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  • Dubai’s Largest Developer Halts New Projects as Glut Hits Values

    The comments marked a rare admission from Emaar, which for years has resisted calls to stop construction even as new properties flooded the market and drove down values. Home prices in Dubai, the Middle East’s main business and financial hub, have slumped by more than 30% since 2014, forcing the government to set up a committee to manage supply and demand.

  • Saudi Arabia completes construction of Expo 2020 Dubai pavilion

    The pavilion, work on which began in February 2019, will be second in size only to that of the UAE pavilion.

  • PICTURES: US Pavilion at Expo 2020 Dubai completes construction

    A major exhibition installation will occur in early 2021, and final finishing will take place during Summer 2021, according to the state-run news agency, Wam.

  • As virus mutes Dubai nightlife, Filipino bands feel the pain

    Show bands from the Philippines have long animated Dubai’s nightlife, satisfying an appetite for rock, R&B and pop that has grown with the emirate’s expat population. Now, as the pandemic mutes the city’s live-music scene and clobbers its economy, hundreds of Filipino performers are struggling to survive.

  • World’s largest fountain to launch in Dubai

    The Pointe, Dubai’s premier lifestyle and dining destination by Nakheel Malls, is gearing up to launch the world’s largest fountain. ‘The Palm Fountain’, Palm Jumeirah’s latest waterfront attraction, will attempt to break a Guinness World Records (GWR) title on Thursday, Oct. 22 during its inaugural launch event, and the public is invited to witness the celebration. Spread over 14,000 sq ft of sea water, the fountain’s super shooter will stand tall at 105 meters and come alive with over 3,000 LED lights. The attraction is the only multicolored fountain in Dubai and is a celebration of Dubai’s resurgence and ambition to aim for the sky.

  • Why Saudi Arabia could soon rival Dubai for fintech funding

    “Right now it’s the market that I’m seeing have the most exciting growth relatively. I think Dubai remains the epicentre in terms of number of deals, size of deals and the underlying maturity of the start-up ecosystem, but there’s no doubt that Saudi is sprinting forward, really propelled by this combination of a compelling, deep, local market that’s hungry for tech-enabled solutions; along with a new fuel of venture funding that’s blossomed in the last year or two.”

  • Top Dubai, Israeli Banks Seek to Cooperate After Peace Deal

    The biggest banks in Dubai and Israel are in talks to collaborate following this month’s landmark peace agreement between the Jewish state and the United Arab Emirates. Discussions between Bank Leumi and Emirates NBD Bank PJSC are at an early stage and no final decisions have been made, according to a person familiar with the matter, who asked not to be identified because the talks are private. The person declined to give further details.

  • Dubai 3D printing firm Immensa to expand to Saudi Arabia

    UAE startup Immensa Technology Labs will open 3D printing facilities in Saudi Arabia, along with new offices in Abu Dhabi, and the United States. The company currently employs 22 people in the UAE and exports its products to Saudi Arabia, Kuwait, Jordan, and North America among other places.

  • Dubai Courier App Fetchr Plans Saudi Expansion

    Fetchr secured at least $15 million in fresh funding to expand in Saudi Arabia as part of a turnaround plan that saved the Dubai-based courier app from collapse. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25 million, according to documents seen by Bloomberg. The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show.

  • Dubai’s Biggest Bank Profit Slumps After $1.1 Billion Provisions

    Emirates NBD PJSC first-half profit slumped 45% after it set aside $1.1 billion in provisions to cover an expected spike in bad loans brought on by the coronavirus pandemic. Dubai’s biggest bank increased impairments allowances more than three times to 4.2 billion dirhams, according to a statement. Profit dropped to 4.1 billion dirhams due to the higher impairment charges and a gain on the sale of a stake in Network International Holdings Plc last year wasn’t repeated.