Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Dakar Rally Saudi Arabia 2025 kicks off Friday with over 800 competitors
Riyadh, Saudi Arabia -- The Dakar Rally 2025, the largest and longest race in the world of motorsports, is set...
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...
- Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
- The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
Business
Saudi Arabia tops MENA region’s hotel construction boom, UAE close behind
Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE...
- Saudi Arabia is building more than 42,000 hotels rooms in order to cater to tourist demand in the country
- The MENA region’s hotel construction will see some 119,505 new rooms being added in the near future
Business
ADAFZ reports two-fold rise in leased-out spaces, properties
Abu Dhabi, UAE - Abu Dhabi Airports Free Zone (ADAFZ), a subsidiary of Abu Dhabi Airports, has recorded a two-fold...
- The strong performance was driven by growth in leased spaces and properties, where ADAFZ signed contracts for a total of 163,580 m2
- Properties included commercial spaces, land development plots, and administrative facilities, resulting in an increase in annual leases by 256%
Economy
UAE to invest US$160bn in new economy sectors in next 30 years
London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the...
- The country began financing clean energy projects more than 15 years ago, and has made investments to the tune of $40 billion
- The UAE is seeking to lure $136 billion in foreign direct investment in the new economy sectors by 2030, the minister of economy said
Science
UAE Spacecraft captures close-up images of Mars’ little moon
The findings were presented Monday at the European Geosciences Union's general assembly in Vienna. They challenge the leading theory that...
- The spacecraft flew within 100 kilometers (62 miles) of Deimos in March, capturing close-up shots of its odd-shaped, cratered surface
- These images offer scientists a more detailed understanding of Deimos, which is just 15 kilometers by 12 kilometers by 12 kilometers in size
Geostrategy
Iran imposes sanctions on UK, EU individuals, entities
Tehran, Iran— Iran has announced new sanctions against the UK and European Union “individuals and entities” for supporting what it...
- The Islamic Republic has imposed sanctions as a form of retaliation for "cruel sanctions " against Iranian people
- The country’s foreign ministry blamed the UK and EU for violating international obligations on combating terrorism
Economy
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.
- The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
- The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Business
HFZA showcases Sharjah as attractive investment destination at India Steel 2023
SHARJAH, UAE - India is among the UAE's most significant investment partners, with substantial mutual investments. Iron and steel rank...
- Iron and steel rank among the top commodities exported from the UAE to India.
- India is among UAE's most vital trade partners, with substantial mutual investments.
Economy
Collective action required for food security, says FAO
MIYAZAKI, JAPAN - With hunger levels rising and food prices soaring in most of the world, collective actions are necessary...
- Trade continues to be key for global food security and all nations must commit to well-functioning markets and transparency, FAO said.
- "We need to work together in an efficient, effective and coherent manner to identify the solutions," FAO added.
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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
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Company News
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Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
Economy
Saudi Arabia unveils 45,000-seat multi-use stadium in Qiddiya City
RIYADH, SAUDI ARABIA - The Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday the launch of...
Business
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Record demand for Dubai luxury homes despite rising prices
Dubai, UAE - Dubai saw record-breaking sale prices throughout 2023, with super-luxury residences selling for up to US$4,000 (AED14,692) per...
- High-net-worth buyers have been flocking from continental European countries like the U.K., France, and Germany to relocate to Dubai
- In 2023, average residential prices in Dubai rose 16.9% in the first two quarters, according to CBRE’s UAE Real Estate Market Review
Business
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
- The total value of bonds listed on Nasdaq Dubai by CCB, comprising the issuances by Hong Kong and Dubai branches, stands at $2.45 billion.
- The cumulative value of outstanding debt from Chinese issuers on Nasdaq Dubai stands at US$11.95 billion through 22 issuances.
Business
Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...
- The government identified cases of cover-up, including scenarios where a Saudi citizen transfers ownership of a commercial establishment to a non-Saudi individual
- A key point of differentiation stressed by the program is between commercial cover-up and the concealment of labor violations