Latest news with #RashidbinSaeedAlMaktoum
Time Out Dubai
3 days ago
- Business
- Time Out Dubai
19 throwback photos show what DXB Airport used to look like — and you won't believe it
We could be forgiven here at Time Out Dubai for thinking our city is the centre of the universe. But this wasn't always the case. There was a time when what is now DXB Airport was just an expanse of wasteland on the edge of the burgeoning city. Over the years Dubai International Airport has undergone a significant amount of change which has seen it grow from just one sandy runway in the desert into the world's busiest airport for international travellers. You may also like: How much Dubai has changed from the 1960s to today The visual history of DXB is striking and it's high time we had a look through the archives to see just how much the airport and the city around it have changed. History of DXB: The early years Old DXB: Crowds queue up outside Dubai International Airport in 1960 (Credit: DXB Airports) While Dubai International Airport started life in 1960, the city had served as a stop en route to Pakistan from the UK as far back as the 1930s. Huge flying boats from the old British Overseas Airways Corporation would stop at Dubai Creek on their way to Karachi. Stopping in Dubai would give these slow, long-haul flights an opportunity to refuel and restock before taking flight once more. And, initially, this was the purpose Dubai International Airport served. In the 1950s, Sheikh Rashid bin Saeed Al Maktoum, ruler of Dubai at the time, ordered an airport to be built since there was no direct air service to Dubai. Curiously, Sharjah did have an airport at this time which was run by the British army. This meant that people who wished to travel to Dubai would first need to fly to Bahrain, take a short flight to Sharjah then drive to Dubai. Changed days indeed. The initial desert runway of Dubai (Credit: DXB Airports) By 1960, Sheikh Rashid bin Saeed Al Maktoum had his wish. Dubai finally had its own airport. It was built on a 4km expanse of wasteland in Al Garhoud and was only capable of handling aircraft the size of a DC-3 (which could hold between 21 and 34 passengers). But Rome, or rather Dubai International, wasn't built in a day. Originally, the plan was to build an airport in Jebel Ali but this was thought to be too far from the city. We'll get to that later though. Middle East Airlines was the first to land in Dubai (Credit: DXB Airports) The old sandy runway at DXB (Credit: DXB Airport) The initial runway was sand-compacted and 1,800 metres long with three turning areas and a small terminal capable of handling around 200 passengers per day. Arrivals would take a matter of minutes as a solo immigration officer processed passports. There would have been two shops at the terminal to check out before walking out to the car park in search of a taxi. A Middle East Airlines flight was the first to arrive in Dubai. When MEA and Kuwait Airways started landing with four-engined viscounts, the runway was said to blow away. By 1965, this sandy runway made way for an asphalt one along with a number of other newly built facilities. A Gulf Aviation Heron plane on the old desert runway in the 1960s (Credit: DXB Airports) A MEA aircraft on the asphalt runway in the 1970s (Credit: DXB Airports) The 1970s saw a whole host of changes which set Dubai International Airport on the path to what we know today. A new three-storey terminal building was built, a traffic control tower was introduced, there were more taxiways, the runway lengthened, aprons were extended, and the airfield added lighting. A lot happened to modernise the airport. The bigger terminal allowed for an airport lounge to be built which gave passengers a comfortable place to hang out before they flew. The lounge at Dubai International Airport in the 1970s (Credit: Dubai Airports) The 1970s saw a whole host of changes at the airport (Credit: DXB Airports) DXB in the 1970s (Credit: DXB Airport) An aerial shot of DXB in the late 1970s (Credit: DXB Airports) An Air traffic control tower was brought in during the 1970s (Credit: DXB Airports) An aerial view of DXB in the 1970s (Credit: DXB Airports) History of DXB Airport: Emirates arrives The 1980s was a transformational period for the airport, as Dubai Duty Free began operations at DXB in 1983, a second runway was installed and Emirates started operations for the first time. The launch of Emirates came about fairly quickly after the initial idea was proposed in 1984 by Sehikh Al Maktoum. The Dubai National Air Travel Agency launched the airline within five months of it being asked in March 1985. Emirates took flight for the first time in the 1985 (Credit: Dubai Airports) The plan for Emirates was simply that it had to 'look good, be good, and make money'. And it's fair to say it's achieved that goal. You may like: How Emirates went from just two planes to world's biggest airline Similar to the initial flights all the way back in the 30s which stopped in Dubai on the way to South Asia, Emirates first flights were to Karachi and Mumbai in October of 1985. And in 1988, more than 4.3 million passengers passed through Dubai International Airport. Departures at DXB in the 1980s (Credit: DXB Airports) History of DXB Airport: Terminal 2 opens As Dubai continued to expand and grow in the 1990s, so too did its airport with a second terminal opening by the end of the millennium. In 1998, Terminal 2 opened at Dubai International Airport which increased capacity by two million passengers per annum. Dubai International Airport in the 1990s (Credit: DXB Airports) Dubai International Airport in the 1990s (Credit: DXB Airports) History of DXB Airport: The modern era Once we reached the 2000s, things started really ramping up at the airport. In 2002, it was named the fastest growing airport in the world with good reason. A Dhs2 billion project to expand the airport saw the capacity more than double from 10 million passengers to 23 million as a new concourse was constructed. The capacity grew once more in 2008 when a third terminal was built which allowed room for 60 million passengers. A year later, 40 million passengers passed through DXB for the first time as work began on another concourse and terminal 2 got a makeover ahead of the launch of flydubai. And in 2014, DXB became the world's top airport for international passenger traffic as it welcomed 70.4 million people in one year. A title it has held onto ever since. Dubai Airports 2024 (Credit: DXB) Terminal 3 at Dubai International Airport (Credit: DXB) DXB: The future Earlier in 2024, Sheikh Mohammed Bin Rashid Al Maktoum announced plans for a massive Dhs128 billion expansion of the city's other airport Al Maktoum International Airport. Dubai's second airport is based in Jebel Ali (see, we did get back to it as promised), a part of the city that decision-makers want to develop, and has been in operation since 2010. A render of plans for Al Maktoum International Airport (Credit: Dubai Media Office) The plans for Al Maktoum International Airport will eventually see it have capacity for 260 million passengers once complete. Currently, it serves a small fraction of that number. But plans could take more than a decade to come to fruition. As for DXB? It is unclear what the future holds for the city's current biggest airport once Al Maktoum International is complete. Flying from Dubai soon? How to spend your stopover in Dubai – no matter how long you're here for We've got your To Do list covered 48 hours in Dubai: all the best things to do in two days Your dream itinerary for a fleeting trip Revealed: The 5 top holiday destinations for people living in the UAE Is your favourite in the top five?
Mid East Info
15-05-2025
- Business
- Mid East Info
DIB Celebrates Golden Jubilee with a Bold New Vision for the Future - Middle East Business News and Information
DIB Marks 50 Years of Excellence with a Grand Celebration and Visionary Future Ahead Revealing a New Corporate Brand Identity, DIB's Bold Step Forward Reflects Innovation and Leadership in Islamic Finance Dubai, UAE – May 2025: Dubai Islamic Bank (DIB), the world's first Islamic bank and the largest in the UAE, honours its 50th anniversary—a historic milestone for the bank and for Islamic finance globally. Since 1975, DIB has helped shape the course of ethical banking by offering Sharia-compliant financial services that now reach more than 5 million customers, with operations spanning seven countries across three continents. This moment is marked not only by a look back at half a century of achievements but also by the revealing of a new corporate identity that reflects DIB's vision for the future—where innovation, sustainability, and purpose-driven growth remain at the centre of its strategy. A Vision That Started in Dubai, Now Leading the World: Founded under the guidance of the late His Highness Sheikh Rashid bin Saeed Al Maktoum and brought to life by the foresight of Haj Saeed bin Ahmed Lootah, DIB began as an ambitious idea to align modern banking with Islamic principles. Today, the Bank is recognised globally as a reference point in the industry, often cited for its pioneering role in establishing Islamic banking frameworks adopted worldwide. In its 50-year journey, DIB has grown its asset base to over AED 355 billion (as of Q1 2025), is listed on the Dubai Financial Market (DFM), and continues to report strong profitability with a first-quarter net income of AED 2.1 billion, reflecting consistent and sustainable growth. A Night to Remember: Hosting an Unforgettable Ceremony In a spectacular gathering at the Coca-Cola Arena in Dubai, nearly 4,000 Dubai Islamic Bank (DIB) employees and leaders came together to celebrate a defining moment in the Bank's five-decade journey. The event was graced by His Excellency Mohammed Ibrahim Al Shaibani, Director General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, alongside members of the Board of Directors, the Sharia Supervision Committee, and senior management — reflecting the occasion's significance at the highest levels of leadership. It was a heartfelt tribute to DIB's people, its core values, and the strong culture that has formed the foundation of its success. The evening, themed '50 Years of Progress – Celebrating Legacy, Prosperity, and the Future,' captured the essence of DIB's journey—looking back with pride and forward with a bold vision. A grand revealing of the new brand identity took place in a stunning display of legacy through a spectacular Laser Show that marked the reveal. The event also featured a longest service award ceremony, where three esteemed employees were honoured for their remarkable service of over 40 years with the Bank. This celebration of dedication reinforced DIB's commitment to recognising and fostering long-term loyalty and service. The evening concluded with announcing the draw winners, celebrating DIB's people and reinforcing the Bank's dedication to fostering an inclusive and dynamic environment for all its employees. Revealing New Brand Positioning 'Progress Never Stops' In line with its futuristic vision, Dubai Islamic Bank unveiled a bold new corporate brand identity, centred around the slogan 'Progress Never Stops.' This slogan captures the essence of DIB's pioneering legacy while reflecting its bold vision for the future. It embodies the bank's commitment to continuous growth, innovation, and leadership in the global banking landscape. While honouring its founding values of integrity, trust, and excellence, the new identity signals DIB's adaptability and agility as it navigates the future of Islamic finance. With this transformation, the bank affirms its commitment to shaping the future, pushing boundaries, and driving positive change across the global financial sector. A Vision for DIB's Legacy and Future: His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: 'As Dubai Islamic Bank celebrates 50 years of a profound legacy and continued commitment to excellence, we proudly acknowledge the values that have been the foundation of our success: integrity, trust, and visionary leadership. DIB has consistently pioneered innovation in Islamic finance, not just within the UAE, but globally, setting new standards in the industry. The strategic guidance of the UAE leadership has played a crucial role in creating an environment where institutions like DIB can thrive, leading the charge in shaping the future of finance. As we look to the future, we remain resolutely focused on continuing our legacy, expanding our global influence, and driving impactful change in the financial sector worldwide.' Dr. Adnan Chilwan, Group Chief Executive Officer of Dubai Islamic Bank, said: 'As we celebrate half a century of success, Dubai Islamic Bank stands at the crossroads of a rich legacy and an exciting future. Celebrating its Golden Jubilee today, does not only reflect DIB's remarkable growth but also a firm commitment to leadership, innovation, and the values that have positioned us as a global leader in the Islamic finance landscape. Dr. Chilwan added, 'The launch of our new brand identity marks a bold step forward, symbolising our ability to adapt while remaining firmly anchored in the principles that have defined us. This rebranding is more than just a visual change—it embodies our vision for the future and reinforces our relentless pursuit of excellence. Throughout our journey, we have consistently evolved and driven progress within the financial sector. As we reach this milestone, we are not merely reflecting on our countless achievements, but defining the roadmap for what lies ahead. The next chapter of DIB's journey will be driven by our relentless pursuit of innovation, a deeper commitment to the communities we serve, and a steadfast vision to lead the financial sector with integrity, agility, and purpose. We are prepared to meet the challenges ahead and continue building a legacy of success for the next 50 years.' Looking ahead to the next phase of this transformative journey, Dubai Islamic Bank continues its growth momentum, driven by ambitious strategic vision and new brand identity, to many more decades of leadership and prosperity. A step that will shape the future of Islamic finance for the next 50 years and beyond.
Hi Dubai
14-05-2025
- Business
- Hi Dubai
From Souks to Startups: The Evolution of Dubai's Trade Culture
Can a city born in the desert sands become a global stage for trade and innovation? Dubai answers with a resounding yes, weaving a tale of ambition that stretches from ancient souks to shimmering startup hubs. Step into a world where merchants once bartered spices under the scorching sun and now entrepreneurs pitch billion-dollar ideas in air-conditioned towers. This is Dubai's story; a vibrant tapestry of trade, woven with threads of history, vision and relentless reinvention. The city's journey began along a humble creek, where dhows carried pearls and textiles to distant lands. Today, it's a metropolis where tech startups and global corporations coexist, fueled by a culture that thrives on opportunity. Long ago, Dubai's souks buzzed with life, their narrow alleys filled with the scents of saffron and the clatter of commerce. These markets were the city's heartbeat, connecting traders from Persia to India. But Dubai's rulers dreamed bigger. They deepened ports, slashed taxes and built free zones that lured businesses from every corner of the globe. By the 21st century, the city wasn't just trading goods; it was trading ideas. Startups sprouted like desert blooms, turning Dubai into a beacon for innovators. This article traces that evolution, from the gritty charm of souks to the polished energy of startup ecosystems. It's a story of a city that never stops dreaming, and it invites you to walk its path. The Souk Era Image Source: The Guardian Imagine a time when Dubai was a quiet coastal village, its lifeblood flowing through the creek. The souks, vibrant markets like the Gold Souk and Spice Souk, were the city's soul. Merchants crowded the alleys, their stalls piled high with pearls, textiles and spices. The air carried the scent of oud and the hum of haggling, as traders from Iran, India and East Africa docked their wooden dhows along the water's edge. Pearls, harvested by divers who plunged into the Gulf's depths, were Dubai's first claim to fame. These shimmering gems traveled as far as Europe, fetching fortunes for local traders. The souks were more than markets. They were where stories were swapped over cups of cardamom-laced tea, where deals were struck with a handshake and where cultures mingled. Dubai's rulers, even in those early days, saw the power of trade. They kept taxes low and welcomed foreign merchants, fostering a spirit of openness that defined the city. The souks taught Dubai resilience and hustle, lessons that would echo through the centuries. This was where the city learned to charm the world. The Port Pivot Image Source: Dubai As It Used to Be As the 20th century dawned, Dubai's leaders knew the souks couldn't carry the city forever. The world was changing and Dubai needed to keep up. Enter Sheikh Rashid bin Saeed Al Maktoum, a leader with a vision as vast as the desert. In the 1960s, he deepened Dubai Creek, allowing larger ships to dock. But he didn't stop there. Port Rashid opened in 1972, followed by Jebel Ali Port in 1979, a man-made marvel that would become one of the world's largest harbors. These ports weren't just infrastructure; they were bold statements of intent. Jebel Ali Port was a game-changer. It could handle massive cargo ships, linking Dubai to global trade routes. But the real genius was the Jebel Ali Free Zone, launched in 1985. This tax-free haven offered businesses full foreign ownership and minimal red tape. Companies from around the world flocked to set up shop, drawn by the promise of easy trade and zero taxes. The ports turned Dubai into a logistics powerhouse, moving everything from cars to containers at lightning speed. This era showed the world that Dubai wasn't just a stopover. It was a destination for business, built on ambition and opportunity. The Free Zone Boom Image Source: Arabian Business The ports gave Dubai muscle but the free zones gave it brains. The Jebel Ali Free Zone was just the beginning. By the early 2000s, Dubai was rolling out specialized zones like Dubai Internet City, Media City and the Dubai Multi Commodities Centre (DMCC). Each was a tailored ecosystem, designed to attract specific industries. Want to start a tech company? Internet City offered a home alongside giants like Google and Microsoft. Dreaming of media stardom? Media City hosted CNN and BBC. Trading gold or diamonds? The DMCC was your spot. These zones offered more than tax breaks. They created communities where ideas could thrive. Businesses enjoyed full ownership, fast licensing and a bureaucracy that didn't drag its feet. By 2025, Dubai boasted over 20 free zones, each a magnet for global talent and capital. The DMCC alone accounted for 11% of the UAE's foreign direct investment. These zones turned Dubai into a playground for ambition, where entrepreneurs could build without barriers. It was the city's way of saying, 'Bring your ideas, and we'll help them grow.' The Startup Surge Image Source: Dubai Media Office Fast forward to the 21st century and Dubai's trade culture took a futuristic leap. The souks and ports laid the foundation but the startup boom added the shine. By the 2010s, Dubai was no longer just a trading hub. It was a launchpad for innovation. The government launched initiatives like Dubai Future Accelerators and the Dubai Startup Hub, pouring resources into entrepreneurship. Co-working spaces like in5 became incubators for big ideas, offering startups affordable offices and mentorship. Dubai's startup scene is a vibrant mix. Fintech firms like Telr are redefining wealth management, while e-commerce platforms like Noon challenge global giants. Careem, a homegrown ride-hailing app, sold to Uber for $3.1 billion, proving Dubai's startups could play with the big dogs. The city's global connections, diverse workforce and government backing make it a startup paradise. Expats from India, Europe and the Middle East work alongside Emirati founders, creating a melting pot of ideas. The souks' hustle lives on but now it's about coding apps and pitching to venture capitalists. The Cultural Blend Dubai's trade culture thrives because it blends old and new. The souks still hum with activity: gold glitters in Deira and spices pile high in Bur Dubai. They're a living link to the past where traders once bartered under the stars. But walk a few miles and you're in DIFC, where fintech startups crunch data in glass towers. This duality is Dubai's magic. It honors its history while chasing the future. The city's diversity fuels its trade culture. Over 200 nationalities call Dubai home, each bringing ideas and energy. In the souks, you hear Arabic, Hindi and Swahili. In startup hubs, it's English, Mandarin and French. This mix creates a unique ecosystem where innovation feels natural. Government policies, like the UAE's Golden Visa for entrepreneurs, keep the talent flowing. Dubai's trade culture isn't just about money. It's about people connecting, creating and dreaming together. The Future Image Source: WAM Where does Dubai go from here? The city's trade culture is always evolving and the future looks bold. Dubai aims to lead in AI, blockchain and smart cities by 2030. The Dubai Blockchain Strategy is already streamlining trade with secure, transparent systems. The AI Roadmap funds startups tackling everything from healthcare to logistics. Meanwhile, the souks remain, their charm undimmed by time. The Gold Souk still draws crowds and the Spice Souk smells like history. Sustainability is the next frontier. Dubai's ports are adopting green tech, like smart logistics to cut emissions. Free zones are wooing eco-friendly startups, from solar energy firms to sustainable fashion brands. The Dubai Clean Energy Strategy aims for 75% clean energy by 2050 and trade is a big part of that. This green shift echoes the past, when traders worked in harmony with the land and sea. It's Dubai's way of ensuring its trade culture thrives for generations. Dubai's trade culture is a story of transformation. The souks taught it to hustle. The ports taught it to scale. The free zones taught it to innovate. And the startups? They're teaching the world that Dubai can be anything. From pearl divers to tech pioneers, the city's spirit is about seizing opportunities. It's a place where you can haggle for spices in the morning and pitch a startup in the afternoon. This blend of grit and glamour makes Dubai's trade culture unique. It's a city that invites everyone, merchants, dreamers, coders, to write their chapter in its story. And that's a story worth telling. Also Read: The Evolution of Souqs: Dubai's Blend of Tradition and Modern Retail This article explores the transformation of Dubai's souqs, delving into their history, their role in shaping culture, and how they've adapted to modern life. Dubai's Property Market Poised for Continued Growth Through 2033 Dubai's real estate sector is set to sustain steady growth over the next eight years, with property prices expected to rise by 3 to 7 percent annually, according to a leading developer. DMCC Launches New Licenses to Boost Business Flexibility in Dubai DMCC has unveiled two new license categories — the Special Purpose Vehicle (SPV) and Holding Company licenses — aimed at offering businesses greater agility in managing assets, structuring investments, and overseeing regional operations from Dubai. Dubai Leads Global Cities in Attracting Creative Industry Investments in 2024 Dubai has once again claimed the top spot globally for attracting foreign direct investment (FDI) in cultural and creative industries (CCI), according to the Financial Times' fDi Markets report. UAE Fintech Market Set to Hit $6.43 Billion by 2030, Among Fastest Growing Globally: Forbes The UAE's financial technology (fintech) market is on a sharp upward trajectory, projected to reach $3.56 billion by 2025 and $6.43 billion by 2030, according to a recent Forbes report.
Hi Dubai
06-05-2025
- Business
- Hi Dubai
Jafza Marks 40 Years as Cornerstone of Dubai's Trade and Economic Growth
Jebel Ali Free Zone (Jafza), Dubai's flagship trade and logistics hub, has marked its 40th anniversary, reinforcing its status as a cornerstone of the emirate's economic development and global trade leadership. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, praised Jafza's pivotal role in shaping Dubai's economic landscape, noting its contributions to supply chain resilience, investment growth, and diversification. Speaking on the milestone, he highlighted Jafza's importance as a model for global free zone development and a key driver of Dubai's comprehensive economic agenda. Established in 1985 under the vision of the late Sheikh Rashid bin Saeed Al Maktoum and formalised by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Jafza was the region's first designated free zone. It has since evolved into a vital part of DP World's global logistics network. Today, Jafza supports over 11,000 companies from 157 countries and has attracted more than AED110 billion in investment. In 2024, the free zone facilitated AED713 billion in non-oil trade, a 15% increase from the previous year, and accounted for 74% of Dubai's FDI in key sectors. Spanning over 539 million square feet and integrated with Jebel Ali Port, Jafza is among the world's most advanced multimodal logistics ecosystems. It supports over 160,000 jobs directly and indirectly, contributing 36% of Dubai's GDP alongside the Jebel Ali ecosystem. Recognised in 2024 by fDi Intelligence as the world's top free zone, Jafza is also leading in sustainability, powered entirely by renewable energy and home to the Middle East's largest rooftop solar project. As it enters its fifth decade, Jafza remains central to DP World's global expansion strategy and the UAE's vision for a resilient, sustainable, and innovation-driven economy. News Source: Emirates News Agency
Khaleej Times
08-04-2025
- Business
- Khaleej Times
Look: 3 generations of Dubai leaders in India; how they built strong bilateral ties
Three generations of Dubai's ruling Maktoum family have now visited India since 1974, fostering deeper connections and building stronger ties between both nations. From Sheikh Rashid bin Saeed Al Maktoum to Sheikh Hamdan bin Mohammed Al Maktoum, the leaders of the emirate have made several trips to the South Asian country across decades. The first visit made by a Dubai royal to New Delhi was when Sheikh Rashid bin Saeed Al Maktoum, the then Ruler of Dubai, met President Dr Fakhruddin Ali Ahmed in 1974. During that visit, Sheikh Rashid and his delegation took a trip to Agra and saw the iconic mausoleum, the Taj Mahal. In the picture below, a younger Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, can be seen candidly smiling and looking back while seated next to Sheikh Rashid. Then, in 2007, when Sheikh Mohammed bin Rashid Al Maktoum visited India, he met with Dr Manmohan Singh at Hyderabad Palace in New Delhi. There, Dr Singh praised the laws and regulations governing general labour rights in the UAE, and described the country as hospitable and safe not just for the Indian labour force but for all residents. On the same day, a function was held for the signing of agreements. Just three years later, in 2010, Sheikh Mohammed made another short visit to New Delhi, where he met with then Prime Minister Dr Manmohan Singh again. They discussed sclaing bilateral economic relations, including improving collaboration in finance and banking. In 2014, Sheikh Hamdan bin Rashid Al Maktoum, the Crown Prince of Dubai, took an unofficial trip to India and dived with the world's only swimming elephant! Calling it an "unusual, yet incredible feeling", the royal took to Instagram to share a spectacular image where he can be seen snorkelling underwater with 'Rajan', the elephant. Now, in 2025, Sheikh Hamdan bin Rashid Al Maktoum, the Crown Prince of Dubai, is continuing this tradition by meeting with Indian Prime Minister Narendra Modi. After meeting the Indian leader, he took to X to share that the relationship between both nations was one "built on trust, shaped by history, and driven by our shared vision for a future of opportunity, innovation, and sustainable prosperity". His two-day trip to the South Asian country, taking place at the invitation of Prime Minister Narendra Modi, will conclude on April 9.
