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Michael Fahy

Michael Fahy


Articles

The Lustica Bay project in Montenegro, which was developed by Egypt's Orascom Development. The company develops resorts and operates 33 hotels in seven countries. Courtesy of Lustica Bay
Orascom Development chairman steps into executive role following chief's death

Samih Sawiris will be assisted by an interim committee which will begin the search for a new leader

Travel and TourismFebruary 04, 2020
A view from one of the rooms at the Rixos hotel at Saadiyat Island. Revenue per available rooms for Abu Dhabi hotels rose 7.2% to an average of Dh321 last year, says consultancy STR. Courtesy Rixos Saadiyat Island
Abu Dhabi hotel market benefits from higher demand and limited supply growth

Occupancy rate in the emirate climbs 2.3% as events such as Pope Francis's visit and the AFC Asian Cup bring in more visitors

Travel and TourismFebruary 02, 2020
The Lustica Bay project in Montenegro, which was developed by Egypt's Orascom Development. The company develops resorts and operates 33 hotels in seven countries. Courtesy of Lustica Bay
Orascom Development boss dies in car accident

Khaled Bichara was co-founder of Egyptian venture firm Accelero Capital and of pioneering ISP Linkdotnet

Travel and TourismFebruary 01, 2020
Contractor BICC has built the hotels and residential towers at the Habtoor City complex in Dubai. Australian contractor Cimic announced it was looking to divest its 45 per cent stake in BICC and would take a $1.8bn hit on its investment. Courtesy St Regis Dubai
Australia's CIMIC expects to take $1.8bn hit on Middle East exit

Company bought a 45% stake what was formerly known as Habtoor Leighton Group, for A$870m in 2007

PropertyJanuary 24, 2020
Abu Dhabi Investment Office is investment in AgTech companies is expected to create hundreds of high-skilled jobs over the next three years. Victor Besa / The National.
Abu Dhabi Investment Office allocates Dh60m to region's tech start-ups

A series of funding deals have been agreed with local firms and a UAE-based venture fund

TechnologyJanuary 23, 2020
Tourists take an Abra ride through Dubai's Madinat Jumeirah resort. Tourism contributes 11.5% of Dubai's GDP, a Dubai Media Office statement said. Image courtesy of Dubai Tourism.
Dubai tourism numbers up 5.1 per cent in 2019

Nigeria becomes fastest-growing source market with 246,000 visitors - up 33 per cent on 2018

Travel and TourismJanuary 21, 2020
Mohamed Al Zaabi, chief executive of Miral, says seven new attractions will be added at Ferrari World this year, bringing the total number to 44. Chris Whiteoak / The National
Low-cost airlines a 'game changer' for Abu Dhabi tourism

Attracting more visitors from a wider group of cities in India, Saudi Arabia, Europe and Africa

PropertyJanuary 21, 2020
Eni chief executive Claudio Descalzi signs the agreement with UAE Minister of State and Adnoc group chief executive Dr Sultan Al Jaber, Image courtesy of Adnoc
Adnoc signs deal with Italy's Eni to collaborate on carbon capture research

Agreement builds on existing partnerships in offshore energy and refining

EnergyJanuary 20, 2020
Closure of ports in eastern Libya cut 1.1 million barrels per day from the global market. AP
Oil spike likely as markets reopen after Libyan supply disruption

Closure of ports in eastern Libya cut 1.1 million barrels per day, or 1.1 per cent of global production, from the market

EnergyJanuary 19, 2020
Saudi Arabia will remain the world's largest Islamic banking market, according to Moody's report. REUTERS/Faisal Al Nasser
Saudi electronics retailer Extra reports double-digit profit growth

Company increased like-for-like sales, opened new outlets and sold more goods online last year

TechnologyJanuary 19, 2020
Energy giant Saudi Aramco's market value soared above $2 trillion in December as its share price at the Stock Exchange Market (Tadawul) bourse in Riyadh surged again on its second day of trading. AFP
Fundraising on Mena equity markets hit all-time high in 2019

Saudi Aramco IPO pushed equity capital market issuance up five-fold to $27.4bn

BankingJanuary 18, 2020
Gaurav Biswas, co-founder and chief executive of Trukker, left his lucrative job in a construction consultancy within two months of having the idea for the company's app. Victor Besa / The National
Generation Start-Up: Trukker has created an 'Uber for trucks' in the Middle East

Abu Dhabi-based company raised $23m in a funding round led by STV in November

TechnologyJanuary 18, 2020
In November 2022, the FTSE Russell updated the investability weightings of Saudi Tadawul Group, the holding company that owns and operates the kingdom's stock exchange, on its FTSE All-World Index, the FTSE Global Mid Cap Index and the FTSE Emerging Index. AFP
Stronger protection and transparency measures key to attracting more investors to Gulf markets

A clearer restructuring and resolution process would provide greater reassurance, Miliken Institute study says

EconomyJanuary 16, 2020
Khaldoun Tabari, the former CEO of Drake and Scull, denies all of the charges that have been filed against him. Ravindranath K / The National
Ex-Drake & Scull chief executive arrested in Jordan

Khaldoun Tabari says he remains unaware of the reason an international warrant was issued for his arrest

PropertyJanuary 16, 2020
Suresh Soni, chief executive of IVI-RMA Middle East, says he wants to take the company's revenue from 'sub-$50m' to $200m within five years following a $100m buyout backed by Gulf Capital. Victor Besa / The National
Gulf Capital backs $100m buyout of UAE fertility treatment business

Private equity firm is providing $50m worth of expansion capital to enable push into Asian and European markets

EconomyJanuary 14, 2020
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