UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
Economy
Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
Business
Business
Dubai sets up $100m fund to support fintech startups
Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies....
- “We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement
- The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period
Business
JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.
- The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
- Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Business
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.
- The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
- EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Economy
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...
- DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
- The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Business
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...
- The new partnership is expected to double bilateral trade between both countries.
- Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
Business
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...
- The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
- The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Business
Ajman Chamber certificates of origin rise by 29 percent in 2021
The total number of certificates of origin issued by the Ajman Chamber of Commerce and Industry (ACCI) during 2021 increased...
- The products of ships and boats ranked first in the exports from Ajman, while fish products came in the second rank.
- Ajman's exports to the top 10 countries during 2021 constituted about 65 percent of the total value of exported goods.
Business
MENA region saw $2.88bn startup investment in 2021: Report
The report also claimed that the value of early-stage deals for startups in the region doubled from 2020 to 2021.
- Startups based in the UAE attracted the highest value and number of investment deals in 2021
- Saudi Arabia continued to hold the second position in value of deals, followed by Egypt and Jordan
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
Economy
Company News
du revenues vault 10.5%
Business
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UAE, China eye $200bn bilateral trade by 2030
Infographics
AMF signs US$1bn agreement to shore up Yemeni government reforms
Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the...
Economy
Egyptian Exchange rises on buying by FIIs
The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion.
Economy
Global Data Dialogue summit in Dubai to discuss AI, public policy, media
The summit will bring together data leaders, high-level government officials, entrepreneurs, technologists, scientists and journalists to engage in dialogue on...
Business
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Economy
Rate cuts may help in avoiding chronic recession
It is logical for the FRB to halt the wave of escalation of interest rates on the dollar, which was...
- The Federal Reserve may reverse its policies and reduce interest rates to ensure preservation of the US and global economies, says an economist
- It is logical for the Fed Reserve to pursue it policy in halting the wave of escalation of interest rates on the dollar, Qatar-based Bashir Al Kahlout adds
Business
Global economic crisis takes fizz out of MENA startups
MENA startups had begun the year with a deluge of funding from investors, but toward the year end a dark...
- The startups in the region have raised more than $2.5 billion this year and made more than 500 deals, according to estimates
- The UAE raised $460 million in 24 deals in October, a huge boost compared to the country’s $27 million raised in September
Business
NEXT50 unveils platform for firms to maximize their business values
Abu Dhabi, UAE -- NEXT50 today launched PLATFORM50, a one-stop-shop solution for organizations to maximize business value and address tomorrow’s...
- PLATFORM50 is designed to support organizations as they accelerate the adoption of AI, advanced analytics-based solutions, and automation.
- AI is set to contribute up to $15.7 trillion to the global economy in 2030 and $320 billion to the Middle East alone.