Ceasefire begins: Israel, Hamas exchange hostages and prisoners amid fragile hopes for lasting peace
The 42-day truce's first phase involves prisoner exchanges and hostage releases, but the future remains uncertain as both sides navigate...
Geostrategy
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Business
Hub71, Abu Dhabi’s global tech ecosystem, adds 15 more startups
Abu Dhabi, UAE - Hub71, Abu Dhabi's global tech ecosystem, has welcomed its first cohort of the year comprising 15...
- The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups
- 67 percent of the selected startups are headquartered outside the UAE, reinforcing the global status of Abu Dhabi as an innovation hub
Business
Suez Canal annual revenue hits record $9.4bn
Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7...
- Suez Canal Authority Chairman Osama Rabie attributed the Suez Canal's revenue increase to the crisis in Ukraine and ongoing development projects by the authority
- The SCA, he said, is preparing to offer a 20 percent stake in Canal Rope on the Egyptian Exchange (EGX) as part of Egypt's government IPO programme
Economy
In policy about-turn, Turkey to raise rates to fight inflation, steady lira
The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new...
- Erdogan still defends his markets-defying idea that high interest rates contribute to rising consumer prices that have been Turkey's bane for the past five years
- The central bank is expected to change course and raise rates on Thursday after Erdogan appointed a former Wall Street executive to head the institution following his re-election
Arabs endorse draft law, strategy to regulate social media, up to $2m penalty for violation
The law will apply to a wide array of “illegal content” including, but not limited to, false and fake news,...
- The objective is to establish a harmonized Arab legislative and fiscal base, which will safeguard Arab content and users
- The strategy will address a wide array of “illegal content” including, but not limited to disinformation campaigns, false and fake news
Economy
Dubai International Chamber opens new office in Johannesburg
Dubai, UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official...
- The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of bilateral investments between Dubai and South Africa
- A total of 777 South African companies were registered with Dubai Chamber of Commerce by the end of 2022, representing growth of 77 percent since 2016
Economy
Pakistan to hand over Karachi Port terminals to UAE
Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover...
- The decision was made during a meeting chaired by Finance Minister Ishaq Dar, held by the Cabinet Committee on Inter-Governmental Commercial Transactions
- To facilitate the negotiation process, a committee has been formed to establish a commercial agreement between the Karachi Port Trust (KPT) and the UAE government
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
- Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
- The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Turkey raises minimum wage by 34% to tackle inflation
Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1. ...
- The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers
- President Tayyip Erdogan, who was re-elected, has indicated a willingness to implement interest rate hike in an attempt to stabilize the economy
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
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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
Ceasefire begins: Israel, Hamas exchange hostages and prisoners amid fragile hopes for lasting peace
The 42-day truce's first phase involves prisoner exchanges and hostage releases, but the future remains uncertain as both sides navigate...
Geostrategy
Company News
Albilad Capital to pay dividend
Business
Latest News
UAE, Russian Presidents discuss regional and global developments
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan spoke by telephone to President of the Russian Federation...
Geostrategy
Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...
Business
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
Business
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Economy
Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments
Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in...
- A substantial portion of this investment, approximately $1.8 trillion, is expected to be financed through bids aimed at attracting global investors from Switzerland and beyond
- Apart from investments in zero-emissions projects, the collaboration extends to the insurance industry, which is poised for significant growth in the coming years
Geostrategy
WW3 may begin before US President Biden’s term ends, Trump says
NEW YORK, US - World War III may break out before US President Joe Biden leaves office, former US president...
- Trump alleged that that Biden's policy had turned the world into hell and was leading the United States to a bloodbath.
- The US presidential election will be held in November and incumbent Joe Biden said that he would seek re-election.
Geostrategy
Russian foreign minister to speak at Valdai Middle East Conference
MOSCOW, RUSSIA - Russian Foreign Minister Sergey Lavrov will take part in the 13th Middle East Conference of the Valdai...
- The 13th conference is taking place at a time when the region is under the microscope amid the escalating Palestinian-Israeli conflict.
- Experts are likely to discuss ways to come to a comprehensive settlement in the Middle East, the legacy of colonial policy.