Emirates Integrated Telecommunications Company says proceeds will help support future infrastructure deployment
Author Archives: Staff Writer
DFM
Dubai stock market reports drop in net profit despite Q1 trading boost
Dubai Financial Market trading increases to over AED15bn during the first three months of 2021
Agthia Group
Agthia Group reveals ‘solid’ Q1 results with 85% increase in profits
Latest financial results show profits of $13.6m, while total revenues grew 17% in the first three months of the year to reach $181m
Aviation industry
India’s coronavirus cases continue to surge, travel suspension from India to UAE extended
Exemptions for some visa holders exist, but no date given for when travel from India to Gulf country can start again
Arabian Travel Market
Arabian Travel Market 2021 is largest in-person travel and tourism event in 18 months
A virtual event will run a week later to widen the reach of the in-person event from May 16-19 as coronavirus continues
Aviation industry
Etihad Airways has ‘no plans’ to restrict travel to Covid-19 vaccinated passengers
Kuwait’s government has declared a travel ban, effective from May 22, on citizens not vaccinated against Covid-19
Dubai real estate market
The stars are aligning for the UAE real estate market
Investing in real estate is never an exact science. But the practice can be honed through hundreds of hours of immersion in not just the real estate and property markets, but in the financial, political and economic outlooks globally and locally
Cybersecurity
Let’s get emotional: The business case for the soft-skilled chief information security officer
The emotionally intelligent CISO must ensure each team member is prepared to recognise the hallmarks within data that warrant further investigation, says Paul Baird
coronavirus deaths
UAE, Kuwait send oxygen to India amid second coronavirus wave
The UAE has previously sent oxygen tanks to India, while Saudi Arabia has sent 80 metric tonnes of liquid oxygen
Dubai CommerCity
How Dubai Commercity aims to grow on back of $148bn regional e-commerce surge
Gulf region witnesses a 214% year-on-year increase in cross-border online sales amid ongoing coronavirus crisis
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boats
Racing into the future with Richard Mille
A driving force behind the world’s most cutting-edge watch brand, Peter Harrison, CEO of Richard Mille EMEA, leads a company renowned for pushing horological boundaries to their technical extremes. With a new partnership with Team UAE Emirates, Harrison tells CEO Middle East about luxury leadership, brand vision and limitless ambition
luxury
NINETY, the official Richard Mille pre-owned retailer, opens on London’s Mount Street
The store stocks the most sought-after, rarest watches and jewellery
Aramco revenue
Saudi Aramco follows big oil rivals with bumper earnings
The world’s biggest energy firm kept its quarterly payout, almost all of which goes to the Saudi Arabian government, at $18.8 billion
Coronavirus in India
Indian travel operators in turbulence as the country sees no respite from raging Covid-19 wave
Firms in the sector – both large and small – have resorted to large scale layoffs and industry experts said they’re apprehensive they’ll have to shut shop if the situation continues beyond a couple months
Abu Dhabi Department of Municipalities and Transport
Abu Dhabi’s real estate transactions totaled $3.1 billion in Q1 2021
Value of mortgages exceeded AED6.5 billion generated from 2,092 transactions with the remain total coming for real estate transactions
business activities
Saudi private-sector employment rises for first time this year
Saudi Arabia’s business outlook fell to a 10-month low, while job creation improved at the strongest pace since late 2019
Coronavirus Kuwait
Kuwait declares travel ban for nationals not vaccinated against coronavirus
Ban begins May 22 as non-Kuwaitis are still prevented from entering the country
Abu Dhabi economy
Abu Dhabi’s new wealth fund ADQ can’t move fast enough
Even in a city that’s among the few globally to manage around $1 trillion in sovereign wealth capital, ADQ has quickly emerged as Abu Dhabi’s go-to lever for addressing its biggest weaknesses
Brit band Steps
Conquering the business of pop music one step at a time
Dubai-based international popstar Lisa Scott-Lee tells Arabian Business how understanding the business side of the industry allowed her and her Steps band members to thrive
banking and finance
Dubai Investments rebounds from loss to post AED123m net profit in Q1
CEO says he expects Q1 momentum to continue through the year as company aims to deliver on various projects
Dubai tourism
Dubai’s Heart of Europe unveils beach to ‘rival Rio and Miami’
Developer says Rainbow Beach will add about 800 metres of shoreline to The Heart of Europe’s 3,580 metres of white sandy beaches
Dubai commercial property
Why office upgrades may dominate the Gulf’s ‘war for talent’
New report highlights how businesses are looking to their workplaces to revitalise corporate brand and culture after the pandemic
Noticeboard
Mansour bin Madi appointed as CEO of Saudi Arabia’s Real Estate Development Fund
The new CEO said the kingdom’s real estate finance sector has been in a progressive phase since the announcement of Vision 2030
Blockchain
DMCC marks best performance in seven years
Over 200 new businesses entered the Free Zone in April with Q1 2021 recording best performance in seven years
Basra
Iraq sees steady oil prices and considers buying Exxon stake
The minister also said Iraq would spend $3 billion in the next five years to boost Basra Oil’s natural-gas output by around 40 percent to 950 million standard cubic feet a day
Emirates Water and Electricity Company
Emirates Water and Electricity Company targets 50% reduction in CO2 emissions by 2025
Latest report reveals plan to half emissions from 40 million tonnes currently to about 20 million
Aramco
Saudi Arabia names former Aramco dealmaker as economy minister
The new minister, Faisal Alibrahim, was named Monday in a series of royal orders. He had been vice minister of economy and planning since 2018, and was formerly head of a mergers and acquisitions group at Saudi Aramco
Abdulaziz Abdullah Al Zaabi
RAK Properties reveals 433% increase in profits for Q1
UAE construction giant also saw revenues rocket by 244% over first three months of the year
clean energy
Solar energy plant Noor Abu Dhabi provides clean power for two years
The plant, which began commercial operations on April 30, 2019, supplies the UAE capital with enough clean energy for 90,000 individuals
Bazaara
Why second-hand fashion is gaining traction in the UAE
Dubai-based start-up Bazaara sees demand for used fashion boom among sustainability-conscious millennials and price-sensitive consumers post-coronavirus
Aldar Properties
Aldar partners with global venture capital firm to invest in European PropTech fund
Fifth Wall is the world’s largest venture capital firm focused on property tech
commercial real estate
Dubai office sales for Q1 up over 45% on 2020 figures
Almost 50,000 sqm of total Gross Leasable Area sold across the emirate in the first quarter of the year, according to latest Valustrat report
Abu Dhabi National Insurance Company
ADNIC posts 9 percent growth in first quarter of 2021
Abu Dhabi National Insurance Company’s net profits rose by 9 percent from the same quarter last year reaching $36.4 million
Air India Express
Indian airlines forced to curtail or halt flights from UAE as coronavirus rages on in India
The ban on flights from India to the UAE, introduced April 24, has been extended until May 15, but flights from the UAE to India are still allowed
British Centres for Business
Jordan-UK trade deal welcomed as countries strengthen relations
Implementation of the agreement comes as the UK looks to forge closer ties with countries in the Middle East
air travel
How the pandemic can promote business travel
Digitalisation and the virtualisation effect on business will fuel the need for business travel for three reasons
Dubai real estate market
Residential real estate sales in Dubai for Q1 hit highest levels since 2010
Emirate saw sales of more than 6,000 ready homes in the first quarter, worth AED13.5 billion, and 3,600 off-plan properties worth AED5 billion
budget deficit
Saudi Arabia plans sale of grain silos as privatisations pick up
Under Prince Mohammed bin Salman, Saudi Arabia has increased asset sales as it looks to open up and diversify the economy from oil
Arabian Drilling Company
Schlumberger-backed Arabian drilling planning Saudi IPO
Arabian Drilling may complete a deal on Riyadh’s stock exchange before the end of the year
Free trade agreements
UK and UAE, Saudi trade agreements could be ‘hammered out’ this year
UK Trade Secretary Liz Truss, who is leading Britain’s global FTA programme, was in the UAE and Saudi Arabia last month to work on the UK-GCC Joint Trade and Investment Review
ADNOC
Abu Dhabi Murban crude set at $63.35 a barrel on June futures
Official selling price for Murban is determined based on futures trading on the ICE Future Abu Dhabi exchange, which Adnoc owns along with Atlanta-based Intercontinental Exchange Inc
Coronavirus Saudi Arabia
Saudi Arabia to lift Covid-19 travel suspension for citizens from May 17
Restrictions will apply to determine eligibility of travel, according to a report from the Saudi Press Agency
Coronavirus Oman
Oman extends Covid-19 curfew and curtails Eid celebrations
Evening curfew from 7pm to 4am extended until May 15 as Sultanate aims to bring coronavirus crisis under control
air travel
Flydubai reports loss of $194 million after year of coronavirus
The Dubai-based carrier reported a loss of $194 million (AED 712.6 million) for 2020 amidst ‘one of the toughest years in aviation history’
agricultural technology
Why Dubai’s Food Tech Valley is investing in local capacity
Such initiatives are necessary to deliver on food security, sustainability and economic opportunities, said industry experts
Careem
UAE taxi service Hala appoints new CEO
Basil Hovakeemian has been named Hala CEO, and the leadership shuffle at Hala, a joint venture between Dubai’s Road and Transport Authority (RTA) and ride-hailing app Careem, follows top management changes at Careem and Hala
Beirut Stock Exchange
S&P Dow Jones Indices considering removing Lebanese stocks from its index
Lebanese companies potentially affected by this are Banks Audi, BLOM and Byblos and construction giant Solidere
Brit band Steps
Dubai-based pop star Lisa Scott-Lee excited to take Steps back into live performances
As she enjoys the ‘best of both worlds’, the Principal of Dubai Performing Arts Academy (DPA) is also looking forward to the upcoming show for students at Dubai Opera as the entertainment industry continues its recovery from coronavirus pandemic
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Adventure Capital
Five tips for non-tech start-ups to overcome funding hurdles
Sara Chemmaa, the CEO and founder of Citron, explains why access to funding for non-tech start-ups is a challenge in the region
good leadership
Silent leadership: The role silence can play in management
Communication can indeed happen in silence and perhaps that is a lesson we need to learn
Emirati heritage
Dubai’s vision: Future as a heritage
What does the concept of the future as a heritage actually mean? Dubai’s story, and the story of the United Arab Emirates, can be seen as an evolving story based on combining resilience with continuous transformation