Category: Business

Dubai Electricity and Water Authority has unveiled its strongest-ever financial performance for the first half of 2025, with significant growth across all key metrics. The company achieved an impressive revenue of AED14.6 billion, an EBITDA of AED7.0 billion, and a net profit of AED2.9 billion, marking notable year-on-year increases.DEWA’s results for H1 2025 reflect the effectiveness of its ongoing investments in infrastructure, as well as its ability to meet increasing demand. The utility reported a 6.9% increase in revenue,

ServeU, a prominent facilities management firm in the UAE, has secured a strategic acquisition of House Keeping and its domestic workers division in a deal valued at 100 million dirhams. This acquisition marks a significant move for ServeU, expanding its presence in the domestic workforce segment and enhancing its service capabilities.The acquisition, finalized by ServeU, includes both the House Keeping brand and its subsidiary operations. Despite the change in ownership, the company will retain its established brand identity while integrating

Alpha Dhabi Holding has reported a significant surge in its second-quarter net profit for 2025, reaching AED 4.53 billion, marking a 118% increase from AED 2.08 billion during the same period in 2024. This growth reflects the investment conglomerate's strategic positioning in Abu Dhabi's dynamic market and its diversified portfolio of high-value assets.Revenue for the quarter also saw an uptick, rising to AED 18.4 billion from AED 15.1 billion in Q2 2024, driven largely by strong performances in its real

e& has reported an impressive net profit of AED 3.5 billion for the second quarter of 2025, up 9.7 per cent year‑on‑year, driven by a substantial rise in its global subscriber base. The company’s performance outstripped the average analyst forecast of AED 2.84 billion, underlining robust execution in a competitive market.Consolidated revenue for Q2 rose 28.1 per cent to AED 18.0 billion, while earnings before interest, tax, depreciation and amortisation increased by approximately 22.2 per cent year‑on‑year to AED 8.0 billion, yielding an EBITDA margin of around 44–44.5 per cent. For

Gold retailer Joyalukkas has secured a significant financing deal with Emirates NBD, confirming a revolving credit facility of 500 million UAE dirhams. The facility will aid Joyalukkas in accelerating its expansion strategy across key international markets, which include the GCC, UK, US, Canada, and Australia.The partnership between Joyalukkas and Emirates NBD is designed to support the retailer’s ambitions by ensuring smooth operational liquidity, particularly during high-demand periods. As part of the agreement, the bank will provide inventory financing to Joyalukkas,

Investcorp Capital, a leading alternative investment firm, has appointed Sana Khater as its new Chief Executive Officer, effective September 1. Khater’s appointment marks a significant leadership change for the Abu Dhabi-listed firm, as she succeeds Mohamed Aamer, who led the company for several years.Khater brings a wealth of experience to the role, having spent 35 years in C-suite positions across both listed and private sector companies. Her career spans multiple high-profile financial institutions, where she demonstrated expertise in corporate finance,

Arada Developments has turned to the debt markets for financing, following its decision to issue a sukuk bond aimed at capitalising on the construction boom within the Gulf Cooperation Council region. With its credit ratings from Moody’s and Fitch at B1 and B+, respectively, the company has mandated a consortium of major banks to facilitate the issuance of a five-year fixed-rate sukuk.The sukuk will be issued under Arada Sukuk 2 Limited's $1 billion Trust Certificate Issuance Programme, a key

Emirates Integrated Telecommunications Company PJSC, known as du, has reported significant financial growth for the second quarter of 2025, continuing a trend of robust performance established in the previous quarter. The company recorded an 8.6% year-over-year increase in revenues, signalling strong performance across its various business segments. This growth highlights du's solid market position and operational efficiency in a highly competitive telecommunications sector.The company’s EBITDA saw a remarkable increase of 16.4%, pushing the EBITDA margin to 46.8%. This represents

Dubai is known for its vibrant event scene, from corporate functions and exhibitions to weddings, private dinners, and luxury celebrations. With so many events taking place every day, finding the right catering Dubai provider has become an essential part of successful planning.Key Factors to Consider When Booking Catering in Dubai Menu Variety Dubai is a multicultural city, and guests often expect a wide selection of international cuisines. The best catering companies offer customizable menus that include everything from Arabic and Asian to European

Fintech firm Qlub has raised $30 million in a funding round aimed at accelerating its global expansion and deepening its technological capabilities. The Dubai-based startup, known for digitising the dining experience, has drawn strong investor interest as it scales operations across Asia, the Middle East, and other international markets.The funding round was co-led by UAE-headquartered Shorooq Partners and Berlin-based Cherry Ventures, marking a cross-border vote of confidence in Qlub’s model. It also drew participation from key regional and global investors

Arada Developments, the Sharjah-based property developer, is preparing to raise up to $500 million via an Islamic bond as it joins a wave of Gulf real estate firms turning to debt markets to fund expansion. The group plans to launch the issuance next week to finance new land purchases and capitalise on a construction surge across the United Arab Emirates.The proposed sukuk issue represents a strategic step for Arada to strengthen its position amid intensified regional economic diversification efforts

Salama has partnered with digital insurance broker Policybazaar. ae to expand access to Life Takaful coverage in the UAE, aiming to bridge protection gaps through a fully Shariah-compliant digital platform.The move brings Salama’s suite of Takaful life insurance products to Policybazaar. ae’s online marketplace, a platform already known for simplifying access to financial services through regulatory-compliant digital tools. This collaboration is being positioned as a strategic leap toward broader financial inclusion and enhanced customer convenience, targeting families across the country

Emirates NBD has arranged AED 3.9 billion in fully underwritten syndicated bonding facilities to support the MAPA‑LIMAK‑CRRC consortium building Dubai’s Metro Blue Line Project, advancing the emirate’s 2040 Urban Master Plan goals for a world‑class public transport network.The bond will cover part of the AED 20.5 billion contract awarded by the Roads and Transport Authority to the three‑way consortium for design and construction of the new metro line. Set to span 30 km with 14 stations, the Blue Line extends across strategic locations including Dubai

Shapoorji Pallonji has inaugurated its maiden international residential project, Imperial Avenue, in Downtown Dubai, solidifying its presence in the competitive global luxury real estate market. The completion of the 45-storey tower, a prominent addition to Dubai’s skyline, signals the formal entry of the 158-year-old construction conglomerate into the high-end overseas property development sector.With the Building Completion Certificate granted by Dubai’s Real Estate Regulatory Authority, the company has commenced homeowner walkthroughs and handovers, marking the transition from development to occupancy. The

DP World has finalised a 30‑year concession worth US $800 million to modernise and operate the port of Tartus on Syria’s Mediterranean coast, as per official statements issued on 13 July 2025. The agreement, inked in Damascus between DP World and Syria’s General Authority for Land and Sea Ports, was witnessed by Syrian President Ahmed al‑Sharaa, along with DP World’s Chairman and Group CEO Sultan Ahmed bin Sulayem and Qutaiba Ahmed Badawi, chairman of the port authority.The deal follows a memorandum of understanding signed in

ADNOC Gas has finalised a supply agreement worth 1.5 billion dirhams with Germany’s SEFE Securing Energy for Europe, signalling a significant push to reinforce the energy partnership between the UAE and European markets. The three-year contract will see ADNOC Gas deliver 0.7 million tonnes of liquefied natural gas, with shipments commencing this year from the Das Island liquefaction facility.The deal forms part of Europe’s broader strategy to diversify energy imports amid an ongoing overhaul of its gas supply framework.

Charles Group has entered a $1 billion strategic partnership with the US-based Patel Family Office to co-develop a digital investment platform targeting real estate and infrastructure assets across the UK, GCC, India and the SAARC region. The memorandum of understanding, signed at the Global Wealth Conference 2025 hosted by the Sovereign Wealth Fund Institute at London’s Mansion House, was finalised in the Egyptian Hall and witnessed by over 40 global asset allocators, including more than 20 sovereign wealth funds representing approximately

On June 19–20, Baku successfully hosted the Baku ID 2025 Innovation Festival. This year’s theme, The Regional Nexus, brought together leading entrepreneurs and technology leaders from the Caucasus, Central Asia, the Middle East, and North Africa, positioning Azerbaijan as the region’s innovation hub.The festival was organized by SABAH.HUB Innovation Center with the support of the Ministry of Science and Education of Azerbaijan, SOCAR, PASHA Holding, and the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR).Over the course of two days, Baku ID brought together dozens

Kuwait Investment Authority, the sovereign wealth fund managing over US $1 trillion in assets, has divested a US $3.1 billion stake in Bank of America, according to sources familiar with the unregistered block trade. The shares were sold at US $47.95 each—at the bottom of Goldman Sachs’s marketed range—underscoring a strategic move to liquidate a long-held position.The sale marks a notable shift from the fund’s crisis-era backing of Merrill Lynch. In January 2008, KIA invested US $2 billion in preferred shares of Merrill Lynch, later converting them

Dubai‑based hospitality firm Tashas Group is entering a rapid new phase of expansion across the Middle East and South Africa, with founder Natasha Sideris spearheading a strategy that balances boutique charm with accelerated growth. Operating 40 venues in five countries—including 18 in South Africa, 17 across the UAE, three in Saudi Arabia, and single locations in Bahrain and the UK—the group plans to open a further 15 to 16 restaurants over the next 18 months.Sideris describes a shift from a

Primrose Capital Management has obtained in‑principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market, marking the inception of its journey toward a full Financial Services Permission. The clearance paves the way for the Singapore‑based quantitative trading firm to establish a regulated presence in the UAE’s leading international financial centre, offering data‑driven investment products to regional institutional investors and family offices.Approval from the FSRA is a key hurdle for asset managers seeking to operate

Primrose Capital Management has obtained in‑principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market, positioning itself for full licencing and regional expansion. The firm plans to recruit portfolio‑engineering and client‑coverage specialists in Abu Dhabi and aims to launch MENA‑domiciled feeder funds in the latter part of 2025.With the Gulf family office sector estimated at approximately $500 billion, Primrose’s data‑driven, machine‑learning strategies in global futures, options and digital-asset derivatives are being tailored to meet growing demand. Its flagship

Dubai Duty Free posted its strongest first-half performance to date, recording turnover of AED 4.118 billion, a 5.34 per cent increase over the same period in 2024. This figure eclipses the previous H1 record by AED 208.95 million, signalling robust recovery and sustained growth since the pandemic.The surge was underpinned by heightened passenger engagement during the Eid holiday and early summer travel season, with April, May and early June emerging as particularly strong months. This rise was reflected in higher spend per passenger, a metric

Business Bay achieved over AED 4.5 billion in off‑plan real estate sales during the second quarter of 2025, completing more than 1,900 transactions and cementing its reputation as a premier residential and investment epicentre in Dubai. Contributing 5 per cent of the emirate’s total real estate sales value, while representing only 3 per cent of transaction volume, the district demonstrated its enduring appeal and pricing power amid a booming market.Dubai’s overall property market reached AED 66.8 billion in sales across 18,700 transactions in May 2025, marking a notable

ADNOC Drilling has clinched a five-year oilfield services contract from ADNOC Onshore, valued at up to $800 million, with operations scheduled to commence in the third quarter of 2025. Although the contract's full value hinges on the volume of services eventually requested, it marks a significant step in the company’s long-term expansion strategy.The announcement extends a streak of high-value awards for ADNOC Drilling, reinforcing its role as a cornerstone in Abu Dhabi’s upstream development strategy. The company confirmed that revenue

Autoworld International FZCO is investing AED 45 million to construct a 162,000 sq ft logistics and assembly hub in Dubai’s Jebel Ali Free Zone, aiming to strengthen its distribution of Bajaj two‑ and three‑wheelers across the Middle East and Africa. Slated for completion by 2026, the facility will incorporate an assembly line for motorcycles and auto‑rickshaws, alongside dedicated storage for spare parts, tyres and lubricants.The hub also positions the company to introduce new products via partnerships with global manufacturers, reinforcing Autoworld’s role as a premier

Al Mal Capital REIT, listed on Dubai Financial Market, is launching a follow‑on public offering to raise up to AED 242 million by issuing as many as 220 million new units at AED 1.10 per unit, subject to Securities and Commodities Authority approval.The subscription period runs from 7 to 25 July, with trading of the newly issued units slated around 8 August, pending the necessary regulatory clearances.Proceeds from the sale will be allocated to expanding the trust’s income‑generating portfolio, targeting high‑demand sectors such as

Mashreq Bank has inaugurated a representative office in Türkiye, marking a significant stride toward enhancing financial collaboration between the Gulf and Turkish markets. This strategic move is central to Mashreq’s initiative to channel risk capacity and capital flows directly to Turkish banks and corporates.Dubai’s Mashreq is already a familiar correspondent to Turkish financial institutions, actively participating in syndicated loans, trade finance, payments, treasury services and capital markets. Now, with its local presence in Istanbul, the bank aims to deepen engagement,

Claira, a New York–based deal intelligence platform, has closed a $7 million seed funding round co-led by Barclays and Citi, alongside Reimagine Tech Ventures. Additional backing came from Activant Capital, KDX and OPCO Ventures.Claira’s platform integrates domain-native artificial intelligence directly into deal workflows, enabling banks, private-credit funds and financial institutions to speed up due diligence, unlock historical deal insights and scale decision‑making processes. Founder and chief executive Eric Chang emphasised that “firms are sitting on a trove of proprietary research which they

Etihad Rail and the Abu Dhabi Projects and Infrastructure Centre have entered a Memorandum of Understanding to synchronise infrastructure planning and execution across the Emirate. The agreement, signed on 18 June at the Abu Dhabi Infrastructure Summit 2025, is designed to bolster the alignment of Etihad Rail’s projects with Abu Dhabi’s strategic five‑year capital projects plan, ensuring coherent development and efficient deployment of resources.Shadi Malak, Chief Executive Officer of Etihad Rail, and Maysarah Mahmoud Eid, Director General of ADPIC, signed the agreement in the

Aldar has secured over AED 3.5 billion in sales during the initial launch week of its Fahid Beach Residences and The Beach House on Fahid Island, underscoring strong demand for the developer’s new coastal wellness vision.Sales encompass a mix of 1- to 4‑bedroom apartments, townhouses and penthouses, with prices starting from around AED 3 million for residential units, and represent a pivotal milestone for the island’s debut as Abu Dhabi’s first wellness‑focused coastal destination. The weekend launch saw committed buyers who value coastal living,

Barclays has appointed Farzad Billimoria as head of its private bank for the United Arab Emirates, strengthening its foothold in a region experiencing rapid wealth creation. Based in Dubai, Billimoria will report directly to Annabelle Bryde, head of Private Bank International, commencing his role on 1 July pending regulatory approval.Billimoria brings 30 years of financial services expertise, most recently serving as Senior Executive Officer and head of private banking at HSBC in the UAE. He led the establishment of HSBC

Saudi Arabia’s Capital Market Authority has greenlit three initial public offerings on the Tadawul Parallel Market, signalling sustained investor interest and broadening of the kingdom’s capital markets. The regulator authorised offerings for Zahr Al Khuzama Aluminium Company, Quality Education Company and Sahat Almajd Company Trading on 18 June 2025.The combined volume of shares to be sold stands at approximately 6.175 million, constituting stakes ranging from 11 to 20 per cent in the respective firms. Zahr Al Khuzama will float 300,000

Dubai-listed Deyaar Development has announced ambitions to achieve sales of nearly AED 2 billion from its Downtown Residences project in Business Bay, CEO Saeed Mohammed Al Qatami confirmed to CNBC Arabia. The mammoth twin‑tower, rising over 110 storeys and reaching 445 metres in height, is slated to commence construction in the fourth quarter of 2025. Completion is targeted for the end of 2030, with the project offering 522 residences, including one‑ to three‑bedroom apartments, duplexes, penthouses and an exclusive “royal palace” at its summit.Al Qatami