Abu Dhabi new business licenses rise 21% in first quarter, ADRA says
New economic licences issued in Abu Dhabi rose 21% in the first quarter of 2026 from a year earlier, reflecting...
Business
Saudi Arabia cuts US Treasury holdings by $9.5 billion in April
Dubai, UAE -- Saudi Arabia reduced its holdings of U.S. Treasury securities by $9.5 billion in April to $140.1 billion,...
Business
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours
Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
- Central bank’s economic forecasts do not take into account who wins the presidency.
- Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Business
Day after UAE-Chile CEPA, Dubai Chambers and Pro-Chile sign MoU
Under the MoU, both parties will coordinate events aimed at strengthening ties between exporting companies from Dubai and Chile and...
- The CEPA is projected to increase non-oil bilateral to $750 million by 2030, more than doubling the US$306 million shared in 2023.
- Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said the CEPA is expected to come into effect within the next six months.
Business
Saudi trains over 1,000 nationals in coastal tourism market
Riyadh, Saudi Arabia -- The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Tourism, has implemented two...
- The training, which focused on customer service experiences and safety principles, was conducted as part of the second edition of the Tourism Trailblazers Program.
- SRSA aims to provide over 210,000 jobs by 2030 and contribute more than SAR 85 billion to the GDP that same year.
Business
GACA and SBJBC strengthen saudi-UK aviation ties in London roundtable
Led by GACA President, the meeting featured the British Ministry of Transport, the SBJBC, and key aviation industry leaders.
- The discussion emphasized the strong commercial and investment partnership between Saudi Arabia and the UK
- The meeting also highlighted various investment incentives in the Saudi aviation sector
IOC creates historic Olympic Esports Games with 2025 launch in Saudi
History was made today when the International Olympic Committee (IOC) decided to create Olympic Esports Games. The first edition will...
- Saudi already has over 23.5 million gamers, of whom almost half are females
- Saudi has hosted over 1,700 elite players from over 80 countries over the last two years
Economy
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
- A “hard landing” for the U.S. economy was not “a likely scenario.”
- The central bank’s next policy meeting is at the end of July
Business
ADNOC Gas awards $550m contracts
The company aims to expand UAE gas infrastructure, increase customer reach
- Engineering, procurement and construction (EPC) contracts were awarded for the next phase of the UAE sales gas pipeline network enhancement "ESTIDAMA Project".
- ADNOC Gas will continue to expand its domestic business through ESTIDAMA, paying ADNOC a variable transmission fee for actual throughput of the pipeline.
Business
Dubai Summer Activities: A new guide to emirate’s attractions
Dubai, UAE -- A new #DubaiDestinations guide titled ‘Dubai’s Summer Activities’ invites residents and visitors to delve into an array...
- Developed by Brand Dubai, the creative arm of the Government of Dubai Media Office, the interactive guide forms part of the latest phase of the #DubaiDestinations campaign.
- It seeks to showcase the city's top-rated summer experiences and highlight unique attractions that make Dubai a one-of-a-kind summer destination.
Business
Saudi Arabia records 16% growth in air travel in first half: GACA
Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six...
- The number of flights also reached approximately 446,000, marking a 12 percent increase compared to the same period last year.
- The airfreight volume in the first six months of 2024 witnessed a 41 percent increase, reaching 606,000 tons.
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Abu Dhabi new business licenses rise 21% in first quarter, ADRA says
New economic licences issued in Abu Dhabi rose 21% in the first quarter of 2026 from a year earlier, reflecting...
Business
Company News
Latest News
Middle East conflict drags global air travel demand lower
Revenue passenger kilometers (RPK), the industry's measure of demand, declined 3.4% year-on-year, while available seat kilometers (ASK), a measure of...
Business
UAE GDP reaches $517 billion as economy grows 6.2 percent
Non-oil activities drove growth as construction, finance, real estate and transport sectors posted robust gains, underscoring diversification efforts and long-term...
Economy
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Geostrategy
US, Iran trade blame as Israel-Lebanon tensions escalate
Iran said it fired on a U.S. military base in the region, while the United States reported strikes on Iran’s...
- Lebanese and Israeli military delegations were due to meet at the Pentagon for security talks.
- Beirut is expected to demand that Israel halt its attacks, which have intensified in recent days despite a ceasefire with Hezbollah.
Economy
Closure of Strait of Hormuz may trigger lasting shift in Gulf trade corridors: report
About $650 billion in trade flows are affected, with global maritime routes facing growing disruption and uncertainty risks.
- GCC countries are redirecting cargo flows through alternative gateways, increasing transit costs and causing longer delivery times
- Saudi Arabia could leverage Red Sea access and East African investments to reduce dependence on vulnerable maritime choke points
Geostrategy
US strikes southern Iran as Tehran officials head to Qatar for crucial talks
United States forces said they have attacked missile launch sites and mine-laying vessels in southern Iran, in what a US...
- A senior spokesperson for Iran’s Armed Forces, Abolfazl Shekarchi, warned that fresh aggression against Iran would trigger a “much harsher” response, extending beyond the region
- According to Iran’s Fars news agency, Shekarchi said that if another war breaks out, Iran’s retaliation would go beyond regional boundaries and be more intense