Arada completes over 1,600 new homes in East Village in Sharjah

    Arada has announced the completion of the first homes in East Village, the third residential phase in its AED24 billion Sharjah megaproject Aljada. In total, 1,621 apartments have been finished across 14 buildings. Featuring 2,000 units in total, East Village is targeted at the younger generation and consists of 16 apartment blocks that […]

UAE’s ADCB sells NPL portfolio worth $1.1bln to investment funds

UAE’s Abu Dhabi Commercial Bank PJSC  (ADCB) has sold a portfolio of non-performing loans (NPL) worth 4.2 billion dirhams ($1.1 billion) to investment funds advised by Davidson Kempner Capital Management LP. The transaction represents the first sale of a significant portfolio of NPLs by ADCB and is thought to be the largest such transaction effected […]

Rumailah Farm set to expand across UAE

“Our recent ventures to expand across the UAE are the result of years of hard work and dedication,” Abdullah Taleb, says, general manager, Rumailah Farm. “By maintaining the highest quality standards and sticking to our values, we’re quickly outstripping the competition.” Rumailah Farm made a name for itself with its flagship locations on the Fujairah […]

Climate-controlled 93-km cycle track announced for Dubai

Dubai will have a 93-km “climate-controlled” cycle highway called The Loop as part of aims to make cycling and walking to work possible for 80% of residents’ by 2040. The project was unveiled by Dubai-based sustainable developer URB, which said the cycle and walking route will have a “climate controlled all-year environment” to make walking […]

Mashreq’s 2022 net profit climbs to $1bln as customer deposits rise

  Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year. The bank reported a 12.1 per cent increase in customer deposits to Dh 113.8 billion as its liquid assets ratio stood at 33.2 per cent […]

RTA to tow, impound vehicles found violating traffic rules

The Roads and Transport Authority (RTA) of Dubai on Monday said it signed an agreement with Emirates Parking which allows the Authority to impound vehicles that violate the laws. Under the newly-signed agreement, the RTA can impound both light and heavy vehicles and trailers for not adhering to the parking laws. The Authority completed the […]