Latest news with #Abu Dhabi
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Gulf stocks gain on earnings optimism, ahead of US Fed outlook
Major Gulf equities rebounded in volatile trade on Wednesday as investors shrugged off underwhelming earnings and rotated into selective buying ahead of key corporate results and the U.S. Federal Reserve's policy decision, due later in the day. While the Fed is widely expected to hold interest rates steady, the possibility of dovish dissent has provided a measure of optimism. The Fed's stance holds significant implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it a key anchor for regional monetary stability. Saudi Arabia's benchmark index <.TASI> picked up 0.8% driven by broad sector gains and investor enthusiasm ahead of major earnings announcements from SABIC < and Aramco < due next week. Halwani Brothers < showed sharp intraday volatility, dropping nearly 5% after reporting a significant quarterly profit decline, before rebounding to close up by over 4%, reflecting a mix of sell-offs, bargain hunting and short-covering. Dubai's benchmark index <.DFMGI> rose 0.5% to hit over a 17-1/2-year high, logging its sixth straight session of gains, as hopes remain high ahead of key earnings, mainly from the real estate sector. Gains were driven by a 1.5% jump in toll operator Salik maintaining the same stretch of wins. The Abu Dhabi index <.FTFADGI> gained 0.1%, lifted by selective buying amid a mixed but largely encouraging earnings season. ADNOC Drilling advanced 1%, boosted by solid growth and a confident full-year outlook. Shares of Emirates Telecommunications Group(e&) added nearly 1.5%, as the telecom giant is slated to report its quarterly earnings on Thursday. Qatar's stock index <.QSI> bounced back 0.1%, recovering from two sessions of profit-taking, as optimism builds ahead of heavyweight earnings announcements. Beyond earnings, market sentiment remains focused on global trade developments ahead of the August 1 U.S. tariff deadline. Following two days of negotiations, the U.S. and China agreed to seek an extension of their 90-day tariff truce, set to expire on August 12. Meanwhile, South Korea was also lobbying to secure a trade deal as its officials met U.S. Commerce Secretary Howard Lutnick in Washington. While concerns linger over the impact of tariff policies on global growth and energy demand, the latest developments have helped bolster confidence in the resilience of oil-dependent Gulf economies. Outside the Gulf, Egypt's blue-chip index <.EGX30>, eased 0.7%, as investors locked in profits following a recent record peak. Talaat Moustafa Group fell 1.1%. (Reporting by Amna Mariyam in Bengaluru; Editing by Vijay Kishore)
Arabian Business
2 days ago
- Business
- Arabian Business
Abu Dhabi office market strengthens with record occupancy, rental growth: Report
Abu Dhabi's office market recorded sharp rental and occupancy growth in the second quarter of 2025 as demand for Grade A space outpaced supply. According to Savills' latest Market in Minutes report, the emirate's non-oil economy grew by 6.1 per cent year-on-year in the first quarter of 2025, contributing more than 56 per cent of total GDP. Abu Dhabi office market booms The Central Business District (CBD) saw a 42 per cent year-on-year increase in rental rates, while Outer CBD rents rose 18 per cent. City Gate Tower and Abu Dhabi Global Market (ADGM) recorded annual rental uplifts of 43 per cent and 30 per cent respectively, with ADGM rents ranging from AED 2,800 to AED 3,500 per square metre per year. Stephen Forbes, Head of Abu Dhabi at Savills Middle East, said: ' Abu Dhabi continues to attract a diverse mix of regional and international occupiers, and the recent expansion of ADGM into Al Reem Island has only amplified that appeal. As more global firms establish a presence in the capital, we're seeing a clear shift toward larger, high-quality spaces. Demand remains strong, particularly across financial services, consulting, and tech, a sign of growing business confidence and Abu Dhabi's rising stature as a global commercial hub.' In the first quarter of 2025, ADGM completed its jurisdictional expansion to Al Reem Island, adding nearly 500,000 sq m of office space. By the end of that quarter, the total number of operational firms within ADGM rose to 2,781, a 43 per cent increase from a year earlier, while financial services entities grew by 26 per cent. The workforce on Al Maryah Island expanded by 17 per cent to over 29,000 employees. Approximately 100,000 sq m of new office space is expected to be delivered this year, including projects in Masdar City Square and Yas Place. Another 100,000 sq m is planned by 2027 from projects such as One Maryah Place and Saadiyat Business Park. Savills expects continued upward pressure on prime rents through the remainder of 2025.
Zawya
2 days ago
- Business
- Zawya
Abu Dhabi office market displays strength amid record occupancy and rental growth, reports Savills
Abu Dhabi's office market continues to strengthen in Q2 2025, as tight supply and rising demand push occupancy and rental rates for Grade A spaces to record highs, according to the latest Market in Minutes report by global real estate advisor Savills. The emirate's non-oil economy grew by 6.1% year-on-year in Q1 2025, now contributing over 56% of Abu Dhabi's total GDP, a testament to the government's ongoing diversification efforts. This economic momentum is translating into growing business confidence, strong leasing activity, and heightened demand for high-quality office space. The Central Business District (CBD) submarket recorded a 42% year-on-year increase in rental rates, while Outer CBD areas experienced an 18% rise. Prominent buildings such as City Gate Tower and Abu Dhabi Global Market (ADGM) saw annual rental uplifts of 43% and 30%, respectively. Within ADGM, rents now range between AED 2,800 and AED 3,500 per sq m per annum. Occupier activity in H1 2025 was led by BFSI, consulting, technology, and hedge fund sectors, with a growing number of requirements for larger units between 10,000 and 20,000 sq ft. Stephen Forbes, Head of Abu Dhabi at Savills Middle East said, 'Abu Dhabi continues to attract a diverse mix of regional and international occupiers, and the recent expansion of ADGM into Al Reem Island has only amplified that appeal. As more global firms establish a presence in the capital, we're seeing a clear shift toward larger, high-quality spaces. Demand remains strong, particularly across financial services, consulting, and tech, a sign of growing business confidence and Abu Dhabi's rising stature as a global commercial hub.' In Q1 2025, ADGM completed its jurisdictional expansion to Al Reem Island, adding nearly 500,000 sq m of office space. By the end of that quarter, the total number of operational firms within ADGM rose to 2,781, a 43% increase year-on-year, with financial services entities growing by 26%. Al Maryah Island's workforce has also expanded by 17%, now exceeding 29,000 employees. New supply remains limited, with approximately 100,000 sqm of space expected to be delivered in 2025, including projects in Masdar City Square and Yas Place. High pre-leasing activity in these developments signals robust demand. Looking ahead, an additional 100,000 sqm is scheduled for delivery by 2027 from key projects like One Maryah Place and Saadiyat Business Park. With the market's fundamentals remaining strong, Savills anticipates continued upward pressure on prime rental values for the remainder of 2025. For further insights and detailed analysis, download the full Abu Dhabi Office Market in Minutes Q2 2025 report from here. About Savills Middle East: Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt, and Saudi Arabia. Expertise includes property management, residential and commercial agency services, property and business assets valuation, and investment and development advisory. Originally founded in the UK in 1855, Savills has an international network of over 700 offices and associates employing over 40,000 people across the Americas, UK, Europe, Asia Pacific, Africa, and the Middle East. For further information, please contact: Savills press office:
Zawya
3 days ago
- Business
- Zawya
Abu Dhabi completes 95% of first phase of Environmental Centennial 2071 plan
ABU DHABI – The Environment Agency – Abu Dhabi (EAD), in collaboration with its strategic partners, announced that 95 percent of the first phase plan of the Abu Dhabi Environmental Centennial 2071 was successfully completed by the end of 2024. This remarkable success was achieved in only the second year of the plan's rollout in 2023 - further driving the emirate's environmental sustainability agenda with the ambitious goal of making Abu Dhabi a global leader in environmental and climate action by 2071. The Government of Abu Dhabi has achieved 359 milestones and positive outcomes under the plan, with 63 initiatives exceeding their targeted goals. These achievements were made possible through the active participation of several key government entities including the Department of Municipalities and Transport – Abu Dhabi, the Department of Culture and Tourism – Abu Dhabi, the Department of Energy – Abu Dhabi, the Department of Government Enablement – Abu Dhabi, the Abu Dhabi Agriculture and Food Safety Authority, the Abu Dhabi Investment Office, the Abu Dhabi Public Health Centre, Abu Dhabi Mobility, and Abu Dhabi Maritime. The government's international collaborations also span more than 24 countries worldwide to help fulfil the plan's objectives. Commenting on this achievement, Sheikha Al Mazrouei, Executive Director of the Integrated Environmental Policy and Planning Sector at EAD, said, 'This remarkable achievement, which has exceeded expectations, is the result of collaborative efforts among leading government entities that place sustainability at the heart of their priorities – fully aligned with Abu Dhabi's vision. These outcomes reflect our strong belief in collective action and the spirit of positivity that continues to guide us and our partners forward in achieving the Abu Dhabi Environmental Centennial 2071 goals.' The first pathway, 'a vibrant emirate, thriving in nature,' achieved an 88 percent completion rate, encompassing several key accomplishments. These include the implementation of a comprehensive aquaculture development plan, the launch of the UAE's first hydrogeological map – which serves as a national reference for groundwater resource assessment – plus the development of a comprehensive sustainable agricultural development plan and the creation of an integrated air quality modelling framework. Other milestones include the launch of Abu Dhabi's Guide for the Safe Use of Bicycles and E-scooters, the update of infrastructure guidelines for micro-mobility, and the development of a research agenda and observatory plan for indoor air quality in priority sectors. The second pathway, 'green force resilient to climate change', exceeded its set targets, reaching a completion rate of 102 percent. This pathway saw the implementation of numerous projects and initiatives, including the development of the 2025-2050 Environmental Climate Adaptation Plan in conjunction with 41 entities, the establishment of smart agriculture standards to ensure sustainable food security and the formulation of a comprehensive energy sector policy framework, consisting of 93 initiatives extending to 2035. It also included the design and implementation of hydrogen and electric bus charging infrastructure, and the launch of electric bus operations – a project that went on to win a global innovation award in sustainability. Additional achievements include the development of a Marine Sector Sustainability Action Plan and the Abu Dhabi Energy and Water Efficiency Strategy 2030. Under the third pathway, 'enablers for future environmental leadership,' participating entities achieved a 97 percent completion rate. Highlights include the launch of the Emirate's 'Dark Sky' general policy – an initiative aimed at reducing nighttime light pollution – and the introduction of a community engagement initiative to co-design solutions for air and noise quality. In the area of environmental education and awareness, Abu Dhabi hosted the 12th World Environmental Education Congress (WEEC), reinforcing international cooperation and launched the seventh edition of the Sustainable Schools Initiative. Additionally, a Marine Sustainability Research Centre was established under the emirate's marine sector, and 'Sukun' – the world's largest 3D-printed water taxi- was launched. An intelligent soil quality monitoring system was also developed, integrating AI, remote sensing and spectroscopy for pollutant detection. The Environment Agency – Abu Dhabi, in collaboration with its strategic partners, continues to strengthen Abu Dhabi's leadership role in environmental and climate action.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE: Driverless taxis now available on Al Reem, Al Maryah Islands in Abu Dhabi
Commuters in Abu Dhabi can now have access to driverless taxis in Al Reem and Al Maryah Islands, Abu Dhabi Mobility announced on Tuesday, July 29. AD Mobility announced the expansion of its autonomous taxi service to cover these two Islands after the initial launch of the service in Saadiyat and Yas Islands and then connecting to the Zayed International Airport. With this latest expansion, autonomous taxi services now cover about half of Abu Dhabi's core areas, supporting Abu Dhabi's strategic vision to make 25% of trips in the emirate rely on smart transport by 2040. The expansion of the services is in collaboration with WeRide, as well as Uber, and Tawasul Transport, as the local operator of the project. It is part of the UAE capital's push towards smart and sustainable transport. This launch builds on the autonomous taxi services already available on Al Saadiyat and Yas Islands, as well as routes to Zayed International Airport. It is part of an ongoing plan to expand the fleet and extend the reach of Abu Dhabi's smart mobility project. Since this service started on the Uber platform in December 2024, the autonomous taxi fleet has tripled in size. Abu Dhabi Mobility is also working to roll out the service to more areas on Abu Dhabi Island in the future, ensuring broader coverage and improving the overall efficiency of the smart mobility system across the emirate.
