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September 10, 2018

Dubai Startup Hub networking series to showcase startup success stories

Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, in cooperation with Area 2071, is set to launch a 10-week networking series on September 12th 2018 which will bring together stakeholders from the Dubai startup ecosystem and feature inspirational talks by renowned speakers, business leaders and industry experts.

Networking events will be held weekly at Area 2071 at Dubai’s Emirates Towers and run until November 14th 2018. The series is designed to highlight success stories and topics of interest to startups and entrepreneurs in Dubai.

An initiative of Dubai Future Foundation, Area 2071 is a physical manifestation of the UAE Centennial Plan [...]

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August 16, 2018

Emaar Revenue increases by 46% to AED 11.474 billion (US$ 3.124 billion) and net profit increases by 18% in first half of 2018

Emaar Properties recorded revenue for the first half of 2018 of AED 11,474 billion (US$ 3.124 billion), 46 per 0cent higher than HI 2017 revenue of AED 7.866 billion (US$ 2.142 billion), led by strong construction progress and growth in malls business.

Emaar’s net profit grew by 18 per cent to AED 3.344 billion (US$ 910 million), prior to considering the effect of the IPO of Emaar Development, compared to the net profit of AED 2,837 billion (US$ 772 million) during the same period in 2017. The net profit for the first half of 2018 after considering impact of Emaar Development IPO in 2017 is AED 2.981 billion (US$ 812 million), an increase of 5 per cent over same period [...]

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August 16, 2018

Nakheel reports H1 2018 net profit of AED2.51 billion

Nakheel today announced a net profit of AED2.51 billion for the first six months of 2018. The profit for the same period in 2017 was AED2.61 billion.

Nakheel handed over 451 units to customers in the first six months of the year. The company’s non-development businesses – retail, leasing, hospitality and asset management – all performed strongly. Annual revenues from these sectors is now AED2.6 billion – three times as much as in 2010 – and currently accounts for 38 per cent of the company’s total revenue.  Revenue from these sectors will continue to grow with the completion of retail and hospitality projects such as The Pointe, due to open this year, and The Night Market, [...]

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August 6, 2018

Nakheel invests AED15 million in new marinas at Dubai’s Palm Jumeirah

Master developer Nakheel is investing AED15 million to increase boat mooring capacity on Palm Jumeirah, with two new marinas that will bring the total berths on the island to 600.

New marinas are on the way at Nakheel’s Azure Residences waterfront apartment and restaurant complex on the island’s eastern trunk, and at The Pointe, Nakheel Malls’ upcoming seafront dining and shopping destination.

Nakheel has appointed Majestic Marine Engineering LLC to build the new facilities, with Applied Technology & Management, Inc. (ATM) the appointed consultants.

Due for completion this year, the marinas will accommodate a total of 44 boats and yachts up to 30 metres long, [...]

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August 1, 2018

Dubai maintains sustained tourism volumes with record overnight visitors in first half of 2018

Dubai welcomed a record 8.10 million international overnight tourists during the first six months of 2018, representing a consistent increase on the same period last year. Figures released by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) have confirmed the continued success of the emirate’s tourism sector, which at the end of 2017 was worth AED109 billion a year.  A destination of choice for a number of global markets, Dubai is on track for projected growth into the second half of 2018.

Top source markets continued to witness stable year-on-year performances in the first half of 2018, with India, KSA and the UK retaining their top three positions when [...]

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July 19, 2018

Record breaking visitor growth and continued partnerships solidify Dubai’s commitment to China

Ahead of President Xi Jinping of China’s arrival in the UAE later this week, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) reports continued growth in visitors from China. With a robust growth of 119% in overnight Chinese visitors since 2014 and a YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017 combined with a number of key agreements signed with major players in China, Dubai Tourism has reconfirmed its continued focus on its fourth top source market. Now one of Dubai’s fastest growing source markets, closing the first five months of 2018 with a record 400,547 visitors, this growth is predicted to continue in 2018.

Speaking [...]

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July 15, 2018

Dubai International Financial Centre Reports Strong Start to 2018

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC) said DIFC has played a highly positive and impactful role in Dubai’s economic development and diversification. Building on its world-class ecosystem, the Centre has constantly strengthened its partnerships with leading financial institutions and attracted international players to access growth opportunities through its world-class platform.

His Highness said that DIFC’s strategy is a true reflection of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, [...]

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July 9, 2018

Study shows SME share of Dubai GDP at 47%, workforce at 52.4%

Dubai SME, the agency of the Department of Economic Development, DED, in Dubai, mandated to develop the Small and Medium Enterprise, SME, sector, in conjunction with the Dubai Statistics Centre, released a new study on the local SME sector as part of Dubai SME Development Plan, SMDP, which is part of the Dubai Plan 2021.

The study was released in conjunction with the World SME Day, which was celebrated on June 27th this year.

Underlining the role and importance of the SME sector in the overall economy in Dubai, the study, which was initiated during the first quarter of 2018, showed that SMEs continue to create a significant number of job opportunities and add [...]

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