UAE Weekly Business News 06/05/2024
Welcome to Gateway Group's weekly collation of trade and investment headlines shaping the economy in Abu Dhabi and Dubai.
Stay up to date with UAE Business
UAE Weekly Business News is the quick and easy way to stay informed about crucial UAE business news and laws, conveniently in one place.
How to use this resource
Scan the headlines and click the ones you want to read in full.
Every Monday
UAE Weekly Business News is published every Monday. Subscribe to our blog to receive it in your inbox automatically. It's FREE.
UAE Weekly Business News: Issue 187 published 6th May 2024.
UAE FREE ZONE NEWS
TDeFi, DMCC announce cohort-3 of Web3 acceleration programme (Arabian Business 03/05/2024)
DMCC reports 20% jump in Korean members as it concludes latest roadshow to Seoul (WAM 02/05/2024)
RAKEZ drives forward UAE-India economic cooperation at Jaipur business event (WAM 02/05/2024)
KEZAD leased 5 sq km of land during 2023 (WAM 01/05/2024)
(WAM 30/04/2024)
DIFC emerges as premier global hub for family businesses, home to 120 of world's wealthiest families, individuals (WAM 29/04/2024)
UAE VISA NEWS (inc. employment, Emiratisastion, human resources, training and women)
Are part-time workers covered by the UAE Labour Law? (The National 05/05/2024)
Dubai and Abu Dhabi rank among top five global cities to work in (The National 03/05/2024)
UAE pioneer in ensuring decent, safe working conditions for workers: UAHR (WAM 01/05/2024)
Emirates Institute of Finance launches Future Tech Leaders Programme for UAE nationals (WAM 30/04/2024)
Emirates honours its pilots, launches global recruitment drive in 18 countries (WAM 30/04/2024)
Emirates jobs: Dubai airline woos pilots with new increased salaries, career progression and benefits including villas, free schooling and 42-day holidays (Arabian Business 30/04/2024)
Emirati Human Resources Development Council, Al Ghurair sign MoU to enhance Emiratisation efforts (WAM 29/04/2024)
UAE BUSINESS NEWS
Emirates announces first 9 destinations to join its A350 network (Government of Dubai Media Office 06/05/2024)
The UAE's reach to draw tourists at Arabian Travel Market (The National 06/05/2024)
ACRES Real Estate Exhibition to spotlight 120 projects on 16th May (WAM 05/05/2024)
National Committee of Biosecurity discusses 'Epidemic Preparedness Map' project, national biosecurity framework (WAM 05/05/2024)
Maktoum bin Mohammed chairs meeting of Dubai Judicial Council, approves Judicial Authority’s annual report for 2023 (WAM 05/05/2024)
ENOC’s EPPCO Lubricants introduces revolutionary RecondOil technology in the UAE (Government of Dubai Media Office 05/05/2024)
Global Village extends closing date again after flood disruption (The National 05/05/2024)
Sharjah Petroleum Council announces discovery of new reserves at Al Hadiba gas field (WAM 04/05/2024)
Dubai streetwear collaborations with major international brands (The National 04/05/2024)
Etihad Airways boosts interline deals with five airlines making travel smoother (WAM 03/05/2024)
UAE non-oil sector rose in April, but heavy rain impacted sales (The National 03/05/2024)
European developer eyes booming Dubai realty (Khaleej Times 03/05/2024)
UAE construction sector remains strong in face of challenges from weather, skills shortages, material costs and Saudi competition (Arabian Business 03/05/2024)
Etihad boosts network with interline agreements with airlines in Australia, Afhanistan, Korea, Greece and Myanmar (Arabian Business 03/05/2024)
UAE experts warn users to pay ‘more attention’ to digital privacy policies amid rising cybersecurity risks (Arabian Business 03/05/2024)
Khalifa University ranks top in UAE, 40th in Asia in THE Asia University Rankings 2024 (WAM 02/05/2024)
Standardisation committee accredits 17 Gulf technical regulations: GCC Secretary-General (WAM 02/05/2024)
UAE businesses have their eyes on the next storm (The National 02/05/2024)
Chinese hotel brand eyes first openings in Dubai (The National 02/05/2024)
Dubai real estate transactions up 45% to $8.7bn, study reveals popular areas and off-plan investment boom (Arabian Business 02/05/2024)
Dubai’s most expensive universities (Arabian Business 02/05/2024)
Dubai real estate: British investors overtake Indians, Russians in record numbers as they flock to UAE for Golden Visas, tax-free luxury living (Arabian Business 02/05/2024)
Dubai real estate: 1% payment plans trigger major shift in house buying patterns (Arabian Business 02/05/2024)
IMF Executive Director lauds UAE's economic diversification efforts (WAM 01/05/2024)
ADNOC, G42, Presight partner to accelerate AI solutions for energy sector (WAM 01/05/2024)
Mohamed Al Hussaini meets World Bank Vice President for MENA region (WAM 01/05/2024)
Economy Middle East Summit 2024 highlights economic growth prospects in MENA region (WAM 01/05/2024)
DWTC’s Hospitality Division boasts record-breaking year, catering to over 1 million guests across 2,846 events in 2023 (WAM 01/05/2024)
TII, AppliedAI partner to provide AI backing to first responders in mission-critical sectors (WAM 01/05/2024)
UAE Press hails transformational potential of Dubai's new airport plan (WAM 01/05/2024)
Abu Dhabi Department of Economic Development partners with Emirates Global Industries – Alfahim Group to establish electric commercial vehicle manufacturing facility in the emirate (Abu Dhabi Media Office 01/05/2024)
Electric lorries and buses to be built in new Abu Dhabi plant (The National 01/05/2024)
Citi CEO Jane Fraser banks on revamped Middle East business to drive growth (The National 01/05/2024)
Microsoft's billion-dollar bet on G42 reflects UAE's AI ascension (The National 01/05/2024)
Dubai researchers unveil more effective test for spinal muscular atrophy (The National 01/05/2024)
Abu Dhabi: EVs grab attention as automakers push for more charging points (Khaleej Times 01/05/2004)
Digital asset custody provider Liminal gets Dubai VARA’s initial approval (Arabian Business 01/05/2024)
UAE to be testing ground for a series of game changing consumer blockchain applications
UAE consumers ditch brands after poor service experiences, says new report (Arabian Business 01/05/2024)
Khalifa University, Mubadala, KELIX bio collaborate to advance UAE’s biopharma capabilities (WAM 30/04/2024)
Dubai Customs seizes 4.364 million counterfeit goods valued at AED5.43m in Q1 2024 (WAM 30/04/2024)
Dubai to host Integrate Middle East 2024 on 21 May (WAM 30/04/2024)
Environment Agency – Abu Dhabi assesses microplastic levels in Abu Dhabi’s marine environment (WAM 30/04/2024)
Barakah One Company wins ESG financing award for groundbreaking $2.42b green refinancing (WAM 30/04/2024)
Magnati, ADNOC Distribution partner to deliver enhanced payment experience (WAM 30/04/2024)
Borouge Q1 2024 net profit increases 37% YOY to $273m (WAM 30/04/2024)
ADNOC named UAE’s most valuable brand and second most valuable in Middle East by Brand Finance (Abu Dhabi Media Office 30/04/2024)
Dubai Airports CEO says tech at new terminal will speed up travel (The National 30/04/2024)
New terminal project to boost property demand in Dubai South (The National 30/04/2024)
Dubai real estate continues on growth track (Khaleej Times 30/04/2024)
Dubai: La Mer beach to reopen as J1 Beach with 13 luxury dining spots (Khaleej Times 30/04/2024)
Saif bin Zayed meets with officials from Meta Group (WAM 29/04/2024)
Hamdan bin Mohammed launches Dubai Universal Blueprint for Artificial Intelligence (WAM 29/04/2024)
Deadline extended to 5 May for ‘Make it in the Emirates Start-up Pitch Competition’ for local, international technology companies (WAM 29/04/2024)
Regulatory environment in UAE created surge in financial technology investments in 2023: Visa (WAM 29/04/2024)
Dubai expected to scrap DXB once move to new mega-airport complete (The National 29/04/2024)
Dubai announces major 2024 AI plan: New commercial licence, investment incubator launched, AI CEOs at every government entity (Arabian Business 29/04/2024)
UAE FINANCIAL NEWS
94% of financial transactions occur outside branches: Emirates NBD (WAM 05/05/2024)
Federal Tax Authority carries out 40,000 inspection visits in 2023, an annual increase of 80.71% (WAM 05/05/2024)
Decoding corporate tax implications on UAE real estate investors (Khaleej Times 05/05/2024)
UAE retail investors embrace the AI boom, using AI tools to shape their investments (Khaleej Times04/05/2024)
Multiply Group registers net profit of AED393m in Q1 2024 (WAM 03/05/2024)
Salary data for 3.71 million customers included in credit reports: Al Etihad Credit Bureau (WAM 03/05/2024)
NMDC Group reports 112% surge in Q1 2024 net profits (WAM 03/05/2024)
DFM, SIX forge strategic partnership to market accessibility (WAM 03/05/2024)
TECOM reports AED293m net profit in Q1 2024 (WAM 03/05/2024)
UAE’s robo-advisors market projected to see quantum jump as Gen Z, millennials take to investments in a big way (Arabian Business 03/05/2024)
DFM saw 10x more new investors in Q1 2024 than in five years before 2019 (WAM 02/05/2024)
CBI profit grows 19% to AED40.4m in Q1 2024 (WAM 02/05/2024)
Nasdaq Dubai acquired more than 50% of sustainable sukuk in Q1 2024 (WAM 02/05/2024)
Banking sector sees AED33.3b surge in new Savings Deposits over 12 months, marking 14% growth (WAM 02/05/2024)
DFM unveils new digital platform and app ‘iVestor’ (WAM 02/05/2024)
Bank of Sharjah reports net profit of AED80m in Q1 2024 (WAM 02/05/2024)
PureHealth delivers triple digit net profit growth to AED491m in Q1 (WAM 02/05/2024)
ADQ prices inaugural $2.5b bond listed on London Stock Exchange (WAM 02/05/2024)
Agility Global shares soar on ADX debut (The National 02/05/2024)
UAE aims to grow economy at 7% in 2024, minister says at Economy Middle East Summit 2024 (Khaleej Times 02/05/2024)
No respite for UAE borrowers as interest rates remain high (Khaleej Times 02/05/2024)
CBUAE maintains Base Rate at 5.40% (WAM 01/05/2024)
Dubai Aerospace Enterprise revenue grows by 9% to $343.6m in Q1, 2024 (WAM 01/05/2024)
12.3% annual growth in Central Bank's gold reserves by end of February 2024 (WAM 01/05/2024)
Aggregate capital, reserves of UAE-based banks exceed AED0.5t by end of February 2024 (WAM 01/05/2024)
Gulf Capital aims to increase its assets under management to $3.15b by 2025: CEO (WAM 01/05/2024)
Spinneys' IPO raises AED1.38b (WAM 01/05/2024)
DFM launches ARENA: Dubai's private market for capital raising, listing, investments (WAM 01/05/2024)
SHUAA announces settlement of over AED500m in margin facilities with multiple UAE banks (WAM 01/05/2024)
Ghitha announces total revenue of AED1.3b in Q1 2024 (WAM 01/05/2024)
FAB reports AED4.2b net profit, total assets over AED1.2t in Q1 2024 (WAM 01/05/2024)
UAE: Quality IPOs of high-growth firms coming to local stock markets (Khaleej Times 01/05/2024)
Is a profit sharing plan right for your business? (Arabian Business 01/05/2024)
e& reports consolidated revenues of AED14.2b in Q1 2024, up 9% (WAM 30/04/2024)
UAE Fund Transfer System processed transactions worth AED3 trillion in Jan-Feb 2024 (WAM 30/04/2024)
UAE banks continue to achieve strong results in 2024: S&P (WAM 30/04/2024)
Local stock markets witnessed liquidity of AED24.3b IHC, Emaar lead (WAM 30/04/2024)
UAE banks' investments surpass AED650b mark to reach their highest level in history (WAM 30/04/2024)
Abu Dhabi Fund for Development participates in annual meetings of Islamic Development Bank (WAM 30/04/2024)
AED71.2b increase in cash deposits over 12 months: CBUAE (WAM 30/04/2024)
AED195m in Apex Investments’ revenues in Q1 2024 (WAM 30/04/2024)
UAE is fastest growing market for cryptocurrency adoption in Q1, 2024 (Arabian Business 30/04/2024)
CBUAE's February balance sheet hits record AED750b, surges 32.5% annually (WAM 29/04/2024)
National Bank of Fujairah reports AED274.8m net profit in Q1 2024 (WAM 29/04/2024)
Dubai Financial Market reports 171% increase in Q1 2024 net profit (WAM 29/04/2024)
Gorss banks' assets exceed AED4.2t milestone in February 2024: CBUAE (WAM 29/04/2024)
AED203b increase in Central Bank's foreign assets over past year (WAM 29/04/2024)
UAE's Islamic finance sector witnesses accelerated growth of 8% in 2023: S&P (WAM 29/04/2024)
UAE corporate tax to bolster future economic sustainability: MoF (WAM 29/04/2024)
Emirates Islamic becomes first Islamic bank in region to introduce Fractional Sukuk for investors (WAM 29/04/2024)
Aldar first-quarter profit jumps 81% on higher property sales (The National 29/04/2024)
UAE MERGERS AND ACQUISITIONS NEWS
UAE’s EGA completes acquisition of Leichtmetall in European expansion push (The National 03/05/2024)
Dubizzle Group boosts automotive offering with Drive Arabia acquisition (Arabian Business 03/05/2024)
e& Group denies any potential acquisition of United Group assets (WAM 02/05/2024)
Abu Dhabi Aviation completes transaction to acquire stakes in Etihad Engineering, AMMROC, GAL (WAM 02/05/2024)
EDGE acquires 51% of CONDOR Non-Lethal Technologies (WAM 01/05/2024)
UAE BILATERAL TRADE NEWS
UAE, Uzbekistan sign investment memorandum to boost digital infrastructure development (WAM 03/05/2024)
Amna Al Dahak heads UAE delegation to 38th session of General Assembly of Arab Organisation for Agricultural Development in Riyadh (WAM 03/05/2024)
UAE, Austria witness increasing mutual investments (WAM 03/05/2024)
Production at Khor Mor facility in KRI has been restored to normal levels: Dana Gas (WAM 03/05/2024)
UAE online trading firm CFI enters South Africa with new FSCA license (Arabian Business 03/05/2024)
Minister of Industry and Advanced Technology leads UAE delegation at GCC industry meetings in Qatar (WAM 02/05/2024)
UAE, Iran hold first session of Joint Economic Committee to promote cooperation in new economy sectors (WAM 02/05/2024)
Dubai International Chamber gears up to lead trade mission to Indonesia, Vietnam (WAM 02/05/2024)
UAE National Pavilion showcases latest defence technologies at DSA 2024 (WAM 02/05/2024)
UAE-India CEPA marks two years of high bilateral trade growth, collaboration (Arabian Business 02/05/2024)
UAE reiterates support for GCC efforts to enhance intra-regional trade and investment flows & establish legislative frameworks for e-commerce (WAM 01/05/2024)
EOCN hosts meeting to review best practices in export control of armoured vehicles (WAM 01/05/2024)
UAE participates in third Arab Economy and Cooperation Forum with Central Asian States and Azerbaijan (WAM 01/05/2024)
Our strategic relations with Republic of India are historic and deep-rooted: Reem Al Hashimy (WAM 01/05/2024)
Masdar, Bapco Energies to develop up to 2GW of wind projects in Bahrain (WAM 01/05/2024)
UAE contributed 44.1% to Japan's total oil imports in March 2024 (WAM 30/04/2024)
UAE-Romania Joint Committee holds 3rd Ministerial Meeting (WAM 29/04/2024)
If you found this blog post informative and helpful, please show your support by clicking the ❤️ at the bottom of the page. Thank you.
Written by Jenny Hunt
Founder, Gateway Group, Abu Dhabi and Dubai, United Arab Emirates
FORBES' Top 100 Most Influential Women in the Middle East
