This supports the Dubai Clean Energy Strategy 2050 to provide 100 percent of the emirate’s total power capacity from clean energy sources
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Adu Dhabi
UAE judges discuss measures in fight against money laundering crimes
The Abu Dhabi Judicial Department (ADJD) met to support efforts in the UAE’s drive to reduce financial crimes
Artificial intelligence
UAE approves 22 policies to accelerate shift to circular economy
UAE Circular Economy Council’s policies will focus on four main sectors of manufacturing, food, infrastructure and transport
Oil prices
Could price of oil really hit a “stratospheric” $380 a barrel?
Analysts at JPMorgan Chase warn that if US and European penalties provoke Russia to inflict retaliatory output cuts the price of oil will rocket, according to a Bloomberg report
ALNAMA
Dubai developer to design zero-carbon smart city in Saudi’s capital
URB has masterminded a new city called ALNAMA which will create 10,000 green jobs, house 44,000 residents and use 100 percent renewable energy and water recycling
automobile manufacturers
Car supply chain problems are ‘poised to continue through 2024’
Industry analysis shows that constraints will persist even though chip availability continues to improve, according to a global consulting firm
Cars
UAE helping to build the world’s first solar-powered cars
Sharjah Research, Technology and Innovation Park has joined forces with Netherlands-based Lightyear which is developing the world’s first solar-powered car
Fitch Ratings
Oil-exporting MENA is only region to maintain an improving outlook
Ratings agency Fitch predicts a deterioration in global sovereign credit conditions this year across most of the world
airplane
Sky hotel is the latest vision of the future
Yemeni engineer Hashem Al-Ghaili has unveiled his vision for the future of travel – a hotel in the sky powered by 20 nuclear-powered engines
cepa
UAE, Indonesia pact could see trade rise from $3 billion to $10 billion within five years
The economic partnership is tailored to drive trade across healthcare, transportation, education, telecommunications, construction and Islamic finance
banking
UAE’s first digital bank Zand announces board of directors as it gears up for launch
It has added ‘seasoned business leaders’ from the likes of Emirates, LuLu Group, Franklin Templeton and Al Hail Holding
Formula E
Saudi Arabia’s NEOM and McLaren team up to boost electric motorsport development
The sports car maker will become a founding tenant in the research and innovation hub at the $500bn megacity while NEOM will serve as title partner across its e-sports racing teams
Commodities
DMCC posts strongest ever first-half year performance registering more than 1,400 new firms
The Dubai Multi Commodities Centre has seen continued interest in its crypto centre and high volumes of trade for diamonds, tea and coffee
ADIB
ADIB offers first-ever plot financing to meet rising demand for land ownership
The Abu Dhabi Islamic Bank (ADIB) has launched the scheme to help customers purchase land for investment or to build a home on
Dubai RTA
New technology unveiled to wirelessly charge electric vehicles in Dubai
The Museum of the Future and Dubai’s Roads and Transport Authority (RTA) are showcasing a range of future mobility solutions including an under-the-road charging network
Arif Amiri
DIFC launches region’s first open finance lab
The six-month programme includes banks, fintech players, regulators and the industry with the potential to unlock the next wave of growth for the sector
expansion
UAE’s Lulu Group’s $2.9 billion expansion in retail network on track
The supermarket chain has a pipeline of 91 hypermarkets and stores lined up to open despite the Covid disruptions
attract investors
Sheikh Hamdan launches ‘Dubai Global’ to cover five continents
The aim is to strengthen Dubai’s position as a global business hub by establishing a network of 50 offices around the world
e-visas
UK to remove visa requirement for GCC nationals in ‘landmark announcement’
Visiting Gulf Corporation Council nationals will be the first to benefit under the United Kingdom’s new electronic visa scheme from 2023
airline business
Dubai to cancel fees imposed on airline agents and offices
Sheikh Hamdan, Crown Prince of Dubai and chairman of the Dubai Executive Council, issued the resolution to support the travel industry
crude oil output
UAE close to maximum oil production based on OPEC+ baseline
The country is near to its maximum production capacity according to the Minister of Energy and Infrastructure
cryptocurrencies
UAE and Singapore’s bets on cryptocurrency ‘seem promising’
The financial hubs are in a strong position thanks to their early adoption of cryptocurrency regulations and infrastructure says a leading European academic
bank account
Mashreq talks gamification, trading crypto and teenagers
Having launched a new digital bank account for Generation Z, the UAE’s oldest privately owned bank has plenty of modern ideas in the pipeline
Dubai
Dubai Silicon Oasis looks into building e-sports campus to train future gamers
The free zone technology park will also host its first ever e-sports event in October as it develops Dubai’s gaming eco-system
Community Development Authority
Sheikh Hamdan increases funding for Emiratis in need by 58 percent
The Crown Prince of Dubai and Chairman of the Dubai Council has approved financial support of AED438 million and included new beneficiaries
Abu Dhabi
Abu Dhabi’s IHC and Alpha Dhabi to invest $50m in Elon Musk’s SpaceX
SpaceX is going head-to-head with Richard Branson’s Virgin Galactic and Jeff Bezos’s Blue Origin, who are both venturing into space tourism
Bank deposits
GCC bank deposits are ‘remarkably stable’ says S&P Global
Despite being based in a region prone to disruption, Gulf Cooperation Council banking systems are resilient to geopolitical stress, according to the financial analysts
AD Ports
Four out of five of the world’s most efficient ports are in the Middle East
The region ranked highly in the global index of 370 ports developed by the World Bank and S&P Global Market Intelligence
Bentley Motors
Bentley enters NFT marketplace with unique artwork
The luxury car brand is producing a one-time NFT drop on the carbon-neutral Polygon network and limited to just 208 pieces
Cycling
From recycling to cycling for UAE-born sports wear brand
The Dubai-based company uses the equivalent of 11 plastic water bottles for every jersey and uses 100 percent renewable energy to produce them
family businesses
Most high net worths in Middle East don’t have a wealth succession plan for family business
An exclusive survey by Lombard Odier also finds the overwhelming majority intend to keep their wealth in the region for the foreseeable future
Alpago Properties
In pictures: What does a signature villa on Dubai’s ‘Billionaires’ Row’ look like inside?
Arabian Business takes a peak inside a luxury beachfront villa on the exclusive Front G on Palm Jumeirah, the playground of the super wealthy
Alaya Gardens
‘Homebuyers are looking for space to breath, explore and roam’
Post-covid, buyers are searching for larger, more affordable homes with immediate access to green open spaces and the promise of a more relaxed lifestyle, says a leading property CEO
Asset allocation
Wealth managers across MENA expect big take-up of international fixed income
New research shows nearly four out of five wealth managers expect clients to increase allocations, Oxford Risk research shows
biomedical research
Saudi Arabia to invest $3.4 billion into vaccines and vital medicines
The kingdom wants to achieve pharmaceutical and health security, and make Saudi Arabia an ‘important centre for this promising industry’
Adidas
Exclusive Dubai-themed Adidas sneakers ‘sell out within minutes’
Many of the limited edition shoes are now being re-sold online with resale prices of up to AED40,000
Abu Dhabi
ADQ launches growth lab to accelerate innovation across key sectors of UAE economy
The investment holding company wants to create a community of innovators to deliver real-world value and sustainable impact
carbon emissions
Clean energy targets in the UAE and Saudi Arabia ‘leave no room for slow decision-making’
A new report called Engineering Net Zero in the GCC looks into new buildings, infrastructure and sustainable cities
Alpago Properties
‘Billionaires’ Row’ on Dubai’s Palm Jumeirah welcomes Alpago Properties’ first signature villa
The exclusive strip of properties on Palm Jumeirah’s Frond G is currently home to 13 signature villas. Alpago Properties has started developing six of them.
Abu Dhabi
Aldar launches new apartments in Saadiyat Island with views of the sea and iconic Abu Dhabi landmarks
Construction of the AED 10 billion Saadiyat Grove destination began earlier in 2022, with handovers expected to begin in Q2 2025
Abu Dhabi
Abu Dhabi Chamber of Commerce discusses economic partnership with Mexico
Relations between the two economies are witnessing a rapid growth rate with ‘many promising opportunities on both sides considering their huge economic potentials’
Dubai
Mercurial Monday: Dubai records real estate transactions worth $380mn as property market heats up
The first day of the week saw 501 sales transactions following last week’s $1.8 billion in property sales as the strong momentum continues
creative industry
‘One Media Dubai’ launched to transform emirate into a global hub for creative, innovative talent
Services offered in the first phase include media and commercial licensing, office leasing, visas and immigration, banking, tourism and hospitality, education consulting, residential real estate, and telecom services
apartments in Dubai
Why has the value of apartments in Dubai’s Business Bay increased 17 percent in two years?
Dubai’s Business Bay has witnessed significant growth helped by the development of new infrastructure and a vibrant residential community
DEWA
DEWA’s new patent to boost UAE energy security by ‘solving major challenge’ in flow batteries
This is the fifth patent to be filed by Dubai Electricity and Water Authority’s Research and Development Centre
DP World
DP World and Saudi Ports Authority partner for logistics park at Jeddah
They have signed a 30-year deal with an investment value of more than SAR500 million (AED490 million) aimed at reducing the time and cost of logistics for importers and exporters
Dubai
RTA’s digital platforms revenues up 32 percent to AED3.5 billion
The number of digital transactions reached 676 million last year across 309 services provided via digital channels
Artificial intelligence
Flippy the robot chef looking to transform Dubai’s fast-food industry
The robotic arm will be trialed at Wimpy’s flagship Dubai Mall outlet before being rolled out across the Americana Restaurants chain
CRTKL
Ponds, walking trails and cycling on employees’ wishlist in Egypt
Wellness and happiness will drive the new era of the Egyptian workplace, according to global cultural agency CRTKL
climate change
UAE President’s $50bn commitment to scale up climate action over the next decade is ‘yet another milestone’
Mariam bint Mohammed Almheiri, the UAE Minister of Climate Change and Environment, shared her thoughts on Sheikh Mohamed bin Zayed’s recent announcement at the MEF global forum
Artificial intelligence
Business leaders given training to ‘harness the power of AI’
The programme aligns with the UAE’s strategy to become the world leader in Artificial Intelligence (AI) by 2031
crime
Dubai Police offers training courses in drone and IoT forensics
The Dubai Police International Centre of Forensic Sciences (ICFS) has achieved some major inventions including the male genetic fingerprint, the first of its kind in the world