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Trump is looking for fair trade, not free trade: DP World CEO

The US leader substantially raised tariffs on steel and aluminium imports on Monday to a flat 25 per cent

Reuters
Reuters

11 February, 2025

Trump is looking for fair trade, not free trade: DP World CEO

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Dubai-owned ports and logistics company DP World’s CEO Sultan Ahmed bin Sulayem said on Tuesday US President Donald Trump expects other markets to be open if the United States is.

Read: Trump signs order to create US sovereign wealth fund

Trump is looking for fair trade, not free trade, he said during the World Government Summit in Dubai.

The US leader substantially raised tariffs on steel and aluminium imports on Monday to a flat 25 per cent in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war.

The tariffs will apply to millions of tons of steel and aluminium imports from Canada, Brazil, Mexico, South Korea and other countries.

The move will simplify tariffs on the metals “so that everyone can understand exactly what it means”, Trump told reporters.

54 IPOs raised $12.6bn in 2024 in MENA region, shows report

The MENA markets saw 25 IPOs during Q4 2024, raising $7.9bn in proceeds, the report shared

Gulf Business
Gulf Business

11 February, 2025

54 IPOs raised $12.6bn in 2024 in MENA region, shows report
Image: Getty Images

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The Middle East and North Africa (MENA) region saw a notable surge in initial public offerings (IPOs) in 2024, with 54 listings raising a total of $12.6bn, according to the EY MENA IPO Eye Q4 2024 report.

This marks a 12.5 per cent increase in the number of IPOs and a 17.6 per cent rise in proceeds compared to the previous year.

Q4 Surge: 32 per cent more IPOs, 59 per cent higher proceeds

According to the EY report, the fourth quarter of 2024 was a standout, with 25 IPOs raising $7.9bn—representing a 32 per cent increase in the number of listings and a 59.4 per cent surge in funds raised compared to Q4 2023.

The spike in proceeds was driven by high-value IPOs such as Talabat Holding plc, OQ Exploration & Production, and Lulu Retail Holdings, which listed during the final quarter of the year.

Talabat, which went public on the Dubai Financial Market (DFM), raised the largest amount of proceeds in Q4, contributing 25.8 per cent of the total quarterly funds.

The second-largest IPO came from OQ Exploration & Production, which raised $2bn in the largest-ever IPO in Oman. Together, these two listings accounted for nearly half of the total Q4 proceeds.

Outside the GCC, Morocco’s Compagnie Marocaine de goutte a goutte et de pompage (CMGP) and Egypt’s United Bank also made their market debuts during Q4.

Saudi Arabia leads the pack with 17 listings in Q4

Saudi Arabia continues to dominate the region’s IPO activity. In Q4 2024, the kingdom accounted for 17 of the 25 IPOs, raising a total of $1.2bn. Of these, five listings took place on the Tadawul Main Market, collectively raising $1.1bn.

The highest proceeds came from Arabian Mills for Food Products Company and United International Holding Company, each raising $300m.

In total, IPO activity in Saudi Arabia was driven by a diverse range of sectors, including commercial and professional services (20 per cent), materials (12.5 per cent), food and beverages (10 per cent), and healthcare (10 per cent).

UAE’s robust performance and ESG focus

The UAE saw strong IPO activity as well, with four new listings during Q4 2024. On the Abu Dhabi Securities Exchange (ADX), Lulu Retail Holdings PLC raised $1.7bn and ADNH Catering PLC raised $235m.

Additionally, the DFM welcomed Talabat Holding plc, which raised $2bn, continuing the trend of high-value listings in the region.

As the UAE moves toward its net-zero 2050 target, the country has also introduced a law requiring businesses to report carbon emissions, starting in May 2025. The law aims to encourage companies to adopt decarbonisation strategies, including renewable energy and carbon offsetting. This emphasis on sustainability is expected to play a key role in shaping IPO market dynamics as companies align with the UAE’s environmental goals.

Positive outlook for 2025 IPOs in MENA region

Looking ahead, the MENA IPO market is poised for continued growth. EY’s Gregory Hughes, IPO and transaction diligence leader, noted that Q4 2024 accounted for 46 per cent of the total IPO activity in the region for the year, underscoring the strong momentum. Saudi Arabia’s Nomu Parallel Market remains a key driver, accounting for 50 per cent of Q4 listings.

In 2025, 38 companies and 22 funds are expected to list across the region’s exchanges. Among the GCC countries, Saudi Arabia leads with 27 companies in the pipeline, followed by the UAE with three and Qatar with one.

Companies such as Etihad Airways and Amanat Holdings from the UAE, and Panda Retail Company and Riyad Capital from Saudi Arabia, are among those considering IPOs in the coming year.

The MENA IPO market is expected to remain a key player globally as regional exchanges continue to innovate and attract investors with strong governance and sustainability initiatives.

Brad Watson, EY MENA strategy and transactions leader, says: “The year 2024 ended on a strong note with 54 IPOs in total, the highest in MENA over the past seven years. The region has been one of the busiest when compared to the global market. The momentum is expected to continue into 2025, with companies from various sectors announcing their intention to come to market.

“In addition, regional exchanges are actively working on initiatives to promote family-owned businesses and small to medium enterprises, aiming to strengthen the capital markets infrastructure and boost future liquidity. The market is also anticipating the Arena platform from the DFM, which is expected to launch in 2025.”

Read: Global M&A market poised for a comeback in 2025, finds report

The future of workplace wellbeing: Bupa Global’s Dean Pollard shares insights

Bupa Global Middle East and Asia’s general manager shares trends shaping employee health and productivity

Neesha Salian
Neesha Salian

11 February, 2025

The future of workplace wellbeing: Bupa Global’s Dean Pollard shares insights
Image: Supplied

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As workplace wellbeing evolves beyond traditional benefits, businesses are embracing holistic health initiatives to drive employee satisfaction and productivity.

With digital health solutions, flexible working arrangements, and expanded mental health support becoming essential, how can companies maximise their return on wellbeing investment (ROWI)? Bupa Global‘s GM for the Middle East and Asia Dean Pollard weighs in on the key trends shaping the future of workplace wellness in the UAE and beyond.

How have workplace wellbeing initiatives evolved in recent years, and what major trends do you foresee shaping wellbeing programmes in 2025 and beyond?

Wellbeing initiatives in the workplace have shifted immensely in recent years, moving from traditional benefits focused on physical health to holistic programmes that address mental, emotional, and social wellbeing.

This shift reflects an evolved understanding of the impact of employee health on company success. Key changes include the personalisation of wellness initiatives to cater to individual employee needs, as well as the integration of mental health support services such as therapy and stress management programmes.

Additionally, the adoption of flexible working arrangements to promote work-life balance has been significant.

The UAE’s recent introduction of mandatory basic health insurance for all private sector employees across the country, which came into effect in January, is crucial in the evolution of wellbeing programmes.

While employers in Abu Dhabi and Dubai already fulfil this mandate, the newly announced measure will extend the requirement to the remaining five emirates.

In the UAE, a government-driven shift to digitisation and digital health solutions, including telemedicine, virtual consultation services and online support groups, has become widespread, making mental health more accessible. In the coming years, wellbeing programmes will become even more digitalised and preventative.

Digital health solutions, such as wellness apps and telemedicine, will provide employees with convenient, real-time access to health resources. Similarly, preventive health measures will gain prominence, encouraging employers to adopt regular health screenings. These adaptations meet employee needs as 88 per cent of employees seek more frequent health screenings and access to digital wellbeing tools.

Moreover, employers are continuing to place diversity and inclusion high on their list of priorities when considering wellbeing initiatives in order to attract and retain the best talent.

Based on Bupa Global’s recent survey, what key trends should businesses focus on to maximise their return on wellbeing investment (ROWI)?

Our recent survey underscores the importance of adopting a holistic approach to workplace wellbeing to maximise the ROWI. Businesses must prioritise comprehensive programmes that address physical, mental, and emotional health; as our survey results highlight, four in five (85 per cent) of UAE employees expressed a strong desire for improved mental health resources – a clear indication that holistic health, including mental wellbeing, has become a priority.

Companies that offer initiatives such as stress management workshops and mental health resources have reported tangible benefits, as seen by 94 per cent of UAE companies who reported that wellbeing programmes positively impact employee performance and productivity. Furthermore, flexible working arrangements have emerged as a critical factor in improving ROWI, with 85 per cent of employees sharing that they seek out these policies as part of their wellbeing packages.

Another trend is the expansion of health benefits, with a large majority (89 per cent) of employees prioritising expanded insurance benefits, reflecting a demand for greater security and access to care.

Our survey also revealed that employees are increasingly advocating for more wellbeing tools, with 88 per cent seeking more frequent health screenings. Similarly, investing in mental health resources remains paramount, as it addresses a crucial aspect of employee wellbeing and contributes to a more resilient and motivated workforce. Organisations that adapt their offerings in line with employee needs are more likely to attract and retain top talent that contributes to business success.

Can you elaborate on the tangible benefits companies have observed, such as improved productivity and engagement, as highlighted in the survey findings?

Businesses are increasingly recognising the direct correlation between wellbeing and performance, with wellbeing initiatives emerging as indispensable components of organisational strategy. Employees are no longer viewing these initiatives as perks but rather as essential components of their overall job satisfaction and health.

Companies that prioritise employee wellbeing have reported notable improvements in productivity, with employees demonstrating higher focus and efficiency. More than half (53 per cent) of the senior leaders surveyed reported significant improvements in productivity after adopting wellbeing initiatives. These gains are often attributed to reduced stress levels and improved overall health, allowing individuals to perform at their best. Enhanced engagement is another critical outcome, as nearly half (49 per cent) of employers observed the highest level of employee engagement, demonstrating that employees who feel their wellbeing is being prioritised are more likely to remain committed and motivated. This heightened engagement fosters a positive workplace culture, which in turn drives collaboration and innovation.

Our survey findings also highlight reductions in absenteeism as a key benefit, with 36 per cent of senior leaders reporting a decrease. By proactively addressing both physical and mental health, employers can anticipate fewer instances of sick leave This proactive approach also extends to employee retention, as 29 per cent of organisations who offer wellbeing programmes reported lower turnover rates, driven by employees feeling valued and supported.

What practical steps can companies in the UAE take to implement effective wellbeing initiatives and ensure they see measurable results?

To implement effective wellbeing initiatives, companies in the UAE should assess the specific needs of their employees to ensure that initiatives are both relevant and tailored to the workforce. Comprehensive programmes addressing physical health, mental wellbeing, and a work-life balance should then be designed, incorporating services such as fitness programmes, access to mental health support, flexible working arrangements and digital health solutions to improve accessibility and engagement.

Companies should also look to build a supportive workplace culture, where employers endorse and participate in these initiatives and encourage employees to prioritise their health. Monitoring and evaluating the impact of these programmes is essential, and businesses should track key metrics such as employee satisfaction, participation rates, and productivity to make data-driven improvements.

The UAE’s recent introduction of mandatory basic health insurance for all private sector employees across the country will not only ensure measurable results but present an opportunity for companies to build on this regulatory change.

Our research shows that 93 per cent of employees prioritise wellbeing initiatives as part of their job search; therefore by providing supplemental health benefits and wellness programmes, businesses can differentiate themselves as employers of choice.

Looking ahead, it is gratifying to see that the commitment to wellbeing is clear, as nearly nine in ten employers (88 per cent) plan to increase their investment in wellbeing programmes over the next year.

Notably, more than one in five (22 per cent) organisations anticipate raising their wellbeing budgets by over 15 per cent. These steps are necessary for companies to effectively implement wellbeing initiatives that lead to a Return on Wellbeing Investment (ROWI) and ensure measurable results.

Read: Lessons in wellbeing – Creating a conscious planet with Sadhguru

UAE to install over 500 EV charging stations by year’s end

The EV charging network expansion is designed to support the widespread adoption of EVs and align with the UAE’s broader sustainability goal

Gulf Business
Gulf Business

11 February, 2025

UAE to install over 500 EV charging stations by year’s end
Image: WAM

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The UAE is set to install more than 500 electric vehicle (EV) charging stations by the end of 2025 as part of its ongoing efforts to promote clean transportation and reduce carbon emissions, according to Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure.

Speaking on the sidelines of the World Governments Summit’s preliminary day, Al Olama revealed that the Ministry of Energy and Infrastructure, which owns 50 per cent of UAEV, successfully installed more than 100 EV chargers across the country in 2024.

Supporting the adoption of EVs in the country

The ministry is rapidly expanding the network to meet the increasing demand for electric vehicles.

Al Olama emphasised that the initiative follows an integrated approach, developed in collaboration with the private sector and local authorities, to ensure the establishment of a robust infrastructure.

This network expansion is also designed to support the widespread adoption of EVs and align with the UAE’s broader sustainability goals.

In addition to the expansion of EV infrastructure, Al Olama noted that the ministry aims to increase the country’s renewable energy capacity to over 14 gigawatts by 2030, reinforcing the UAE’s commitment to clean energy development.

Heriot-Watt University Dubai secures UAE accreditation for undergrad, postgrad programmes

The granting of Initial Programme Accreditation for all 71 programmes is a significant milestone for Heriot-Watt University Dubai

Gulf Business
Gulf Business

11 February, 2025

Heriot-Watt University Dubai secures UAE accreditation for undergrad, postgrad programmes
Image: Supplied

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Heriot-Watt University Dubai announced on Thursday that all its current undergraduate and postgraduate programmes have received Initial Programme Accreditation from the UAE’s Ministry of Higher Education and Scientific Research (MoHESR) through the Commission for Academic Accreditation (CAA).

The accreditation marks a milestone for the university, which has been a key player in the UAE’s higher education sector for two decades.

“Over the past eighteen months, we have worked with the CAA on the federal accreditation of our current undergraduate and postgraduate programmes,” said Professor Dame Heather McGregor, provost and Vice Principal of Heriot-Watt University Dubai. “The granting of Initial Programme Accreditation for all 71 programmes is a significant milestone. This achievement reflects our commitment to academic excellence, quality assurance, and regulatory compliance. It has been a complex yet rewarding process, made possible by the dedication of our faculty, staff, and colleagues across our global network.”

Supporting Heriot-Watt University Dubai students’ education journey

“With this accreditation, our graduates can seamlessly pursue further degrees at CAA-accredited universities. It also enhances their opportunities to work in government and government-related sectors across the GCC and the MENA region. We are grateful to the CAA for their collaborative approach in supporting our efforts,” she added.

The CAA serves as the UAE federal government’s quality assurance agency for higher education, ensuring that licensed institutions and their programmes adhere to internationally recognised academic quality standards.

This programme accreditation follows the university’s Initial Institutional Licensure, granted by the UAE’s Ministry of Education in 2023.

Heriot-Watt University Dubai was the first British university to establish a campus in Dubai’s Academic City, initially offering three programmes with a student population of 120.

Today, the university has over 5,000 students and is recognized as one of the top UK universities in Dubai for business and industry collaboration. It continues to equip students with the skills and experience necessary to excel in their respective fields both regionally and internationally.

DeepFest 2025 showcases Saudi Arabia’s AI ambitions

DeepFest 2025 features more than 150 speakers and 120 exhibitors, welcoming over 50,000 participants globally

Gulf Business
Gulf Business

10 February, 2025

DeepFest 2025 showcases Saudi Arabia’s AI ambitions
Image: Supplied

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DeepFest 2025, the world’s leading artificial intelligence (AI) conference, opened on Sunday in Riyadh, featuring humanoids, robotic dogs, and an automated panda as Saudi Arabia aims to solidify its position as a global AI leader.

The four-day event, running from February 9-12 at the Riyadh International Exhibition and Convention Centre in Malham, is co-located with LEAP, the Kingdom’s global tech event.

Organised by Tahaluf and powered by the Saudi Data and Artificial Intelligence Authority (SDAIA), the conference was inaugurated by Dr Esam Alwigait, director of the National Information Centre at SDAIA.

Calling DeepFest 2025 “an event where we can see the future unfold before our eyes”, Alwigait highlighted Saudi Arabia’s AI advancements, noting the country’s 14th-place ranking in the 2024 Global AI Index, its rapid AI investments, and its top rankings for government AI strategy and governance in the Gulf region.

“Over the next four days, we will explore how AI ethics and regulations align with innovation and how AI is transforming healthcare, sports, urban messaging, and society,” Alwigait said. “AI is not just a tool but a powerful force for solving complex problems and creating opportunities.”

READ: LEAP 2025 starts in Riyadh, unveiling $14.9bn in AI investments

Robotics and AI ethics take centre stage at DeepFest 2025

Marc Raibert, founder and executive director of the AI Institute and chairperson of Boston Dynamics, addressed attendees on the DeepFest Main Stage. Known for developing robotic dogs, Raibert entertained the audience with a video showcasing his creations performing ballet, backflips, and parkour stunts.

Despite the spectacle, Raibert tempered expectations. “Robots are stupid—dumb as door knobs,” he said. “A person can learn a mechanical task in 10-20 minutes, but it takes a team of scientists and programmers to make robots perform even the simplest actions.”

Raibert’s AI Institute is working on cognitive AI, enabling robots to observe, understand, and replicate complex tasks. However, he dismissed concerns over a dystopian AI future. “I don’t see a scenario where robots take over the world,” he said. “Our lives will continue much as they have for the past 500 years. My advice? Calm down and don’t believe the hype.”

Elsewhere, QSS Robotics showcased automatic baristas, load-bearing robots, and drones, while UBTech introduced Walker, a service robot resembling a panda.

Sony AI President Michael Spranger discussed ethics, creativity, and diversity in AI. “You might think of Sony as an electronics company, but today, we’re an entertainment company,” he said, noting that music, film, and gaming make up 60 per cent of Sony’s revenue.

He outlined how AI-driven diversity measures are improving representation in media and eliminating biases in AI models.

Spranger also highlighted Gran Turismo Sophy, an AI-driven superhuman racing driver who has mastered Gran Turismo Sport and is now training top esports drivers. “AI is helping creators develop better games, pictures, and music,” he said. “Sophy is now part of the Gran Turismo story, catering to racing enthusiasts worldwide.”

Saudi Arabia’s AI investment and growth

Annabelle Mander, EVP at Tahaluf, noted the event’s significance within Saudi Arabia’s AI roadmap. “DeepFest 2025 has reinforced the critical role of AI in shaping technology’s future,” she said. “Co-located with LEAP 2025, which today announced $14.9bn in investments from domestic and global firms, DeepFest serves as a vital platform for global leaders and innovators to explore AI’s transformative potential.”

DeepFest 2025 features over 150 speakers and 120 exhibitors and is expected to attract more than 50,000 participants globally.

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