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Tourism contributes Dh116 bn to UAE GDP

Travel and tourism sector’s direct contribution to the UAE GDP reached Dh68.5 billion ($18.7 billion) or 5.2 percent of the total GDP of the country in 2016, according to a latest report by the World Travel and Tourism Council (WTTC).


UAE offers 10-year residence visas for top professionals, investors and students

The UAE has relaxed visa scheme by announcing a 10-year residency permit for investors in 100 percent owned businesses, highly skilled professionals and talented students to attract more resourceful people that will contribute to the country’s economy.


Dubai to start constructing Dh394 million Shindagha Bridge project

Dubai’s Roads and Transport Authority (RTA), will start construction of a Dh394 million (US$107 million) bridge over Dubai Creek to connect the historic downtown of Deira and Bur Dubai at Shindagha area, part of the Dh5 billion Shindagha Corridor – to ease traffic and people’s movement in the area.


Seven Tides launches US$354 million mixed-use project in Dubai

Dubai-based upscale property developer Seven Tides has launched a US$354 million (Dh1.3 billion) mixed-use development in Jumeirah Lakes Towers (JLT), in Dubai, Seven City, JLT.


Drake & Scull returns to black with Dh7 million net profit in Q1 2018

Dubai-based mechanical, electrical and plumbing (MEP) contractor Drake and Scull International PJSC, which has gone through a recapitalisation process following a massive loss in business in 2016, has returned to profitability with Dh7 million net profit recorded in the first quarter of 2018, compared to the net loss of Dh839 million in the first quarter of 2017.


Chinese brokerage Fidu Properties open office in Dubai to boost US$212 m portfolio

Chinese property brokerage Fidu Properties, which concluded US$212 million (Dh780 million) investment in Dubai real estate in the last two years, has opened a regional office in Dubai that will help boost Chinese investment in the UAE’s real estate market that is looking for greater foreign investment.


EDB home finance reaches Dh818 m in Q1 2018

The UAE National Home Finance portfolio of Emirates Development Bank (EDB) reached Dh818 million during the first quarter of 2018, up by Dh213 million from Dh605 million disbursed in the corresponding period of 2017, an official statement said.


Forbes Middle East honours Gemini’s Chairman Sudhakar Rao with top Indian business leader award

The Forbes Middle East brings together the most influential experts and heads of the region’s top companies through exclusive events in the region. In such a gala event held last week in Dubai to honour “Top 100 Indian leaders in the Arab world”, Sudhakar Rao, Chairman of Gemini Property Developers, a Dubai-based real estate developer, was honoured among 150 Indian business leaders and business executives.


Aldar 1Q 2018 net profit up 4% to Dh668 million

Aldar Properties reported a 4 percent increase in net profit to Dh668 million in the first quarter of 2018, up from Dh641 million recorded in the corresponding period last year.


Nakheel to open the Dh800 million lifestyle destination the Pointe in the fourth quarter 2018

Dubai’s master developer Nakheel, which built the world’s largest palm-shaped island off the coast in to the Arabian Gulf, will open its new waterfront dining and entertainment destination the Dh800 million The Pointe, at the tip of Palm Jumeirah island in the fourth quarter of 2018.