Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
Economy
Economy
Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when...
- UAE is expected to generate approximately AED 25 bn ($6.8 bn) in revenue from the corporate tax.
- Corporate tax rates in nations such as Germany and Japan exceed 30 percent. In Canada and China, companies pay 27 percent and 25 percent, respectively.
Business
Latest tech in focus as UAE celebrates innovations
UAE Innovates 2022, described as the largest innovation festival in the world, seeks to instill a culture of innovation and...
- The Expo will have an MBRCGI display at Festival Garden, where creative government experiences will be featured
- In addition, private companies will also organize specific talks and workshops in several innovation spheres
Videos
Eight biggest GCC sovereign wealth funds
Sovereign wealth funds across the world invest trillions of dollars into real estate, bonds and other assets. TRENDS takes a...
- More than $1.3 trillion of funds are managed by some of the biggest sovereign wealth funds in the GCC.
- These funds invest in global real estate, financial assets, bonds and private equities.
Business
TASI starts low; Emirati markets gain
The Emirati indices managed to show gains throughout the week, while the Saudi index was unchanged.
- After a tumultuous session, Saudi Arabia’s main index closed unchanged on Thursday
- The Dubai index advanced 0.5 percent on Thursday, supported by a 1.5 percent jump in NBD Bank
Analysis
5G fears: US airports land into trouble
In the United States, the 5G usage near airports have been opposed by many airlines, which claim that it may...
- Canada adopts C-band technology, same as the US, but typically restricts hazardous signals near airports.
- Several Arab countries have already embraced 5G, and others will follow once they reap the financial benefits of selling licenses to telecom companies.
Business
Dubai embraces enigma of costliest black diamond
The design of the bloack diamond Enigma is based on the Middle Eastern emblem of the palm — also known...
- The diamond will see a "without price limit" auction, meaning whoever offers the highest proposed price will win it
- Enigma can be dated between 2.6 billion and 3.8 billion years, and its components include nitrogen and hydrogen
Economy
Tourism helps UAE add $158bn to GDP in six years
Around 31 million visitors are expected to enter the UAE yearly by 2025 as the country has initiated several measures...
- UAE’s total annual visitor spending is expected to reach about $64bn in 2028.
- Tourism is expected to contribute $76bn annually to the UAE's GDP by 2028.
Economy
UAE leads GCC in ICT investments, spending
The Gulf region stays strong both regionally and globally in terms of the number of internet users and the populations...
- The United Arab Emirates came out on top with 5.43 points in the GCC ICT Use Index for 2021, followed by Kuwait and Saudi Arabia.
- Saudi Arabia's ICT spending is set to reach $30.9 bn, and public sector spending will reach approximately $3 bn by the end of 2022.
Business
Dubai most popular holiday destination for 2022
The city overtakes London in the list of the "Top Destinations Around the World". Golden beaches, world-class restaurants, rave reviews...
- Dubai figured at the fourth place in the "trending destinations for food lovers" list and first in "Trip Advisors list for city lovers."
- More than 3.85 million tourists came to Dubai during the first nine months of 2021, according to the department of tourism and commerce marketing.
Videos
Arab countries see surge in crypto investors
In 2021, Triple-A estimated global crypto ownership rates at an average of 3.9 percent, with over 300 million cryptocurrency-owners and...
- Consultancy firm Triple-A estimates global crypto ownership rates at an average of 3.9 percent
- The number of cryptocurrency investors is expected to rise in 2022, mainly in the UAE and Bahrain
Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Company News
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Investor confidence fuels UAE’s real estate boom in Q2
Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition...
Business
Trust for cryptocurrencies, CBDCs grows in MENA
Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are...
Business
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
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Economy
Global exports propel Saudi date industry to the top
The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$...
- The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$ 340 million
- Saudi Arabia's annual production of dates surpasses 1.6 million tons, with exports increasing by 121 percent from 2016 until 2022
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Business
UAE leads the charge in GCC’s electric vehicle market
Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the...
- Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the electric charging network by 170% by 2025, says a latest report
- Ranked eighth globally for electric mobility readiness, the UAE's EV market is set to grow 30% annually from 2022-2028, with over 30% of residents considering EV purchases