Dubai readies for new ‘Nomad’ media and entrepreneur hub


The ‘Nomad’ development will be built close to The Echo Plex, on the Al-Ain Dubai road. (Courtesy Al Ahli Holdings)
Updated 07 May 2018

Dubai readies for new ‘Nomad’ media and entrepreneur hub


  • First phase of project to be launched later this year
  • Members will have access to support and advice from Al Ahli Holding Group’s consultant network.

LONDON: The Dubai-based Al Ahli Holding Group is planning to build a one million square-foot hub for media companies and entrepreneurs to work and even live in as they start to build their businesses. 

The development is the latest in a number of initiatives across the Gulf to drive innovation and entrepreneurship, particularly in the technology sector, as the region tries to diversify its economy away from oil-related industries. 

The ‘Nomad’ development is to be built close to The Echo Plex, off Al Ain Road in Dubai, and will provide affordable co-working space for small and medium-sized businesses (SMEs) and startups, the company said in a statement. The Nomad project aims to attract members from across the region and beyond. 

The hub will also offer studios as well as gaming and technology areas, including one of the largest 3D printing facilities globally, according to the company’s press release. 

Members will be able to benefit from support and advice from Al Ahli Holding Group’s network of consultants.

Subsidized co-living facilities will also be available to help members keep their living costs low as they work on launching or expanding their businesses.

“The sheer size, scope and proposition of Nomad will put the UAE on the map as a global game changer when it comes to the type of creative, disruptive and outstanding entrepreneurship that will guarantee a bright, thriving future for generations to come,” said CEO of Al Ahli Holding Group, Mohammed Khammas.

The project is in line with the UAE’s Vision 2021 which plans to build up a so-called ‘knowledge economy’ by supporting entrepreneurs in the country. 

The hub will take two years to be built — with the first phase including a pilot co-housing community — to be launched at the end of this year, the company said. 

The Nomad project follows previous efforts in Dubai to encourage entrepreneurs, including In5, a platform launched by Tecom Group.

It currently offers facilities to entrepreneurs and start-ups at various locations in the emirate, having launched its innovation center for technology in Dubai Internet City in 2013, followed by design-focused and media centers in 2017. 


Gulf Marine CEO quits after review sparks profit warning

Updated 22 August 2019

Gulf Marine CEO quits after review sparks profit warning

  • Tensions in the Arabian Gulf, a worrisome global growth outlook and uncertainty over oil prices have recently dampened investor confidence

DUBAI: Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12 percent down.

The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million, below $58 million that it reported last year.

A source familiar with the matter told Reuters that Anderson, who has served as CEO for 12 years, was asked to step down. Anderson could not be reached for comment.

The company, which in the past predominantly operated in the UAE, expanded operations and deployed large vessels in the North Sea and Saudi Arabia nine years ago and listed its shares in London in 2014.

Tensions in the Arabian Gulf, a worrisome global growth outlook and uncertainty over oil prices have recently dampened investor confidence.

The North Sea has seen a revival in production in recent years due to new fields coming on line and improved performance by operators following the 2014 oil price collapse.

Still, the basin’s production is expected to decline over the next decade, according to Britain’s Oil and Gas Authority.

“(The CFO’s) review has coincided with a pause in renewables-related self-propelled self-elevating support vessels activity in the North Sea, which will impact several of the higher day-rate E-Class vessels,” Investec wrote in a note.

Gulf Marine appointed industry veteran Kersley as chief financial officer in late May as it sought to halt a slide which has seen the company’s shares fall nearly 80 percent last year and another 23 percent so far this year.

The company said market conditions remained challenging and that it was still in talks with its financial advisors regarding a new capital structure.

“Management, the new board and the group’s advisors, have been in negotiation with the group’s banks on resetting its capital structure and progress has been made,” it said in a statement.

Last year, Gulf Marine said contracts were delayed into 2019 as the company was seen to be in breach of certain banking covenants at the end of 2018.

The company said it was still in talks with its banks and individual lenders with hopes of getting a waiver or an agreement to amend the concerned covenants.