Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Opinion Entrepreneurs In Dubai vs Riyadh, it’s the startups that win Competition between the two major business hubs is great for entrepreneurs July 27, 2023
Real Estate Russians bucking trend in Dubai with bigger, pricier homes Russian buyers are bucking the trend in Dubai real estate and buying bigger, more expensive houses as they make the emirate their new permanent home. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of this year. Villas topped previous records set in 2014. Property […] July 27, 2023
Analysis Real Estate Residential deals slump in Saudi as mortgage costs rise Residential real estate deals in Saudi Arabia fell by nearly a third during the first half of 2023 as higher mortgage costs eroded purchasing power. New analysis from Knight Frank showed there were about 70,000 transactions during the first six months of the year, down from 103,000 in the same period last year, representing a […] July 26, 2023
Analysis Economy Jordan GDP growth forecasts raised on domestic demand Real GDP growth forecasts for Jordan have been raised after sectors including manufacturing, finance, transport and retail performed stronger than expected in the first quarter of the year. Analysts at BMI (formerly Fitch) expect Jordan’s real GDP growth to hit 2.8 percent – up from a previous forecast of 2.6 percent. Growth stood at 2.5 […] July 25, 2023
Tourism UAE passports gain most visa-free access since 2013 The UAE’s passport has recorded the biggest improvement over the last decade in access to global markets, as the Gulf state develops international tourism and trade. Figures from the Henley Passport Index show that Emirati passport holders enjoy access to 179 out of 226 countries and territories without requiring a visa in advance. This places […] July 24, 2023
Video length: 2:58 VIDEO Lifestyle Private vaults fill the gap as banks abandon deposit boxes Private vaults in Dubai are emerging to take the place of the safety deposit boxes once provided by traditional banks. Costs, concerns over legal liability and the rise of online banking have made providing safety deposit boxes less appealing for banking giants. Capital One, HSBC, Barclays and JPMorgan Chase have all withdrawn from the market. […] July 24, 2023
Economy Non-oil sector propels Q1 growth in Bahrain Bahrain’s economy expanded by 2 percent in the first quarter of 2023, driven by a 3.5 percent rise in real GDP for the non-oil sector, the finance ministry said in its quarterly economic report. The oil sector recorded a 5.9 percent drop in real GDP, as seasonal maintenance led to a downturn in production. Nominal […] July 18, 2023
Analysis Lifestyle Personal security grows as wealthy expats flock to GCC As more and more high net worth individuals choose to call the states of the GCC home, the private personal security sector has become big business, and some providers are reporting surging demand for their services. Last year 5,200 more HNWIs relocated to the UAE than left. The Gulf state had the highest net inflow […] July 17, 2023
Lifestyle Bahrain named best country in Middle East for expats Bahrain is ranked among the top 10 countries in the world and number one in the Middle East for expatriates to live and work, according to the latest Expat Insider Survey by InterNations. The survey ranked countries in 56 categories including quality of life, ease of settling in, working abroad, personal finance and expat essentials. […] July 13, 2023
Real Estate Sharjah real estate sales surge from Dubai spillover The loosening of buying rules and a steady spillover of tenants from Dubai has boosted real estate sales in its neighbouring emirate Sharjah. Arada, a master developer in the emirate, has reported a 186 percent increase in sales during the first half of this year. It sold a total of 1,616 homes worth a total […] July 13, 2023
Opinion Banking & Finance Taxing questions at the heart of the Dubai economic model The low-tax regime in the UAE was the result of very deliberate economic strategy July 11, 2023
Real Estate UAE changes bank rules for Emirati mortgage holders The Central Bank of the UAE has introduced new mortgage repayment rules for citizens this week as a response to rising interest rates. Customers who have a monthly income of AED40,000 ($10,890) or more will now have their mortgage repayments capped at 60 percent of their present salary. Banks were previously only allowed to deduct […] July 5, 2023
Real Estate Indian buyers flock to Dubai for higher rental yields With more wealthy Indians moving to the UAE and rental yields in the Gulf state more than twice the size of those in India, interest in purchasing real estate is set to continue to rise. Indians were the top foreign buyers in Dubai last year, spending more than those from Russia, China, Pakistan and the […] June 29, 2023
Analysis Real Estate Affordable homes warning for Dubai private developers Private developers in Dubai must build enough affordable housing or the government may be forced to step in, a prominent business leader has warned. Nasser al Shaikh, who served as director-general of Dubai’s Department of Finance until 2009 and held senior roles at real estate finance firm Amlak Finance and property developer Deyaar Development, said […] June 26, 2023
Tech Skills shortage pushes up Gulf tech leaders’ salaries Technology chiefs working in the Gulf are typically earning $528,000, according to a new survey, as leadership talent remains “scarce” in the region. That figure is the median salary calculated by the first annual Middle East Technology Officers Compensation Survey from US advisory firm Heidrick & Struggles. The report said strong GDP growth in the […] June 20, 2023
Trade Dubai Chambers London hub opens to grow trade Dubai Chambers has opened an office in London aimed at boosting bilateral trade with the UK, as the number of British companies setting up in the emirate grew by a quarter in the last year. “We are opening this office for three main reasons,” Khalid al Shamsi, vice president of operations at Dubai Chambers, told […] June 19, 2023
Employment UAE talent drive continues despite rising living costs The UAE’s talent drive continues to record strong growth despite the Gulf state’s rising cost of living. Industry executives say that the number of overseas companies and candidates looking to join the labour market is at a record high. “Dubai is becoming increasingly more attractive for people to move here, with record levels of new […] June 15, 2023
Analysis Energy Bahrain reboots oil and gas to reduce debt and CO2 Bahrain is taking steps to address economic challenges by relaunching its oil and gas holding company as Bapco Energies, with a focus on greater efficiencies and a low-carbon future. The island kingdom’s sovereign rating is one of only two sub-investment grade ratings in the Gulf – with challenges ranging from ageing domestic oil fields to […] June 12, 2023
Banking & Finance Saudi Arabia tops regional billionaires list Saudi Arabia’s growing community of billionaires is the biggest in the Middle East, despite a drop in the number of super-rich across the region as a whole, the latest industry data shows. There are 71 billionaires living in the kingdom, with a combined wealth of $205 billion, a year-on-year increase of 6.6 percent, according to […] June 9, 2023
Health Saudi ‘needs to recruit 175,000 medics by 2030’ Saudi Arabia needs to recruit an additional 175,000 medical professionals to care for its growing population by 2030, research has found. The kingdom requires an extra 69,000 doctors, 64,000 nurses and 42,000 allied health professionals such as paramedics and osteopaths, according to a report published on May 30 by consultancy Colliers Middle East. Mansoor Ahmed, […] June 6, 2023
Real Estate Dubai tenants staying put as rents continue to soar More Dubai renters are opting to renew their existing tenancies than move to a different property altogether, to avoid being hit by soaring rental rates in a “very strong” property market, according to CBRE. The number of rental renewals in Dubai’s residential market grew by 29.7 percent year-on-year in the first quarter of 2023, compared […] May 23, 2023
