ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...Business
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...Business
Russia plans to make Iranian drones by next year, says US government
Russia is receiving materials from Iran to build a drone factory that "could be fully operational early next year," White..."The Russia-Iran military partnership appears to be deepening," Kirby said in a statement, citing US intelligence information.
Washington estimates that Russia has received hundreds of attack drones as well as related equipment from Iran to aid Moscow's invasion of Ukraine.
Sahara salt diggers struggle to stay in business
Digging for salt is punishingly hard work, rewarded by an income that fluctuates according to whichever buyers happen to pass...Salt digging, carried on from generation to generation, was a thriving business, involving a commodity so precious that it was bought and sold across the Sahara and beyond.
Over centuries, hundreds of pits have been dug by hand and then filled with water to leach salt from the local rock.
Dubai records $2.45 billion in weekly real estate transactions
Dubai, UAE -- A total of 3,397 real estate and properties transactions valued at AED 9 billion ($2.45 billion) were...The DLD data showed that 204 plots were sold for AED 1.52 billion, 2,562 apartments and villas were sold for AED 5.69 billion.
A total of 134 properties were granted between first-degree relatives worth AED 340 million and the sum of mortgaged properties was AED 1.52 billion.
KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...This would be the first such manufacturing facility in the Middle East and is expected to be operational towards the end of 2024.
By partnering with Tubacex Group, KEZAD aims to further increase the localization and resilience of supply chains.
Middle East rich looking for alternative investments: EY report
Dubai, UAE -- High net-worth individuals (HNWIs) in the Middle East are increasingly looking for alternative investments, such as private...The EY report also noted that the HNWIs, who are expected to grow by 10 percent to 225,000 in 2023, are increasingly adopting digital channels to manage their wealth.
According to the report, private equity is the most popular alternative investment among HNWIs in the region, followed by real estate and hedge funds.
Crypto exchange Binance halts US dollar deposits after action
WASHINGTON, US - The world's largest cryptocurrency exchange Binance said it was halting US dollar deposits and encouraged clients to withdraw...Binance is alleged to have permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange.
Binance has criticized the govt's actions, saying that it will continue to vigorously defend ourselves and customers against the SEC attacks.
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
After missing out on Messi, Saudis give Benzema gala welcome
Fireworks and flame-throwers greeted Benzema, wearing their black and yellow kit with the number nine, at Al-Ittihad's 60,000-seater stadium in...Karim Benzema joins Portugal idol Cristiano Ronaldo as the latest superstar to join the Saudi Pro League, which has a hit-list of high-profile targets
Banners welcoming Benzema adorned the city, and according to press reports, 60,000 tickets at the symbolic price of nine riyals ($2.50) sold out within five hours
Ruby gemstone sells for record $34.8 million
The 55.22-carat gemstone named Estrela de Fura was already the largest ruby ever to go under the hammer. It was...Offered at a starting price of $21 million, it sold for $30 million plus fees and commissions to an anonymous telephone buyer
The previous record belonged to a 25.59-carat Burmese ruby, which sold for a total price of $30.33 million by Sotheby's in Geneva in 2015
Al-Futtaim leads $15m start-up funding
The firm led the funding in River, which manufactures electric two-wheelers.River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations.
