Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
- Both central banks' decisions come after Fed's vote to maintain interest rates at a 23-year high
- The decision is a careful balancing act by the UAE and Qatar aimed at fostering stability and growth
Geostrategy
GCC and EU hold talks to boost economic, political ties
Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance...
- Jasem Mohamed Albudaiwi, head of the GCC, held talks with members of the EU Political and Security Committee
- The two sides exchanged views on a group of regional and international issues, including the crisis in the Gaza Strip
Business
ADX partners with Eureeca
The collaboration will bolster accessibility to ADX IPOs.
- The partnership between ADX and Eureeca capitalises on the exchange’s robust e-IPO investor portal, highlighting its commitment to simplifying the IPO process
- The tie up will take advantage of Eureeca’s international investor base, giving regional and international retail and HNWIs the opportunity to participate in ADX IPOs
Business
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
- The MoU will strengthen educational ties, foster mutual understanding, and enhance bilateral relations in the realms of academia, culture, and knowledge exchange
- The curriculum for the EKLYA students will encompass a variety of subjects, including cross-cultural studies, project management, event management, and geopolitics
Economy
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
- The indicators of rising assets, financing and capital adequacy ratios reflect the sector's flexibility and resilience to adapt to the changes the world is witnessing
- At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% and annually by 13.5% ), reaching $686bn
Business
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum directed the two to merge under Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum
- He said the goal is to create a more financially efficient entity, owning assets worth hundreds of billions, and comprising global expertise across various sectors
Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month
Business
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
- The even will be co-organised by Capital Events and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference
- The hosting of the conference marks a significant milestone in the world's largest Bitcoin conference’s expansion into the MENA region
Business
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
- Some 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent
- Pakistan ranked second in terms of new company memberships in 2023, with the chamber welcoming 8,036 new businesses in 2023
Business
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
- Transactions via cards and digital payment solutions in the Middle East and North Africa surged by 20% in value and over 50% in volume
- A study found that Middle Eastern consumers are increasingly prioritising sustainability, with 9 out of 10 adults willing to take action
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
Company News
Omantel approves cash dividend
Business
Latest News
Amanat FY 2023 revenue $195m
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
Business
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
Business
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Business
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...
- The company saw a noticeable uplift in interest in corporate customers, wedding bookings, and leisure bookings across 2023
- It also hosted over 35 wedding ceremonies and receptions as well as birthdays, with the resort providing the perfect backdrop
Business
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
- Chairman of Qatar Tourism Saad bin Ali bin Saad Al Kharji said Qatari tourism sector has witnessed significant development in recent years
- Al Kharji said that it is one of the main pillars of the state's strategy for economic diversification under the Qatar National Vision 2030
Business
UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
- Al Marri said that the UAE enjoys globally competitive status as one of the most advanced countries in terms of air cargo efficiency
- It is the first platform of its kind to provide an analytical view of air cargo movements to, from and through the United Arab Emirates