Uber partners with Dubai Airport to facilitate visitor influx in tourist season
Uber on Tuesday announced a strategic partnership with Dubai Airports, to improve riders’ on-ground commute experience when arriving in Dubai. The partnership comes in preparation to meet the growing operational needs in Dubai, as tourist arrivals in the city peak this winter. Uber has also launched its latest innovative travel feature, Smart Itineraries. Once riders […]
UAE’s ADIB buys additional stake of 2.4% in Egyptian unit
UAE-based Abu Dhabi Islamic Bank has purchased an additional stake of 2.4% in Abu Dhabi Islamic Bank Egypt (ADIB) for EGP 155.328 million, equivalent to an average price of EGP 16.18 per share, according to a shareholding disclosure issued on January 2nd. Accordingly, the Emirati bank’s ownership in ADIB Egypt increased to 52.607% from 50.207%. ADIB Egypt […]
Smart meters see 10-fold growth in Dubai in 7 years
Dubai Electricity and Water Authority (Dewa) said that the number of smart meters in Dubai has increased from 200,000 in the first phase which was completed in January 2016 to 2.1 million meters currently. “With the directives of the wise leadership, Dewa is working to provide an advanced infrastructure to manage facilities and services through […]
Dubai regulator upholds $135.6mln fine on Abraaj founder and former CEO
Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors […]
RAM Investment plans AI City Dubai
Sheikh Rashid Bin Ahmed Al Maktoum, Chairman of RAM Investment, has announced a partnership with Europe’s leading artificial intelligence (AI) venture studio and ecosystem Merantix to conceptualise the AI City Dubai, a proposed free zone where impactful AI solutions will be pioneered, implemented and scaled. AI City will be a global AI hub, powered by […]
Dubai lender Emirates NBD to issue 3-yr dirham-denominated bond
Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed. The senior, unsecured bond, under the bank’s $20 billion medium term notes programme, will be issued subject to market conditions following a series of investor calls scheduled to begin […]
Sheikh Mohammed announces 5 top priorities for UAE in new year 2023
The UAE has announced five priorities for the government in 2023. This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired the first Cabinet meeting of the new year. Taking to Twitter, Sheikh Mohammed outlined the five priorities: National identity and its […]
KPMG delivers $35bln global revenues, 14% growth in FY22
KPMG International has announced strong annual aggregated revenues for its firms globally of $35 billion for the fiscal year ending September 30, 2022 (FY22), an increase of 14%. The aggregate revenue of KPMG member firms in the Middle East, South Asia, and Caspian (Mesac) grew by 18.3% in local currency terms for FY22, more than […]
Azizi set to deliver 11,000 new units in Dubai this year
UAE-based Azizi Developments said it ended 2022 on a high note, having sold a total of more than 6,000 units, worth AED5.6 billion ($1.52 billion) and is now set for handover of 11,000 units across 45 projects in Dubai later this year. These include projects spread across the first, second and third phases of Riviera, […]
Dubai’s Danube Properties to issue construction tender for $150mln Elitz in Q1 2023
Dubai-based Danube Properties will issue and award the main construction contract for its 550-million-UAE-dirham ($149.76 million) residential tower Elitz in Jumeirah Village Circle in March 2023, the developer said in a statement sent to Zawya Projects. The tender for enabling works will be issued and awarded in January 2023, the statement said, adding that tenders […]