Category: Business

Dubai food group IFFCO is poised for provisional liquidation after months of debt restructuring talks failed to produce agreement, pushing a major Gulf consumer-goods business into a court-led process as creditors seek to protect assets and stabilise operations.A lender group led by HSBC Holdings has initiated legal proceedings to take control from the owners, with FTI Consulting nominated to act as provisional liquidator. The move follows a prolonged stand-off over roughly $2 billion in borrowings and marks a significant escalation

 UAE aviation fuel supply chains are set for tighter coordination after ENOC Group and Emirates Petroleum Company, Emarat, signed an agreement to build a joint business continuity planning framework for Jet A-1 operations.The memorandum of understanding is designed to protect fuel availability at key aviation hubs during operational disruption, supply pressure or logistics constraints. It sets out a structured mechanism for cooperation between the two energy companies, covering pipeline transfers, truck loading operations, fuel supply management and response procedures aimed

The QRNW Global Ranking of Transnational Universities 2027 has placed Swiss International University (SIU) in third position among all transnational universities worldwide. The recognition was awarded to the university because it operates extensive international programs while offering flexible academic options and worldwide educational access for all its students.The ranking reflects SIU’s continuous efforts to build an inclusive learning environment for students from diverse countries and backgrounds. The university increases its international presence through its dedication to cross-border education and development

Kingdom Holding Company has agreed to buy a 70% stake in Al Hilal from Saudi Arabia’s Public Investment Fund, in a transaction that marks a new phase in the Kingdom’s football privatisation drive and puts one of the country’s highest-profile clubs under the control of Prince Al Waleed bin Talal’s investment group. The binding agreement, announced on Thursday, values Al Hilal at an implied enterprise value of 1.4 billion Saudi riyals, with an equity valuation of 1.2 billion riyals and

Bain Capital has opened an office in Abu Dhabi Global Market, expanding its Middle East presence as the private investment firm seeks closer ties with regional investors, broader support for portfolio companies and a stronger position in sectors that match Abu Dhabi’s economic agenda. The firm said the new base will focus on aviation, healthcare, digital infrastructure and financial technology, and will serve as a regional hub for deeper engagement across the Middle East. Bain Capital says it manages about

Al Habtoor Group said on 9 April it will invest more than AED 5 billion in a new commercial tower at Al Habtoor City on Sheikh Zayed Road, a move that adds fresh weight to Dubai’s office-led development pipeline at a time when demand for premium business space remains firm and developers are racing to capture it. The company described the scheme as a landmark addition to the city’s skyline and said it would be the first in a wider

DAMAC Properties said it led Dubai’s property market by transaction volume in March, reporting sales of 3.12 billion dirhams across 1,106 transactions, a performance that put it ahead of Emaar Properties on 795 deals and Binghatti Holding on 578, according to Property Monitor data cited by the developer. The figures place DAMAC at the front of one of the Gulf’s busiest real-estate markets at a time when investors are weighing strong local demand against a more complex regional backdrop.The

VAT filing errors are surprisingly common. Most aren't intentional—they're honest mistakes that happen because the rules are easy to misunderstand or because records are disorganized. The problem is that the tax authority doesn't distinguish between careless errors and intentional fraud. Getting proper VAT return filing in the UAE done right the first time saves money and stress. Missing or misfiled invoices The most frequent error is missing invoices. A business files their VAT return but forgets an invoice they received, so they

Starting a business in Dubai is exciting. Running it means managing finances, taxes, and compliance alongside everything else. Most small business owners aren't accountants. You need someone in your corner who is.The market for accounting services for small businesses in Dubai is crowded. Hundreds of firms compete for your business. Some are excellent. Others cut corners. Knowing what to look for saves you money and headaches. What your small business actually needs Your accounting service should cover four core areas: bookkeeping, tax

US-based Patel Family Office and Dammam-headquartered Abdel Hadi A. Al-Qahtani & Sons have signed a $1 billion agreement to build 50 business hotels across Saudi Arabia by 2029, betting that the Kingdom’s fast-growing corporate travel market now needs more standardised mid-market accommodation than luxury-led supply can offer. The partners said the platform, branded AYARA, was signed at the FII PRIORITY Summit in Miami and is expected to deliver between 5,000 and 7,000 rooms across major commercial centres and emerging development

Dubai-based Danube Group has said it will retain its full workforce and keep salary payments on schedule, with founder and chairman Rizwan Sajan telling staff the company will not resort to layoffs even as businesses across the Gulf navigate the strain of regional conflict, supply disruption and shakier investor sentiment. The assurance, carried in a public message from Sajan and echoed in local business coverage, applies to the group’s 6,000-plus employees.The pledge lands at a moment when corporate leaders

Mubadala Energy has tightened its grip on one of Southeast Asia’s most closely watched offshore gas provinces after winning the Southwest Andaman exploration Production Sharing Contract in Indonesia, a move that extends the Abu Dhabi-based company’s push to build scale in the country’s Andaman basin. The block was awarded by Indonesia’s oil and gas regulator, Direktorat Jenderal Minyak dan Gas Bumi, under the second bid round for 2025. Mubadala Energy will hold a 100 per cent participating interest and act

Blackstone has invested $250 million in an Abu Dhabi-based payments and data intelligence platform aimed at regulated digital markets, pressing ahead with a Gulf deal even as the war involving Iran continues to unsettle investors, energy markets and regional transport links. The investment in Advanced Digital Gaming Technology, or ADGT, marks what LSEG identified as the first private equity-backed inbound transaction in the Gulf since the conflict began on February 28.Funds managed by the alternative asset manager have backed

Emaar Properties has approved a dividend payout of AED8.8 billion following a strong financial performance for 2025, signalling confidence in its cash flows and long-term growth strategy.The decision was endorsed at the company’s annual general meeting, where shareholders backed a distribution equivalent to 100 per cent of capital. The approval underscores Emaar’s position as one of the Gulf’s most profitable real estate developers, supported by sustained demand in Dubai’s property market and a diversified portfolio spanning residential, retail and hospitality

Vision Hospitality, operator of the McGettigan’s pub brand, has agreed to acquire the Dubai-based leisure venue Bla Bla Dubai as part of a strategy to deepen its footprint in the UAE’s competitive food and beverage and entertainment sector.The deal, whose financial terms were not disclosed, will see the sprawling beachfront destination at Jumeirah Beach Residence rebranded as Bla Bla by McGettigan’s. The acquisition brings under Vision Hospitality’s umbrella a multi-concept venue that combines a beach club, restaurants, rooftop bars, karaoke

Elon Musk has been found by a jury to have misled Twitter investors during his 2022 takeover bid, concluding that his public statements about the social media platform contributed to financial harm for shareholders as he pursued a lower acquisition price.The verdict centres on claims that Musk, while negotiating the $44 billion deal to acquire Twitter, publicly criticised the company’s handling of spam and bot accounts in ways that were deemed misleading. Jurors determined that those statements influenced market perceptions

Meta Platforms is preparing to shut down the virtual reality version of Horizon Worlds by June, signalling a strategic shift toward mobile platforms as the company recalibrates its ambitions in immersive social experiences.The decision marks a notable retreat from one of Meta’s most visible metaverse projects, which had been positioned as a flagship social hub for users of its VR headsets. Horizon Worlds, launched with significant investment and promoted as a cornerstone of Meta’s long-term vision, struggled to achieve sustained

Capital from a subsidiary of Abu Dhabi’s sovereign wealth fund has flowed into a Hong Kong-based private credit manager, signalling continued appetite among Gulf investors for property-linked lending opportunities across developed Asia-Pacific markets.Dignari Capital Partners said a wholly owned unit of the Abu Dhabi Investment Authority has committed capital to its Asia Pacific Developed Markets Private Credit Strategy, a fund designed to finance real-estate-related projects and businesses across the region. Financial terms were not disclosed, though the investment marks a

Saudi Aramco reported a decline in full-year net profit for 2025, reflecting the impact of lower crude oil and petrochemical prices on the world’s largest energy producer.The company posted net profit of $93.38 billion for the year, an 11.6 per cent fall compared with the previous year. The drop was driven primarily by weaker revenues linked to softer global energy prices and lower returns from chemical products, even as Aramco maintained large production volumes and continued supplying energy markets across

Khalifa Economic Zones Abu Dhabi has signed a 50-year land lease agreement with Galadari Brothers’ Heavy Equipment Division to develop a large-scale logistics and distribution hub at KEZAD A in Al Ma’mourah, marking another long-term industrial commitment within Abu Dhabi’s flagship manufacturing and trade zone.The agreement covers a 150,000 square metre plot and represents an investment of AED75 million by Galadari to establish a purpose-built facility for the storage and distribution of heavy machinery and industrial equipment. Construction is expected

Abu Dhabi recorded a sharp rise in new business licences during 2025, underscoring continued momentum in the emirate’s drive to broaden its non-oil economy and attract private investment.The Abu Dhabi Registration Authority, the regulatory arm of the Abu Dhabi Department of Economic Development, said new economic licences climbed 29 per cent in 2025 compared with 2024. Renewed licences rose 20 per cent over the same period, while the number of active licences expanded by 13.5 per cent, reflecting sustained commercial

 AD Ports Group has increased its global network to 36 ports and terminals with the addition of Aqaba Multipurpose Port in Jordan, marking another step in the Abu Dhabi-based operator’s overseas expansion strategy.Ahmed Al Mutawa, Regional Chief Executive Officer of AD Ports Group, said the company’s footprint now stretches across the Middle East, Central Asia, Africa and Europe, covering the UAE, Jordan, Kazakhstan, Pakistan, Spain, Egypt, Tanzania, Angola, Cameroon and the Democratic Republic of Congo. He told the Emirates News

Emirates has signed an interline agreement with China’s Loong Air, widening its access to 22 additional destinations across the mainland and strengthening its competitive position in one of the world’s most strategically important aviation markets.The arrangement, effective immediately, enables Emirates passengers to connect beyond its existing gateways in Hangzhou, Shenzhen and Hong Kong onto Loong Air-operated domestic services. The added cities span eastern, northeastern, southern, central and southwestern regions, broadening coverage in a country where international carriers are recalibrating capacity

UAE authorities have introduced a targeted corporate tax exemption for specific sports entities, signalling a policy push to deepen the sector’s economic role while aligning regulation with global standards. The Ministry of Finance said Cabinet Decision No of 2026 has been issued under Federal Decree-Law No 47 of 2022 on the taxation of corporations and businesses, creating a carve-out for qualifying organisations operating within the sports ecosystem.The decision positions sports as a strategic growth sector alongside finance, logistics and

Millennium Hotels and Resorts is sharpening its expansion strategy by placing the Middle East, North Africa and Turkey at the centre of its global growth plans, using the region’s aviation reach, investment climate and tourism depth to connect Asia with a wider set of international markets.Executives at the Singapore-based hospitality group say the MENAT region has moved beyond being a strong operating base to become a launchpad for scale, brand visibility and cross-regional partnerships. The approach reflects a broader recalibration

Dubai-based property developer Binghatti has priced a $500 million five-year sukuk after attracting demand that significantly exceeded the issue size, underscoring sustained investor appetite for higher-yield Gulf credit despite tighter global financial conditions. The Islamic bond was priced on Thursday with a profit rate of 8.375 per cent, equivalent to a spread of 461.3 basis points over US Treasuries, according to transaction details.Orderbooks climbed beyond $2.2 billion excluding joint lead manager interest, allowing the issuer to tighten pricing from initial

Dubai-based luxury property developer Binghatti Holding Limited has instructed banks to arrange a series of fixed income investor calls starting Tuesday, 3 February 2026, as it prepares the ground for a benchmark-sized, five-year, US dollar-denominated sukuk offering, according to transaction details communicated to the market.The planned issuance will take the form of a Regulation S senior unsecured sukuk under the $1.5 billion Trust Certificate Issuance Programme of Binghatti Sukuk 2 SPV Limited. Execution of the transaction will depend on market

Aldar Properties and Mubadala Investment Company have completed a strategic joint venture that brings together two of Abu Dhabi’s most prominent retail destinations into a single platform valued at about AED 10 billion, marking one of the emirate’s largest consolidations in the retail real estate segment. The transaction combines Yas Mall and The Galleria Luxury Collection under a unified ownership and management structure, with Aldar appointed as platform manager.The new vehicle pools income-generating assets with strong occupancy and stable footfall,

Aldar Properties is set to begin construction of nearly 3,000 new homes across Abu Dhabi this year, signalling a significant acceleration in residential supply as population growth, job creation and investment inflows sustain demand across the capital’s prime districts. The developments carry a combined gross development value of about 23 billion dirhams, underscoring the scale of capital being channelled into the emirate’s housing market.The projects will be delivered on land parcels spanning roughly 2.3 million square metres on Saadiyat Island

Abu Dhabi’s main stock exchange and Italy’s bourse have taken a formal step towards closer capital-market integration, signalling ambitions that extend beyond headline listings to the plumbing of cross-border settlement and custody.The Abu Dhabi Securities Exchange Group, ranked among the world’s top 20 exchanges by market capitalisation, and Borsa Italiana, part of the Euronext group, signed a letter of intent during the Abu Dhabi Investment Forum in Milan. The agreement outlines a framework to explore dual listings across ADX and

Emirates NBD, Dubai’s largest bank by assets, posted a four per cent rise in full-year net profit on Monday, underpinned by record lending growth as borrowing demand strengthened across domestic and international markets.The lender said net profit reached 24 billion dirhams for the year, surpassing market expectations of about 22.8 billion dirhams based on analyst estimates tracked by LSEG. The performance was driven by what the bank described as accelerating demand for credit, reflecting resilient economic activity in the UAE

Digital assets now form the foundation of almost every business operation. Michael Jordan, the CEO of Gem Soft, promotes data sovereignty as a necessary element for organizational strength and strategic freedom. He brings over thirty years of experience in investment banking and six years of leadership at Gem Soft, first as Chief Investment Officer and now as CEO. Jordan emphasizes that real control over data involves privacy, governance, and security. It is not just a technical detail but a major

Mubadala Investment Company has sold its minority holding in Arcadia Consumer Healthcare, completing its exit from the United States-based consumer health and wellness platform alongside the company’s acquisition by funds managed by Bansk Group. The transaction marks a change in ownership for Arcadia and reflects shifting investment strategies across the global consumer health sector, where private equity interest has intensified amid consolidation and portfolio reshaping.Arcadia, headquartered in the United States, operates a portfolio of consumer health and wellness brands that

DP World has announced the Dubai Food District, a major expansion and rebranding of the Al Aweer Central Fruit and Vegetable Market, signalling an ambitious push to strengthen Dubai’s role in global food trade and logistics. The project, outlined in a company statement issued on Thursday, is positioned as a comprehensive wholesale and distribution hub that broadens the market’s scope well beyond its traditional focus on fresh produce.The Dubai Food District was first outlined in July 2024 and has since