Business

In a pivotal move reflecting strong financial performance, Dubai Electricity and Water Authority (Dewa) has announced the approval of a massive Dh3.1 billion dividend payment by its shareholders. This decision was reached at Dewa’s general assembly, held on Thursday, with the dividend set for distribution on April 8, 2024. The assembly, led by Dewa’s Chairman …
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In a strategic financial maneuver, the Government of Ras Al Khaimah has substantially increased its stake in RAK Properties, the emirate’s leading real estate company. The announcement, made this Tuesday, marks a significant shift in the emirate’s involvement in the real estate sector, raising its stake from a modest five percent to a commanding 34 …
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The real estate sector in the Middle East is undergoing a significant transformation with the increasing adoption of Environmental, Social, and Governance (ESG) principles. This shift is reshaping urban landscapes and setting a new direction for the industry’s future. The initiative to integrate ESG factors into investment decisions, initially proposed by United Nations Secretary-General Kofi …
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Parkin Company, making its highly anticipated debut on the Dubai Financial Markets (DFM) on Thursday, saw its shares closing a robust 35 percent higher at Dh2.84 per share. This impressive performance marked the company as the first in the UAE to go public in 2024, signaling a buoyant start for the region’s stock market. The …
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Lulu Group International, a renowned global retail conglomerate, is gearing up for a significant initial public offering (IPO) in the latter half of the year, aiming to raise $2 billion. This development has placed the company at the forefront of major financial movements in the retail sector. The company has brought on board a cadre …
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The UAE has witnessed a significant growth in its industrial exports, amounting to Dh70 billion over the past three years, under the guidance of the Ministry of Industry and Advanced Technology (MoIAT). Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, emphasized the ministry’s pivotal role in this achievement since its establishment …
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Abu Dhabi National Oil Company (Adnoc) has taken a significant step in expanding its global energy footprint by signing a new 15-year heads of agreement with SEFE Marketing & Trading Singapore Pte Ltd., a subsidiary of Germany’s SEFE Securing Energy for Europe GmbH. This deal, announced on Monday, involves the supply of 1 million metric …
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In a significant development for global commodity markets, Bloomberg has unveiled the new Bloomberg Commodity Murban Crude Oil Index. This specialized index is designed to track the performance of rolling futures on Murban Crude Oil, a rapidly emerging player in the global oil market. As a subindex of the Bloomberg Commodity Index (BCOM), the new …
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In a significant move to boost Dubai’s economic growth, Sheikh Mohammed bin Rashid Al Maktoum has announced the merger of renowned real estate developers Nakheel and Meydan under the expansive umbrella of Dubai Holding. The decision, made public on Saturday, is part of a broader effort to consolidate and amplify the momentum of Dubai’s economic …
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In a significant move in the hospitality sector, Alpha Dhabi Holding PJSC has completed a strategic transaction with the National Corporation for Tourism and Hotels (NCTH), effectively uniting three of Alpha Dhabi’s hotel businesses within the NCTH portfolio. This strategic partnership is set to reshape the luxury hotel segment in Abu Dhabi and beyond, with …
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Maison Sartoro, a distinguished global jewelry brand with its roots in Geneva, has opened its doors at the Dubai Mall, introducing a new realm of luxury and artistry. This expansion marks a significant milestone for the brand, known for its unique blend of tradition and innovation, and its commitment to ethical principles and exceptional craftsmanship. …
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In a noble act of philanthropy, Emirati businessman Gheyath Mohammad Gheyath, owner of the GINCO Group, has generously contributed Dh5 million to the Mothers’ Endowment campaign. This campaign, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is a remarkable initiative with a mission …
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The United Arab Emirates is mourning the loss of a prominent business figure, Saeed Juma Al Naboodah, who passed away on Wednesday. Al Naboodah, the revered Chairman of the Saeed and Mohammed Al Naboodah Group, was not just a leading businessman but also an influential figure in the UAE’s economic landscape. His contributions were particularly …
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In a dazzling display of economic growth, DMCC (Dubai Multi Commodities Centre) has announced a significant increase in Dubai’s diamond trade for the year 2023. The total value of both rough and polished diamonds traded reached an impressive $38.3 billion, marking a 2% year-on-year growth. This remarkable figure also represents a compound annual growth rate …
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Dubai CommerCity, the pioneering free zone focused exclusively on e-commerce, has reported extraordinary growth in its digital trade operations in 2023, underscoring its emerging prominence as a global hub for the digital economy. As a joint venture between the Dubai Integrated Economic Zones Authority (DIEZ) and Wasl Properties, Dubai CommerCity has witnessed significant advancements, especially …
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