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What's On
a day ago
- Automotive
- What's On
Public transport: Dubai to get 637 eco-friendly buses
Dubai's Road and Transport Authority (RTA) recently announced that its adding to its fleet of buses and have ordered 637 public buses to grace the roads of Dubai. The buses are worth a large Dhs1.1 billion and are sure to assist in the development of public transport around the city. The buses are scheduled for delivery in 2025 and 2026 and there will be various types including 40 electric ones. The announcement was shared after four major agreements were made and, H.E. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors at RTA, witnessed the signing at UITP Global Public Transport Summit. RTA also signed a Memorandum of Understanding with the Chinese company BYD, to pilot the operation of an electric bus equipped with the latest technologies and battery systems offered by the company. The trial will take place in Dubai over a period that includes the summer season. The buses will meet the European 'Euro 6' low-emission standards, highlighting the RTA's commitment to support Dubai's sustainability goals and aiming to have a 100% electric and hydrogen-powered public bus fleet by 2050. شهد معالي مطر الطاير المدير العام ورئيس مجلس المديرين في هيئة الطرق والمواصلات، على هامش مشاركة الهيئة في أعمال القمة العالمية للمواصلات العامة، توقيع أربع اتفاقيات توريد 637 حافلة متعددة الأحجام، مطابقة للمواصفات الأوروبية الخاصة بالانبعاثات الكربونية المنخفضة، 'يورو 6″، بينها… — RTA (@rta_dubai) June 19, 2025 RTA recently announced a bus pooling service for Dubai commuters. The service offers door-to-door service at affordable prices tailored to your daily routine, and delivered by fully licensed and RTA-regulated operators. The initiatives by RTA are mainly focused on improving the traffic flow around the city and making commuters lives easier. There are 40 places in Dubai to be improved over the summer as schools close and people jet off around the world. Image: Archive > Sign up for FREE to get exclusive updates that you are interested in
Gulf Today
11-06-2025
- Business
- Gulf Today
Sharjah realty sector zooms, hits Dhs5.5 billion in May
Business Bureau, Gulf Today The Emirate of Sharjah recorded strong performance in its real estate sector during May 2025, with total trading value of Dhs5.5 billion across 8,415 transactions in various areas of the emirate. The total traded area of sales transactions reached 13.2 million square feet, which reflects the continued strength and strategic development of the emirate's real estate market. Sharjah's real estate performance reflects market dynamics and expanding demand. The real estate sector in Sharjah is undergoing a strategic transformation, marking a clear shift from traditional growth patterns toward a more advanced, diversified, and sustainable phase. This evolution is reflected in the rising range of investors and the increasing variety of real estate uses entering the market. Underlying this transition is the growing maturity of the sector, driven by a combination of key enablers — most notably, the government's proactive vision to enhance the business environment and the implementation of flexible, investor-friendly legislation. These reforms are designed to keep pace with dynamic market needs, offering both confidence and strong legal assurances to local and international stakeholders. At the same time, balanced urban expansion, along with ambitious development projects being implemented across the emirate, has helped reshape the real estate landscape in a more comprehensive and diverse manner. This trend has created new investment opportunities, supported by modern infrastructure and promising areas that are witnessing increasing interest from investors and developers. Statistics from May 2025 highlight the growing momentum in Sharjah's real estate sector, with a total of 8,415 transactions recorded across the emirate. Of these, 1,574 were sales transactions, accounting for 18.7 per cent of the total — a clear indicator of increasing demand for real estate. In parallel, mortgage activity remained strong, with 381 mortgage transactions, representing 4.5 per cent of all transactions and totalling more than Dhs1.1 billion in value. This level of financing activity reflects the growing confidence of both investors and financial institutions in Sharjah's real estate sector. Initial sales contract transactions totalled 1,486, accounting for 17.7 per cent of all real estate transactions, while ownership certificate recorded 3,619 transactions, representing 43 per cent of the total. Furthermore, 1,355 ownership deeds were issued during May, comprising 16.1 per cent of total transactions. This underscores the steady pace of ownership registration and property transfers, reinforcing the emirate's reputation for transparency, legal integrity, and a well-regulated real estate environment. Sales transactions took place in 134 areas across the various cities and regions of the Emirate of Sharjah. These properties included residential, commercial, industrial, and agricultural lands. Regarding the type of property traded, 877 lands were traded, 395 of units in towers, and 302 of built-in land transactions. 'Al-Metraq' was the highest-traded area in terms of sales transactions. Sharjah City accounted for the majority of sales deals in May, recording a total of 1,426 transactions. 'Al-Metraq' ranked the highest in terms of the number of sales transactions, with 354, followed by 'Muwailih Commercial' area with 258 transactions. 'Tilal' area ranked third with 135 deals, then 'Rodhat Al Qarat' area recorded 67 transactions. In terms of the areas with the highest trading value, 'Muwailih Commercial' area ranked the highest with a trading value of Dhs352.2 million, followed by 'Tilal' with Dhs263.2 million, 'Al-Sajaa Industrial' area with Dhs140.9 million, and 'Al-Metraq' with Dhs114.9 million. In the Central Region, a total of 97 sales transactions were recorded, most of which were in the 'Industrial 1' with 17 transactions. In terms of trading value, 'Al-Blida' area ranked the highest with a trading value of Dhs13.8 million. As for the city of Khor Fakkan, it recorded 26 sales transactions, in which 'Al-Harai Industrial' area recorded 5 transactions. Meanwhile, Hay Hayawa 4 area had the highest trading value of Dhs3.6 million. Finally, and in Kalba city, 24 sales transactions were recorded, led by 'Al-Tarif 5' area with 7 transactions, while 'Al Soor 1' had the highest trading value of Dhs3.5 million. Meanwhile earlier the Sharjah Real Estate Registration Department (Sharjah RERD) signed a memorandum of cooperation with Emirates Islamic bank (EIB) to activate a direct electronic link between the two parties. This step is part of the department's strategy to digitise its services and enhance the efficiency of real estate registration and financing procedures, which is in line with the Sharjah government's digital transformation efforts and the provision of smart interconnected services. The memorandum was signed by Abdul Aziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, and Farid Al Mulla, Chief Executive Officer of Emirates Islamic, in the presence of several department directors and officials from both parties.
Gulf Today
30-04-2025
- Gulf Today
5 break into a Dubai firm's warehouse, cut open safe and steal Dhs1.1m
Dubai Civil Court has ordered five Asian nationals to pay Dhs1.1 million to a Dubai-based company, along with a 5% legal interest from the date of the judgment. This ruling follows the suspects' criminal conviction for stealing from the company's warehouse. According to court documents, the company filed a civil lawsuit seeking Dhs7 million in compensation after the Public Prosecution charged the five suspects with nighttime robbery under threat of weapons. The suspects allegedly broke into the company's warehouse late at night using an electric saw, stole a safe containing Dhs1 million and various mobile phones, and fled. Dubai Misdemeanour Court previously sentenced the five suspects to 6 months in jail, imposed a collective fine of Dhs1.1 million (the stolen money), and ordered their deportation after serving their sentences. The ruling became final, prompting the company to file the civil suit for material and moral damages resulting from the theft. Dr Alaa Nasr, the company's legal representative, stated that under the law, no one may take another's property without lawful cause. If taken, it must be returned.
Gulf Today
23-04-2025
- Business
- Gulf Today
T-Sukuk auction for April 2025 attracts bids worth Dhs6.12b
The Ministry of Finance (MoF), in its capacity as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and payment agent, successfully completed the auction of UAE Dirham-denominated Islamic Treasury Sukuk (T-Sukuk) amounting to Dhs1.1 billion. This issuance forms part of the T-Sukuk issuance programme for the year 2025, as published on the MoF's official website. The auction attracted robust demand from eight primary dealers across both tranches maturing in May 2027 and September 2029. The total bids received reached Dhs6.12 billion, reflecting an oversubscription rate of 5.6 times, underscoring the strong confidence of investors in the UAE's creditworthiness and Islamic finance auction results highlighted competitive, market-driven pricing with a Yield to Maturity (YTM) of 3.83% for the May 2027 tranche and 3.93% for the September 2029 tranche. These yields represent a tight spread of 5 and flat basis points, respectively, above comparable US Treasuries at the time of issuance. The Islamic T-Sukuk programme plays a vital role in supporting the development of the UAE's Dirham-denominated yield curve, offering secure investment instruments for a wide range of investors. Furthermore, it reinforces the local debt capital market, contributes to the development of the broader investment landscape, and supports the UAE's long-term economic sustainability and growth objectives. The results of the Islamic Treasury Sukuk (T-Sukuk) auction denominated in UAE dirhams, amounting to Dhs1.1 billion for February. This issuance is part of the Islamic T-Sukuk issuance programme for the first quarter of 2025 as published on the Ministry's website. The auction witnessed a strong demand from the eight primary dealers for both tranches maturing in August 2028 and September 2029, of the Islamic T-Sukuk, with bids received worth Dhs7.1 billion and an oversubscription by 6.5 times. The success is reflected in the attractive market driven prices, with a Yield to Maturity (YTM) of 4.18 per cent for the tranche maturing in August 2028 and 4.21 per cent for the tranche maturing on September 2029, representing a spread of one basis point above US Treasuries with similar maturities at the time of the auction. The Islamic T-Sukuk issuance programme will contribute to building the UAE dirham denominated yield curve, providing safe investment alternatives for investors, strengthening the local debt capital market, developing the investment environment, as well as supporting sustainable economic growth. ADIB profit rises 18%: Abu Dhabi Islamic Bank (ADIB) reported a Q1 2025 net profit before tax of Dhs1.9 billion, rising 18% year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth. Q1 2025 net profit before tax increased 18% compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dhs 1.7 billion, reflecting a 18% increase compared to Q1 2024. Revenue for Q1 2025 improved by 14% to Dhs2.9 billion compared to Dhs2.5 billion for Q1 2024. This exceptional growth reflects broad-based performance across all key segments. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this improvement. Total assets increased by 25% year-on-year to reach Dhs244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment financing grew by 28% year-on-year, representing Dhs33 billion increase compared to last year and Dhs8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deals. Customer deposits rose by 25% year-on-year to Dhs200 billion, compared with Dhs160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12% year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69% of total deposits. Jawaan Awaidah Al Khaili, Chairman of ADIB, said: ''We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline.' He concluded, 'This outstanding performance was underpinned by strong revenue growth across all segments, improved cost efficiency and the best asset quality metrics we've seen to date.' In 2024, ADIB achieved a record performance a with Net Profit after tax totalling Dhs6.1 billion, an increase of 16 percent compared with Dhs5.25 billion in 2023. Net Profit before tax increased by 26 per cent year-over-year (YoY) to Dhs6.9 billion. During the last quarter of 2024 (Q4 2024), net profit before tax reached Dhs1.6 billion, up 7 percent YoY. WAM
Gulf Today
17-04-2025
- Business
- Gulf Today
Dhs5 billion expansion plan announced for Mall of the Emirates
Majid Al Futtaim, the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, has announced a landmark DHS 5 billion investment to transform Mall of the Emirates into a next-generation lifestyle destination. Marking the mall's 20th anniversary, the project represents a bold refounding of a regional retail icon, building on the Group's enduring legacy of creating great moments, and delivering world-class experiences. The 'Mall of New Possibilities' vision will introduce new retail, dining, wellness, entertainment, and cultural offerings. As part of the transformation, 20,000sqm of additional retail space will be added, welcoming 100 new stores across luxury, fashion, and lifestyle categories. Dhs1.1 billion has already been allocated to major enhancements currently underway, including a new wellness club, cultural hub, dining precinct, and infrastructure upgrades. Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim Asset Management, said: 'Two decades ago, Mall of the Emirates set a new benchmark for retail and entertainment in the region. Today, we're building on that legacy with a bold investment that redefines what a mall can be. This transformation goes beyond physical expansion — it's about creating new ways for people to connect, unwind, and be inspired, all in one destination.' 'As we mark 20 years, our focus is firmly on the future. By introducing world-class wellness, cultural, and dining experiences, we're enhancing quality of life and supporting Dubai's vision as a global city — all while remaining committed to innovation and sustainability at every step.' Among the upcoming features is the SEVEN Wellness Club, bringing premium fitness, spa, and recovery experiences to the Kempinski Hotel. The 'New Covent Garden' cultural hub, developed with Dubai Performing Arts Academy, will open in early 2025 and include a 600-seat theatre and rehearsal spaces. As part of the transformation, a new indoor-outdoor precinct will introduce a dynamic mix of fast-casual dining and interactive entertainment, designed to foster social connection and vibrant lifestyle experiences. At its heart will be the mall's first-ever outdoor F&B courtyard, set to debut in early 2027. This adaptable space will transform into a lush green oasis during the cooler months, offering visitors a refreshing new way to enjoy the mall's evolving culinary scene. Majid Al Futtaim is also redefining its entertainment portfolio to cater to all ages, with four new entertainment concepts set to launch by late 2026. VOX Cinemas has further enhanced its offering at the mall, debuting the world's most advanced IMAX experience to deliver cutting-edge cinema for its audiences. The investment also includes a full revamp of the West End district, modernising its design and atmosphere to create a vibrant social hub. Infrastructure enhancements are already underway, including the rollout of the Parkin barrierless parking system, improved access roads, and bridge upgrades in collaboration with Dubai's RTA, expected by September. With sustainability at its core, the transformation will integrate energy-efficient technologies, smart systems, and eco-conscious design—reinforcing Majid Al Futtaim's commitment to shaping spaces that are innovative, inclusive, and future-ready. Mall of the Emirates is poised to redefine the retail experience for a new era.
