economy

Insights: The journey of building global businesses from a thriving economy

Jessica Wong, managing partner at eWTP Arabia Capital looks at how Saudi Arabia is uniquely placed to leapfrog innovation hurdles and build businesses with global impact

Breitling Premier B01 Chronograph 42 Collection_RGB

Breitling Premier chronograph makes its return after 80 years

The new Premier models are available on either a crocodile leather strap or a stainless steel bracelet

Aman Wadi Safar Diriyah

Aman Group to open two properties in Saudi Arabia’s Diriyah

Aman Wadi Safar will include 78 keys, while Janu Diriyah will feature 120 guest rooms

bilateral trade

UAE, European Union discuss boosting bilateral ties

Non-oil bilateral trade between the UAE and EU amounted to $56bn in 2022, achieving growth of 9.3 per cent

UAE Emiratisation

UAE announces new 2023 Emiratisation deadline

The authorities reminded non-compliant companies that they faced half-yearly fines of Dhs42,000 for every Emirati not hired

TAQA invest in clean energy startup

TAQA joins $37.3m funding round for clean energy startup Xlinks

Xlinks will use the proceeds to undertake the development of plans to lay the world’s longest high-voltage direct current subsea cables between the UK and Morocco

Air India Boeing

Air India increases frequency to Dubai from Mumbai, Delhi

It includes an all-new flight on the Delhi-Dubai sector which will commence from April 29

Knight Dragon’s Sammy Lee

How Knight Dragon plans to revolutionise Saudi Arabia’s real estate landscape

The developer shares the same vision as the authorities in Saudi Arabia and the company plans to open an office in Riyadh in Q4 2023

ACWA Power’s Egypt solar project secures $123m financing

The project already has equity bridge loans of $14m from the EBRD and $45m from the APICORP

Ethmar

Abu Dhabi royal-led firm Ethmar to list after capital raise

The firm which holds more than 25 subsidiaries is chaired by Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan

Club Lab Golf co-founders

Club Lab Golf launches in the Middle East with Dubai studio

The bespoke studio is equipped with the latest cutting-edge sports technology and the venue includes two practice bays with large launch monitors

Cheval Maison - The Palm

Cheval Maison serviced apartment brand opens in Dubai

The 131-key Cheval Maison – The Palm includes one-three bedroom apartments

Emirates expands its global network with Montréal flights

The airline said tickets to Montréal go on sale today for flights starting July 5 and can be booked on its website, the Emirates App or through travel agents

Dubai Marathon

Registrations now open for Dubai Marathon 2024

The marathon will return for its 23rd edition on January 7, 2024

Bay Island

Dubai’s Jumeirah Bay Island plot sells for $34m, sets new record

The buyer, who doesn’t live in the UAE, is planning to build a family vacation home on the property

Christian Hoehn, general manager of The Ritz-Carlton Abu Dhabi, Grand Canal.

The Ritz-Carlton Abu Dhabi, Grand Canal launches on-site vertical farm

The farm is expected to generate 10kg of produce daily and has a 41 sqm footprint

The Chedi Hegra

The Chedi Hegra to open in Saudi Arabia’s AlUla

The boutique hotel will feature 35 guest rooms and is expected to open to by Q4 2023

Dubai Metro hits new milestone with over two billion riders

The metro has a fleet of 129 modern trains that caters to the mobility needs of the community across the city’s 53 metro stations

TTEK

AD Ports’ Maqta Gateway acquires border control solutions platform TTEK

The total purchase consideration for the acquisition of 100 per cent ownership amounts to $26.7m with an upfront payment of $17.1m

Oreo Cafe

Oreo Cafe opens at Doha’s Hamad International Airport

The cafe in the new North Node offers a wide selection of sweet inventions including Oreo milkshakes, muffins and cheesecakes

UAE to offer corporate tax relief to ‘public benefit’ entities

Organisations that qualify for the exemption include entities that focus on activities such as philanthropy, community services and corporate social responsibility

UAE, Germany

UAE, Germany explore partnerships to build on industrial ties and climate efforts

Ministry of Industry and Advanced Technology hosts around 30 German companies to discuss expanding cooperation in fields such advanced technologies and de-carbonisation

Oman

Oman announces the first day of Eid Al Fitr 2023

The decision was made after the moon sighting committee failed to sight the crescent moon of Shawwal on Thursday, April 20

Saudi Arabia, UAE confirm the first day of Eid Al Fitr

The crescent Moon that signals the end of the holy month of Ramadan was spotted in the kingdom and the UAE on Thursday

EDB, Emirates Islamic partnership

Emirates Development Bank, Emirates Islamic partner to support SMEs

The Islamic lender is the 11th commercial bank to join EDB’s credit guarantee scheme platform

Ray Dalio, hedge fund billionaire, opens family office in Abu Dhabi

Ray Dalio set to open branch of family office in Abu Dhabi

The Dalio Family Office helps handle the billionaire’s private investments as well as his philanthropic donations

Mubadala co-leads funding round.

Abu Dhabi’s Mubadala co-leads Hasten Biopharma’s $315m funding round

The firm plans to use the proceeds to fund acquisitions and business development of innovative assets in the pipeline

Dubai Islamic Bank branch

Dubai Islamic Bank posts 12% surge in quarterly profit on higher revenue

The bank’s balance sheet expanded by 1.3 per cent YTD to Dhs292bn while customer deposits settled at Dhs198bn

UAE Dr. Thani bin Ahmed Al Zeyoudi.

UAE, South Africa seek to boost trade ties in energy, tourism

The country is the UAE’s second-largest trading partner in Africa, accounting for 8 per cent of total non-oil trade with the continent

Dubai real estate

Here’s how much Dubai’s real estate sector recorded in Q1 2023

The sector maintained its high growth momentum recording 38,700 transactions