INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

UAE President Sheikh Khalifa passes away at 73

Late Sheikh Khalifa bin Zayed Al Nahyan
  • "The Ministry of Presidential Affairs condoles the people of the UAE and the Islamic world... on the passing of Sheikh Khalifa bin Zayed Al-Nahyan on Friday, May 13"
  • Sheikh Khalifa took over as the UAE's second president in November 2004, succeeding his father as the 16th ruler of Abu Dhabi

The United Arab Emirates’ President Sheikh Khalifa bin Zayed Al-Nahyan died aged 73 on Friday, state media said, after battling illness for several years.

The president of the oil-rich Gulf state is likely to be replaced by his brother, Abu Dhabi Crown Prince Mohammed bin Zayed.

“The Ministry of Presidential Affairs has mourned to the UAE people, Arab and Islamic nations and the world the death of President His Highness Sheikh Khalifa bin Zayed Al-Nahyan,” the official WAM news agency tweeted.

The ministry announced 40 days of mourning, with flags at half-mast from Friday and work suspended in the public and private sector for the first three days.

Sheikh Khalifa took over as the UAE’s second president in November 2004, succeeding his father as the 16th ruler of Abu Dhabi, the richest of the federation’s seven emirates.

The UAE, a former British protectorate that was founded in 1971, has gone from desert outpost to booming state in its short history, fueled by its oil wealth and Dubai’s rise as a trading and financial center.

The Arab world’s second-biggest economy behind Saudi Arabia has also begun to wield growing political influence, filling a space ceded by traditional powers such as Egypt, Iraq and Syria.

The country of 10 million also joined military campaigns in Libya and Yemen and broke ranks with much of the Arab world to establish ties with Israel in 2020.

“The Emirates has lost its virtuous son and leader of the ‘stage of empowerment’ and the trustee of its blessed journey,” Mohammed bin Zayed tweeted on Friday.

“His stances, achievements, wisdom, generosity and initiatives are in every corner of the nation.. Khalifa bin Zayed, my brother… may God have mercy on you and grant you access to paradise.”

Sheikh Khalifa, who had no formal higher education, led the UAE as Dubai emerged as Dubai emerged as a tourism and trade hub and Abu Dhabi pumped oil as a key OPEC player.

He came to the rescue of Dubai when it was hit by the global financial crisis in 2009, extending a multi-billion-dollar lifeline to the debt-laden emirate.