Home GCC UAE

UAE

UAE introduces new limits on venture capital funds

The new rules include limits on risk exposure and annual report requirements

Dubai’s Network International appoints new CEO

Simon Haslam was previously the president and CEO of US-based Elavon

‘Negligent and reckless’ pilot caused Atlantis helicopter crash

GCAA investigation into the crash on the Palm says pilot was “directly responsible for the crash”

Airbus’ superjumbo A380 heading towards ‘certain death’ – analyst

The recent deferral by Emirates has added to the jumbo jet’s woes

Dubai’s Gulf Navigation forms joint venture with Polimar Turkish Holding

The expected revenue from the partnership will be around $27m

Construction of UAE nuclear power plant units 75% complete

The Barakah Nuclear Energy plant is scheduled for completion in 2020

Dubai Parks aims to be among the world’s top 5 most visited theme parks

The venue hopes to see 6.7 million ticketed visits in its first full year of operations

Currency movements hit 2016 sales at Dubai Duty Free

The company announced annual sales of Dhs6.673bn

UAE bank NBAD confirms resignation of four senior managers

No specific reason was given for the departures

UAE President leaves country on private visit

Sheikh Khalifa was previously out of the country from June to September

Damac launches luxury villas at Akoya projects

Kensington Boutique Villas, at Akoya Oxygen, are priced from Dhs1.35m onwards

Abu Dhabi in talks to invest in $100bn SoftBank fund

Saudi Arabia’s Public Investment Fund is a major backer of the fund

Dubai’s DEWA opens new power substation in Al Quoz 4

DEWA is set to complete the construction of 100 132/11 KV substations over the next three years

Abu Dhabi approves infrastructure projects worth Dhs241m

A Dhs76m project will be undertaken to maintain and restore internal roads and bridges in Abu Dhabi

US to transfer Guantanamo Bay detainees to Saudi, Oman and UAE

Four detainees are expected to be sent to Saudi within 24 hours

ADNOC plans oilfield maintenance in March-April

The UAE has committed to reduce production by 139,000 barrels per day in the first half of 2017

MENA startups received $870m funding in 2016 – report

The amount represents an increase of 424 per cent compared to 2015, according to Magnitt

Dubai airport passenger traffic up 9.4% in November

In the first 11 months of 2016, traffic grew 7 per cent to 75.95 million people

Dubai World Trade Centre awards Dhs725m contract for One Central project

Al Futtaim Carillion has won the contract for the third phase of the One Central development

Over 95% of UAE private firms plan to keep staff levels unchanged – poll

The monthly Emirates NBD survey indicated a rise in business activity on the back of new export orders

Dubai’s Emirates to resume A380 service to Japan’s Narita

Emirates’ Narita flights were previously operated by a three-class Boeing 777-300ER

Abu Dhabi backdates new municipality fee payments for renters to February

Expat renters will have to pay the 11-month fee for 2016 in one lump soon

Dubai eyes zero food waste with the launch of UAE Food Bank

The bank will partner with food producers, volunteers and partners to store and distribute excess food

Dubai’s Amlak announces renegotiation of restructuring terms

The company said it approached financiers to wave “a number of restrictive covenants” in its original restructuring terms in 2014

UAE reveals public holidays for 2017

The Abu Dhabi government’s list of expected holiday dates this year

Dubai Financial Market planning to allow short-selling

The move could increase trading liquidity in the market

Dubai airport receives record 105, 326 passengers in one day

A total of 669,093 passengers passed through the airport between December 28-31

UAE to monitor Emiratisation efforts at private sector firms

New decrees require the mandatory employment of Emiratis for certain positions

UAE online job postings drop 35%, but 2017 outlook positive

The Monster Employment Index found that the banking, financial services and insurance industry saw the steepest drop in jobs

Dubai developer Damac eyes closer ties with Trump Organization

Damac’s chairman has said he will have no issue in expanding and growing his relationship with the firm