Category: What’s On

AD Ports Group has refinanced and increased its revolving credit facility (RCF) from $1 billion to $2.125 billion, aiming to optimize financing costs by improving interest margins and extending the facility's maturity from 2026 to 2028, with an option to extend further until 2030.The new facility has garnered significant interest from local, regional, European, Asian, and international banks, leading to an oversubscription of over 2.5 times the facility amount.This strategic move is expected to enhance AD Ports Group's

Central banks across the Gulf Cooperation Council (GCC) have reduced key interest rates, mirroring the U.S. Federal Reserve's decision to lower its benchmark rate by 25 basis points (bps). This synchronized monetary policy adjustment underscores the region's commitment to maintaining currency pegs to the U.S. dollar and supporting economic stability.The Federal Reserve decreased the federal funds target rate range to 4.25%–4.5%, signaling a cautious approach to future rate reductions amid stable unemployment and modest inflation improvements. In response, GCC nations,

The United Arab Emirates has unveiled a pioneering system enabling tourists to obtain Value Added Tax (VAT) refunds on e-commerce purchases made during their stay. This initiative, launched by the Federal Tax Authority (FTA) in collaboration with Planet, the authorized operator of the VAT refund scheme, aims to enhance the UAE's appeal as a premier destination for both tourism and online shopping.Under this new system, tourists can request VAT refunds directly through registered e-commerce platforms by providing their travel document

The UAE property market has experienced a significant surge in demand as a growing number of Europeans relocate to Dubai, seeking a dynamic lifestyle and favorable business environment. According to Ali Sajwani, Managing Director of Damac Properties, a leading real estate developer in the region, the shift has been fueled by a combination of factors that make Dubai an increasingly attractive destination for expatriates. These factors include the city's relatively tax-friendly environment, its strategic location, and a high standard of

Dubai Islamic Bank (DIB) is open to acquiring other banks and financial technology (FinTech) businesses as part of its strategy to expand its market presence and strengthen its service offerings. CEO of DIB, Adnan Chilwan, highlighted the bank's interest in further diversifying its portfolio to meet the evolving needs of customers. This approach is in line with DIB’s broader growth strategy, which has already seen significant investments in the digital space.As one of the largest Islamic banks in the UAE,

The United States government has granted approval for the export of advanced artificial intelligence (AI) chips to the United Arab Emirates (UAE), marking a significant development in the global AI hardware market. This decision, part of a strategic agreement with Microsoft, enables the UAE to enhance its technological infrastructure and further its ambitions in the field of AI and data science. The chips in question are designed to support complex machine learning tasks and are considered essential for the continued

Uber Technologies has officially rolled out autonomous ride-hailing services in Abu Dhabi in collaboration with WeRide, a leading autonomous vehicle technology firm. This strategic partnership marks a significant step forward in integrating autonomous mobility solutions within the region, leveraging WeRide’s advanced autonomous vehicle systems on Uber's platform.WeRide, recognized for operating the largest autonomous fleet in the UAE through its TXAI app, secured national authorization in 2023 to operate self-driving cars on public roads. This regulatory groundwork enabled the

Madinat Jumeirah will host a magical Christmas Market from December 6 to December 31, transforming Fort Island into a picturesque winter wonderland. The iconic Dubai destination will offer a unique festive experience, attracting visitors of all ages. From twinkling lights to festive food stalls, the market promises to deliver an enchanting atmosphere.Visitors can enjoy the market's array of seasonal activities, starting daily from 3 PM on weekdays and noon on weekends. Open until late, the market invites guests to explore

An important component in many industries is stainless steel screws and fasteners. Their advantages include high strength, corrosion resistance and possibility to operate at elevated temperatures. All fasteners, including hex bolts, nuts and other fastening components, have different kinds of threads; fasteners are fitted with threads and the external threading types determine how these fasteners will perform with given bolts or nuts. Therefore, reliability and performance of the fastening system is determined by the type of thread which is chosen.

Saudi Arabia is advancing its healthcare framework through a strategic partnership with China's BGI Genomics, a globally recognized leader in biotechnology. This collaboration is set to focus on transformative healthcare solutions, including advanced genetic research, infectious disease management, and early cancer detection. This development aligns with Saudi Vision 2030, which emphasizes healthcare modernization and increased investment in precision medicine.The agreement between BGI Genomics and Saudi Arabia's Public Health Authority entails leveraging cutting-edge technologies to bolster public health. The collaboration will

Abu Dhabi Investment Group is set to deploy a significant $100 billion in Brazil’s economy, marking a major step in the strengthening of bilateral economic ties between the UAE and Latin America’s largest economy. The announcement, made in late November 2024, highlights the UAE's growing investment interests in Brazil, underscoring the nation’s desire to diversify its portfolio globally.The planned investments span a range of sectors, with the bulk directed towards infrastructure, energy, and technology. This deal signals not only a

Operations at the London office of a hedge fund tied to a prominent figure in Iran's oil sector are set to wind down amid ongoing regulatory scrutiny and shifting geopolitical landscapes. The decision marks a significant development in the financial hub's interactions with entities linked to sanctioned economies, underscoring broader challenges in managing global compliance and transparency in investment sectors.The hedge fund, associated with a businessman known for his influential role in Iran's energy industry, has faced mounting

Emirates REIT, the first Sharia-compliant real estate investment trust in the UAE, is moving toward significant financial restructuring as it evaluates refinancing or issuing new sukuk by the close of 2024. This development comes amidst the company's strategy to optimize its capital structure and strengthen its financial position.The REIT currently has a $380 million secured sukuk, which has been a focus of its ongoing efforts to reduce leverage. The firm has already executed partial redemptions earlier this year, signaling

Dubai's real estate sector has seen a remarkable uptick in both existing and off-plan property transactions during October 2024, showcasing the market's resilience and growing investor confidence. Data reveals that the emirate continues to captivate both local and international buyers, driven by its robust economy, dynamic development projects, and strategic initiatives aimed at diversifying its financial landscape.Figures from the Dubai Land Department (DLD) indicate that property transactions across the emirate soared, with notable activity across both the residential and commercial

Fitch Ratings has placed certain bonds issued by Adani entities under a "negative watch" as scrutiny of the group's governance intensifies following allegations of corruption tied to Sri Lankan projects. This development comes amid renewed focus on a contentious $442 million wind power project in Sri Lanka's Mannar region, which has sparked concerns over environmental compliance and procedural irregularities.The Sri Lankan government had reportedly flagged potential missteps in the Adani Group’s acquisition of the Mannar and Pooneryn wind

The UAE Central Bank has taken decisive action against Al Razouki Exchange, suspending its operations and closing two of its branches. This move follows a series of regulatory concerns surrounding the exchange’s financial practices and its adherence to the country’s monetary regulations. The suspension is part of the UAE's broader efforts to tighten its control over financial institutions, ensuring they comply with established rules to maintain transparency and safeguard the national financial system.The central bank's decision has sent a clear

Lada, the iconic Russian automaker, has made its entry into the UAE market, offering residents the chance to test drive and place orders for its vehicles. Through its official distributor in the UAE, the Russian brand is now showcasing a variety of models, including the Granta Sedan, Vesta SW Cross, Niva Legend, and Niva Travel, which are available for purchase and direct engagement by potential buyers in Dubai.The launch of Lada in the UAE marks a significant expansion of the

The Woofstock Pet Festival, a one-of-a-kind event for dog enthusiasts, is set to take place at Dubai Islands Beach on November 23 and 24, 2024. This two-day celebration will offer an opportunity for pet owners and their furry companions to engage in workshops, enjoy various activities, and participate in educational seminars, all in a family-friendly and dog-friendly environment.Hosted by Doggie Adventures UAE, Woofstock promises to be a vibrant gathering of pet lovers, featuring a mix of entertainment, workshops, and delicious

EFG Hermes has launched a groundbreaking $300 million education fund aimed at reshaping Egypt’s educational landscape. This initiative is part of the company’s broader efforts to significantly boost the education sector, aligning with Egypt's Vision 2030. The fund's primary goal is to generate sustainable returns while expanding access to high-quality education.The fund comes at a time when Egypt’s education system faces growing demands for modernization, especially in the face of increasing population numbers and the limitations of current infrastructure. EFG

The UAE grocery retail market, valued at around $40 billion, is set for significant growth over the next few years. Projections suggest a compound annual growth rate (CAGR) of approximately 6.5%, which is expected to fuel expansion across multiple sectors. This growth trajectory comes despite challenges such as inflationary pressures and shifts in consumer behavior due to economic volatility and changing shopping patterns.Supermarkets and hypermarkets continue to dominate the UAE's grocery landscape, accounting for the largest portion of the market.

Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), is significantly increasing its allocations to private equity in a strategic pivot to enhance long-term returns. This move underscores ADIA’s growing interest in high-risk, high-reward investment opportunities as it adapts to global market shifts. The fund’s decision comes at a time when traditional investment avenues are facing unprecedented volatility and when private equity is seen as a promising asset class capable of generating substantial returns despite economic uncertainty.ADIA, one

Dubai has marked a new milestone in its push to become a leader in futuristic transport solutions with the commencement of construction for the city’s first air taxi station. Located close to Dubai International Airport (DXB), this development is a pivotal step toward integrating urban air mobility (UAM) into the city’s transportation infrastructure.This ambitious project, spearheaded by Dubai’s Roads and Transport Authority (RTA) in collaboration with other local and international stakeholders, will serve as the launchpad for air taxis, also

Cornell's Merlin Bird ID app offers a streamlined way for birdwatchers to identify birds quickly, whether you're a novice or an experienced birder. This app, created by the Cornell Lab of Ornithology, leverages a combination of artificial intelligence and user input to assist in identifying species based on your location and observations.To get started, download the app from either the Apple App Store or Google Play Store. The app is compatible with iOS devices running iOS 16 or later, and

Several central banks in the Gulf Cooperation Council (GCC) have moved in close alignment with the United States Federal Reserve, adjusting interest rates as a preemptive measure against inflationary trends and to stabilize financial markets. In the latest developments, central banks in the UAE, Saudi Arabia, Bahrain, and Qatar have either maintained their rates or slightly adjusted them in response to the Fed’s monetary policy shifts, which have involved both rate hikes and pauses in the current year.The GCC’s long-standing

The UAE and Australia have reached a landmark trade agreement, aiming to increase bilateral trade to $15 billion by 2032. The Comprehensive Economic Partnership Agreement (CEPA) was signed to foster greater collaboration across key sectors, including energy, technology, education, and agriculture.Under the deal, both nations are expected to enhance investment flows, create new job opportunities, and strengthen their economic ties in the Middle East and Oceania regions. This agreement also introduces new mechanisms to streamline business operations, reduce trade barriers,

A groundbreaking taxi-sharing service has begun between Dubai and Abu Dhabi, transforming the 140-kilometer journey into a more accessible, economical option for commuters. The Roads and Transport Authority (RTA) launched this pilot service aiming to enhance intercity transportation options and to test demand for shared, eco-friendly travel solutions between the UAE's two major cities.The service operates through a dedicated fleet of seven-seat vehicles that allow passengers to book individual seats instead of entire cabs. By leveraging the advanced RTA mobile

Establishing itself as a premier destination for cybersecurity innovation, the UAE has become a thriving hub for startups focused on securing digital assets. This surge in activity is fueled by the government’s commitment to enhancing national cybersecurity and supporting entrepreneurial ventures within this critical sector.The UAE Cybersecurity Council is pivotal in fostering this ecosystem, launching programs such as CyberE71, aimed at incubating promising cybersecurity startups. This initiative not only provides essential resources and mentoring but also connects startups with potential

Mubadala Investment Company, a prominent state-owned investment arm based in Abu Dhabi, has acquired a 49% stake in the Spanish industrial firm Tubacex's subsidiary, Tubacex Group, for approximately $200 million. This strategic investment aims to bolster Mubadala's presence in the European industrial sector, particularly in the field of manufacturing specialized steel products used in energy, oil, and gas applications.The acquisition signifies a continued trend of Middle Eastern investors expanding their footprint in Europe, seeking not only to diversify their portfolios

Hassana Investment Company, the investment arm of the Saudi Public Pension Agency, is set to invest $2 billion in Brookfield Asset Management's new Middle East-focused fund. This partnership is part of a broader strategy to enhance investment opportunities in the region, signaling significant confidence in Brookfield’s capabilities to generate returns through diversified investments. The fund aims to capitalize on growing infrastructure and real estate needs within the Middle East.The investment from Hassana comes at a pivotal time when global investors

Shuaa Capital, a leading asset management and investment firm in the UAE, has announced the board's approval for the issuance of $175 million in multi-currency bonds (MCBs). This strategic move is designed to bolster the company’s financial position and enhance its capabilities to meet the growing demands of its investment operations. The approved bonds will likely serve as a key tool for Shuaa Capital in diversifying its funding sources and supporting future growth initiatives.The decision follows a series of proactive

Abu Dhabi’s e& Group has successfully concluded its acquisition of PPF Telecom Group for $2.3 billion, marking a significant expansion of its telecommunications footprint in Europe. This strategic move, which has drawn considerable attention in the industry, enhances e&’s capabilities and market share as it seeks to diversify its operations beyond the Middle East.The acquisition of PPF Telecom, which operates in the Czech Republic and Slovakia, is part of e&’s broader strategy to evolve into a global technology and investment

Etihad Airways has completed a significant acquisition, finalizing a deal for 16 aircraft engines at a total cost of Dhs1.5 billion. This move is part of the airline's strategy to modernize its fleet and enhance operational efficiency. The engines, produced by prominent manufacturers, are set to be deployed across a range of aircraft, bolstering Etihad's capacity to meet growing passenger demand.The airline's investment aligns with its long-term vision to improve sustainability and operational performance. By integrating advanced engine technology, Etihad

MBC Group has divested 2.45 million shares of Al Arabia, amounting to a substantial $111 million deal, marking a significant shift in its investment strategy. The move follows a broader trend in the media industry, where conglomerates are re-evaluating their holdings amid changing market dynamics and financial pressures.Al Arabia, a major player in the Middle Eastern media landscape, has seen fluctuations in its stock performance in recent years. Following the announcement of MBC Group’s sale, the share price experienced a

Dubai-based Emirates SkyCargo has announced a significant expansion of its cargo operations with a new order for additional Boeing 777F freighters. This move underscores the airline’s commitment to enhancing its global logistics capabilities and meeting the increasing demand for air freight services. The deal is expected to bolster Emirates SkyCargo’s position as a leading player in the global air cargo industry, which has witnessed remarkable growth amid the evolving supply chain landscape.The order reflects Emirates SkyCargo's strategic vision to adapt