RTA

Dubai announces free parking during Eid Al Fitr

The RTA has said that paid parking will resume in Dubai from Saturday, May 7

Abu Dhabi

Abu Dhabi’s tourist attractions and events can now operate at full capacity

It has also approved an extension of the green pass validity period on the Al Hosn app from 14 to 30 days for those who are fully vaccinated

Covid-19 cases

UAE reports 275 Covid-19 cases, 334 recoveries

The nationwide case count has risen to 898,045

Air Arabia Abu Dhabi

Air Arabia Abu Dhabi to start new route to Manama

The new service represents the 22nd route for the carrier since the launch of its service from Abu Dhabi International Airport in July 2020

FAB

Q1 2022: First Abu Dhabi Bank reports highest ever quarterly net profit

The lender’s quarterly group net profit, equalling Dhs5.1bn, rose 107 per cent year-on-year from Dhs2.5bn recorded in Q1 2021

AD Islamic bank

Abu Dhabi Islamic Bank to set up asset management firm

The Shariah-compliant lender is also continuing to look at organic and inorganic growth opportunities for its banking business

Dubai DXB

Around 1.9 million travellers to pass through Dubai’s DXB from Apr 29 until May 9

May 7 is expected to be the busiest day for Dubai International with passenger numbers surpassing the 200,000 mark

Eid Al Fitr protocols

UAE announces protocols for Eid Al Fitr

Worshippers must wear face masks at all times, maintain physical distancing of one metre and use personal or single-use prayer mats

Dubai Islamic Bank

Dubai Islamic Bank posts 58% rise in net profit for Q1 2022

The bank’s total income reached Dhs3.01bn, recording growth of 6 per cent year-on-year compared to Dhs2.84bn achieved in Q1 2021

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council

Sheikh Hamdan approves launch of Dhs370m Venture Capital Fund for Startups in Dubai

It will be governed by the Dubai International Financial Centre, which is also a 15 per cent contributor to the fund

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

freezones

Contribution of Dubai freezones to emirate’s GDP to reach Dhs250bn by 2030

The projections were made during a meeting of the Dubai Free Zones Council chaired by Sheikh Ahmed bin Saeed Al Maktoum

KFC Operator

Middle East KFC operator picks banks for dual listing

Americana operates restaurants for brands including Baskin Robbins, Costa Coffee and TGI Fridays as well as KFC and Pizza Hut, according to its website

Aldar

UAE’s Aldar reports Dhs688m net profit in Q1 2022

Revenues stood at Dhs2.68bn in Q1 2022, a year-on-year growth of 31.5 per cent

Covid-19

UAE reports 212 Covid-19 cases, 333 recoveries

The nationwide case count has scaled to 897,770

TA’ZIZ, Reliance Industries Limited

UAE’s Ta’ziz, Reliance sign agreement for Ruwais chemicals project

These chemicals will be produced in the UAE for the first time creating new revenue streams and opportunities for local manufacturers

Lucid Motors

Lucid will sell up to 100,000 EVs in deal with Saudi Arabia

Lucid said it would start delivering the vehicles by the second quarter of 2023

arabian travel market

Arabian Travel Market 2022 edition in Dubai to feature over 1,500 exhibitors

Beginning on May 9 at the Dubai World Trade Centre, it expects to receive around 20,000 attendees

E-Scooter permits

RTA to open online applications for e-scooter permits in Dubai

The applicant should not be under the age of 16 and will need to undergo a training course on the RTA’s website

National Bank of Fujairah

National Bank of Fujairah posts 43.7% rise in net profit for Q1 2022

The bank’s operating income for Q1 2022 reached Dhs412.8m, up 14.6 per cent compared to compared to Dhs360.2m recorded during a year-earlier period

Emirates to add extra flights

Dubai’s Emirates to add extra flights, more seats across GCC, Middle East

Customers can purchase tickets on the carrier’s website, at its sales offices or via travel and online travel agents

UAE reports 207 Covid-19 cases, 336 recoveries

The nationwide case count has scaled to 897,558

New Takaful provider

Dubai, Abu Dhabi companies to merge to create new Takaful provider

The merged company would benefit from cross-selling opportunities via increased geographic footprint and via capitalising on larger underwriting capacity

Eid Al Fitr holidays for schools

Eid Al Fitr holidays announced for schools across Dubai

Schools in the emirate will remain closed from Monday, May 2 until Sunday, May 8

air arabia gujarat

Air Arabia Abu Dhabi to begin flights to Indian city in Gujarat

It represents the seventh city in India that Air Arabia Abu Dhabi will connect with direct services

Expo 2020 dubai sme

Expo 2020 Dubai awarded SMEs contracts worth Dhs6.8bn

It represents over a quarter of all Expo 2020 Dubai contracts in terms of value

Swvl

Swvl buys Turkish transit firm Volt Lines in latest deal spree

Volt Lines serves customers and corporate clients in Turkey with an alternative to public transportation and personal ride-hailing services

damac metaverse

UAE’s Damac Group to invest $100m in metaverse project

Damac has established a new division called D-Labs which is led by Ali Sajwani and dedicated to the metaverse initiative

Oman to split sovereign wealth fund into two portfolios

The country posted a budget surplus of $545m in the first two months of this year