• Abu Dhabi’s private sector grows by over  35 percent in 2023

    ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office (ADIO), the second edition of Al Multaqa quarterly meetings, presenting business community with recent updates on the Emirate’s economy and achievements in 2023 and highlighting future opportunities. Launched in Q4-2023,...

  • Aldar Estates buys FAB Properties

    Aldar Estates will benefit from a stable growth pipeline.

  • UK’s Zencargo ventures into UAE, eyes MENA expansion

    Abu Dhabi, UAE - The UAE Ministry of Economy has announced that Zencargo, a UK-based company with expertise in digital freight forwarding, is joining its NextGenFDI program, a government initiative to attract international investment to the UAE. The company plans to establish operations in the Emirates with a view to...

  • One pilot dead in helicopter crash off Dubai coast, another missing

    The pilots of Bell 212 helicopter -- an Egyptian and a South African -- had been on a training flight for AeroGulf, the UAE's leading commercial helicopter operator. AeroGulf was founded in 1976 to provide services to the oil and gas industry, before expanding its services to other sectors.

  • EIH acquires stake in 9Yards Comm

    The acquisition aims to broaden EIH's investment portfolio.

  • UAE to host faith leaders for climate crisis summit prior to COP28

    Abu Dhabi, UAE - A global summit for faith leaders from around the world will take place in Abu Dhabi from November 6 to 7, to highlight the crucial role of faith communities in addressing climate change. The summit will take place ahead of the 28th Conference of the Parties...

  • Global space economy is worth billions, say experts

    ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going past the half-a-trillion-dollars mark in 2022, only a few decades after the term “space economy” came into existence. Several studies by specialized global institutions indicate that the global space sector...

  • AlNeyadi conducts over 200 research experiments on board ISS

    ABU DHABI, UAE - Over the course of a six-month space mission on board the International Space Station (ISS), UAE astronaut Sultan AlNeyadi conducted over 200 advanced research experiments and studies that took about 585 hours. These research experiments were held in collaboration with 10 international space agencies and 25...

  • Energy, commodity prices hurt profits of GCC firms

    GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.

  • ADNEC Group launches charter flights to Europe, Central Asia to draw tourists to Abu Dhabi

    Abu Dhabi, UAE - ADNEC Group, through its tourism arm Tourism 365, has launched new charter flight services in the UAE, enhancing travel options for international tourists from multiple destinations. The new service, available from Europe and central Asia, is poised to increase visitor arrivals to the UAE, while further...

  • UAE economy expected to grow by 3.5 percent in 2023, says UBS

    ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024. In a statement to the Emirates News Agency (WAM), Bolliger shared the bank's positive...

  • UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023

    ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion (AED 28.5 billion) in the first half of 2023, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank’s figures showed that the...

  • Q Properties awards $470bn contract for Reem Hills Phase 1 Villas construction

    Abu Dhabi, UAE – Q Properties, a real estate developer and subsidiary of Q Holding, announced on Tuesday the award of $0.47 billion construction contract for Reem Hills Phase 1 villas to Trojan General Contracting. Trojan will be responsible for constructing the fully sold out 218 luxury villas ranging from...

  • ADIB enhances mobile app for international money transfers

    Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and internet banking. The improvements come as the bank reports a notable 20% year-on-year increase in remittances during H1 2023. As the first bank in the UAE to offer discounts on...

  • It’s time to address universal issues through media

    Many Filipino media professionals are working in the UAE that forms the core of media cooperation. “Given the strong friendly relations between the Philippines and the UAE, I think there is so much we can accomplish together. There is so much more potential in many areas, especially in media sector,”...

  • Sheikha Fatima launches national plan for empowerment of Emirati women

    ABU DHABI, UAE – Chairwoman of the General Women's Union (GWU) Sheikha Fatima bint Mubarak launched the National Strategy for Empowerment of Emirati Women in the UAE for the years 2023-2031, on the occasion of the Emirati Women’s Day 2023, under the theme of “We Collaborate for Tomorrow”. This strategy...

  • Borouge’s PP5 unit generates $209m sales in H1 2023

    ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a significant role in H1 2023, contributing US$209 million (AED767 million) representing 22 percent of the company's propylene sales and 10 percent of our overall turnover. In a statement to the...

  • UAE stands ready to host COP28: Almheiri at the start of 100 day countdown

    Abu Dhabi, UAE - The UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri, affirmed on Tuesday the UAE's readiness to host the upcoming Conference of the Parties (COP28) this November, in collaboration with all associated partners and entities. She underscored the UAE's pivotal role in advancing...

  • Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission

    ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the Ethiopian Investment Commission (EIC) to foster the robust economic collaboration between the two sides. The MoU also aims to establish a framework for cooperation that advances trade, investment and economic...

  • United States beat Greece in basketball World Cup warm up in Abu Dhabi

    The United States exploded off the blocks, opening up a 13-point gap on the Greeks six minutes into the first quarter. Despite questionable turnovers during patches of the game, the USA were a class apart as they extended their perfect record in World Cup tune-ups to 4-0 in games played...

  • Business travel in MEA likely to bounce back by 2024

    Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs.

  • Falconers meet in Abu Dhabi for special auction from Sept 2-8

    Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) in 2022, the Emirates Falconers' Club is preparing a special auction this year from 2-8 Sept. 2023. The previous edition witnessed the purchase of the most...

  • Economists convened by COP28 lay out steps to reform global climate finance

    ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has stated the next steps needed to establish a new framework for international climate finance and to drive progress at COP28 and beyond to COP29 and COP30. World-leading economists from the...

  • AD Ports Q2 revenue grows 66%

    The company attributed growth to increased volume across key sectors.

  • Abu Dhabi, Dubai realty resilient despite surging inflation, interest rates

    Abu Dhabi, UAE – Real estate markets of UAE capital Abu Dhabi and Dubai demonstrated resilience in the face of rising interest rates and inflation in the second quarter, with Dubai realty market outperforming many if its peers worldwide, a report said. The report by Asteco, a full-service Real Estate...

  • ADNOC, Tabreed say breakthrough in project to harness geothermal energy

    ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion of testing on two geothermal wells at Masdar City here. The landmark project, the first in the Gulf region, is set to decarbonize the cooling of buildings in Masdar City,...

  • UAE didn’t supply arms, ammunition to warring parties in Sudan: official

    The UAE, a senior official in foreign ministry said, has consistently supported the political process and efforts to achieve national consensus towards forming a government and will continue to support all efforts aimed at achieving security in Sudan and enhancing its stability and prosperity until a ceasefire is secured. She...

  • EIH gives $27.2m dividend

    The company's net profit for H1 2023 stands at US$121.221 million.

  • UAE witnesses record 2.4m tourists in first six months of 2023

    Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a report by the Department of Culture and Tourism – Abu Dhabi said. Also, the numbers marked an increase of around 34 percent compared to the same period during last year....

  • ADFD finances $105.4m energy security project in Tanzania

    ABU DHABI, UAE -  The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of Tanzania worth US$105.4 million (AED387 million) to enhance energy security in the country. The project’s objective is to fully connect the Kagera administrative region with the national electricity grid, reducing...

  • ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure

    Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1 billion) contract to the joint venture between National Petroleum Construction Company Co. and Tecnicas Reunidas to expand its gas processing infrastructure in the UAE.  The scope of the contract includes...

  • Eshraq Q2 profit $9.79m

    The company had posted a loss of AED7 million in Q2 2022.

  • UAE to mobilize global tech, space sectors for climate action ahead of COP28

    ABU DHABI, UAE - Key UAE government entities have partnered to boost coordination between advanced technology and space sectors. The collaboration is aimed at harnessing emerging technological innovations and developments to tackle global climate change.   The Ministry of Industry and Advanced Technology (MoIAT), UAE Space Agency, and COP28, through...

  • ADNOC Distribution profit rises 2%

    The Company’s non-fuel retail business rose by over 12%.

  • Investor confidence fuels UAE’s real estate boom in Q2

    Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition of 7,300 new units in the former and 1,000 in the latter.

  • Burjeel Holdings H1 net profit $61m

    Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.

  • Abu Dhabi International Airport sees 67% surge in H1 passenger traffic

    Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653 passengers passing through the airport between January 1 and June 30, 2023, compared to 6,158,376 passengers during the same period last year.  The airport also recorded 67,835 flights, a rise...

  • EIH buys stake in Gewan Holding

    Acquisition aims to diversify and expand into several sectors.

  • OERC, Jindal to set up sustainable transport logistics solution

    Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal) to establish a sustainable end-to-end transport logistics solution between Jindal’s steel complex at Sohar Port and the United Arab Emirates (UAE), via the UAE-Oman Rail Network. The deal is a...

  • ADQ, IHC Capital to form a new entity called Q Holding

    Abu Dhabi, UAE - ADQ and IHC Capital Holding are joining forces to bring together ADQ's ownership of Abu Dhabi National Exhibitions Company (ADNEC) and its stake in Modon Properties, along with IHC Capital's share in Modon to form a new entity called Q Holding.  The proposed transaction would create...

  • UAE vows to allow ‘peaceful’ assembly of climate activists at COP28

    The UAE, set to host COP28 from November to December in the business hub of Dubai, requires official permission for protests but effectively bans demonstrations it deems disruptive. At the upcoming UN climate talks "there will be space available for climate activists to assemble peacefully and make their voices heard", it...

  • In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia

    Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing renewable energy projects across solar, battery energy storage system (BESS), wind and other renewable energy technologies. The MoU was signed in Malaysia by Abdulla Zayed, Masdar’s Head of Development and...

  • UAE to establish prosecution entities specialised in economic crimes, money laundering

    Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop the UAE's judicial system in line with changing global economic landscape.  The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as...

  • UAE finance ministry unveils new corporate taxation rules

    ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do...

  • Waha Capital H1 2023 profit up 221% 

    The company's total operating income was $135m.

  • Black Cobra signs MoU with OSTIM

    The Abu Dhabi firm will push for growth in the defense sector.

  • Strategizing internet use key to halt disinformation

    “Handling disinformation is the need of the hour. The Global Media Congress will help devise a strategy to use the available tools to tackle disinformation. We need an effective strategy to ensure that the messages impacting our citizens and the world are delivered in a positive, ethical and meaningful way,”...

  • Tabreed H1 23 net profit $105m

    New customers and projects were added in H1 2023.

  • ADIB posts 61% net profit growth in H1

    The bank's revenue grew by 50 percent to AED 4.3 billion.

  • EasyLease revenue grows by 37.5%

    The company logged a net profit of $4.4m.

  • UAE Government’s Q1 revenues total $31.3 billion

    Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion ($25.0 billion) in the first quarter of 2023, the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023, published by the Ministry of Finance...