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☆ Dubai's new airport will be five times the size of its current one and aims to be the largest in the world
▼ + stars: | 2024-04-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Digital render of the planned entrance of Dubai's Al Maktoum International Airport, set to be the biggest in the world upon completion. DUBAI, United Arab Emirates — Dubai's leadership approved a 128 billion dirham ($35 billion) plan to build a new passenger terminal at the emirate's Al Maktoum International Airport, which will make it five times bigger than Dubai's main international airport in terms of size — and the biggest in the world. For reference, Dubai International Airport in 2023 serviced 86.9 million passengers, the second-highest in the world after Atlanta's Hartsfield-Jackson International Airport in the U.S.All of the operations at Dubai International Airport, currently the second-busiest in the world by passenger traffic, will be transferred to it in the coming years, the statement said, adding that the new airport will have 400 aircraft gates and five parallel runways. An entirely new city will be built around the airport, which the Dubai ruler said will create demand for housing for a million people. Dubai will be the world's airport, its port, its urban hub, and its new global center."

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☆ UAE's total revenue rose 32% in 2022
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 18 (Reuters) - The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year. One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services. It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices. Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year. ($1=3.6726 UAE dirham)Reporting by Rachna Uppal; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: WAM, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Rachna Uppal, Clarence Fernandez Organizations: United Arab Emirates, Thomson Locations: DUBAI, UAE

☆ Dubai school operator Taaleem seeks to raise $204.21 mln in IPO - document
▼ + stars: | 2022-10-31 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Oct 31 (Reuters) - Dubai school operator Taaleem said on Monday it planned to raise 750 million dirhams ($204.21 million) in an initial public offering (IPO) to expand its premium schools network. read moreTaaleem, one of the largest providers of early childhood, primary and secondary education in Dubai, was founded in 2004. In 2007, the school operator was backed by Investment Corporation of Dubai, an investment arm of the Dubai government. Over $15 billion has been raised in listings across the Gulf so far this year, according to Refinitiv data. Saudi Arabia had 24 IPOs that raised $4.75 billion, while the UAE had seven that raised more than $10 billion, the data showed.

☆ Dubai to offer 10% of Empower in fourth state-linked IPO this year -Gulf News
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Oct 24 (Reuters) - Dubai plans to offer 10% of Emirates Central Cooling Systems Corporation (Empower) in an initial public offering, according to an advertisement in Dubai-based daily Gulf News on Monday. Empower is the fourth state-linked entity to seek a listing this year in Dubai in a programme aimed at attracting investor interest in the domestic stock exchange. Dubai Electricity & Water Authority (DEWA) <DEWAA.DU> and Emirates Power Investment will offer the 10% stake, which is equivalent to 1 billion shares. Subscriptions begin on Oct. 31 and close on Nov. 7, according to the advertisement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

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