Commercial Bank of Dubai
The facility will enable Siemens's UAE unit to execute its expanding pipeline of projects and drive future growth
Commercial Bank of Dubai
The deal will provide financial agility to key development projects, including the much-anticipated Mina Al Arab Arif Amiri
The six-month programme includes banks, fintech players, regulators and the industry with the potential to unlock the next wave of growth for the sector Buy now Pay later
CBD and buy now, pay later provider Postpay team up on new debt financing arrangement Commercial Bank of Dubai
Shari'a compliant real estate investment trust agrees facility with Emirates NBD and Commercial Bank of Dubai buy now pay later scheme
As the world went into lockdown last year at the onset of the coronavirus pandemic, a great number of people turned to online shopping, whether for necessity or leisure Ajman Bank PJSC
Islamic syndication facility attracted more than 75% oversubscription and was fully subscribed by 12 banks Accion Venture Lab
Now Money receives $7m boost as it seeks to launch operations in Saudi Arabia Abu Dhabi Commercial Bank
New research says UAE banks are generating healthy earnings despite tougher economic conditions in Q1 bank merger
More than 20 Gulf financial institutions with total assets exceeding $1 trillion are said to be in merger talks Abu Dhabi Commercial Bank
Alvarez & Marsal releases latest UAE Banking Pulse report on performance of 10 largest listed banks in the UAE Abraaj
A growing number of companies have declared that they have direct or indirect exposure to the troubled private equity firm. CBD
Brand View: Khaled Rasheed Al Hamadi has more than 20 years of experience in the financial industry
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Khaleej Times
an hour ago
- Khaleej Times
UAE: How companies are adapting to work in increasingly hot conditions
By midday in Dubai, the heat isn't just felt — it's navigated. The air wraps around you like plastic, thick with humidity and grit, turning basic tasks into slow, deliberate movements. Sunglasses fog. Water bottles warm. The beaches are patchy with visitors, the boardwalk sparsely populated, and only a few tourists venture into the water. Even the Gulf breeze arrives overheated, as if passing over a stovetop. Construction cranes hang still above vacant lots, the usual clamour of machinery replaced by silence. On the roads, Careem and Talabat riders pass by, shirts soaked, asphalt steaming well before noon. What was once dismissed as 'just summer' now reads like a stress test — not just for outdoor workers, but for the companies relying on them to keep their operations running. From June 15 through September 15, the UAE's Midday Break pauses outdoor labour during peak heat hours. Companies violating regulations could be fined Dh5,000 for every worker per breach, up to a maximum of Dh50,000, according to the Ministry of Human Resources and Emiratisation. In most Gulf countries, including the UAE, there are between 100 and 150 days per year when daily highs exceed 40°C, underscoring how extreme heat has become a constant, not a seasonal anomaly, according to a joint study by the Vital Signs Partnership and Human Rights Watch. This year, with temperatures projected to top 50°C in some areas of the UAE, companies in construction, delivery, and logistics aren't just following mandates — they're rethinking how to function altogether. Globally, workers in outdoor-heavy sectors, such as agriculture and construction, lose more than two weeks of labour each year to heat stress, according to Climate Interactive, a US-based think tank focused on climate modelling. But because it could take decades for the climate to respond to new policies, even aggressive heat adaptation policies implemented today in the UAE won't significantly reduce outdoor labour losses until the 2040s. The economics are just as stark. A climate resilience report by PwC projects that the region's real GDP could grow by 41.8% by 2035. However, experts warn that when factoring in climate threats — including extreme heat, water scarcity, and flooding — growth drops by 13.9 percentage points, down to 27.9%. The cost of inaction isn't abstract; it's a drag on productivity, earnings, and investor confidence. The warning signs are hard to miss. According to a recent working paper by experts at the Organisation for Economic Co-operation and Development (OECD)—an intergovernmental body that tracks global economic trends and advises on policy—heat stress is among the most pressing labour challenges tied to climate change. The paper estimates that each additional 10 days above 35°C in a year can reduce firm-level labour productivity by roughly 0.3%, while a single 5-day heatwave can cut it by 0.2%. That may sound small, but it compounds quickly: in the Gulf, where more than 100 days a year regularly surpass 40°C, cumulative losses can approach 3% annually for exposed sectors. To put that in perspective: if just half of the UAE's ~$500 billion economy is tied to outdoor-heavy industries like construction, logistics, and delivery, that's an estimated $7.5 billion in productivity lost each year to extreme heat alone. In a country where such conditions are no longer an exception but a seasonal norm, those losses aren't theoretical. They're a growing drag on real output. For industries that rely heavily on outdoor work, this isn't just a weather problem — it's an economic one. 'Heat-related illness is a hazard for anyone working outdoors during the UAE summer — and if left untreated, it can be fatal,' said Najeeba Al Jabri, Chief ESG & Sustainability Officer at Emirates Global Aluminium (EGA), the country's largest industrial company outside the oil and gas sector. 'It is, however, entirely preventable.' At EGA, where smelting operations can't shut down and generate high levels of heat year-round, summer protocols are built into daily operations, making the company something of a blueprint for heat resilience in the region's industrial sector. 'Our industrial processes generate additional heat and can't be shut down,' Al Jabri said. 'That's why we go all-in on prevention.' The company's 'Beat the Heat' programme — now in its second decade — includes hydration tests before and during shifts, scheduled cooling breaks, access to cold showers, and dedicated rest zones at its facilities. This year, EGA introduced full-body cooling units at select sites and medical centres to provide rapid, non-invasive relief. The approach appears to be working: since 2021, the company hasn't recorded a single heat-related illness. 'The vast majority of our operational areas are covered and shaded year-round. For the limited areas that are not, we fully comply with the UAE's midday break requirements,' Al Jabri said. In the delivery sector, however, where work rarely pauses, companies like Careem are treating heat like an infrastructure problem. The company has expanded its seasonal response with air-conditioned, solar-powered mobile rest stations in Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah — part of a partnership with the MAJRA National CSR Fund now serving over 60,000 delivery riders, regardless of employer, according to Bassel Al Nahlaoui, the Careem's Chief Business Officer. 'Careem has also set up cold water dispensers in key delivery zones,' Al Nahlaoui said. Delivery drivers receive 'Captain Kits' stocked with cooling towels, reusable water bottles, sunscreen, and hydration supplements — essential gear for frontline work in 45°C heat. Unlike other sectors, delivery platforms aren't bound by the UAE's midday break rule. That makes internal safeguards all the more critical. 'We empower delivery captains with flexible scheduling,' said Al Nahlaoui, noting that riders can shift hours to avoid peak heat. Many captains temporarily leave the country during peak summer. But for those who stay, Careem has added free medical screenings through its renewed partnership with the Pakistan Medical Center. Careem has also heavily leaned on technology. Its driver app now displays nearby rest zones with turn-by-turn navigation. Heat maps, fatigue analytics, and real-time traffic tools help optimise delivery routes and flag high-risk patterns early. The company is even using gentle nudges in its app, asking users to offer cold water or tip generously during heat waves. 'Technology alone is not enough to avert the risk of heat-related illnesses. Authentic leadership that prioritises safety, effective awareness programmes, and a safety-first culture that empowers individuals to take action and equips them to do so – these factors are all key,' Al Jabri said. Technology, however, is doing more than just routing drivers or reminding customers to tip. At Emirates Global Aluminium, it's being worn. Since 2022, the company has piloted the Kenzen wearable strap, which offers an industrial-grade system designed to monitor real-time physiological indicators such as core body temperature, heart rate, and hydration levels, on hundreds of employees. This summer, around 300 workers volunteered to wear these devices as part of EGA's 'Beat the Heat' initiative. But EGA is still an outlier. Kenzen's industrial-grade monitors offer a promising solution — but they remain limited in scope. This is mostly due to the fact that the technology isn't cheap. Kenzen operates on a rental model, typically in bundles of 10–50 units, and is primarily used in highly controlled industrial environments, not fragmented, fast-moving sectors like food delivery. While the sensors offer lab-grade accuracy, their deployment demands training, real-time supervision, and medical staff to interpret the data. That adds logistical and financial strain, especially for companies operating with thin margins or decentralised workforces. Personal monitoring is one key component. But across Dubai, researchers are asking a bigger question: what if the environment itself could be redesigned to reduce risk? Dr. Wael Sheta, an Assistant Professor at The British University in Dubai and a specialist in climate resilience and sustainable design, has spent the last several years studying how Dubai's built environment affects heat exposure, particularly for migrant workers living in high-density accommodations. His research spans both indoor and outdoor conditions, combining field measurements with simulations to test how layout, vegetation, and local materials influence 'thermal comfort' and productivity. But Sheta's also investigating how design interventions—such as shaded pathways, buffer green zones, and the use of native plant species—can reduce heat stress in dense industrial areas, including Al Quoz and Jebel Ali. More shade and improved airflow can lower surface temperatures, enhance pedestrian comfort, and reduce the physiological toll of daily work in exposed conditions, Sheta said. 'Vegetation helps reduce ambient temperatures significantly by providing shade, which directly lowers the heat exposure,' he explains in reference to worksites and walkable zones. He adds that certain plant types, such as 'local deciduous tree species,' are beneficial, not only for shading but for 'reflecting and scattering solar radiation throughout the year.' For now, the growing number of midday rest shelters across Dubai is one of the most visible signs the city is taking heat stress seriously, Sheta says. 'Many researchers should begin evaluating this experiment by conducting wide-ranging surveys among the labourers,' Sheta said, noting the need for better data to understand what's working and where gaps remain. Sheta sees this as the central challenge: regulation and research have not yet caught up to a lived reality. 'Bridging the gap between academic research and industry application is essential to transform pilot studies and conceptual innovations into real-world, impactful projects,' he says. For him, the next phase of climate adaptation in labour-heavy industries won't hinge on a single innovation. 'Integration — of policy, technology, research, and stakeholder collaboration — will characterise the next stage of climate adaptation in Gulf labour-intensive industries.' In the Gulf, the real challenge isn't just working through the heat — it's keeping up with it.
Arabian Business
3 hours ago
- Arabian Business
UAE announces new tax benefits for fair value investment properties
The UAE Ministry of Finance has issued a Ministerial Decision allowing taxpayers to claim tax depreciation on investment properties held at fair value under Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. Under the decision, taxpayers who elect for the realisation basis can now deduct depreciation from their taxable income for investment properties maintained on a fair value basis. The tax depreciation deduction will be calculated as the lower of the tax written down value of the investment property or 4 per cent of the original cost of the investment property for each 12-month tax period, with pro-rata adjustments for partial tax periods. The deduction applies to taxpayers who hold investment properties both before and after the introduction of corporate tax. The decision clarifies the value basis for tax depreciation claims depending on whether the investment property is transferred between related parties, third parties, or has been constructed by the taxpayer. The ministry stated the decision creates parity between taxpayers holding investment properties on a historical cost basis, who can already benefit from accounting depreciation deductions, and those holding investment properties on a fair value basis. To access this benefit, taxpayers must make an irrevocable election in their first Tax Period beginning on or after January 1, 2025 in which they hold an investment property. This election will apply to all investment properties going forward. The decision includes an exceptional window for taxpayers to elect for the realisation basis to access the tax depreciation deduction, given that the realisation basis election is typically made in the first Tax Period. The ministry has provided guidance on when claw-back of tax depreciation may occur in instances outside of disposal of an investment property. This ensures taxpayers understand their tax compliance obligations and can assess their returns on investment property. The ministry said the release of this decision reflects its commitment to ensuring a level playing field for all taxpayers, enhancing the principles of tax neutrality and equity in the UAE corporate tax regime, and ensuring such deductions align with international best practice.
Khaleej Times
4 hours ago
- Khaleej Times
Globalia expands UAE presence with strategic airline and hospitality partnerships
Spain's largest tourism group, Globalia, is expanding its presence in the United Arab Emirates through a combination of aviation and hospitality initiatives designed to strengthen connectivity and support regional tourism growth. Last month, Globalia announced the launch of a new direct route between Madrid and Abu Dhabi, operated by its flagship carrier Air Europa, in collaboration with Etihad Airways. The inaugural flight marks Air Europa's first operation in the Middle East and signals a deeper engagement with the UAE's fast-evolving tourism and transportation sectors. This new route, operated via a wet-lease agreement, is part of a broader strategy to enhance global connectivity between Europe, the Middle East, Asia, and Latin America. With increased frequencies and shared loyalty programmes, the partnership improves access for business and leisure travelers while reinforcing Abu Dhabi's positioning as a global aviation hub. Globalia's ambitions in the region extend beyond the skies. The company is bringing to the UAE a European tourism model grounded in operational excellence, technological innovation, and cultural integration. Drawing on decades of leadership in Spain and Latin America, Globalia is adapting its ecosystem to suit the opportunities and demands of Gulf markets. As part of this broader vision, Globalia's hospitality arm, Be Live Hotels, is actively exploring expansion opportunities in the UAE and across the Gulf region. The brand is known for aligning high-quality guest experiences with strong environmental and social responsibility standards, already recognised in the Caribbean and Europe. 'Sustainability is not a trend - it's the only way to guarantee the future of tourism,' said Javier Hidalgo, former CEO of Globalia and one of the early advocates of long-term value-driven tourism. The group's expansion strategy emphasises soft power, local partnerships, and tourism that respects both the environment and the cultural context of its host destinations. These evaluations come as the UAE continues to position itself as a hub for eco-conscious travel and high-quality hospitality experiences.
