts ‘remarkable’ year after profitable 2023 Etihad Airways has told staff that it made a profit last year, helped by “milestone” revenues of $5.5 billion, and is expecting a “remarkable” performance in 2024, AGBI has learned. In an internal memo sent on January 25, which followed a presentation by chief executive Antonoaldo Neves, the company predicted that revenues would reach $6.5 […] February 13, 2024
Tourism Moscow courts UAE to bump up inbound tourism Moscow aims to double the number of annual visitors from the UAE this year, to expand its international tourist base amid headwinds such as the war with Ukraine. Bulat Nurmukhanov, head of the International Cooperation Division at Moscow City Tourism Committee (MCTC), told AGBI that while the Russian capital’s domestic tourism has broadly recovered since […] February 13, 2024
Opinion Media & Advertising Middle East neighbours can be digitally very different When it comes to internet usage and social media, the region's countries do not necessarily align February 13, 2024
Artificial Intelligence Cutting ties with Chinese companies ‘not easy’ says G42 CEO Abu Dhabi artificial intelligence (AI) company G42’s decision to sever ties with Chinese businesses was difficult, CEO Peng Xiao said on Monday. He was speaking at the World Government Summit in Dubai. G42 has accepted constraints imposed on it to work with US companies, he said, citing the need for governments to safeguard the technology. […] February 13, 2024
Oil & Gas Adnoc Drilling 2023 profit jumps 29% to $1bn Abu Dhabi-listed Adnoc Drilling reported a 29 percent increase in net profit to $1 billion from $802 million a year ago, supported by its fleet expansion strategy and accelerated growth of oilfield services. Revenue rose 14 percent annually to $3 billion, driven by offshore jack-up and oilfield services segments, which increased 31 percent and 37 […] February 13, 2024
Banking and Finance UAE remittance fee to rise 15% for first time in five years UAE foreign exchange and remittance houses have received permission for a minimum increase of 15 percent, or AED2.50, for the first time in five years. This is the first “optional” fee increase due to the evolving regulatory landscape and related cost increases, the UAE state-run Wam news agency reported, citing the Foreign Exchange and Remittance […] February 13, 2024
