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 […]

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 […]

Adnoc’s $15bn investment in low carbon strategy is another step on a long road to net zero

From Europe, it appears as dilemma, a paradox, a contradiction. From the Gulf, it seems much simpler. What road must oil companies travel as an energy-hungry world seeks a climate-friendly destination?  Adnoc announced Dh55 billion ($15 billion) of investments to 2030 in its low-carbon activities. This follows three other important transactions: in December, it bought Mubadala’s 24.9 […]

Adnoc’s new gas subsidiary begins operations

Adnoc’s new gas processing and marketing company, Adnoc Gas, began operations on January 1. Adnoc intends to proceed with an initial public offering (IPO) of a minority stake in Adnoc Gas on the Abu Dhabi Securities Exchange (ADX) during the course of this year, the state-run energy company said in a statement on Tuesday. A […]

UAE’s Masdar signs agreement with Kyrgyzstan to develop renewable energy projects

Abu Dhabi’s clean energy company Masdar has signed an agreement with Kyrgyzstan’s energy ministry to develop clean energy projects with a capacity to generate up to 1 gigawatt. The pipeline of projects will start with a 200 megawatt solar photovoltaic plant, which is expected to begin operations by 2026, Masdar said on Tuesday. “Masdar has considerable […]

Borouge secures two contracts worth $15m from UAE manufacturers

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has secured two contracts worth Dh55 million ($15 million) to supply polyolefins to UAE cable maker Ducab and Union Pipes Industry, its partner-customers. The companies will use the polyolefins to produce energy and infrastructure applications needed to construct the Borouge 4 project in Ruwais, Borouge said on Tuesday. Ducab will […]

First Abu Dhabi Bank raises $500m through Islamic bond

First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised $500 million through a sukuk or Islamic bond, marking the first global sukuk issuance in 2023. The five-year sukuk was priced at 90 basis points over the US treasury rate which is the equivalent of a profit rate of 4.58 per cent and is listed […]

First Abu Dhabi explored offer for Standard Chartered

First Abu Dhabi Bank, the UAE’s largest lender, said it had considered making an offer for the emerging markets-focused Standard Chartered listed in London. “First Abu Dhabi Bank confirms that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but as of the date of this announcement, […]

Burj Khalifa sales grow 16% as Dubai’s tallest tower turns 13

Dubai’s Burj Khalifa moved into adolescence in 2022 with a different type of growth spurt for the world’s tallest building. The architectural icon celebrated turning 13 by announcing a sweet 16% increase in residential sales. Property giant Knight Frank said 94 apartments were sold in the tower in 2022, valued at AED 477 million ($130 […]