UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
Business
Business
Women in Tech Global and UN Women launch “Beyond Ceilings” campaign on women’s empowerment
The "Beyond Ceilings" campaign urges people to confront and challenge the glass ceiling, and reminds the audience of the vast possibilities that await women once they overcome...
- Women in Tech Global, in collaboration with UN Women, has initiated a worldwide campaign to highlight the prevalent existence of obstacles, often known as the "glass ceiling"
- "Together, we can break these barriers and ensure that every girl knows that the sky has no limits", said Ayumi Moore Aoki
Business
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
- Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad
- It is expected that Iraq's oil reserves will increase to over 160 billion barrels, thereby boosting Iraq's position in the global oil market
Business
Etihad reports record Q1 profit
Total revenue increased by $269 million in the same period.
- The airline said the revenue increase reflects an increase in network capacity and passenger numbers.
- The airline carried 4.2 million passengers over the quarter, up 41 per cent year-on-year.
Business
Emirates CEO Sheikh Al Maktoum ‘not happy’ over Boeing aircraft delays
Dubai, United Arab Emirates -- The head of Dubai's Emirates airline urged Boeing on Tuesday to "fix" its problems, warning the...
- Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said the delayed delivery was putting pressure on Emirates' existing fleet.
- Emirates, already the biggest operator of 777 planes, has 205 777X on order, including a major purchase of 55 777-9 and 35 777-8 announced in November.
Economy
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
- New York is the richest city in the world, with 359,500 millionaires and 60 billionaires
- Dubai has 72,500 millionaires, 212 centi-millionaires (100 mn +) and 15 billionaires
Business
flynas UAE expansion plan to increase number of routes, flights
Dubai, UAE -- flynas, the Saudi budget carrier, has announced expansion plans for the UAE from September this year, which...
- The carrier unveiled expansion plans for the UAE on the sidelines of the Arabian Travel Market (ATM).
- Starting September 2024, flynas will expand its operations to include Abu Dhabi, Sharjah, and Al Maktoum International (DWC).
Business
IHC Q1 net profit $2.17bn
The company launches Share Buyback Programme
- IHC's robust performance in Q1 2024 led to a Profit after Tax margin of 41.6 percent and earnings per share of AED 2.17.
- This growth was propelled by strong performances across IHC’s core sectors of Real Estate & Construction, Technology, Marine & Dredging, Food, and Services & Others.
Business
Dubai records 5.18m international overnight visitors in Q1
Dubai, UAE -- Dubai welcomed 5.18 million international overnight visitors from January to March 2024, an 11 percent rise over...
- Dubai begun 2024 by being named the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards.
- From January to March, the Western Europe region was Dubai’s biggest source market with 1.138 million arrivals, a 22 percent overall share.
Business
NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
- The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives.
- The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities.
Business
Miral Destinations to showcase latest attractions at ATM 2024
Abu Dhabi, UAE -- Miral Destinations, a subsidiary of Miral and promotional partner for Yas Island and Saadiyat Island Abu...
- Scheduled to take place from 6-9 May in Dubai, ATM offers a stage for Miral Destinations to demonstrate its dedication to innovation and sustainable tourism, media reports said.
- Saadiyat Island Abu Dhabi is launching the ‘Elevate your Senses’ campaign during Arabian Travel Market.
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
Business
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Global tourism nears full recovery, led by Middle East’s 26% growth in 2024
While Europe and Americas have nearly returned to pre-pandemic levels, the Middle East's growth outpaces all other regions, UN World...
Business
UAE banks’ Q2 investments in Islamic certificates, cash bills surge to $61.81bn
The banking sector in the country maintained strong capital adequacy, exceeding Basel 3 requirements, according to the Central Bank.
Business
Middle East renewable energy projects investments reach $75bn
London, UK -- The Middle East is moving towards investing $75.63 billion in renewable energy projects until 2030, according to...
Business
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Business
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
- The sector's direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034.
- Central to this growth has been a combination of strong domestic demand and increased international arrivals.
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
- 43% of YTD scam inflows have gone to wallets that became active this year
- Huione Guarantee, appears heavily used for illicit crypto-based activities, including pig butchering, investment fraud, and money laundering
Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
- Nvidia loses $200 billion in market value
- Investors' high expectations led to disappointment despite Nvidia's strong earnings