Latest news with #AED220
Hi Dubai
07-05-2025
- Business
- Hi Dubai
Mohammed bin Rashid Approves National Strategy for Islamic Finance and Tourism Growth Targets
The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum at Qasr Al Watan in Abu Dhabi, has approved the UAE Strategy for Islamic Finance and Halal Industry, alongside key initiatives targeting economic growth, biosafety, tourism, and SME development. The strategy aims to position the UAE as a global leader in Islamic finance by growing Islamic bank assets to AED2.56 trillion and increasing sukuk listings to AED660 billion by 2031. A committee led by the Central Bank governor will oversee its implementation. The Cabinet also reviewed strong results from the tourism sector. In 2023, the industry contributed AED220 billion to the national economy and supported over 800,000 jobs. Hotel guest numbers rose 9.5 percent to 30 million, and the sector's 2024 contribution is projected to reach AED236 billion. Plans are in place to raise this to AED450 billion within six years. An updated National Biosafety Framework was approved to strengthen the UAE's capabilities in biological risk management, research, and emergency response. The Cabinet also reviewed biofuel initiatives supporting the country's sustainability goals. Further discussions covered the growth of the SME sector, which saw a 160 percent increase in business licenses. The UAE ranked first globally in the 2024–2025 International Business Leadership Observatory and maintained strong positions in other international competitiveness rankings. Other approvals included restructuring the UAE Gender Balance Council and the UAE Council for Environmental and Municipal Work, new performance frameworks for federal employees, legislative updates across sectors, and ratification of international agreements focused on trade, investment, and cooperation. The Cabinet reaffirmed its commitment to economic diversification, innovation, and sustainable development through a series of forward-looking strategies and reforms. News Source: Emirates News Agency
Trade Arabia
02-04-2025
- Business
- Trade Arabia
Dubai to hand over 11,300 new hotel rooms by 2027, says report
More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, according to leading real estate advisory group Cavendish Maxwell. Last year, Dubai had added 4,255 rooms across 19 hotels to its inventory, representing year-on-year growth of almost 3%. As of December, the city boasts 724 hospitality establishments, with 151,245 keys between them, stated the industry expert in its Dubai Hospitality 2024 Market Performance report. Cavendish Maxwell pointed out that hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows, it added. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: "Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market." "We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure.," he added. According to Cavendish Maxwell, the number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport, it stated. Balint said this continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed AED236 billion ($64.2 billion), up from AED220 billion ($59 billion) in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion, it added. Cavendish Maxwell pointed out that Dubai's hotel occupancy levels remained steady, rising to 78% in 2024, up 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. On the average daily rates (ADR), the real estate advisory said it reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories too saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels.
Zawya
18-03-2025
- Business
- Zawya
Dubai to hand over 11,300 new hotel rooms by 2027, says report
UAE - More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, according to leading real estate advisory group Cavendish Maxwell. Last year, Dubai had added 4,255 rooms across 19 hotels to its inventory, representing year-on-year growth of almost 3%. As of December, the city boasts 724 hospitality establishments, with 151,245 keys between them, stated the industry expert in its Dubai Hospitality 2024 Market Performance report. Cavendish Maxwell pointed out that hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows, it added. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: "Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market." "We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure.," he added. According to Cavendish Maxwell, the number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport, it stated. Balint said this continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed AED236 billion ($64.2 billion), up from AED220 billion ($59 billion) in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion, it added. Cavendish Maxwell pointed out that Dubai's hotel occupancy levels remained steady, rising to 78% in 2024, up 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. On the average daily rates (ADR), the real estate advisory said it reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories too saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels. Those in the Luxury segment witnessed a drop of 1.9% in ADR year-on-year, despite a 3% increase in occupancy, suggesting that increased demand came at the expense of pricing, it added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Al Etihad
05-03-2025
- Automotive
- Al Etihad
ADNOC to create AED220+ billion global chemicals powerhouse
4 Mar 2025 01:24 ABU DHABI-VIENNA (WAM)ADNOC and Austria's OMV have announced today that they will merge their shareholdings in Borouge plc and Borealis AG to create Borouge Group new combined company will then acquire NOVA Chemicals Corporation, a North American producer, for AED49.2 billion. With the inclusion of Borouge 4, Borouge Group International will become a AED220+ billion global integrated chemicals powerhouse and the world's fourth largest producer of Group International will be jointly owned and controlled by ADNOC and OMV, with headquarters in Vienna and Abu Dhabi. As part of the transaction, OMV will inject €1.6 billion (AED6.1 billion) in cash into the consolidated company to equalize its share. Borouge Group International will have best-in-class margins with around AED1.8 billion in synergies each year, and will deliver dividend growth for existing Borouge plc shareholders, who will be owners in the new company listed on the Abu Dhabi Securities Exchange (ADX).Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said: 'These transformative transactions mark a pivotal milestone in ADNOC's global chemicals strategy as we deliver on our international growth mandate, under the guidance of the UAE leadership. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse, with a portfolio of premium products, cutting-edge technologies and worldwide market access. The visionary combination of Borouge and Borealis and acquisition of Nova Chemicals, further future-proofs ADNOC and solidifies Abu Dhabi's status as a leader in the chemicals sector, as we seek to meet the growing global demand for chemicals and associated products, while driving value creation and growth opportunities for our shareholders.'Borouge Group International will combine the complementary strengths of the three international polyolefin leaders – Borouge, Borealis, and NOVA – including competitive feedstocks, access to growth markets, world-class technologies, and leadership in recyclable products. The new company will also benefit from complementary product lines, from Borouge's innovative agricultural products to Borealis' textiles and Nova's sustainable packaging solutions. The Borouge 4 expansion is expected to be transferred into the new company in 2026 at a cost of approximately AED27.5 billion, making it the world's fourth largest polyolefin producer by nameplate capacity with 13.6 million tonnes per annum (mtpa) of capacity across Europe, the Middle East and North agreement strengthens the close historical collaboration and strategic partnership between ADNOC and OMV. Upon completion, ADNOC's stake in Borouge Group International will be transferred to XRG, ADNOC's international energy investment company. XRG, launched in 2024 with an enterprise value of over $80 billion, is the latest development in ADNOC's strategy to accelerate international growth and drive greater value, and will initially focus on projects across the energy spectrum, from gas to chemicals to low-carbon fuels and energy infrastructure. Polyolefins are durable and lightweight materials widely used in manufacturing and everyday products including packaging, household goods, medical supplies and textiles.
Zawya
04-03-2025
- Business
- Zawya
ADNOC to create $60bln global chemicals powerhouse: Borouge Group International
ABU DHABI-VIENNA: ADNOC and Austria's OMV have announced today that they will merge their shareholdings in Borouge plc and Borealis AG to create Borouge Group International. This new combined company will then acquire NOVA Chemicals Corporation, a North American producer, for AED49.2 billion. With the inclusion of Borouge 4, Borouge Group International will become a AED220+ billion global integrated chemicals powerhouse and the world's fourth largest producer of polyolefins. Borouge Group International will be jointly owned and controlled by ADNOC and OMV, with headquarters in Vienna and Abu Dhabi. As part of the transaction, OMV will inject €1.6 billion (AED6.1 billion) in cash into the consolidated company to equalize its share. Borouge Group International will have best-in-class margins with around AED1.8 billion in synergies each year, and will deliver dividend growth for existing Borouge plc shareholders, who will be owners in the new company listed on the Abu Dhabi Securities Exchange (ADX). Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said: 'These transformative transactions mark a pivotal milestone in ADNOC's global chemicals strategy as we deliver on our international growth mandate, under the guidance of the UAE leadership. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse, with a portfolio of premium products, cutting-edge technologies and worldwide market access. The visionary combination of Borouge and Borealis and acquisition of Nova Chemicals, further future-proofs ADNOC and solidifies Abu Dhabi's status as a leader in the chemicals sector, as we seek to meet the growing global demand for chemicals and associated products, while driving value creation and growth opportunities for our shareholders.' Borouge Group International will combine the complementary strengths of the three international polyolefin leaders – Borouge, Borealis, and NOVA – including competitive feedstocks, access to growth markets, world-class technologies, and leadership in recyclable products. The new company will also benefit from complementary product lines, from Borouge's innovative agricultural products to Borealis' textiles and Nova's sustainable packaging solutions. The Borouge 4 expansion is expected to be transferred into the new company in 2026 at a cost of approximately AED27.5 billion, making it the world's fourth largest polyolefin producer by nameplate capacity with 13.6 million tonnes per annum (mtpa) of capacity across Europe, the Middle East and North America. The agreement strengthens the close historical collaboration and strategic partnership between ADNOC and OMV. Upon completion, ADNOC's stake in Borouge Group International will be transferred to XRG, ADNOC's international energy investment company. XRG, launched in 2024 with an enterprise value of over $80 billion, is the latest development in ADNOC's strategy to accelerate international growth and drive greater value, and will initially focus on projects across the energy spectrum, from gas to chemicals to low-carbon fuels and energy infrastructure. Polyolefins are durable and lightweight materials widely used in manufacturing and everyday products including packaging, household goods, medical supplies and textiles.
