IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
Dubai Customs strengthens partnerships with courier firms to expand e-commerce
DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering...
Business
Business
Abu Dhabi Global Market to begin Monday-Friday workweek from Jan 1
Abu Dhabi Global Market (ADGM) has announced that it will commence a Monday to Friday working week from 1 January...
- ADGM said the new working week brings Dubai's business community and financial sector closer to global markets and real-time economic and trading activities.
- More than 3700 entities are registered with the ADGM and it has a strong pipeline of growth, said the IFC in a statement.
Infographics
What were the top geopolitical events of 2021?
The year 2021 was, despite the dampened activity due to the Covid-19 pandemic, chock-full of landmark events.
- Globally, the world is still talking about the January 6 incident where supporters of then US President Donald Trump stormed the US Capitol
- Also, the annual climate conference COP26 was held in Glasgow, with observers still divided on whether it was a success or a failure
Business
Jordan bank plans acquisition
Central Bank will acquire the Societe Generale Bank Jordan.
- The acquisition is said to be part of a drive to expand the Central Bank's foothold regionally and domestically
- Its chairman Bassem Al Salem said the bank would also issue $100 million in perpetual bonds to help drive growth
Geostrategy
UAE extends $2m grant to Costa Rica in flood response
The UAE has extended a grant of $2 million to Costa Rica to help the Central American country battle its...
- The money is expected to help Costa Rica build capacity in its National Emergency Commission to address flooding throughout the country
- This comes against the backdrop of two previous aid flights sent by the UAE to Costa Rica carrying critical medical supplies to fight Covid-19
Arts & Culture
UAE’s most awaited falconry event Telwah to begin Dec 28
The most awaited new season of Fazza Championship for Falconry- Telwah, organized by the Hamdan Bin Mohammed Heritage Centre (HHC),...
- Director of Fazza Championships confirms the closing of competition's registration.
- Falconry has a 2000-year-old history and Bedouins of the Arabian Peninsula practiced it for hunting.
Business
KPMG Lower Gulf revenues up, workforce rises by 21 percent
KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021....
- KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021.
- Advisory grew 17 percent, Audit 4 percent and Tax & Legal Services at 8 percent, the firm said.
Business
Saudi Arabia Pavilion at Dubai Expo2020 records 2 million visitors
Fireworks and laser lights were launched to announce the new record as pavilion’s employees and public gathered in the ‘opportunities’...
- This is a new record as nearly 30 percent of the total number of visitors to Expo visited the Saudi Pavilion since its official opening.
- The Kingdom's pavilion at Expo 2020 Dubai succeeded in increasing its visitors through its various economic events and cultural activities.
Business
Dubai launches one-stop-shop online portal for timeshare operators
Dubai’s Department of Economy and Tourism (DET) has launched an online portal that provides a ‘One-Stop-Shop’ for timeshare operators to...
- The Timeshare Portal supports the legal framework created by Dubai’s new Timeshare Law.
- It allows allows potential operators to register and submit their applications for timeshare properties and obtain a permit as a licensed timeshare operator.
Economy
UAE and Spain discuss cooperation in renewable energy, water sectors
Spain and UAE have reviewed Dubai Electricity and Water Authority's achievements besides key projects and cooperation in the clean and...
- The two sides also discussed initiatives and programs that consolidate the transition towards a green economy.
- DEWA CEO Saeed Mohammed Al Tayer held a meeting with Iñigo de Palacio, Spain’s Ambassador to the UAE.
Economy
Saudi Arabia’s overall merchandise exports rise by 90 percent in Oct. 2021
Saudi Arabia’s overall merchandise exports increased by 90 percent in October 2021 compared to October 2020, when international trade was...
- The value of exports amounted to SAR106.2 billion ($28.2 billion) in October 2021, up from SAR55.9 billion in October 2020.
- The share of oil exports in total exports increased from 66.1 percent in October 2020 to 77.6 percent in October 2021.
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IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
Company News
Latest News
TAQA to buy AlMansoori
Business
Aldar acquires Spark Security
Business
Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism...
Geostrategy
Visa-free travel between UAE, Japan starting Nov 1
Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of...
Economy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
Geostrategy
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Geostrategy
UAE calls Borrell’s ‘jungle’ remark as ‘racist and disappointing’
"Borrell’s remarks are a disappointing development that comes at a time when all parties are aware of the importance of...
- Borrell said in a speech in Bruges, Belgium that “Europe is a garden, but most of the rest of the world is a jungle, and the jungle could invade the garden”.
- The UAE asked the Office of the High Representative to "provide a written explanation of the High Representative’s hurtful and discriminatory comments".
Business
World Cup boom pushes some Qatar residents out of homes
More than one million football fans are expected to descend on the capital Doha during the November-December tournament, putting a...
- Most fans will be staying in hotels, apartments, cruise ships and desert camps booked through the official World Cup portal.
- To ease the crunch, FIFA recently released thousands of hotel rooms it had reserved, which experts have said could push World Cup prices down.
Economy
Saudi to target 11 decisions for Emiratisation program by 2022 end
Riyadh, Saudi Arabia---Saudi Arabia will target 11 new decisions for Emiratisation program in project management, procurement, food and drug sectors...
- New Emiratisation decisions will be targeted in project management, procurement, food and drug sectors.
- Emiratisation has cut unemployment rate of Saudis to 9.7 percent and increased the rate of economic participation of women by 35.6 percent.