Bank of Sharjah has reported record-breaking financial results for the year ended 31 December 2024, posting a profit before tax of $113m, marking a dramatic turnaround from the $75m loss in the previous year. The bank’s net profit after tax surged to $105m, driven by revenue growth, cost control, and risk management.
Aldar Investment Properties has successfully raised $500m through a 10-year green sukuk (a sharia-compliant bond), with the issuance oversubscribed 7.2 times, attracting $3.6bn in orders. Strong investor interest saw 61% of allocations from regional investors and 39% from international investors.
A new tap-on-phone payment solution has been launched with the goal of revolutionising the way businesses in the UAE process transactions.
Ajman may be the smallest of the UAE’s seven emirates, but it has emerged as a significant economic hub by leveraging its strategic location, investor-friendly policies, and growing business infrastructure. As a result, the emirate is steadily positioning itself as an appealing destination for entrepreneurs and investors.
A new initiative seeks to turn Dubai into an open-air art gallery, blending sustainable urban development with public art projects. The goal is to enrich the quality of life in the emirate and solidify its status as a global destination as well as a hub for creativity and culture.
Dubai’s luxury transport sector saw a 44% increase in 2024, with over 43.4 million trips taken, compared to 30.2 million in 2023. The luxury transport services in Dubai carried a total of 75.6 million passengers in 2024 which was up from 52.6 million the previous year. E-hail services saw a 32% rise, with trips climbing
The Abu Dhabi Businesswomen Council has partnered with Publicis Groupe Middle East to launch Ra’idah, a new initiative designed to empower women entrepreneurs.
The UAE Cabinet has approved the National Investment Strategy 2031, setting the goal of attracting $65.4bn in annual FDI by 2031, nearly doubling the current inflows of $30.5bn in 2023. It also aims to boost the country’s total FDI stock to $0.6tr in the next few years.
Dubai’s Alta Real Estate Development has joined forces with Parisian fashion house Maison Margiela to create the brand’s first residential project in the city.
Dubai’s real estate market experienced significant growth in 2024, as residential property prices surged by 19.1% year-over-year, reaching $459 per square foot, marking a 13.3% increase over the market’s previous peak in 2014.
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