EGA site recertified to Aluminium Stewardship Initiative
Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of oil and gas, today announced that its Al Taweelah site has been recertified to the Aluminium Stewardship Initiative’s Performance Standard for its sustainability performance. The Aluminium Stewardship Initiative brings together metals and mining companies, end-users of aluminium such as Apple and Nespresso, […]
UAE-German non-oil trade rises 10.5% to $9.5bln in 2021
The UAE has become Germany’s most important trading partner in the Middle East, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, adding that the non-oil trade between the two countries amounted to $9.5 billion during 2021, a 10.5 percent increase compared to 2020. He said this while addressing an […]
UAE top banks’ profits, margin levels ‘take a hit’ in Q1
The profitability of the top ten UAE banks has deteriorated marginally by 0.3% in Q1 2022 and return on asset (RoA) remained flat at 1.4% during the quarter compared to Q1 2021 as the sector braces for a slowdown. The country’s 10 largest listed banks are First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), […]
UAE, Ukraine leaders talk post-war reconstruction, food security
The UAE has been invited to take part in the post-war reconstruction of Ukraine by its President, Voldymyr Zelenskiy, who also discussed the possibility of the emirates providing fuel to the war-torn nation. President Zelenskiy, whose country is fighting a war against neighbouring Russian Federation after an invasion which began in February, tweeted last night […]
Dubai’s branded residences now rival those in Miami, New York: Knight Frank
A bevy of new luxury properties being brought to the market has made Dubai a global leader in the branded residences market that now rivals favourites of the wealthy like Miami and New York, according to a new Knight Frank report. In recent times, the emirate has seen several launches of residential development projects from […]
Air Arabia Abu Dhabi launches city check-in services
Air Arabia Abu Dhabi, the UAE capital’s first low-cost carrier, has announced the introduction of its City Check-in services in Abu Dhabi. The City Check-in service aims to provide passengers with added convenience and flexibility by enabling them to drop off their baggage and collect their boarding pass at a location near them before traveling […]
Alpha Dhabi to invest $2.5bln in Alpha Wave Ventures II Fund
Alpha Dhabi Holding, an Abu Dhabi-based investment holding company, will invest 9.2 billion dirhams ($2.5 billion) in a venture fund launched at the beginning of the year, thus becoming its cornerstone investor. Alpha Wave Ventures II is a $10 billion fund co-managed by Chimera Capital, an Abu Dhabi investment fund, along with US alternative asset […]
Abu Dhabi, Dubai hotels top 2019 Eid performance
Abu Dhabi and Dubai hotels recorded occupancy and average daily rate (ADR) that exceeded the 2019 Eid al-Fitr comparables, according to preliminary data from STR, a leading provider of analytics for the global hospitality industry. When looking at the Eid date (May 2, 2022) in the UAE, Abu Dhabi’s hotel occupancy reached 79.1%, which was […]
Eid hotel occupancy rates in Dubai, Abu Dhabi exceed pre-pandemic levels: STR
The UAE’s hotel industry performed better during this year’s Eid Al Fitr holidays compared to 2019, with occupancy and room rates exceeding pre-pandemic levels, according to hospitality consultancy STR. Abu Dhabi hotels had an average occupancy level of 79.1 percent last May 2, which was 4.5 percent higher than the Eid date two years ago […]
UAE: Gold prices slip as dollar recovers; 24K opens at $59.69 per gram in Dubai
Gold prices fell on Wednesday morning as the dollar recovered slightly, piling pressure on greenback-priced bullion along with firm Treasury yields and an aggressive inflation stance by the US Federal Reserve chief. Spot gold dropped 0.25% to $1,810.19 per ounce at 9.15am UAE time. In the UAE, precious metal prices fell in line with global […]