Emirates has announced its best ever half-year results as profits, staff and route network all expand
Author Archives: Staff Writer
End of service benefits UAE
UAE Savings Scheme v Gratuity: Employers urged to register for alternative end-of-service benefits service
UAE employers are encouraged to register workers for Savings Scheme as an alternative end-of-service benefit
UAE-built RABDAN FA-400 to get MANSUP Surface-to-Surface Missile launcher
This comes after Abu Dhabi Ship Building signed a strategic partnership with Brazilian smart weapons company SIATT
crypto
UAE and Saudi Arabia lead region’s $338.7 billion spends on crypto assets
93% of the total crypto value transferred in the region consists of institutional-sized transactions of over $10,000
Abu Dhabi
Eric Trump to speak at Bitcoin MENA in Abu Dhabi
His participation at the MENA event follows Donald Trump’s appearance at Bitcoin 2024 in Nashville this July
Dubai
Dubai’s Pantheon Development set to unveil AED 1bn project in RAK
Spanning an impressive 450,000 sq. ft., the development will feature 312 residential apartments, a Grade A office building, and hotel apartments
Ajman
Ajman’s Al Zorah announces early handover of exclusive beachfront villas
The villas offer a unique living experience that blends modern architectural design with breathtaking beachfront views
Agthia Group
Agthia reports 24% surge in net profit in 9-months of 2024
The Group also posted a 10.3% rise in net revenue to AED 3.6 billion during the period
Crypto-mining
Phoenix Group joins FTSE ADX 15 Islamic Index
The FADXI 15 marks a significant step forward in diversifying Shariah-compliant investment opportunities
Dubai
Dubai real estate: Maria Morris Global sets new record for a super-prime Residences villa sale in Al Barari
The financial details of the transaction, however, were not disclosed
Brand View
Europe’s Most Valuable Investment: Hungary’s Guest Investor Immigration Programme
Hungary’s programme opens the door to investors seeking a foothold in Europe’s real estate market
Baseball United
Baseball United announces completion of new Dubai Ballpark
The field will be home to all Baseball United events, tournaments, and its upcoming league season, as well as serve as a launchpad for international events with top baseball teams from around the world
Emirates
Emirates brings Spotify podcasts and playlists to in-flight entertainment system
Emirates has launched a collaboration with Spotify to bring audio streaming to the skies
Dubai office market
Dubai commercial real estate market thrives as 24,000 new businesses registered in H1, best-performing areas for office rents revealed
Dubai Grade A office rents up by an average of 25 per cent, with one neighbourhood seeing 44 per cent hikes
Airfares
UAE airfares have increased 22% since COVID-19 pandemic: Report
International airfares have increased heavily since 2019 says a study by Airports Council International Asia-Pacific and Middle East
Federal Tax Authority
UAE announces grace period for taxpayers
UAE authorities are offering taxpayers a grace period to give them more
Qatar votes to amend constitution following historic referendum
Qatar announces results of referendum to amend national constitution
Abu Dhabi
Abu Dhabi’s TA’ZIZ announces $2bn contracts to develop Al Ruwais Industrial City
TA’ZIZ awards engineering, procurement and construction contracts to develop Al Ruwais Industrial City in Abu Dhabi
Dubai Land Department
Dubai Real Estate Strategy targets $272bn market and 33% home ownership; AI to support massive growth
The Dubai Real Estate Sector Strategy 2033 was launched to support the emirate’s booming property sector and drive ahead with AED1tn target
AI
UAE businesses plan to hire AI specialists amid concerns over skill shortage
UAE businesses are planning to hire AI specialists to help bring in new skills to help leverage tech benefits
IPO
Lulu IPO raises $1.72bn largest share offering of the year
Lulu IPO gives retail giant a market capitalisation of around $5.7bn
bonds
GCC IPOs increase in value despite volume slump in Q3 as bonds raise and Sukuks raise $9.6bn
GCC IPO market remains positive with a healthy pipeline of companies looking to launch IPOs
Dubai real estate
Dubai real estate: Expo City launches Sider Residences with homes from $512,000
Expo City Dubai launches Sidr Residences ahead of 2027 handover in developing neighbourhood
UAE
SHP Portfolio launches in UAE, offering tailored real estate strategies for f&b sector
The company said it is involved in the expansion of London’s iconic Rowley’s Steakhouse into Dubai, and the popular Daikan Ramen and Daikan Izakaya concepts across the UAE
US Election 2024
Donald Trump wins US Presidential Elections 2024
Donald Trump will be the 47th President of the United States of America (USA), with a projected 312 electoral votes
Cryptocurrency
UAE stablecoin usage surges 55% YoY, driven by new regulations and market growth
Consequently, stablecoins currently account for the largest share of crypto activity in the UAE at 51%, much higher than both Bitcoin (19%) and Ether (9%)
PIF
PIF-backed Roshn in talks with banks to raise $667mn in early 2025: Report
In the shorter term, the Saudi developer expects to raise SAR 18 billion in total from local banks by the end of 2024
debt market
UAE’s debt capital markets notch up 13% growth in Q3: Fitch Ratings
The surge in the debt capital market places the UAE fourth globally in all currencies, after Malaysia, Saudi Arabia, and Indonesia
communication
Saudi telecom giant Mobily signs Red Sea cable deal with Telecom Egypt
The new underwater cable will enable Mobily to connect the Arabian Gulf and neighboring countries to the Egyptian Red Sea station through Mobily’s digital corridors
electric vehicle
UAE’s FasterCapital launches global funding programme for EV startups
FasterCapital’s Raise Capital programme is set to guide EV startups through their fundraising efforts
Real Estate
Saudi investors seek bilingual support to secure real estate assets in UK: Survey
An overwhelming majority of Saudi investors wished they had begun investing in property assets in the UK earlier
US Election 2024
Donald Trump on course for huge victory
Former president heading for clean sweep in US election
Public holiday
Qatar announces 2-day holiday following referendum vote
Qatar has announced a holiday and 4-day weekend following the historic referendum vote on constitution
AI
UAE could use AI in cloud-seeding missions in efforts to create rain
UAE Research Program for Rain Enhancement Science looks ahead to significant year ahead for cloud-seeding science
UAE economy
UAE announces National Investment Strategy 2031, eyes $599bn FDI balance
UAE unveils National Investment Strategy as it looks to triple the cumulative FDI balance to 599bn by 2031
Abu Dhabi real estate
Abu Dhabi real estate: Deyaar launches RIVAGE development on Al Reem Island
Deyaar launches debut Reem Island development in Abu Dhabi
ecommerce
Noon plans massive 11.11 and Yellow Friday sales in November
Ecommerce giant noon will host 11.11 and Yellow Friday sales in November
content creators
Crypto Content Creator Campus 2024 in Dubai addresses $525bn opportunity
Dubai will host the Content Creator Campus 2024 as emerging sector tipped to reach $525bn value
CBUAE
UAE banks pass AED500bn in capital and reserves to reach historic high
UAE banks see capital and reserves climb by more than 10 per cent in a year
Bahrain
Gateway Gulf 2024 in Bahrain ends with $12bn of deals
Massive deals announced at Gateway Gulf in Bahrain
Aramco
Aramco announces huge dividend payout despite Q3 income drop
Aramco announces Q3results with $27.5bn net income
US Election 2024
How the US electoral college system works
The election is decided by votes in each state, not the total popular vote
US Election 2024
The seven states that will decide the election
Our guide to the key battlegrounds that Harris and Trump are fighting over
US Election 2024
US election: Trump wins two key battleground states, narrows chances of Harris presidency
North Carolina and Georgia have been forecast to go to Donald Trump, closing the door on a potential route to a Harris presidency
AIM Summit
Saudi Prince Khaled discusses climate crisis, US politics in Dubai
Speaking at the AIM Summit in Dubai, Saudi Prince Khaled bin Alwaleed bin Talal examined the energy transition topic, focusing on its implications in the context of the upcoming US election
DFSA
Dubai watchdog DFSA slaps $100,000 fine on marketing firm for misleading financial promotions in DIFC
The regulator imposed a fine of $100,000 (AED367,000) on Vedas Marketing for two violations
budget deficit
Saudi Arabia posts $8bn Q3 deficit as lower oil prices weigh
The country’s oil revenue was estimated at SAR 191 billion and non-oil revenue at SAR 118 billion
Saudi Arabia
Saudi Arabia’s PMI hits six-month high as non-oil growth accelerates in October
The pick-up was largely due to an increase in sales
Non-oil economy
Growth in UAE’s non-oil economy remains strong in October: S&P Global
In Dubai, the index showed a decline in the headline PMI in October to 53.2 from 54.1 in September
Aviation
Boeing workers vote on wage deal to end strike
The workers union at Boeing US West Coast factory said members voted 59% in favour of the new contract, which includes a 38% pay rise spread over four years
US Election 2024
Wall Street slips as uncertainty surrounds US election, Fed move
Some of the so-called “Trump trades” unwound after a recent poll showed Harris, the Democratic vice president, leading in Iowa, sparking a drop in the US dollar, Treasury yields and bitcoin
Dubai
Dubai real estate: LEOS announces $299mn Kensington Gardens project in Greenwood
Kensington Gardens’ first phase in Dubai’s Greenwood community comprises of 168 units, including townhouses and villas
Brand View
Beyond packaging: Tetra Pak’s vision for a sustainable food industry takes center stage at Gulfood
At this year’s Gulfood Manufacturing event, Tetra Pak is positioning itself as more than just a packaging provider; it’s an end-to-end solutions partner