Ellington Properties, DMCC to launch $327mln residential project in Dubai

  Dubai-based boutique developerEllington Properties and Dubai Multi Commodities Centre (DMCC) have joined hands to develop 1.2 billion UAE dirhams ($326.70 million) Upper House, a new residential development in Jumeirah Lakes Towers (JLT). Ellington’s first residential project in JLT, which will house 377 units, is slated for completion by early 2026, the developer said in a […]

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 […]

Saudi Alsaif Gallery inaugurates first branch in Abu Dhabi

  Al Saif Stores for Development and Investment Company (Alsaif Gallery) has opened its first branch in Abu Dhabi, marking the first expansion outside Saudi Arabia. The scheme is established on an area of 2,526 square metres, according to a bourse disclosure. Alsaif Gallery indicated that the project will reflect on its income statements during […]

Mubadala and US-based Resilience link up on biopharma manufacturing in UAE

Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, and US-based National Resilience, a technology-focused manufacturer, have signed a biopharma investment deal that will boost the UAE’s life sciences sector. Through a development agreement, Mubadala will establish a new manufacturing plant in the UAE, which will be operated by Resilience to make biopharmaceutical-related products, Mubadala said in a statement […]

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 […]