Mubadala and US-based Resilience link up on biopharma manufacturing in UAE
Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, and US-based National Resilience, a technology-focused manufacturer, have signed a biopharma investment deal that will boost the UAE’s life sciences sector. Through a development agreement, Mubadala will establish a new manufacturing plant in the UAE, which will be operated by Resilience to make biopharmaceutical-related products, Mubadala said in a statement […]
Dubai recorded 23.7 million arrivals in 2022
Dubai recorded almost 23.7 million traveller arrivals in 2022, up 89 per cent from 2021, as the tourism and business hub continues to benefit from the easing of pandemic restrictions that has unleashed pent-up travel demand. Of the total arrivals, 21.8 million arrived at airports, 1.6 million came through the Hatta Border Crossing between the UAE and Oman […]
UAE Central Bank issues new guidelines to combat money laundering
The UAE Central Bank has issued new guidelines for licenced financial institutions, including banks, finance companies, exchange houses and insurance companies, agents and brokers, to combat money laundering and the financing of terrorism. The new guidelines focus on the use of digital identification systems by licensed financial institutions, or LFIs, to address customer due diligence obligations. […]
Alpha Dhabi and Mubadala form joint venture to invest up to $2.5bn in global credit market
Alpha Dhabi Holding, a unit of Abu Dhabi’s International Holding Company, and the emirate’s sovereign wealth fund Mubadala Investment Company are forming a joint venture to co-invest in private credit opportunities amid a tightening monetary environment globally. As part of the partnership, the two companies will collectively invest up to Dh9 billion ($2.5 billion) over the next […]
Dubai hotels end 2022 with strong room revenue in December
Hotels in Dubai ended 2022 with a strong performance across industry metrics in December as tourists flocked to the city after travel restrictions eased, drawn by cooler weather and new year celebrations. Revenue per available room (RevPar), a key gauge of performance for the hotel industry, last month rose to Dh684 ($186), up 31.1 per cent on December […]