Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Business
DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in...
- DMCC sees opportunity for American businesses in Dubai after the success of the latest Economic Policy Dialogue held between the US and UAE
- The events saw 100 American executives attend in which speakers advised on the opportunities on offer to American businesses in the UAE
Geostrategy
Saudi foreign minister meets UNRWA chief in Riyadh, promises support
Riyadh, Saudi Arabia — Saudi Minister of Foreign Affairs Prince Faisal bin Farhan received Philippe Lazzarini, commissioner general of the...
- Prince Faisal reaffirmed the Kingdom's backing for the agency and called on all UNRWA donors to contribute to humanitarian efforts for the Palestinians
- 16 donor countries, including major contributors like the US and Germany, have suspended their funding amid allegations of misconduct within the UNRWA
Geostrategy
Biden’s age under renewed scrutiny following damning revelations in documents investigation
Even before the special counsel report the White House was already on the back foot, facing repeated questions at a...
- The report, released on Thursday, described Biden's memory as "hazy," "fuzzy," "faulty," "poor," and with "significant limitations."
- It highlighted instances where Biden couldn't recall defining milestones in his own life, including the end and beginning of his vice-presidential term
Business
Aldar Properties awards contracts worth US$2.8bn
ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a...
- The contracts are being recirculated to the local economy, in line with the National In-Country Value (ICV) program.
- The ICV program is crucial to economic and social development, job creation, and the growth of the national GDP.
Economy
Saudi Crown Prince says will work for Gulf unity and prosperity of its people
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Wednesday said he will make efforts to achieve the unity...
- Mohammed bin Salman said this while co-chairing the 3rd meeting of the Saudi-Bahraini Coordination Council with his Bahraini counterpart
- The two leaders witnessed the announcements about key joint projects and signing of a number of agreements and memoranda of understanding
Economy
44% of workers’ core skills will be disrupted by 2027: WEF
The world of work is changing fast. By 2027, businesses predict that almost half (44%) of workers’ core skills will...
- The global unemployment rate could rise from 5.1% to 5.2% in 2024, with an extra two million workers expected to be looking for jobs
- The impact of AI on jobs was not going to be "an employment apocalypse", but that reskilling, upskilling would be key to managing the transition
Geostrategy
Saudi Arabia to US: No Israel ties until Palestinian statehood within 1967 borders
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday explicitly conveyed to the United States its stance on diplomatic relations with...
- The announcement comes amidst ongoing discussions between Saudi Arabia and the US regarding the Arab-Israeli peace process
- The spokesperson for the US National Security Council had recently commented on these discussions, further emphasizing their significance
Geostrategy
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...
- Sheikh Mohamed reiterated the UAE's steadfast commitment to promoting peace and stability both regionally and globally.
- The UAE and Russian Presidents discussed several issues of mutual interest, with a particular focus on the Ukraine conflict.
Business
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...
- The number of membership renewals in 2023 hit 55,087 across industrial, commercial and professional sectors.
- Free zone memberships stood at 1,795, while exports and re-exports were valued at approximately US$8.9 billion.
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...
- Since joining Abu Dhabi Airports, Sorlini has overseen the successful opening of Abu Dhabi International Airport's new state-of-the-art Terminal A
- Additionally, she has played an important role in maintaining the steady increase of passenger traffic numbers, which continue to experience year-on-year growth
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
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Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
Economy
Rotana announces the soft opening of Dar Rayhaan in Saudi Arabia
Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in...
Business
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Economy
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
- The Kingdom's remarkable performance in tourism was further highlighted by its leading position in the United Nations Tourism rankings for growth in international tourist arrivals
- The UN's tourism report also noted a substantial rise in both inbound and domestic tourism within the Kingdom, reinforcing its reputation as a premier global tourism destination
Business
Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...
- Notably, Qatar National Bank (QNB), the titan among GCC banks in terms of assets, received an uplift in its long-term credit rating from A to A+.Â
- The region has also seen a notable increase in profitability, with a significant double-digit rise of 23.1 percent, driven largely by growth in loan books.
Business
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process Â
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
- Sheikh Hamdan toured key facilities and operations, learning about the company's efforts to leverage AI.
- Sheikh Hamdan emphasized on the importance of Emirati women's participation across various sectors.