Category: Business

Palazzo Versace Dubai has been listed for online auction beginning at AED 600 million, a steep reduction from its former valuation exceeding AED 1.3 billion–1.4 billion. The move follows growing financial pressure on its owner, Emirates PVD and unnamed lenders, who now appear prioritising debt reduction over maximising sale price.Built in 2015 on Dubai Creek’s Culture Village waterfront, the hotel occupies a 130,000 m² site and combines 215 rooms and suites, 169 private residences and eight upscale restaurants and lounges. In spite of the distressed sale, operational

A new maritime alliance took shape on 12 June 2025 as AD Ports Group and the Arab Shipbuilding & Repair Yard Company signed three Heads of Terms, solidifying their collaboration in marine services across Bahrain, in a ceremony attended by H.H. Shaikh Nasser bin Hamad Al Khalifa, His Majesty’s Representative for Humanitarian Works and Youth Affairs and Chairman of Bapco Energies. The agreements build upon the operational success of ASRY Marine, a joint venture between Noatum Maritime—a division within AD Ports’ Maritime & Shipping

Sharjah achieved a total real estate trading value of AED 5.5 billion during May 2025, recording 8,415 transactions across the emirate. The total area traded reached 13.2 million square feet, underlining the emirate’s advancing market strength.Investors conducted 1,574 outright sales deals, accounting for roughly 18.7 per cent of activity, alongside 381 mortgage registrations totalling AED 1.1 billion—4.5 per cent of the transactions. Additionally, 1,486 initial sale contracts were signed, and 3,619 ownership certificates issued, followed by 1,355 ownership deeds, according to data. These metrics reflect growing confidence

Mashreq Bank has secured a US$500 million Sukuk issuance through its special-purpose vehicle, Mashreq Al Islami Sukuk Company Ltd, with a secondary listing on Nasdaq Dubai. The trust certificates, set to mature in 2030, were unveiled under the bank’s US$2.5 billion Trust Certificate Issuance Programme. The issuance drew overwhelming appetite in the primary market, with subscriptions reaching nearly US$2.9 billion—almost six times the issued amount—before being admitted for trading on Nasdaq Dubai.Market officials and state dignitaries marked the admission ceremony. Senior Mashreq officials including Group

Arqaam Capital is stepping up its equity capital markets, debt capital markets, and loan syndication operations in response to an upswing in transaction volume across Saudi Arabia and the UAE, positioning itself as a more prominent regional player.The Dubai‑based financial services firm, with licenced offices in the UAE, Saudi Arabia, Egypt and Lebanon, has secured permissions in the Kingdom of Saudi Arabia to advise on ECM mandates. Rawad Kassouf, Head of ECM Execution & Syndicate, noted that the Saudi team

Purchasing a franchise appeals to many investors. You’re getting the name recognition that comes with the brand. This saves you the trouble of having to generate interest in a completely new company and coming up with your brand identity. The customer base is already in place.You must think about things like online payment processing, franchise owners, not to mention finding a suitable location for your brick-and-mortar store location. However, before you even start getting into all of that, you probably

Emaar Development has secured a significant land acquisition in Ras Al Khor, marking a strategic expansion amid Dubai’s robust property market. The construction subsidiary of Emaar Properties, the emirate’s largest publicly listed real estate firm, completed the purchase of the plot from Amlak Property Investment for 2.9 billion dirhams , alongside associated transaction costs. This move enhances Emaar Development’s land portfolio, positioning the company to capitalise on the sustained demand for new real estate projects.The transaction will be financed entirely

Dubai-listed Gulf Navigation Holding PJSC has secured shareholder approval for a AED 3.2 billion acquisition of Brooge Energy Ltd.'s assets, marking a significant expansion into the midstream oil and gas sector. The transaction, involving cash, newly issued shares, and mandatory convertible bonds , is expected to close in the second quarter of 2025, pending regulatory approvals.The acquisition encompasses Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3

Gridora, a new infrastructure platform supported by ADQ, the Investment Holding Company , and Modon Holding, has formalised its first major collaboration by signing a memorandum of understanding with the Abu Dhabi Projects and Infrastructure Centre . This partnership aims to streamline the planning and execution of key transport infrastructure projects within the emirate.The MoU sets a strategic framework for cooperation, enabling Gridora and ADPIC to combine their expertise and resources to enhance project delivery efficiency and accelerate development

Akshay Dosaj and Asif RashidThe UAE’s small and medium-sized enterprises (SMEs) sector is poised for substantial expansion, with projections estimating nearly one million businesses by 2030. As these enterprises navigate a competitive and dynamic environment, mergers and acquisitions (M&A) have become essential strategies for sustainable growth. To maximize these opportunities, SMEs need tailored solutions and expert guidance to achieve their growth ambitions and align with the UAE's broader economic vision.SMEs: The Backbone of the UAE EconomySMEs represent about 94% of

ADNOC Drilling has entered into an agreement to acquire a 70% stake in SLB's land drilling rigs business in Kuwait and Oman for $112 million. The joint venture encompasses eight fully operational land rigs—two in Kuwait and six in Oman—currently under contract with the respective national oil companies.The transaction, pending customary regulatory approvals, is anticipated to close in the first quarter of 2026. ADNOC Drilling plans to fund the acquisition through its existing debt capacity and expects to consolidate the

Etihad Airways reported a profit of 685 million dirhams for the first quarter of 2025, marking a 30% increase year-on-year. This growth was attributed to robust demand and enhanced operational efficiency. Total revenue rose by 15%, supported by gains in both passenger and cargo business. Passenger revenue climbed 16% to 5.5 billion dirhams , bolstered by increased capacity, ongoing network expansion, and more frequent flights.The airline carried 5 million passengers in the first quarter of 2025, up from 4.3

Zawos Group, a prominent business conglomerate in Oman, has entered into a definitive agreement to acquire NMC Healthcare LLC Oman and Elegant Medical Center Oman. The transaction encompasses two hospitals and six clinics and aesthetic centres, marking a significant development in the Sultanate's healthcare sector.The acquisition is subject to customary closing conditions and is anticipated to be finalised within the next two months. Upon completion, NMC Healthcare will provide transitional support services to ensure a seamless handover and maintain high

Qualcomm Technologies has revealed plans to establish a global engineering centre in Abu Dhabi, marking a significant expansion of its research and development footprint. The new facility will concentrate on cutting-edge technologies such as artificial intelligence, the industrial internet of things, and advanced data centre solutions, positioning Abu Dhabi as a pivotal node within Qualcomm’s worldwide network of engineering operations.This engineering centre is set to bolster Qualcomm’s commitment to high-performance connectivity and energy-efficient computing technologies. By addressing escalating demand for

Acwa Power has formalised Memorandums of Understanding valued at $500 million with several US companies, reinforcing its strategic collaborations in the energy sector. These agreements were signed during the Saudi-US Investment Forum held in Riyadh, aiming to bolster innovation and investment in renewable energy and infrastructure.The new MoUs build upon Acwa Power's existing partnerships with American firms, which now collectively exceed $6 billion. The latest agreements focus on reducing energy costs and enhancing local production capabilities in solar energy

Sobha Realty has successfully completed a $500 million sukuk issuance, marking a significant milestone in its financing strategy. The issuance, part of a $1.5 billion Sukuk Issuance Programme, attracted substantial investor interest, with the order book oversubscribed three times, reaching $1.54 billion. This strong demand led to a tightening of the yield to 8% per annum, down from the initial price thoughts of 8.375%.The sukuk, maturing in 2029, has been listed on both the London Stock Exchange and NASDAQ Dubai.

Sobha Realty has unveiled its latest masterplan development, Sobha Central, strategically located on Sheikh Zayed Road. The project introduces 1,225 upscale residences across six residential towers, aiming to redefine urban living in Dubai’s central corridor.Designed as a self-contained vertical community, Sobha Central integrates residential, commercial, and recreational spaces. The development features a curated mix of one- and two-bedroom apartments, targeting professionals and investors seeking modern amenities and strategic connectivity. The project is positioned to serve as a comprehensive lifestyle hub,

Sobha Realty has mandated a consortium of banks to arrange a new three-year, dollar-denominated Reg S benchmark sukuk, marking another significant move in the UAE's Islamic finance landscape. The issuance will be conducted under Sobha Sukuk I Holding Limited’s $1.5 billion Trust Certificate Issuance Programme. The appointed joint lead managers and bookrunners include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered Bank, and

Saudi Arabian budget airline flynas, under the backing of billionaire Prince Alwaleed Bin Talal, is preparing to launch an initial public offering later this month. This move marks the first IPO by a Gulf airline in nearly two decades, a significant milestone for both the airline and the broader Middle Eastern aviation industry. The airline, which has become a key player in the region’s air travel market, plans to offer 51.3 million shares, equivalent to 30% of its total

Dubai-based developer Omniyat has successfully launched its inaugural dollar-denominated sukuk, upsizing the issuance to $500 million from an initial target of $400 million. The offering attracted robust investor interest, with the order book reaching $1.8 billion, allowing the company to tighten pricing to 8.375%.The issuance, structured as a five-year senior unsecured sukuk, marks Omniyat’s entry into the Islamic capital markets. The strong demand underscores investor confidence in both the issuer and the broader Islamic finance sector. Despite the oversubscription, the

TECOM Group PJSC has reported a 21% year-on-year increase in revenue, reaching AED 680 million for the first quarter of 2025. Net profit rose by 23% to AED 361 million, reflecting strong operational performance and strategic investments across its diversified asset portfolio.The company's EBITDA grew by 23% year-on-year to AED 540 million, with the EBITDA margin improving to 79%. These figures underscore the group's commitment to enhancing Dubai's knowledge economy by attracting global companies and talent across six strategic sectors.Abdulla

Mashreq Bank reported a 12% year-on-year decline in net profit for the first quarter of 2025, attributing the decrease to a contraction in net interest income following recent rate cuts by the UAE Central Bank.The Dubai-listed lender's net profit after tax for the quarter stood at AED 1.8 billion , down from AED 2.041 billion in the same period last year. Net interest income fell by 8% year-on-year, primarily due to a 62 basis points contraction in the net interest

A new chapter is unfolding in the heart of the UAE’s real estate landscape as Arabian Hills Estate emerges to replace a once highly anticipated but ultimately undelivered development initially sold by Wahat Al Zaweya Holding PJSC. Positioned near Al Ain, on land just across the Abu Dhabi border, this expansive community of villa and mansion plots is being marketed as a symbol of luxury and renewal, aiming to repair the reputational damage left behind by its predecessor.Arabian Hills Estate

Emaar Malls has unveiled a four-month rent waiver initiative aimed at supporting food and beverage tenants with terrace spaces overlooking the Dubai Fountain and Lake areas at both Dubai Mall and Souk Al Bahar. The move, effective from June to September 2025, comes as the Dubai Fountain, a major attraction at the venue, undergoes a temporary closure.The decision to provide financial relief is intended to offset the loss of footfall and minimise the impact on the dining experience that

Moody's Ratings has upgraded the senior unsecured sukuk rating of PNC Investments LLC , the parent company of Dubai-based Sobha Realty, from Ba3 to Ba2, while affirming the company's corporate family rating at Ba3 with a stable outlook.This development follows Sobha Realty's successful issuance of its inaugural $300 million 5NC3 sukuk in July 2023, which included a call feature—a first for a GCC sub-investment grade benchmark-sized sukuk. The issuance attracted significant international investor interest, highlighting the company's

Mashreqbank has successfully priced a $500 million Additional Tier 1 bond, marking its return to the debt capital markets after a two-year hiatus. The bond, offering a 7.125% annual coupon, achieved significant investor interest, with the order book peaking at $2.3 billion, representing a 4.4 times oversubscription.The issuance stands out as the first bank capital transaction from the UAE's financial institutions group in 2024. Initial price thoughts were set in the high 7% range, but strong demand allowed for

Wassim Elassaad is a name known for luxury, refinement, and an unbreakable passion for excellence. From humble beginnings in Australia to becoming a forerunner in Dubai's luxury lifestyle industry, Wassim has redefined what it means to provide the finest experiences and services to the ultra-wealthy. His path is more than just about business success; it is also about leaving a legacy based on the key qualities of refinement, exclusivity, and confidentiality.From humble beginnings to global fame.Wassim Elassaad's tale is one

Dubai-listed Mashreqbank has appointed a group of leading banks to oversee a $500 million five-year senior unsecured sukuk offering, marking a significant move in the region's Islamic finance sector. The sukuk, which will be governed by market conditions, is part of the bank’s broader $2.5 billion trust certificate issuance programme.The issuance will be rated A3 by Moody’s and A by both S&P and Fitch, with a stable outlook from all three major credit rating agencies. The sukuk’s structure, as a

First Abu Dhabi Bank PJSC , the largest lender in the United Arab Emirates by assets, is undergoing another wave of executive departures as it implements a significant internal restructuring aimed at reinforcing its regional dominance and enhancing shareholder value.Chief Credit Officer Neil Barrable is stepping down less than a year after his appointment, citing personal reasons. Barrable joined FAB in June 2024 from HSBC Holdings Plc and previously held positions at JPMorgan Chase & Co., Barclays Capital Inc., and

Amazon.com Inc. is contemplating a substantial $15 billion investment to establish approximately 80 new logistics facilities across urban and rural areas in the United States. This initiative marks a significant shift from the company's post-pandemic construction slowdown and aims to enhance its delivery infrastructure nationwide.The proposed expansion includes a mix of delivery hubs and large fulfillment centers equipped with advanced robotics technology. Amazon has invited potential capital partners to submit proposals for these facilities and is open to leasing them

European Union antitrust regulators are set to announce by May 12 their decision regarding the Abu Dhabi National Oil Company's proposed €15.9 billion acquisition of German chemicals manufacturer Covestro. This transaction, initiated in October 2024, represents ADNOC's most significant foray into the European chemicals sector.The European Commission, responsible for ensuring fair competition within the EU's 27 member states, faces several options: granting unconditional approval, approving the deal with specific conditions, or launching an in-depth four-month investigation to scrutinize

Absa Group Ltd., South Africa's third-largest bank by assets, plans to open a representative office in Dubai during the first quarter of 2026, pending regulatory approval. Yasmin Masithela, CEO of Absa's corporate and investment banking division, stated that the move aims to capitalise on the growing trade and investment flows between Africa and the Middle East.The strategic decision positions Absa alongside South African banking counterparts such as Investec, Standard Bank, Rand Merchant Bank, and Nedbank, all of which have established

EDGNEX Data Centers, the digital infrastructure arm of DAMAC Group, has solidified its position in the European market with the acquisition of Hyperco, a data centre company founded in Finland. The acquisition marks a significant step in EDGNEX's strategy to enhance its global footprint, particularly within Europe, which is known for its robust digital infrastructure and commitment to sustainability.Hyperco operates cutting-edge data centres across Finland and Sweden, leveraging the region’s rich renewable energy resources and well-established digital ecosystem. These locations

Abu Dhabi-based Agthia Group PJSC has acquired a 100% stake in Riviere Mineral Water Desalination & Filling Factory LLC, a prominent player in the United Arab Emirates' bottled water home and office delivery sector. This strategic move is anticipated to expand Agthia's Water & Food segment revenues by approximately 6.5% and triple its household customer base.Established in 2003, Riviere serves customers across Abu Dhabi, Al Ain, Dubai, and Sharjah, primarily in the mainstream segment. The company operates three bottling facilities