Business News

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ADNOC Distribution shares open sharply above IPO price

Shares of ADNOC Distribution made a strong stock market debut on Wednesday. It opened 16 per cent above their initial public offer price. ADNOC Distribution opened at AED 2.90 against its IPO price of AED 2.50. According to Reuters, it raised $851 million through the sale of a 10 per cent stake in its distribution […]     Read More
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UAE-based movie theatre chain looking at Saudi Arabia

A UAE-based movie theatre chain says it can get more than half of its business from setting up and running movie theatres in Saudi Arabia. Majid Al Futtaim ventures, which includes VOX Cinemas, already has a strong presence in other Gulf countries like Bahrain, Kuwait and Oman. Saudi Arabia said on Monday that public cinemas […]     Read More
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Uber heads to court in fight for London survival

Uber will now face a court hearing in London on Monday in a bid to regain its license across London. The ride-hailing firm will begin arguing its case in Westminster Magistrates’ Court against the city’s regulator, Transport for London after it stripped the start-up’s operating licence claiming it was unfit to run a taxi service. “We […]     Read More
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Most affordable properties close to Dubai Water Canal revealed

The most affordable areas to buy and rent property close to Dubai Water Canal have been revealed. According to a new report by dubizzle, Mohammed Bin Rashid Al Maktoum City and Meydan City are the two most affordable areas to rent while Business Bay is the cheapest to buy. The average annual rental price for […]     Read More
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Dubai approves largest-ever government budget for 2018

Dubai has approved a record AED 56.6 billion budget for 2018, with a focus on infrastructure projects led by Expo 2020 as well as social development programmes. It’s the largest-ever in the emirate’s history with a 19.5 per cent year-on-year increase in overall spending, creating a AED 6.2 billion deficit. Spending on infrastructure makes up […]     Read More
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Adnoc Distribution IPO at AED 2.5 per share

ADNOC Distribution shares will be priced at AED 2.50 for its initial offering, the company has said.  That puts the company’s capitalisation at just over AED 31 billion when it lists on the ADX on Wednesday.  One and a quarter billion shares, 10 per cent of the distribution subsidiary, are being offered to retail investors.      Read More
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Dubai invests $47 million in US farm tech firm

Dubai is buying a $47 million (around AED 1.7 million) stake in US farming technology company Indigo. Indigo will use the cash to develop new ways of growing crops such as wheat and soy bean. Investment Corporation of Dubai led the deal, which is being described as one of the largest investments into a private […]     Read More
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Bitcoin surges above $14,000 to reach new record high

Bitcoin soared to a record high of $14,047.40 on Thursday, continuing its surge from below $1,000 at the beginning of the year. It rocketed $2,000 in less than 24 hours, despite warnings of a dangerous bubble. Bitcoin’s latest milestone was recorded during early trading in Asia, reported website Coindesk.com.     Read More
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Spinneys to open 18 new stores in UAE

Supermarket chain Spinneys plans to open 18 new stores over the next three years, creating up to 2,000 new jobs for the region. This will bring the number of Spinneys-owned stores in the UAE from 61 to 79 by 2020. The company’s expansion plans include the building of a new AED 175 million headquarters in […]     Read More
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