Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
Business
Business
Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...
- The talks centered upon holding joint events and improving coordination to encourage businessmen to participate in exhibitions
- The Sharjah Chamber received an invitation from the Tunisian side to participate in an exhibition at the Sfax International Fair
Business
UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement.In this connection, Dr....
- The two countries will eliminate tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment
- Non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
- In November 2023, the total traffic rose 29.7 percent compared to November 2022
- Middle Eastern airlines saw an 18.6 percent traffic rise in November
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
- Trade between the UAE and India touched $84.5 billion between April 2022 and March 2023, and is expected to reach $100 billion by 2027
- The MoU in the renewable energy focuses on forging effective collaboration by building relationships between public and private organizations
Geostrategy
UAE and Azerbaijan presidents pledge to boost ties
Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and...
- The two countries resolved to ramp up ties in economics, development, renewable energy, environmental protection, culture, education, and other areas
- The meeting between the two presidents also addressed the upcoming UN Climate Change Conference (COP29) to be hosted by Azerbaijan this year
Business
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
- The bank has been authorized by DLD to oversee real estate development escrow accounts and offer associated services
- The chief aim of the escrow account is to streamline the construction process for off-plan units, safeguarding the interests of investors
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm
Company News
Emaar unveils new projects
Business
Latest News
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries.In this...
Business
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Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
- Officials from the UAE have highlighted the role of the country in supporting the free flow of trade and investment to drive global economic growth
- They said the UAE's endeavours have been to expand its base of trading partners around the world through comprehensive economic partnerships
Business
DIEZ profit jumps 64.6% in 2023
The market value of its net assets crossed US$5.66bn.
- DIEZ reported growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues
- Economic zones affiliated to DIEZ have experienced substantial growth across six key sectors, which collectively represent 95 percent of total companies hosted.
Business
GAS, SPPC ink two contracts
The duration of each contract is of 22 months.
- The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
- The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).