Abu Dhabi entity to invest $30.79mln to provide clean power to 7 million British homes
Abu Dhabi-based diversified utilities and energy group will invest Dh113 million (£25 million) in a renewables project that will supply 8 per cent of the UK’s electricity needs and power 7 million British homes in future. Abu Dhabi National Energy Company (TAQA) has committed to Xlinks First Limited’s plans to lay the world’s longest high-voltage […]
Al Hamra awards infra works contract for Falcon Island to ENERVO Contracting
Ras Al Khaimah-based developer Al Hamra announced on Wednesday that the infrastructure works contract for its one billion UAE dirhams ($272 million) Falcon Island luxury development was awarded to ENERVO Contracting & General Maintenance. The main construction will start upon completion of infrastructure works, which started in March, the developer said in a statement. The […]
UAE-China bilateral trade seen hitting $200bln by 2030
Over 200 Chinese business leaders gathered at Dubai Multi Commodities Centre to observe China Business Day and celebrate the growing commercial ties between UAE and China, which target bilateral trade hitting $200 billion by 2030. Commenting on the event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers said: “The UAE represents one of […]
Al Habtoor Group to reopen retail space at Beirut property
Al Habtoor Group (AHG) has announced the reopening of the retail space at AHG touristic complex in Sin El Fil, Beirut, which includes Hilton Beirut Habtoor Grand Hotel and Hilton Beirut Metropolitan Palace. UAE businessman and Founding Chairman of AHG, Khalaf Ahmad Al Habtoor said: “We have a great love for Lebanon, and I […]
Danube launches first FashionTV-branded luxury tower in Dubai
based Danube Properties on Tuesday launched Fashionz luxury tower in partnership with FashionTV. Located in Jumeirah Village Triangle (JVT), the 65-floor tower will have over 700 apartments. In February, the developer launched 2.05 billion UAE dirhams ($558.22 million) Viewz with Aston Martin furnishings as its first branded residential project in Jumeirah Lakes Towers (JLT). […]
Hedge fund Ray Dalio to open branch of family office in Abu Dhabi
American billionaire investor and hedge fund manager Ray Dalio plans to set up a branch of his family office in Abu Dhabi as part of plans to push into the Middle East, Bloomberg reported on Wednesday. The new branch will build upon the Dalio Family Office’s existing hubs in the US and Singapore, the report […]
Dubai Aerospace Enterprise hikes bond repurchase program by $300mln
The board of directors and shareholders of UAE-based airplane lessor Dubai Aerospace Enterprise (DAE) has authorised an additional $300 million for bond repurchases. The repurchase will be conducted through open market transactions, the company said in a statement on Wednesday. To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded […]
Dubai among the fastest-growing cities for the super-wealthy
Dubai is among the fastest-growing cities for the super-wealthy, according to Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global wealth intelligence provider New World Wealth. Dubai’s safe-haven status and low tax rates make it a magnet for migrating millionaires from around the world, it said. Approximately, 3,500 high-net-worth individuals […]
Dubai Islamic Bank posts 12% rise in Q1 profit, beats estimate
Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 12% jump year-on-year (YoY) in its Q1 2023 net profit to 1.5 billion dirhams ($408 million), driven by higher revenues and lower impairments. The earnings beat Refinitiv’s mean analysts’ estimate of AED 1.43 billion. Net financing and sukuk investments came in at AED 240 billion, […]
Qatar and UAE in process of restoring diplomatic ties, official says
Qatar and the United Arab Emirates (UAE) are in the process of restoring diplomatic ties and reopening embassies, two officials said, more than two years after Arab states ended a boycott of Doha that had shattered the Western-allied Gulf Arab bloc. “At present, the activation of diplomatic ties, which will include the reopening of […]