UAE’s ADNOC to pilot carbon mineralising project in Fujairah
Abu Dhabi National Oil Company (ADNOC) has partnered with Fujairah Natural Resources Corporation (FNRC), Abu Dhabi Future Energy Company (Masdar) and Omani environmental organization 44.01 to pilot technology that permanently mineralises carbon dioxide (CO2) within rock formations found in Fujairah. The project, set to begin this month, will use 44.01’s Earthshot prize-winning Carbon Capture […]
Dubai rents to rise further in 2023 due to strong demand, limited supply
Property investors in Dubai can expect higher rental yields this year due to supply constraints and strong demand, according to a new report from Better homes. The real estate market enjoyed a record year in 2022, with sales transactions exceeding pre-pandemic levels and rents jumping by as much as 60%. Total apartment and […]
Dubai Financial Services Authority unveils business plan for 2023-24
Dubai Financial Services Authority (DFSA) has unveiled its Business Plan for 2023-24, encapsulated within four strategic themes developed to foster an enabling environment for firms as Dubai and the UAE continue to grow. The new two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Centre (DIFC) including […]
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 […]
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 […]
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 […]