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PRO Partner Group Regional News and Updates - Abu Dhabi, Dubai, Wider UAE, Oman & Qatar

  • ADNOC Drilling raises more than $1.1bn in oversubscribed IPO -

    Abu Dhabi National Oil Company (ADNOC) raised more than $1.1 billion from an 11 per cent sale of shares in its drilling unit through an initial public offering.

    Last week, ADNOC raised the offering from 7.5 per cent, selling 1.76 billion shares of ADNOC Drilling, at an offer price of Dh2.30 per ordinary share.

    The IPO was multiple times oversubscribed and registered "significant demand" from UAE retail and qualified institutional investors, the company said in a statement on Monday. Total gross demand for the offering amounted to over $34bn, implying an oversubscription level in excess of 31 times in aggregate.

    ADNOC Drilling is one of the largest drilling companies in the Middle East, operating 107 onshore, offshore and island rigs, of which 11 are rented. The company, which began operations in 1972, has expanded its fleet of rigs, adding 67 since 2010, in line with the growth in oil and gas production capacity at ADNOC.

    For the full article click here

  • UAE allows Real Estate Agency firms to be 100% foreign owned -

    Real Estate Brokerage companies will be able to have full ownership of their companies in the UAE from now on, as this business activity has been removed from the ‘restricted list’ and is now a ‘professional activity’.

    Given real estate sector’s dominant role in shaping the UAE’s economic and business activity, the decision is significant for the UAE and the industry.

    The real estate brokerage will now be able to be 100% foreign owned as a ‘professional activity' through a sole establishment or civil partnership structure, this will need a UAE National Service Agent (NSA) or sponsor. However, this type of structure is not limited liability and can provide substantial personal and financial risk to the proprietor/owner.

    There are ways that Estate Agent companies can mitigate against the risks associated with the sole establishment and civil partnership structure.

    For the full article click here

  • Why the hydrogen potential in the UAE is vast -

    The Emirates could potentially produce blue and green hydrogen at very favourable prices in line with global ambitions that aim to bring the fuel’s costs below $2 by 2030.

    The UAE could potentially produce blue hydrogen for $1.3 per kilogram and green hydrogen for just over $2 per kilogram, which could bring the global hydrogen fuel cost to below $2 by 2030, equating to about $15 per million British thermal units of gas.

    Though expensive in historical terms, current gas prices in Europe and Asia are higher and taxes for carbon dioxide emissions would substantially close the gap. The current surge in gas prices and fears of shortages illustrate exactly why hydrogen is an attractive alternative. As a near-zero carbon energy source with multiple production methods and flexible end-uses, it can be stored relatively easily. It will be increasingly important for powering industry and backing up renewable-dominated systems when solar and wind power fall short.

    A domestic base could be established in the UAE for hydrogen and its derivative, ammonia, as a fuel for shipping. Introducing a gradually increasing carbon price would raise government revenue, encourage innovation, aid the UAE’s compliance with its Paris Agreement climate targets, and give incentives to use hydrogen and other clean fuels.

    For the full article click here

  • UAE companies ramp up hiring plans as labour market improves -

    Customer service representatives, sales executives, HR managers and receptionists are the top roles employers are seeking to fill, according to surveys from Bayt.com and YouGov.

    About 72 per cent of UAE companies plan to hire new employees within the next year as the labour market improves following pandemic-induced job redundancies and salary cuts.

    The top industries looking to hire new employees in the next three months are healthcare and medical services at 66 per cent, human resources (65 per cent) and consumer goods/FMCG (64 per cent), the employment index survey from jobs site Bayt.com and market research agency YouGov showed.

    The global jobs market, which was badly affected during the Covid-19 pandemic, is showing signs of recovery as economies reopen. Job listings in the UAE have also increased amid an economic rebound and as Dubai gears up to host Expo 2020.

    For the full article click here

  • UAE-UK Sovereign Investment Partnership - UAE-UK SIP -

    Simon Penney - Her Majesty's Trade Commissioner for the Middle East and Her Majesty's Consul General Dubai talks to Arabian Business to analyse the historic signing of the UAE-UK $13.8 billion Sovereign Investment Partnership.

    For the full article click here

  • New UAE Cabinet unveiled by Sheikh Mohammed bin Rashid -

    New UAE Cabinet ministers were named on Saturday following a reshuffle that was approved by President Sheikh Khalifa.

    Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, unveiled the line-up, including several new ministers.

    "Following consultations with my brother Mohammed bin Zayed and after approval of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, we announce today the new ministerial structure in the UAE together with a new strategy for federal government work in the next 50 years," he said.

    The new Cabinet focus will be on 'major transformative projects'.

    For the full article click here

  • UAE authorities have removed the requirement for face masks in certain areas -

    Making the announcement on Twitter, the Ministry of Health said people will still need to follow the 2-meter distance rule.

    No face masks are needed in the following scenarios:

    1. Doing sport in public places
    2. During transportation (in car) with same family members
    3. Pools and beaches
    4. People who are alone in enclosed spaces
    5. When obtaining personal services for the face and head at the beauty centres and salons
    6. In medical centres and clinics upon diagnosis and receiving the vaccine

    For the full article click here

  • Dubai issues law to integrate economic zones into a single body -

    Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City will operate under the supervision of Dubai Integrated Economic Zones Authority

    Individuals and Companies registered in the new authority ‘Dubai Integrated Economic Zone Authority’ will be exempt from all taxes – including income tax, for the next 50 years. This will be effective from January 2022 when the new legislation is in place. All subsidiaries, companies, and individuals of the Authority are exempt from restrictions on repatriation of capital, profits, salaries in any currency – as with other Freezones in the UAE.

    Over 5000 international firms, covering 20 key sectors will operate under the Dubai Integrated Economic Zone Authority – the activities regulated by the Authority will generate approximately 5% of Dubai’s GDP.

    For the full article click here

  • UK-UAE travel restrictions could be eased from the 4th of October 2021 -

    Fully vaccinated UAE residents will be granted entry to the UK with no quarantine requirements as long as their vaccination is recognised in the UK, according to Simon Penney, Her Majesty’s Trade Commissioner for the Middle East, who spoke to Dubai Eye's Business Breakfast today.

    Pfizer-BioNTeh, Moderna and AstraZeneca have been named as the three UK-recognised vaccines that will help facilitate travel between the two countries.

    The issue of UAE vaccine certificates not being recognised in the UK is being resolved and should come into place on the 4th October 2021.

    The ease of travel restrictions is hugely welcomed and will boost business between the two countries.

    For the full article click here


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