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Passenger traffic through Dubai International Airport rose 9.5 percent from a year earlier in November to 5.3 million people, airport authorities said on Monday. Western Europe recorded the largest increase in total passenger numbers in November, followed by the Indian subcontinent, the Middle East, Australasia and Africa, Dubai Airports said in a statement. Year-to-date passengers totalled 60.4 million people, an increase of 15.3 percent.  Cargo volumes rose […]

Dubai builder Arabtec Holding said on Monday that it had no plans to increase its stake in interior contracting firm Depa. Recent media speculation about increasing its stake in Depa was baseless and “there are no plans at this stage”, Arabtec said in a statement on Dubai’s bourse. The Dubai-based contractor acquired a 24 percent stake in Depa in Nov. 2012 for 241.7 million dirhams ($65.8 million). […]

As the city gets ready to welcome 2014 by setting new world records, hotel room rates in Dubai seem to be soaring at levels not seen in recent past. Booking websites reveal that room rates in the city seem to have doubled for spending the New Year ’s Eve in Dubai. Room rates at all Dubai hotels – luxury, mid-scale or budget – have been going up […]

2013 has no doubt been a big year for the UAE property market. Dubai was recently named the world’s strongest housing market in 2013 given the city’s status as a safe haven with improved consumer and investor confidence. Home prices have been recorded at the highest levels since the downturn and the market has also gained a more favorable reputation for tighter regulation, given the spate of […]

Luxury brands are stepping up the battle for travelling shoppers with more outlets at airports and on cruise ships, tapping into one of the fastest growing sections of the market that looks set to keep booming thanks to soaring numbers of Asian tourists. Revenues from travel retail, which also includes sales on airplanes, rose 9.4 percent in 2012 to $55.8 billion, according to a market study by […]

Dubai has emerged as one of the best performing stock markets globally in 2013, according to Global Equity International, a global consultancy that advises business leaders.  By the end of November, the Dubai benchmark stock index had increased by 82%.  Abu Dhabi appreciated by 46% during the same period. The Dubai Financial Market started the year strongly by appreciating 16 per cent in the month of January […]

Dana Gas, the energy producer that restructured debt last year due to delayed payments, rose the most in eight years after it received $53 million from Egypt, stoking bets of better cashflow. The stock surged almost 15 percent, the most since December 2005, to 86 fils at the close in Abu Dhabi. More than 311 million shares were traded, almost nine times the three-month average daily volume. […]

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New technologies using stem cells and tissue regeneration techniques are set to revolutionize ‘beauty business’ and offer more effective solutions for weight reduction, according to a leading local expert in plastic and reconstructive surgeries. Liposuction techniques are some of the most frequently performed procedures in the field of aesthetic surgery, and are in high demand with patients in the Middle East. The procedures are extremely popular due […]

The Index tower on Dubai’s answer to Wall Street has 23 floors of empty offices out of the 25 it opened in 2011. A few hundred feet away, buildings controlled by the Dubai International Financial Centre are almost full. The difference is ownership. The office space in the Index on Sheikh Zayed Road was sold in pieces to nine different investors under a system known as strata […]

People who want to rent homes in Dubai will now have to provide a statement of income from their employer to landlords before leasing a property. This new condition was revealed recently by a regional website, but no explanation was provided about specific circumstances such as for example divorcees with an income from alimony or students with scholarships, and other similar non-salaried prospective renters. After November 27th […]

After suffering steep declines in trade starting in 2012, seaborne transfer of goods between Iran and Dubai is picking up again, highlighting the U.A.E.’s delicate balancing act in maintaining important commercial ties and satisfying its Western allies. A combination of economic factors in Iran — attributed to tough international sanctions over its contested nuclear activities — resulted in a decrease in trade with the U.A.E. from $24 […]

Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season. India, vying with China to be the top buyer of gold, has choked imports to narrow its trade gap and curb the outflow of dollars. The measures included raising the import […]

Bond issuance from the Gulf Arab region is set to surge next year on the back of heavy infrastructure spending and refinancing needs, while the Abu Dhabi sovereign may return to the market after an absence of nearly five years. The region’s issuance of conventional bonds and sukuk fell to $28.97 billion this year from $36.90 billion in 2012, according to IFR, a Thomson Reuters unit. That […]

While it may be the most common given name in the world, the global banking system seemingly can’t cope with Mohammed and its various different spellings. When it comes to false positives – where a person or transaction is incorrectly flagged for contravening sanctions – the total at Middle Eastern banks is around twice that of many international lenders because of the high use of names like […]

Dubai’s success in bidding to host the 2020 World Expo will trigger billions of dollars of investment in the emirate, but it may risk a repeat of the boom-and-bust cycle which nearly caused financial collapse just a few years ago. After competing against three cities, Dubai was awarded the world’s fair by the Bureau International des Expositions on Wednesday, setting the seal on a dramatic economic recovery. […]

Dubai’s Arabtec Holding denied on Tuesday what it called “recent market and media speculation” that it was looking to buy local contractor Drake & Scull. “Arabtec Holding confirms that there have been no discussions between the management of both companies about a potential deal, and there are no current plans to acquire Drake & Scull either in full or in part,” it said in a bourse filing. […]

Istithmar World, a unit of Dubai World, has sold its 50 percent stake in Miami Beach’s landmark Fontainebleau hotel back to south Florida developer Turnberry, a source close to the seller said on Tuesday. Dubai World, one of the emirate’s big state-owned conglomerates, declined to comment when contacted by Reuters. Reuters had reported in September that the Fontainebleau deal was close to being completed; the price was […]

Holders of Dubai-based developer Emaar Properties’ convertible bonds have asked the company to convert them into shares, Emaar said in a bourse statement on Sunday. Emaar said its board would discuss the matter at a meeting on December 17. Emaar issued a $500 million convertible bond in 2010. The sale marked the Dubai developer’s return to the debt markets after more than a year and an opportune […]

Dubai is considering tests of ‘robot’ or driverless cars on its busy highways, the local transport agency said, after a Google executive told Al Arabiya News he would “love” to bring the technology to the emirate. So-called driverless cars navigate traffic and road signals automatically, using special sensors like radar, GPS and computer vision. Dubai’s Roads and Transport Authority (RTA) says it is considering whether to allow […]

The UAE will add 29.2 million passengers over the next four years at a compound annual growth rate, or CAGR, of 6.6 per cent as total global air passenger numbers are expected to rise to 3.91 billion by 2017, the International Air Transport Association, or Iata, said on Tuesday. As airlines across the globe expect to see a 31 per cent increase in passenger numbers between 2012 […]

National Bank of Abu Dhabi (NBAD) will take on more staff to grow its commercial business and tap the “enormous opportunities” created by Dubai’s successful 2020 World Expo bid, its CEO said, even as it pursues international expansion. The United Arab Emirates’ (UAE) largest lender plans to add around 900 jobs to its current headcount of 6,500 next year across 18 countries, with a focus on new […]

Abu Dhabi’s bourse crossed the 4,000 mark for the first time in five years on Monday, playing catch-up to gains on neighbouring Dubai’s market, which extended a rally driven by the recovery in the real estate sector. Abu Dhabi’s index climbed 0.3 percent to 4,001 points, it’s highest close since September 2008. The market is up 52.1 percent year-to-date, while Dubai’s index has rallied 91.1 percent in […]

Julius Baer Group Ltd.  took over businesses in Lebanon, Bahrain and the United Arab Emirates as Switzerland’s third-largest wealth manager integrates the Merrill Lynch operations acquired last year. “Gaining new footholds in the Middle Eastern markets of Lebanon and Bahrain and strengthening our existing Dubai presence is an important step for us and will enable us to further expand our footprint in this key growth region,” Remy […]

Alkhabeer Capital, a Saudi Arabia-based investment advisory firm, has bought a majority stake in Dubai-based packaging products company Express Group, Alkhabeer said on Monday. Alkhabeer, in which conglomerate Saudi Binladin Group is a top shareholder, did not disclose financial details of the deal but said it was the firm’s second private equity transaction in the industrial sector in the United Arab Emirates (UAE). Express Group, founded in […]

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