48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
Business
Climate action slowed in 2022, severe weather events increased
Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only...
Geostrategy
Dubai property booms as wealthy buyers escape lockdowns
Credit goes to recent government reforms, attractive mortgage rates, a shift in demand due to Covid-19
Cyprus votes amid anger over graft scandal
With over 27 percent of the vote, conservative DISY remained the largest force in parliament
ADX lists US$1 billion Abu Dhabi Ports bonds
The company is planning $4.2 billion in investment in next 5 years
Egypt gears up to host Africa Food Manufacturing in August 2021
The exhibition is expected to feature more than 150 participants from 20 countries, covering the four core sectors of manufacturing:...
Uber appoints new GM for MENA, Pakistan region
Pall will lead the next phase of growth for Uber’s ride-sharing business across the region
UAE urges smokers to quit after WHO warning
The UAE has also imposed a selective tax on tobacco and its derivatives by 50 – 75 %
A Dubai startup unveils a program to fight climate change in MENA
Olive Gaea calculates the carbon footprint of any individual or business through a simple yet science-based questionnaire
Kuwait Finance House launches wellness program for staff
Hintsa Performance has developed 'Better Life' wellbeing program for KFH staff Program elements include physical activity, nutrition, sleep and recovery,...
Philippines wants close cooperation with UAE to achieve food security: Minister
Philippines minister Ramon Lopez said UAE investors are encouraged to explore agribusiness and agriculture in his country Filipinos constitute the...
Bee’ah, Chinook Sciences announce region’s first waste-to-hydrogen project
The project will include a green hydrogen generation plant and a hydrogen vehicle fueling station The fueling station will use...
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
Business
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Subscription opens to Alinma EMF
Business
Saudi Catering, RSG ink pacts
Business
Dubai real estate market records deals worth $653 million
Dubai, UAE -- Dubai's real estate market recorded deals worth AED 2.4 billion ($653 million) on Thursday, according to Dubai...
Business
Falconers meet in Abu Dhabi for special auction from Sept 2-8
Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting...
Arts & Culture
Sharjah records real estate deals worth $517 million in July
Sharjah, UAE -- Sharjah has recorded real estate transactions worth AED1.9 billion ($517 million) during July 2023, according to the monthly...
Business
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Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
- Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
- The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.