UAE Weekly Business News 26/02/24
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UAE Weekly Business News issue 177 published 26th February 2024.
UAE FREE ZONE NEWS
FATF’s decision a testament to UAE's progress: ADGM (WAM 23/02/2024)
ADGM’s Registration Authority fines Baker Tilly, its Audit Principal $62,500 for audit failings (WAM 22/02/2024)
KEZAD Assets Management Company set to manage 750,000sqm of built-up assets under KEZAD Group (WAM 21/02/2024)
in5 start-ups record 25% funding growth in 2023 (WAM 21/02/2024)
RAKEZ recognised as ‘Best Special Economic Zone’ in GCC (WAM 21/02/2024)
Korea’s H2O establishes regional HQ in Abu Dhabi (WAM 21/02/2024)
FedEx announces new $350m regional hub at Dubai World Central Airport (Arabian Business 21/02/2024)
IFZA announces partnership with German Federal Association for SME’s (WAM 20/02/2024)
Hamriyah Free Zone showcases investment opportunities at Gulfood 2024 (WAM 20/02/2024)
Ministry of Education, Ajman Free Zone collaborate to approve licences for higher education institutions in emirate (WAM 20/02/2024)
ADDED, Hub71 partner to drive innovation in Abu Dhabi (WAM 20/02/2024)
DIFC celebrates 20th anniversary with 20 days of finance events (WAM 19/02/2024)
Azerbaijan's Vittorio to establish regional hub at SAIF Zone (WAM 19/02/2024)
Dubai Industrial City records 15% growth in F&B customers in 2023 (WAM 19/02/2024)
RAKEZ offers dynamic business solutions for F&B industry at Gulfood (WAM 19/02/2024)
KEZAD Group signs lease agreement with APT for automotive aluminium component manufacturing plant (WAM 19/02/2024)
UAE VISA NEWS (inc. employment, Emiratisation, training, women)
Dubai jobs: Real estate firms on hiring spree for consultants with up to 80% commission (Arabian Business 26/02/2024)
‘Can I reduce my housemaid’s salary?’ (The National 25/02/2024)
How many domestic helpers can Golden Visa holder sponsor? (WAM 25/02/2024)
'Saved up to Dh4,050': How 5-year multiple-entry visa is helping UAE residents, tourists (Khaleej Times 24/02/2024)
Flydubai hires 1,000 new employees (Khaleej Times 22/02/2024)
MOHRE inspection team reports landmark success in 2023 in cooperation with companies (WAM 21/02/2024)
Emirates announces daily flights from Dubai to Bogotá; UAE and Colombia waive visas (Arabian Business 21/02/2024)
UAE labour violations: Fake Emiratisation, unlicensed recruitment, false documentation, unfit accommodation and more (Arabian Business 21/02/2024)
My Dubai Salary: ‘I earn up to Dh12,000 a month in IT' (The National 20/02/2024)
MOHRE organises awareness workshop on procedures to settle labour disputes (WAM 19/02/2024)
100 best places to work in the UAE (Arabian Businsess 19/02/2024)
UAE Business and Economy News
Thirteenth WTO Ministerial Conference kicks off in Abu Dhabi (WAM 26/02/2024)
Zayed International Airport check-in services launch at Yas Mall (Abu Dhabi Media Office 26/02/2024)
UAE’s Cepa deals at odds with global shift towards protectionism (The National 26/02/2024)
Nakheel appoints contractors for luxurious District One West development in Dubai (Arabian Business 26/02/2024)
UAE removed from the FATF grey list: What this means for businesses (Arabian Business 26/02/2024)
RTA awards contract worth AED700m for Al Khail Road Improvement Project (WAM 25/02/2024)
WTO Chief Economist hails UAE's commitment to trade liberalisation (WAM 25/02/2024)
Dubai Municipality initiates project to develop Dubai Creek pier, upgrade support walls (WAM 25/02/2024)
DEWA highlights its efforts to support UAE’s strategies to enhance innovation environment (WAM 25/02/2024)
Emirati entrepreneur dishes up green cutlery from date palms (The National 25/02/2024)
20% higher returns: Why UAE homeowners are listing properties for short-term rentals (Khaleej Times 25/02/2024)
More than 17 million tourists expected to travel to Dubai this year (Khaleej Times 25/02/2024)
More jobs, lower bank fees: How UAE's exit from FATF 'grey' list will benefit residents (Khaleej Times 25/02/2024)
UAE and Saudi construction costs to rise by up to 7% in 2024 (Arabain Business 25/02/2024)
Emirates and Etihad among best long-haul economy airlines, UK survey shows (The National 24/02/2024)
Strong demand for Dubai's latest luxury development (The National 24/02/2024)
Dubai International Boat Show 2024: 46 launches, 400 new brands and luxury superyachts on display at major event (Arabian Business 24/02/2024)
Supreme Committee to Oversee Development of Hatta announces first-ever Hatta Farming Festival (WAM 23/02/2024)
ADAFSA launches biosecurity programme to promote integration of human, animal, plant, environmental health (WAM 23/02/2024)
Abu Dhabi Customs records 72% growth in digital transactions in 2023 (WAM 23/02/2024)
Star-studded culinary showcase, mega-deals mark Gulfood 2024 (WAM 23/02/2024)
Three new 787-9 Dreamliners join Etihad Airways fleet (WAM 23/02/2024)
Why is UAE renewable energy gaining private equity funding? (The National 23/02/2024)
Ultimate guide to being a UAE resident: 16 things you need to know before you move (Khaleej Times 23/02/2024)
Dubai’s A.R.M. Holding launches new real estate arm, HUNA (Arabian Business 23/02/2024)
Dubai restaurants go global: GAIA, Pickl, WOK BOYZ head to Miami, London, Canada as UAE dining takes on world (Arabian Business 23/02/2024)
Gulf Businesses set sights on double-digit export growth in 2024, defying geopolitical tensions: Economist Impact-DP World Study (WAM 22/02/2024)
AGDA partners with Med-Or Foundation to promote collaboration in higher education and research (WAM 22/02/2024)
Maktoum bin Mohammed meets with CEO of FedEx (WAM 22/02/2024)
Dubai Municipality logs over 1.5m food products in 2023 (WAM 22/02/2024)
Dubai Chambers attracts more than 67,000 new member companies (WAM 22/02/2024)
Inaugural TradeTech Forum to showcase how trade can add trillions to global economy (WAM 22/02/2024)
MoHAP hosts 7th UAE International Conference on Antimicrobial Resistance (WAM 22/02/2024)
UAE to host first Gulf-only esports competition in push to become global gaming hub (Arabian Business 22/02/2024)
UAE President receives FIFA President (WAM 21/02/2024)
UAE Health Council discusses enhancing integration and coordination, developing health system (WAM 21/02/2024)
Museum of the Future hits milestone with 2 million visitors on second anniversary (WAM 21/02/2024)
UAE Space Agency unveils significant milestones in 'Emirates Mission to the Asteroid Belt' (WAM 21/02/2024)
Hamdan bin Mohammed highlights Dubai’s relentless quest to redefine standards as prime global trade hub (WAM 21/02/2024)
Over 6,000 new F&B companies joined Dubai Chamber of Commerce in 2023 (WAM 21/02/2024)
Ewec in 'final stages' of agreement for Abu Dhabi solar plant (The National 21/02/2024)
Damac chief sees influx of Chinese investors driving next rally in property market (Khaleej Times 21/02/2024)
Dubai sets $7t trade target as it hits goals ahead of schedule (Arabian Business 21/02/2024)
Dubai healthcare sector grows to 59,000 workers and 4,900 facilities (Arabian Business 21/02/2024)
Abu Dhabi sees MASSIVE increase in real estate transactions as off-plan sales leap 104% (Arabian Business 21/02/2024)
Dubai’s real estate sector had its best year on record in 2023: Savills (Arabian Business 21/02/2024)
UAE supermarket chain Choithrams announces massive Gulf region expansion (Arabian Business 21/02/2024)
Gulfood demonstrates Dubai’s growing status as bridge between global markets (WAM 20/02/2024)
Dubai Municipality signs MoU with Majid Al Futtaim - Retail to ensure sustainable food supply chain (WAM 20/02/2024)
Dubai to host the world’s largest airport industry show in May (WAM 20/02/2024)
ERC launches 'Ramadan Continuous Giving' campaign (WAM 20/02/2024)
UAE’s AI Office signs agreement with UNDP to enhance AI adoption (WAM 20/02/2024)
RTA announces opening of Deira Old Souq Marine Transport Station (WAM 20/02/2024)
Dubai's F&B sector attracted $577m in new FDI (WAM 20/02/2024)
Abu Dhabi City Municipality carries out campaign to deal with unlicensed selling (WAM 20/02/2024)
39% increase in NOC applications for infrastructure, information services by DEWA (WAM 20/02/2024)
COP28 President calls for unprecedented action from every government, business, industry to deliver UAE Consensus (WAM 20/02/2024)
Dubai’s Airport Show 2024 to put $60b Middle East aviation market and global $1.8t construction spend in spotlight (Arabian Business 20/02/2024)
World Islands, Dubai: IHG announces Portofino-themed InterContinental resort to open in 2026 (Arabian Business 20/02/2024)
UAE metaverse adoption surges ahead of global peers on tourism, AI bets as market poised to contribute $16b yearly by 2035 (Arabian Business 20/02/2024)
Over 26,000 food establishments operate Dubai (WAM 19/02/2024)
Dubai International Boat Show 2024 to converge the world’s leisure yachting industry for landmark 30th edition (WAM 19/02/2024)
Ministry of Economy calls on companies to immediately revert to previous prices of building materials (WAM 19/02/2024)
KERNO to manufacture enterprise-class infrastructure products in the UAE as new member of NextGenFDI Program (WAM 19/02/2024)
flydubai adds Sochi to its seasonal summer network (WAM 19/02/2024)
DXB's Smart Corridor to become operational before Q3 2024 (WAM 19/02/2024)
Trakhees issues first licence for building construction using 3D printing technology in Dubai (WAM 19/02/2024)
UAE Pass usage soars to 7.2 million users in 2023 (WAM 19/02/2024)
DP World breaks ground on AED550m ‘Agri Terminals’ facility (WAM 19/02/2024)
UAE Digital Economy Council showcases rates of digital adoption in UAE (WAM 19/02/2024)
DEWA is highest rated energy utility globally in agility (WAM 19/02/2024)
MBZUAI, UNDP partner to advance use of AI for sustainable development (WAM 19/02/2024)
Yahsat unveils Direct-2-Device strategy to elevate global connectivity (WAM 19/02/2024)
Dubai project completes 3D printing for construction in 20 days (Khaleej Times 19/02/2024)
UAE announces $272,000 fines for building material price increases (Arabian Business 19/02/2024)
UAE real estate market boost as finance giants offer cross-border payments for international property investors (Arabian Business 19/02/2024)
Universal Music and DGMC announce UAE Music City with recording studios, music label and academies to develop future stars (Arabian Business 19/02/2024)
New Dubai ride-hailing firm targets millionaires with member-only service to compete with Emirates First Class (Arabian Business 19/02/2024)
UAE Financial News
Binghatti’s $300m sukuk sees strong demand with 200% subscription (Arabian Business 26/02/2024)
UAE allocates $5m to WTO's Women Exporters In Digital Economy Fund (WAM 25/02/2024)
UAE’s removal from Financial Action grey list to spur investor confidence (The National 24/02/2024)
UAE plays leading global role in combating financial crimes (WAM 23/02/2024)
FATF's announcement reaffirms effectiveness of UAE's AML/CFT framework: Chairman of ADDED (WAM 23/02/2024)
UAE successfully completes FATF recommendations (WAM 23/02/2024)
Aggregate capital, reserves of UAE-based banks increased to AED481b at end- November 2023 (WAM 23/02/2024)
FAB forecasts GCC will outperform global economy in 2024 (WAM 23/02/2024)
Dubai's economy will grow by around 5% this year (WAM 22/02/2024)
UAE economic growth expected to be over 5.5% in 2024: CEO of Saxo Bank in MENA (WAM 22/02/2024)
flydubai records AED2.1b net profit in 2023 (WAM 22/02/2024)
Rolls-Royce profits double as sales soar (The National 22/02/2024)
Emirates Development Bank highlights trade and supply chain finance solutions at GTR MENA 2024 (WAM 21/02/2024)
DEWA and Masdar reach financial closing on 1800MW 6th phase of Mohammed bin Rashid Al Maktoum Solar Park (WAM 21/02/2024)
e& reports record consolidated net profit of AED10.3b growing 3% year-over-year (WAM 21/02/2024)
Astra Tech emerges as largest fintech card issuer in UAE with 100,000 issued in 4 months (Arabian Business 21/02/2024)
ADIB's sustainable financing portfolio currently stands at around AED5.5b (WAM 20/02/2024)
Abu Dhabi Islamic Bank launches new payment hub (WAM 20/02/2024)
Dubai developer Binghatti plans benchmark sukuk offering (The National 20/02/2024)
SCA requests investors to submit payment requests for unclaimed dividends or dormant account cash at brokerage firms (WAM 19/02/2024)
UAE ranks world’s fourth largest Islamic finance market: CBUAE (WAM 19/02/2024)
UAE Mergers & Acquisitions News
Mubadala, co-investors announce agreement to purchase remaining stake in Truist Insurance Holdings (WAM 22/02/2024)
Abu Dhabi’s Mubadala considers stake in London Heathrow Airport (Arabian Business 21/02/2024)
Emirates Flight Catering fully acquires Bustanica (WAM 19/02/2024)
UAE Bilateral Trade News
Dubai Chamber of Commerce launches Hellenic Business Council (Government of Dubai Media Office 26/02/2024)
UAE-India trade grows despite global downturn (The National 26/02/2024)
UAE, Kuwait: A journey of financial and economic integration between two brotherly countries (WAM 24/02/2024)
UAE Ministry of Investment witnesses signing of largest-ever foreign direct investment agreement with Egypt (WAM 23/02/2024)
U.S. Consul-General hails strategic partnership with UAE (WAM 23/02/2024)
ADQ-led consortium to invest $35b in Egypt (WAM 23/02/2024)
Ugandan FM: Agriculture-tech synergy to help expand ties with UAE (WAM 23/02/2024)
UAEFA President meets JFA President (WAM 232/02/2024)
UAE, Kenya finalise terms of Comprehensive Economic Partnership Agreement (WAM 23/02/2024)
UAE Foreign Minister, Costa Rican counterpart discuss bilateral ties (WAM 23/02/2024)
Kerala woos global investors in foodtech sector at meet in Dubai (Arabian Business 23/02/2024)
Mohamed Alabbar’s Eagle Hills announces $4b Bahrain real estate project (Arabian Business 23/02/2024)
UAE, Estonia collaborate to strengthen food management (WAM 22/02/2024)
UAE-Kazakhstan Business Council to host its first meeting 28 February (WAM 22/02/2024)
Emirati and Chinese officials launch strategic police dialogue between the two countries (WAM 22/02/2024)
UAE and Argentina Presidents discuss cooperation ties in phone call (WAM 22/02/2024)
Dragon Oil signs commercial marketing agreement with Egyptian General Petroleum Corporation during EGYPS 2024 (WAM 21/02/2024)
UAE President discusses bilateral relations with Indonesian Defence Minister and presidential candidate (WAM 21/02/2024)
UAE and Indonesian Presidents discuss bilateral relations in phone call (WAM 21/02/2024)
EDGE Group, Shipbuilding Giant Fincantieri launch multi-billion Euro joint venture (WAM 21/02/2024)
DAMAC, Vodafone partner to launch $100m data center in Turkey (Arabian Business 21/02/2024)
UAE-based business travel platform Tumodo set to enter Saudi Arabia; eyes 5% market share in 2 years (Arabian Business 21/02/2024)
170 American companies participate in Gulfood in Dubai (WAM 20/02/2024)
EHS, Asan Medical Centre of Korea sign MoU (WAM 20/02/2024)
Uzbekistan, UAE’s Advanced Technology Research Council to accelerate Falcon AI adoption (WAM 20/02/2024)
UAE President receives President of Democratic Republic of Congo (WAM 19/02/2024)
UAE among top five global markets for basmati rice: India's APEDA (WAM 19/02/2024)
UAE-France High-Level Business Council holds 2nd plenary meeting in Paris (WAM 19/02/2024)
MOCCAE, Lithuania's Ministry of Agriculture partner to promote sustainable food systems, agricultural investment (WAM 19/02/2024)
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Written by Jenny Hunt
Founder, Gateway Group, Abu Dhabi & Dubai, United Arab Emirates
FORBES' Top 100 Most Influential Women in the Middle East
