Acciona partners with Orsted to develop construction solutions for offshore wind projects

Spanish engineering and construction company Acciona announced on Wednesday that its infrastructure division has signed a memorandum of understanding (MOU) with Denmark’s Ørsted, a global renewable energy company and leader in offshore wind, to jointly develop solutions to address the challenge of manufacturing large-scale foundations for offshore wind farms. The agreement includes the development 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 […]

UAE Moon mission: Ispace announces update, says spacecraft carrying Rashid Rover likely made hard landing on lunar surface

The Japanese spacecraft carrying the UAE’s Rashid Rover to the Moon is believed to have made a hard landing on the lunar surface. In an update about the status of its HAKUTO-R Mission 1 (M1), Japan-based ispace said the communication between the lander and the mission control centre (MCC) has not been established yet, nearly […]

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 […]

Mubadala-backed M42 acquires Bridgepoint’s dialysis firm Diaverum

Abu Dhabi’s M42, a newly created healthcare joint venture by state fund Mubadala Investment Company and artificial intelligence firm G42, has acquired Bridgepoint Group’s European dialysis clinic chain Diaverum. M42 will buy Sweden-based Diaverum, making it the largest healthcare company in the Middle East, it said in a statement. M42 did not disclose the value […]

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 […]