DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday that Saudi Arabia’s ACWA Power is the “preferred bidder” for the construction and operation of the 180 Million Imperial Gallon per Day (MIGD) Sea Water Reverse Osmosis Hassyan Phase 1...

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...

YOKOHAMA, JAPAN - Dressed up and ready for battle, around 10,000 Pokemon fans have descended here this weekend, looking for fun but also collector's item cards potentially worth serious money. Since the launch of Pokemon cards in 1996 following the hit computer game of the same name - meaning "pocket monsters"...

Dubai, UAE - A total of 3,103 real estate and properties transactions valued at approximately $2.64 billion in total were conducted during the week ending 11th August 2023, according to the Dubai Land Department (DLD). The weekly DLD report noted that 235 plots were sold for about $609 million, 2,302...

Consolidated revenue of DEWA rose 4.1 percent in Q2.

The company achieved property sales of $5.5bn in the period.

Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and 50 Small and Medium-sized Enterprises (SMEs), local media reports said. It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or...

Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on Tuesday, Dubai Land Department said. The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36...

The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the financial and insurance sector, which accounted for 15 percent, and trade at 10 percent, according to data issued by the Dubai Data and Statistics Establishment of the Dubai Digital Authority.

Dubai, UAE - The Dubai Chamber of Commerce reported a 43 percent increase in new member companies, reaching a total of 30,146 in the first half of 2023, up from 21,098 in the first half of 2022. The total value of exports and re-exports from member companies also saw a...

Ain Dubai (Dubai Eye) was designed as a tourist-luring landmark in the United Arab Emirates' glam-hub, which is home to the world's tallest building. But now it stands idle for undisclosed reasons, its light fixtures the only parts still working. It was to close for a month, but its reopening...

Dubai, UAE - The highly anticipated 'Barbie' movie is all set to grace the big screens in the UAE on August 10, two weeks ahead of the originally expected release date.  Local theaters, including VOX Cinemas, Reel Cinemas, and Roxy Cinemas, have already opened pre-orders for eager viewers.  Online bookings...

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.

Real estate sector remains one of the key business verticals.

The company’s EBITDA in H1 2023 was US$178 million.

Markets slid on Thursday as traders shifted to safer assets after Fitch downgraded the United States' credit rating from AAA to AA+. The decision sparked a strong rebuttal from Washington and confused analysts. Despite recent rallies on hopes of a "soft landing" for the US economy and in-line job data,...

JV will manufacture high-quality copper products in UAE.

Its net profit vaulted to US$132 million in the first half of 2023.

Dubai, UAE - Vox Cinemas, the prominent Middle East exhibitor partnering with Warner Bros. for distribution, has decided to postpone the Middle East release of the popular Greta Gerwig film to August 31.  Initially slated for a July 19 release – just two days before its US debut – the...

Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the market with a 57 percent increase, fueled by demand for luxury properties.

DUBAI, UAE – UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei launched the National Program for Infrastructure Development (Salamah 365). This is a transformational project under the performance agreements signed by federal authorities in 2022 in the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice President,...

Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the year as non-oil economy witnesses strong growth in spite of global macroeconomic headwinds. According to a market report by CBRE, rental performance in Abu Dhabi’s occupier market showed substantial improvement...

The company announces $95 million investment for expansion.

DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective action and collective finance to strengthen sustainable development. She also called upon G20 countries to fulfill their commitment to providing the pledged financial support for global climate initiatives. Almheiri addressed...

DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of the International Road Transport (TIR Carnet) system, the global customs transit procedure. Dubai Customs cleared the first transit consignment under the TIR carnet in 2020. Dubai Customs is a signatory...

Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the Middle East, the Indian newspaper The Hindubusinessline reported.  The primary objective of this tie-up is not to seek financing for projects, as L&T will continue to self-finance its project execution...

Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during the week ending 28th July, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 319 plots were sold for AED 1.92 billion, while...

Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1 2023. According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate. The first six months of 2023 also witnessed...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned 676 11kV distribution substations across Dubai in the first half of 2023. The construction of the substations and associated tasks for new customers required a combined effort of 505,684 man-hours. “We provide an advanced and integrated electricity and water infrastructure...

The bank recorded a total income of $2.53 billion.

Profit driven by core revenues, effective cost management.

Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India. The company will construct a ±525kV High Voltage Direct Current (HVDC) transmission segment in Saudi Arabia. This forms part of a large capacity Voltage Source Converter (VSC) based HVDC system,...

Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai International Financial Centre (DIFC) Courts reported a staggering 692 percent increase in the overall value of claims during the first half of 2023 compared to the same period last year....

DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the first six months of this year, a 10 percent surge from the 12.7 million transactions registered in the same period last year. The UAE economy is poised to experience further...

DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation. Generating over 40 percent of the emirate’s GDP, the sector represents Dubai's indomitable spirit of enterprise. Now, as the emirate seeks to unlock a new phase of high-powered growth for...

DUBAI, UAE - Authorities in Yemen have identified a suspect in the killing of a World Food Program official in the southern Taez province, a security official has told AFP. Moayad Hameidi, the head of the UN food agency's office in Taez, was killed in a shooting on Friday in the...

DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in green finance initiatives. The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers. Held by the chamber’s Center for Responsible Business as...

Dubai, UAE-- Seeking to forge partnerships around the world, Dubai Chambers will host a two-day event in November this year called Dubai Business Forum, bringing together key public and private sector stakeholders. The event will be hosted at the city’s Madinat Jumeirah on 1st and 2nd November, 2023, under the...

Dubai, UAE -- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a law (No. 16 of 2023) to regulate urban planning in Dubai. The law seeks to create an integrated and effective urban planning system that promotes investment, sustainable development, prosperity, and an improved quality of life for...

DUBAI, UAE – The city has registered a strong year-on-year growth of 44 percent in business event bid wins in the first half of 2023. The outstanding growth in the number of global events being hosted by the city contributes further to its economic growth in line with the goals...

DUBAI, UAE - The Dubai Supreme Council of Energy (DSCE) has received the ISO 50001:2018 in energy management systems and the net-zero statement of verification and assurance certificate. This followed a comprehensive assessment conducted by W3 Solutionz - USA through CanaGulf International Standardization. The new accomplishment adds to DSCE's achievements...

DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General, Chairman of the Board of Executives Directors of Dubai’s Roads and Transport Authority (RTA). The sector employs around 242,000 jobs by more than 7000 companies, local media reports said. “The...

DUBAI, UAE - The Mohammed Bin Rashid Space Center (MBRSC) on Sunday announced the successful execution of the Dreams experiment by astronaut Sultan Al Neyadi on the International Space Station (ISS). The experiment, a pivotal achievement in sleep science and space research, was conducted in collaboration with the European Space...

DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level Political Forum on Sustainable Development (HLPF), which runs from July 10-19 at the UN headquarters in New York. Established in 2012, the High-Level Political Forum is the UN’s central platform...

Dubai, UAE - Six years after imposing a comprehensive blockade on Qatar, Saudi Arabia, the United Arab Emirates (UAE), and Bahrain have nearly restored ties with the country. However, underlying tensions persist, as changing dynamics in the Middle East drive competing foreign policy priorities. These unresolved issues have the potential...

The UAE and India vowed to make this year's COP28 conference in Dubai a success, as Indian Prime Minister Narendra Modi paid a visit to the Gulf state. The oil-rich UAE will host the COP28 UN climate talks in November and December, as nations are still far on means to...

Profit is a 41.5 percent jump compared to H1 2022.

Dubai, UAE - India’s Prime Minister Narendra Modi arrived in Abu Dhabi today for the final leg of his two-nation visit. The visit aims to strengthen the burgeoning bilateral ties between India and the United Arab Emirates (UAE), two strategic partners.  Indian PM is scheduled to meet with UAE President...

Dubai, UAE -- A total of 3,626 real estate transactions worth over AED 13.7 billion ($3.72 billion) were conducted during the week ending 14th July, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 618 plots were sold for AED 6.19 billion, while...

Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the management of the contractual work cycle for Mozambican workers in the UAE. The MoU was signed by Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation (MoHRE), and Margarida...