Dubai retains FDI ranking

Dubai retains global top spot for attracting greenfield FDI projects

The emirate ranked first in attracting FDI projects into sectors such as tourism, business services, financial services, transport and warehousing, consumer products, and software and IT services

IsDB annual meet concludes in Jeddah

Financing agreements worth $5.4bn signed at annual IsDB meet

The four-day event attracted 4,452 participants from 90 countries as well as 89 organisations working in the field of sustainable development

Zain HQ Building 2021

Zain Group creates global wholesale services JV with Omantel

The venture will manage all international wholesale requirements of Zain and Omantel operations in eight countries

ADNOC Distribution

ADNOC Distribution’s Q1 net profit jumps 5.5% to Dhs551m

The energy provider said its net profit soared 19.4 per cent quarter-on-quarter and free cash flow stood at Dhs1.04bn

ISDB LLF 2.0 launched photo Twitter IsDB

Development bank IsDB, partners launch Lives and Livelihoods Fund 2.0

The committed resources for the fund are aimed at supporting 32 member countries of the bank to achieve 10 of the 17 Sustainable Development Goals

salik photo WAM

Toll operator Salik reports net profit of Dhs275m for Q1 2023

The toll operator reported that revenue-generating trips reached 113.6 million, exceeding the pre-pandemic peak level thanks to the recovery of economic and tourist activity, as well as mobility

Khalifa University

Khalifa University launches world’s first solar-powered atmospheric water generator

The technology produces drinking water straight from the air and can supply up to 1,000 litres per day per unit

Tabreed

UAE’s Tabreed reports Dhs236.4m in net profit during Q1 2023

The company’s revenue increased by 10 per cent year-on-year to Dhs464m

Ministry of Economy signs MoU with Presight to enhance UAE's attractiveness to FDI & support private sector partnership

UAE Ministry of Economy signs MoU with Presight to drive FDI

Presight will work with the ministry to attract foreign direct investments to new sectors in the UAE, by deploying big data, analytics and AI in education, healthcare, infrastructure and financial services

Rua Al Madinah (Image: Supplied by Accor)

Accor signs deal for three properties in Madinah

A Fairmont, Swissôtel and Novotel will cumulatively add over 1,000 keys to Accor’s portfolio in Saudi Arabia

Emirates boarding pass (Image: Supplied by Emirates)

Emirates to phase out paper boarding passes for flights from Dubai

From May 15, most passengers departing from T3 at DXB will have to use a mobile boarding pass

Dubai Chambers signs MoU with AACCI

Dubai Chambers opens Sydney office, signs MoU with Australia Arab Chamber

The Sydney office is the second to be inaugurated in 2023 and expands the chamber’s global network to 17 representation offices

ADNOC Gas first Q1 results

ADNOC Gas’ Q1 net income surges by 9% to $1.3bn

The net income for the quarter ended March 31 included a one-time tax benefit of $300m following its formation earlier this year

UAE France

UAE, France trade grew 17%, reached Dhs29.5bn in 2022

The bilateral trade between the two countries consisted of imports valued at Dhs25.2bn, while exports and re-exports were valued at approximately Dhs4.2bn

Emirates Group

Dubai’s Emirates Group reports highest-ever annual profit of Dhs10.9bn for FY2022-23

Emirates Airline reported its most profitable year ever with a profit of Dhs10.6bn compared with Dhs3.9bn loss in the previous year

Rotana's Guy Hutchinson signs the agreement at the FHS in Riyadh. (Image: Supplied by Rotana)

Rotana signs agreement for five new properties in Riyadh

The openings will cumulatively add 618 keys to its portfolio and includes four Edge by Rotana hotels as well as one Rayhaan by Rotana property

Dana Gas

UAE’s Dana Gas reports Dhs183m net profit in Q1 2023

Profitability for the quarter dropped 7 per cent compared to a 22 per cent decrease in the company’s realised prices during the period

Emirates installation at Expo 2020 Dubai (Image: Supplied by Emirates)

Emirates unveils $200m aviation sustainability fund

The amount, disbursed over three years, will support R&D on projects aimed at reducing the impact of fossil fuels in commercial aviation

UAE debut T-Sukuk oversubcribed

UAE’s debut Islamic treasury bonds attracts bids worth Dhs8.3bn

The T-Sukuk auction will be followed by a listing on Nasdaq Dubai to promote secondary market trading along with primary dealers

Dubai - Sheikh Hamdan

Sheikh Hamdan appoints new executive directors for two government entities

The two resolutions are effective from their date of issuance

ADNOC Baker Hughes agreement

ADNOC, Baker Hughes partner to advance hydrogen technology

The partnership builds on ADNOC Group’s $15bn commitment towards decarbonisation projects by 2030

EDB adds new financing sector

Emirates Development Bank to finance UAE renewables sector

The bank is now two years into an ambitious five-year strategy aimed at empowering SMEs and large corporates in five priority sectors

DIFC innovation Hub AECB sign agreement to support fintechs

DIFC Innovation Hub, AECB to empower fintech startups in the UAE

The bureau will enable the DIFC Innovation Hub community to tap into new data sets to boost fintech development in the UAE market

Transformers

World’s first Transformers-themed attraction to be launched in Saudi Arabia

Spanning over 10,000 square metres, the indoor entertainment centre will open at Al Hamra district of Riyadh

UAE an enabler of global trade

UAE, Thailand agree to launch CEPA negotiations

The UAE has so far concluded four CEPAs with India, Israel, Indonesia and Turkey and the first two have already come into force

Flyadeal

Online travel marketplace Wego joins forces with flyadeal to enable direct flight bookings

The airline currently operates scheduled flights to 17 domestic destinations across Saudi Arabia and six in Europe, Middle East and Africa

Cloud7 Residence AlUla (Image: Supplied by Kerten Hospitality)

Kerten Hospitality’s project size in Saudi to reach SAR1.5bn in 2023

The group has launched The Collective by Kerten Hospitality initiative to unify its efforts across all the projects in the kingdom

Deyaar Development

Dubai property firm Deyaar posts 125% surge in Q1 profit

The property developer’s net profit reached Dhs56.4m in the first three months of 2023 from Dhs25m in the same period last year

Flynas A320 new aircraft (Image: Supplied by flynas)

Saudi’s flynas receives three Airbus aircraft

It includes two new A320 neo and one widebody A330 aircraft

Tajikistan

UAE, Tajikistan sign air transport services agreement

The two documents aim to lift restrictions on designated carriers from the UAE and Tajikistan, and streamline trade and air traffic between the two nations