DEWA has revealed profits after tax of $1.5bn for the first nine months of 2024
Author Archives: Staff Writer
Dubai real estate
Dubai real estate: Nakheel launches Palm Jebel Ali beach villas
Nakheel launches luxury beach villas on Palm Jebel Ali, Dubai
intellectual property
UAE intellectual property registrations up over 34% with massive increase in trademarks
UAE IP registrations soar as nation develops innovation-friendly environment
NEOM
NEOM The Line announces update as Saudi megaproject takes major step closer to Phase 1 completion
NEOM has announced architecture and engineering partners to help complete Phase 1 of The Line in Saudi Arabia
domain names
UAE has seen 347,000 .ae national domain names registered
The .ae domain name is increasingly popular in the UAE as AI-powered tools boost local websites
Aviation
Emirates named ‘Best Airline in the World 2024’ again
Emirates has been named ‘Best Airline in the World’ at the ULTRAs 2024 Awards
Dubai Land Department
Dubai real estate sector recorded $3.7bn of transactions last week, including Production City apartments for just $54,500
The Dubai real estate sector saw $3.7bn of transactions last week
ADNOC Gas
ADNOC Gas targets over 40% EBITDA growth over next five years
Company declares fourth straight quarter of $6 billion-plus revenues; Quarterly net income up 11% to $1.24 billion
Humanitarian
UAE establishes new foreign aid agency with $98 billion track record
The establishment of the UAE Aid Agency reaffirms the country’s humanitarian role in providing essential assistance, improving living conditions, and supporting communities and people across all continents
Abu Dhabi
Fertiglobe sees plenty of upside following ADNOC’s acquisition of OCI stake
For Q3 2024, revenues at $496 million, adjusted EBITDA at $176 million, while 9M 2024 revenues touch $1.5 billion
Abu Dhabi
Trump election victory triggers surge in UAE property market interest: Report
The aftermath of the election has triggered movements across various asset classes, with the US stock market recording gains whilst oil and gold prices have declined due to dollar strengthening, the report said
Air India
Shake-up in Indian skies: Vistara bids farewell as IndiGo goes premium
The two events taking place days apart are poised to redefine India’s competitive aviation landscape
AD Ports Group
AD Ports Group signs 4 MoUs with Pakistan to boost trade and transport links
AD Ports Group is a major investor in Pakistan, which is a strategic trade gateway to Central Asia and Russia
customer engagement
Sobha Realty, WebEngage join forces to boost personalised buyer experiences
The collaboration will empower Sobha Realty to deliver personalised communication and enhanced experiences to buyers
Cityscape Global
Cityscape Global 2024 opens in Riyadh, showcasing future trends in real estate
Over 500 experts and 400 renowned exhibitors are to participate in the 4-day meet
azerbaijan
COP29 opens in Azerbaijan’s Baku with focus on climate finance
The talks are taking place against a backdrop of increasing climate disasters and mounting pressure from developing nations for enhanced financial support
Human Resources
Saudi HR solutions firm Tamkeen sets $13.3 as final offer price for IPO
The total size of the company IPO stood at $105.7 million
Egypt
Egypt’s October inflation edges up to 26.5%, below market expectations
Food prices in October were 27.3% higher than a year earlier
Delivery Hero
Talabat set to deliver 15% of its stake to the public on DFM
UAE delivery platform has been the star performer of parent company Delivery Hero; Subscription period to open on 19 November
Dubai
Dubai GDP hits $31.5bn in Q2 2024 with 3.3 percent growth rate: Sheikh Hamdan
The growth figures align with Dubai’s Economic Agenda D33 and Dubai Social Agenda 2033, which aim to position the emirate as a global investment hub and economic centre, Sheikh Hamdan said
DAMAC Air
DAMAC Air: Dubai real estate giant announces new luxury airline
DAMAC Air is expected to fly to destinations such as Seychelles, Maldives, Bali, Bora Bora, Fiji and Hawaii
Dubai
Dubai Ruler Sheikh Mohammed approves $1bn road infrastructure plan for 2025-2029
The AED 3.7 billion initiative will deliver 634 kilometres of new roads across 12 Dubai districts
Real Estate
UAE real estate: Sharjah property market surges 57.6% in Central and Eastern regions
The transactions across four branches represented 4.7 percent of the Sharjah’s total trading volume
Sharjah
Sharjah Ruler announces $1.2mn grant for public library development
The Sharjah International Book Fair, which hosts 2,500 publishers and exhibitors, will serve as the source for new Arab and international publications that will enhance the libraries’ collections
Dubai
Dubai Municipality announces completion of $66mn green space projects
The Dubai Municipality planted over 185,000 trees in 2023, averaging 500 trees daily
Kuwait
UAE President to make state visit to Kuwait
During the visit, UAE President Sheikh Mohamed will meet Kuwait’s Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah to discuss bilateral relations between the two Gulf nations
Dubai
Dubai’s RTA announces major road closures on November 10
The closures will be in effect from 3:30 AM until 10:00 AM in Dubai
Kuwait real estate
Kuwait changes real estate ownership rules for foreigners as investments open to citizens of UAE, Saudi Arabia, Oman, Bahrain and Qatar: reports
Kuwait has announced updated rules for real estate ownership according to media reports
RAK Properties
RAK Properties sees revenue leap 30% to $243m in Q3
RAK Properties saw revenue soar to $243m between July and September
RICS
UAE construction sentiment at 6-year high with no sign of sector slowing down
UAE construction sentiment among the best in the world, according to a Royal Institution of Chartered Surveyors report
Dubai real estate
Dubai real estate: Apartments dominate as Q3 transactions hit $31.8bn
Dubai real estate sector sees significant increase in transactions as apartments make up majority of new handovers
diafa
DIAFA 2024: Distinctive International Arab Festivals Awards coming to Dubai
DIAFA 2024 will honour distinguished personalities from various fields and different nationalities
Bahrain
UAE announces major investment and transport strategies; Visa-free travel to Qatar, Golden Visas in Bahrain, Dubai targets $272bn real estate market – 10 things you missed this week
UAE strategies for transport, investment and real estate, Qatar tourism, Bahrain Golden Visas and more of the biggest stories this week
Spinneys
Spinneys announces record $626m revenue in 2024 so far
Spinneys reports sharp increase in profit before tax for the first nine months of 2024
Batik Air
Flydubai announces interline agreement with Batik Air
Flydubai and Batik Air Malaysia have announced an interline agreement
Dubai
Dubai announces new comprehensive succession planning system for government employees
The Dubai Government Human Resources Department (DGHR) has been tasked with developing and approving the necessary procedures, timelines, and templates to facilitate the system’s implementation
Dubai
Dubai traffic to ease: RTA announces completion of extensive Al Jamayel Street development project
The project, which was formerly known as the Garn Al Sabkha project, involved the construction of four bridges spanning 2,874 metres, with a capacity of 17,600 vehicles per hour
satellite
Space42 EBITDA and net income grows despite revenue decline
Company reports 9-month pro forma results following the completion of merger between Bayanat and Yahsat in October
International Holding Company
IHC revenue grow 49.4% $17.43 billion; PAT surges to $4.9bn
Real estate and construction segment outperform as company’s total assets reach $104.3 billion
Data center
Equinix and Omantel partner to open state-of-the art data center in Oman
It is Equinix’s sixth facility in the Middle East, complementing its existing operations in Dubai and Abu Dhabi
Abu Dhabi
APEX Invest Abu Dhabi to see participation of over 200 investors, allocators managing combined assets of $4trn
The event is slated to be held on November 18-19 at Yas Island, Abu Dhabi
bond issuance
China mandates investment banks for $2bn USD bond issuance in Saudi Arabia: Report
China plans to issue up to $2 billion in senior, unsecured fixed-rate bonds in Saudi Arabia
Ajman Bank
DFM sees $10.51mn in major transactions involving Al Ansari and Ajman Bank shares
The first major transaction involved 29.1 million Al Ansari shares, valued at AED 28.5 million
Bank of England
Bank of England cuts interest rates to 4.75%
It marks the apex bank’s second reduction of 2024, after it began its easing cycle in August
Aviation
UAE energy firm Mercantile & Maritime to build Middle East’s largest $599mn biofuel facility in Fujairah
The facility, set to become the Middle East’s largest, will produce 150 million litres of sustainable aviation fuel (SAF) annually
fintech
All-in-one financial platform NAGA taps Mike Tyson for campaign to promote its new app
The campaign features a video showing Mike Tyson discovering the simplicity of using NAGA, compared to the hassle of using the “old ways” and juggling multiple apps
Dubai real estate
Dubai real estate’s best-performing areas revealed as sector on track for $136.1bn of sales this year
Dubai real estate sector is on track to pass AED500bn in sales this year, find out the best-performing areas last month
Revealed: The Arabian Business 100 Most Admired Companies for 2024
Meet the leaders, innovators, and dreamers shaping today and defining tomorrow
Brand Finance
Dubai named 5th best city in the world; ranked top in MENA and globally for reputation
Dubai has overtaken cities including Singapore, Los Angeles, Sydney, San Francisco, and Amsterdam to enter global top 5
ADIPEC
ADIPEC 2024 concludes with $10bn of deals and record attendance
ADIPEC 2024 was a commercial success with more than $10bn of deals announced at the energy conference in the UAE
Balancing Parenthood and Career
UAE parents sharing work devices with children is risky for business
UAE parents need to be aware of risks of sharing work devices with children, according to Cisco study
Dubai off-plan real estate market
Dubai real estate sector recorded best ever month with $16.7bn of transactions in October on back of 109% off-plan boost
Dubai real estate sector carried to a record transaction performance by remarkable off-plan sector
Saudi businesses
Saudi entrepreneurs: 42% of adults plan to launch a business despite a fear of failure
Saudi Arabia’s entrepreneurial drive is at an eight-year high according toa new report
ADNOC signs deals worth $4.4bn to build 23 new supertankers
ADNOC L&S to build 23 massive new tankers as it signs $4.4bn shipbuilding deals