DP World achieved a record-breaking milestone in 2024, handling 1.3 million vehicles across its terminals in Dubai, marking a 53.6 per cent increase from the previous year and the highest volume in the company’s history.

The majority of this volume — nearly 960,000 roll-on, roll-off (ro-ro) units — was processed at Jebel Ali Port, reinforcing its position as the region’s premier automotive hub.

The remaining volume was handled at Mina Al Hamriya and Mina Rashid, further strengthening Dubai’s role as a critical gateway for vehicle imports and exports in the Gulf.

China emerged as the top trading partner, contributing nearly 25 per cent of total vehicle volumes, followed by Japan, Korea, and India. The surge in vehicle movement highlights the rapid growth of the automotive sector and DP World’s strategic role in facilitating global trade.

The automotive industry is undergoing a significant transformation, with electric vehicles (EVs) expected to surpass internal combustion engine (ICE) vehicles by 2036.

Given that China manufactures over half of the world’s EVs, the supply chain is adapting to support this shift towards sustainable mobility.

Hybrid vehicles, which combine electric power with traditional engines, are also seeing increased adoption worldwide. These evolving trends position Dubai as a key player in the global automotive trade.

Read From Detroit to Dubai: Key trends reshaping the global automotive landscape

DP World’s milestone aligns with global trends

Abdulla Bin Damithan, CEO and MD of DP World GCC, highlighted Dubai’s growing importance in the automotive supply chain, stating: “Dubai’s emergence as a global automotive hub offers immense potential for markets in Asia and Europe, with positive ripple effects on our local economy.

“The automotive industry is a powerful catalyst for economic growth — creating employment, attracting foreign investment, and stimulating local businesses. DP World is committed to developing the necessary infrastructure to support this growth. Our state-of-the-art logistics hubs like Jebel Ali Port and free trade zones like Jafza — home to more than 930 automotive and spare parts companies — are integral to our global automotive supply chains strategy.”

The company’s vision aligns with global projections, which estimate passenger vehicle sales will grow from 94.7 million in 2024 to 109 million by 2030.

Jebel Ali Port’s capacity of one million car equivalent units, the planned development of the world’s largest and most advanced car market spanning 20 million square feet, and the expansion of Mina Al Hamriya underscore DP World’s commitment to meeting growing demand and supporting Dubai’s D33 Economic Agenda, which aims to double the size of the economy by 2033.

DP World’s record automotive volumes in 2024 signal Dubai’s growing prominence in the global automotive supply chain, positioning it as a crucial hub for vehicle trade and logistics in the years to come

The Arab Energy Fund, formerly known as APICORP, has successfully issued a $650m five-year senior unsecured bond under its Global Medium-Term Note Program, marking a landmark transaction for the multilateral financial institution.

The bond, rated Aa2 (Stable) by Moody’s and AA+ (Stable) by Fitch, was priced at SOFR Mid-Swap (MS) +80 basis points (bps), yielding 4.900 per cent.

Strong investor demand allowed The Arab Energy Fund to increase the issuance from an initial $500m to $650m, with final book orders exceeding $935m.

The issuance, which settled on February 26, was priced at the tighter end of similarly rated supranational, sovereign, and agency (SSA) peers and inside the fund’s existing yield curve.

Arab Energy Fund sukuk issuance: details

Investor participation was well-diversified, with an oversubscription rate of 1.4 times.

Central banks, sovereign institutions, financial institutions, and real money managers accounted for the bulk of demand.

Approximately 40 per cent of the order book came from outside the MENA region, including strong interest from Asia, Europe, and offshore US investors.

Geographic allocations stood at 60 per cent for MENA, 25 per cent for Asia/other, and 15 per cent for Europe.

By investor type, 52 per cent was allocated to banks, treasuries, and private banks, 38 per cent to central banks, sovereigns, and institutions, and 10 per cent to asset managers, fund managers, and hedge funds.

The successful issuance underscores The Arab Energy Fund’s robust credit profile and reinforces investor confidence in its strategic role within the global energy sector.

The transaction enhances the fund’s liquidity position and strengthens its presence in international capital markets.

BSF Capital, Doha Bank, First Abu Dhabi Bank, Mashreq, Nomura, and Standard Chartered acted as joint lead managers and book runners for the issuance.

Parkin Company, the provider of paid public parking facilities and services in Dubai, reported strong operational and financial results for the fourth quarter (Q4) and full year 2024 (FY 2024), exceeding financial guidance set at its March 2024 IPO.

Parkin’s total revenue for Q4 2024 surged 30 per cent year-on-year to Dhs265m, driven by increased parking transactions and expanded space capacity.

EBITDA rose 42 per cent to Dhs158.2m, with margins expanding to 60 per cent, up from 55 per cent in Q4 2023.

Net profit increased by 13 per cent to Dhs120m despite introducing a 9 per cent corporate tax.

The company added approximately 10,400 new parking spaces during the quarter, bringing its total portfolio to 206,400.

Public parking transactions rose 16 per cent year-on-year to 36.9 million, while the average public parking utilisation rate increased by 2.4 percentage points to 28.3 per cent.

A cash dividend for H2 2024 is set to be paid in April 2025, subject to shareholder approval.

Parkin: Full-year 2024 highlights

For the full year, Parkin’s revenue reached Dhs925.2m, up 19 per cent from FY 2023. EBITDA grew 39 per cent to Dhs577.3m, with a margin expansion of nine percentage points to 62 per cent.

Net profit rose 7 per cent to Dhs423.5m.

Revenue from fines surged 37 per cent to Dhs249.1m, while seasonal permits increased 36 per cent to 139,000. Developer parking revenue grew 19 per cent to Dhs69.5m.

Capital expenditure jumped significantly to Dhs1.1bn due to a one-off upfront payment to the Roads and Transport Authority (RTA) for a 49-year concession agreement.

Ahmed Bahrozyan, chairman of Parkin’s Board of Directors, said the company has made “remarkable progress” in its first year as a publicly listed entity. “Parkin operates at the centre of Dubai’s transport ecosystem, playing a vital role as a mobility enabler. Our results reflect our dominant market position, operational excellence, and focus on digitisation and innovation,” he said.

CEO Engineer Mohamed Al Ali highlighted the company’s record-breaking profits and growth, attributing the success to an expanded parking portfolio and improved enforcement measures. “EBITDA growth of 42 per cent in the fourth quarter underscores Parkin’s operational leverage and efficiency initiatives. We exceeded financial targets set at our IPO, demonstrating the strength of our strategic vision and leadership,” he added.

Looking ahead, Parkin remains confident in delivering another strong performance in 2025, supported by Dubai’s economic growth, population expansion, and record tourism figures.

Dubai’s Roads and Transport Authority (RTA) has announced the operating hours for all its services during the Holy Month of Ramadan 1446/2025.

Read: Dubai’s RTA unveils ‘fourth-generation’ traditional abras

The revised timings apply to all of its entities including customer happiness centres, paid parking zones, public buses, Dubai Metro and Tram, marine transport services, and service provider centres (vehicle testing).

Below are the timings for its entities.

Dubai Metro Timings

Red and Green Line Stations:

Monday to Thursday: 5:00am – 12:00am (Midnight)

Friday: 5:00am – 1:00am (Next Day)

Saturday: 5:00am – 12:00am (Midnight)

Sunday: 8:00am – 12:00am (Midnight)

Dubai Tram

Monday to Saturday: 6:00am – 1:00am (Next Day)

Sunday: 9:00am – 1:00am (Next Day)

Dubai Public Buses (Dubai Bus)

To check changes in bus schedules during the Holy Month of Ramadan, please visit the S’hail App.

Marine Transport

For marine transport schedules during Ramadan, please visit this link

Public Parking Timings

Monday to Saturday:

o First Period: 8:00am – 6:00am

o Second Period: 8:00pm – 12:00am (Midnight)

Note: Multi-level parking buildings operate 24/7.

Customer Happiness Centres

Umm Ramool, Deira, Al Barsha, Al Manara, and Al Tawar:

• Monday to Thursday: 9:00am to 5:00pm
• Friday: 9:00am to 12:00pm

Note: Smart Customer Happiness Centres in Umm Ramool, Deira, Al Barsha, Al Kifaf, and RTA’s Head Office will continue to operate 24/7 as usual.

Service Provider Centres (Vehicle Testing)

Monday to Thursday & Saturday:

• Tasjeel, Jebel Ali: 7:00am – 4:00pm
• Tasjeel, Hatta: 8:00am – 3:00pm

Friday:

• Tasjeel, Jebel Ali: 7:00am – 12:00pm
• Tasjeel, Hatta: 8:00am – 12:00pm

Tasjeel Al Qusais, Al Barsha, and Al Warsan:

Monday to Thursday & Saturday:

• Morning Shift: 8:00am – 4:00pm (All services)
• Evening Shift: 8:00pm – 12:00am (All services)

Friday:

• Morning Shift: 8:00am – 12:00pm
• Evening Shift: 4:00pm – 12:00am

Note: From 4:01 PM to 7:59 PM, only vehicle testing services will be available throughout the week.

Service Provider Centres (Vehicle Testing) Timings

The service timing of Al Mutakamela Al Awir, Al Mutakamela Al Quoz, Wasel Nad Al Hamar, Wasel Al Jaddaf, Wasel Arabian Center, Tamam, Al Ghandi, Cars Al Mamzar, Cars Deira, Al Mumayaz Al Barsha, Al Mumayaz Al Mizhar, Tajdeed, Tasjeel Discovery Gardens, Tasjeel Motor City, Tasjeel City of Arabia, Shamil Al Qusais, Shamil Al Adhed, Shamil Nad Al Hamar, and Aber Centres, will be as follows during Ramadan:

Monday to Thursday & Saturday:

• Morning Shift: 8:00am – 4:00pm
• Evening Shift: 8:00pm – 12:00am

Friday:

• Morning Shift: 8:00am – 12:00pm
• Evening Shift: 8:00pm – 12:00am

Al Awir Tasjeel, Al Satwa Autopro, Al Mankhool Autopro, Al Tawar Tasjeel, Al Yalayis, Al Muhaisnah Shamel

• Monday to Thursday and Saturday
• Morning period 8:00am – 4:00pm
• Evening period 8:00 pm – 12:00 midnight Night
• Friday
• Morning 8:00am – 12:00pm
• Evening 8:00pm – 12:00am
• Sunday (Technical Inspection Services Only)
• Morning 8:00am – 12:00pm
• Evening 8:00pm – 12:00am

Private school students in Dubai have been given the option of remote learning on Fridays throughout the month of Ramadan.

Read: Dubai authority approves flexible, remote work policy for government employees

The announcement was made in line with the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai, and as part of his commitment to strengthening family bonds during the Holy Month of Ramadan.

Ramadan 2025: Abu Dhabi public schools introduce remote learning on Fridays

According to a wam report, students who are required to take mandatory in-person examinations on Fridays are exempt from this arrangement.

Additionally, private schools are encouraged to accommodate families for whom remote learning may not be suitable, by allowing students to attend classes in person if needed.