UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Business
QIG’s H1 profit surges 71.5%
The group announced earnings per share of 0.10 riyal.
- The group said that earnings per share amounted to 0.10 riyal in H1 2022, compared to 0.05 riyal last year
- The Qatari Investors Group was established in 2006, and its capital is about 1.243 billion riyals
Business
Dubai to be pitched as global hub for creative economy
The agreement between the two will see them both offering services to help set up new businesses in creative economy...
- The partnership will aim to double the creative industries’ contribution to Dubai’s GDP to five percent
- It will provide creative businesses with special incentives, such as creative activities, logistics, consultation, banking solutions and services
Business
Dubai Digital Assets Business Group formed to promote digital assets growth
Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, has announced the formation...
- The key objectives of the new business group include promoting the digital asset industry in Dubai, boost transparency through market intelligence and data.
- The group provides an ideal platform for companies operating in the digital asset sphere to unify their voices, said Omar bin Sultan Al Olama.
Geostrategy
GCC members call for peace in Gaza, condemn Israel
The Secretary-General of the Gulf Cooperation Council (GCC) Naif Falah Mubarak Al-Hajraf condemned aggression of Israeli forces on the Gaza...
- UAE expressed concern over escalation and called for restraint to prevent Gaza from violence and instability while Saudi Arabia condemned the attack on Gaza Strip
- The Secretary-General of the Gulf Cooperation Council condemned Israeli forces for the attack on Gaza Strip, which resulted in multiple deaths
Economy
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...
- The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
- Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Economy
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...
- The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
- The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Business
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....
- Mobile phone payments increased 107 percent in volume with 25 million transactions.
- Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...
- Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
- The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
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UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Company News
Latest News
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
Business
Up to $1.7 trillion investment needed for green aviation goals
To meet the estimated energy demand from hydrogen and electric aircraft in 2050 would require the amount of energy produced...
Economy
UAE energy ministry awards DEWA for research, innovation
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and...
Business
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Geostrategy
Best chance for peace in Yemen in eight years, says UN envoy
Yemen faces its best chance to strike a peace deal since the country's civil war started over eight years ago,...
- The Arabian Peninsula country is one of the poorest in the Middle East, and has been devastated by the war, which started in 2014.
- The government and the rebels have exchanged nearly 900 prisoners in recent days, as hopes grow for peace.
Business
Dubai records $450 million in real estate transactions: DLD
Dubai, UAE - Dubai's real estate market recorded real estate deals worth AED1.8 billion on Monday, Dubai Land Department said....
- The sales included 447 villas and apartments worth AED910.14 million ($247.84m), and 49 land plots worth AED756.08 million ($205.87m).
- The mortgages included 88 villas and apartments worth AED145.7 million ($39.68m) and 19 land plots valued at AED23.35 million ($6.36m).
Geostrategy
Cementing ties: Iran invites Saudi Arabia’s king to visit Tehran
The two countries had severed ties seven years ago after Saudi Arabia executed a revered Saudi shia cleric Sheikh Nimr...
- The two Middle East powerhouses had held several rounds of dialogue in Iraq and Oman before reaching the agreement to mend ties on March 10 in China.
- Saudi delegation to visit Iran to discuss the reopening of the embassy and consulate. Iranian officials say diplomatic mission likely to open before May 9.