Markets Dubai bourse operator’s 2023 profit up 124% to $90m Dubai Financial Market Company, the operator of the Dubai bourse, said net profit jumped 124 percent to AED329.4 million ($89.68 million) last year. The earnings surge was driven by a substantial increase in trading activities, capital inflow and an influx of new investors. Total revenue reached AED541.6 million in 2023, an increase of 54 percent […] January 31, 2024
Real Estate Ajman real estate deals surge 43% to $4.6bn in 2023 The number of real estate deals in Ajman increased 43 percent year on year to 11,474 last year, with a total value of AED16.9 billion ($4.6 billion), the annual report of the Ajman Department of Land and Real Estate Regulation reveals. The highest sale recorded was AED136 million in the Al Nakheel 2 neighbourhood, the […] January 31, 2024
Sustainability UAE’s Masdar to supply green fuel to CMA CGM Abu Dhabi state-owned renewable energy company Masdar has signed a strategic supply partnership to explore long-term green alternative fuels for French shipping major CMA CGM Group’s vessels. The partnership aims to source, supply and deliver green alternative fuels, such as biofuels based on methane and methanol, for CMA CGM’s dual-fuel vessels in Abu Dhabi port from 2025 until […] January 31, 2024
Real Estate Tecom profit rises 49% on growing customer demand Tecom Group saw net profit for 2023 rise 49 percent year on year to AED1.1 billion ($299.48 million) on robust demand from new and existing customers across all its six business clusters. The company registered broad-based growth across the business, owing to the group’s ongoing efforts to enhance operations and reduce costs. Revenue reached a […] January 31, 2024
Opinion Sustainability Baku gets planning for Cop29 – with a little help from the UAE Azerbaijan to underline the role of petrostates in climate change policy January 30, 2024
People & Lifestyle Pure Health buys Abu Dhabi hospital stake for $150m A subsidiary of Abu Dhabi’s Pure Health Holding has agreed to acquire Mayo Clinic’s shares in Sheikh Shakhbout Medical City for $150 million. Under the agreement, Abu Dhabi Health Services Company (Seha) will acquire 25,000 shares, or 25 percent, of the total issued shares of Sheikh Shakhbout Medical City, Pure Health said in a statement […] January 30, 2024
Transport Kezad to invest $169m to increase UAE warehousing capacity Khalifa Economic Zones Abu Dhabi (Kezad Group), a trade, logistics, and industrial hub, has commenced work to increase its warehousing capacity by 43 percent, or more than 250,000 square metres, at the cost of AED621 million ($169.08 million), due to growing demand. The additional capacity of pre-built industrial and logistics facilities will come online by the […] January 30, 2024
Energy UAE’s Adnoc Gas in long-term deal with India’s Gail Adnoc Gas, a division of the state-owned Abu Dhabi National Oil Company (Adnoc), has signed a 10-year agreement to supply 0.5 million metric tons a year of liquified natural gas to Gail India Limited. “India continues to be a key market for us,” Adnoc Gas CEO Ahmed Mohamed Alebri said in a statement published on […] January 30, 2024
Banking and Finance Mashreq’s net profit surges 130% to $2.3bn in 2023 Dubai-listed Mashreq reported a net profit increase of 130 percent year on year to AED8.6 billion ($2.34 billion) in 2023, as net interest income grew 69 percent year on year. Earnings growth was driven by robust client margins, a continued high-interest rate environment, and positive one-off impacts related to loan loss provisioning. The lender’s non-interest […] January 30, 2024
People & Lifestyle Dubai Investments buys stake in fertility company Dubai Investments has acquired an equity stake of 34.3 percent in Global Fertility Partners, a network of fertility and reproductive genetics centres in the Middle East. GFP will get $60 million in equity financing to expand its network of fertility and women’s health centres across the Middle East and North Africa. Investors and family offices […] January 29, 2024
Construction RAK commercial district aims for ‘new era’ of growth Ras Al Khaimah on Monday unveiled plans to build a new commercial district to spearhead a “new era” of economic growth in the emirate. Developer Marjan said RAK Central will feature grade A offices, more than 4,000 apartments, three hotels, retail and entertainment facilities, parks and more than 1,000 parking spaces. Construction work is scheduled […] January 29, 2024
Banking and Finance Debt markets in UAE and Saudi Arabia hit $630bn Debt capital markets in the GCC’s two biggest economies, the UAE and Saudi Arabia, are expected to grow again this year after double digit expansion in 2023 saw their combined total reach $630 billion. Fitch Ratings said Saudi Arabia-based corporates are expected to issue more debt this year after a 14.5 percent rise in the […] January 29, 2024
Opinion Health How tech is reinventing regional healthcare Local governments are leveraging AI to shape the future of medicine January 29, 2024
Tech Dubai to invest $95m to upgrade Nol ticketing system Dubai’s Roads and Transport Authority (RTA) will invest AED350 million ($95.29 million) in the digital transformation of Nol, its card-based ticketing system. The upgraded Nol card will use central wallet technology, an account-based ticketing system, ensuring fintech integration in mobility solutions, the Dubai Media Office said, citing an RTA statement. The project is part of […] January 29, 2024
Employment Dubai’s $136m boost to drive global growth of SMEs Dubai has allocated AED500 million ($136.13 million) to support small and medium-sized enterprises (SMEs) with ambitions to scale up globally. The initiative was launched in partnership with Emirates NBD, the UAE state-run Wam news agency reported. The Dubai international growth initiative will support the global expansion of SMEs founded in the emirate, Dubai Crown Prince […] January 29, 2024
Renewable Energy Solar deal shows power of East Africa for Dubai A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […] January 29, 2024
Leisure & Hospitality UAE’s Rotana to launch eight new hotels in Saudi Arabia UAE-headquartered Rotana is set to launch eight new properties across Saudi Arabia in the next four years, bringing the total key count to 4,400 across 16 properties. Saudi Arabia presents one of the fastest-growing markets in the region, Rotana’s chief operating officer Eddy Tannous said. “Rotana is on track to meet its ambitious goal to double the number of […] January 28, 2024
Employment Dubai launches small business plan to support Emirati retirees Retired emiratis are being incentivised to run their own companies after the launch of the Dubai Retiree Projects Support programme this week. The scheme is part of the Dubai Social Agenda 33, which aims to create a more proactive social system. Benefits include priority for government contracts, financing of future projects, exemption from service fees […] January 26, 2024
Opinion People & Lifestyle Kinokuniya – where better to prepare for Dubai’s literary fest? The Japanese bookstore is proof of the abiding attraction of paper and ink January 26, 2024
Opinion Aviation A cabin crew shortage could mean higher ticket prices Rapid expansion with high levels of staff attrition mean airlines are locked in a hiring battle January 26, 2024
