Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.Business
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...Business
Not my vision of the future: Meta’s Zuckerberg on Apple Vision Pro
A new-generation Quest 3 with improved performance and slimmed design will be available later this year at a starting price...Zuckerberg's comments came during the first all-hands gathering at its Silicon Valley campus since the pandemic, and just days after Apple unveiled Vision Pro mixed reality headset
Meta makes Quest virtual reality headsets and has invested heavily in Zuckerberg's belief that internet life will one day play out in virtual worlds referred to as the metaverse
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
UAE, fintech lead as venture funding surges in MENA
At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7...At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report
Securing $422 million in 14 deals, the UAE led regional funding, while Saudi Arabia, boosted by Flat6labs Riyadh's seven new startups, led with 15 deals.
Swiss Parliament to examine UBS’ Credit Suisse takeover
Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission...The commission will examine "the legality, opportunity and effectiveness of the activities" of the Swiss authorities in the takeover.
The commission will be composed of 14 lawmakers - seven from each house of parliament - with all major parties represented.
Dubai International Chamber launches International Partners Network
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International...The International Partners Network will be focused on updating stakeholders on the chamber's attraction and expansion plans.
The network supports the Chamber's strategic objectives of attracting 100 SMEs, 30 MNCs, expand100 Dubai-based companies by end of 2024.
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...UAE investments in Peru over the last five years exceeded US$700 million, while intra-trade reached US$4.4 billion in the same period.
UAE official said the deal will contribute to the growth of trade exchange in a manner that supports development in both the countries.
Saudi Arabia to import 1.5 million head of cattle this Hajj season
Riyadh, Saudi Arabia -- Saudi Arabia's livestock imports during the current Hijri year increased by 40 percent compared to the...Since the beginning of this month, a total of 700,000 imported head of livestock have been cleared by the ministry at Jeddah Islamic Port.
The ministry said it expects half a million more head to arrive in the coming days, in preparation for this year's Hajj season.
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...The strategic partnerships between the two sides aim at focusing mainly on peace, security, stability, integration, and economic prosperity in the Middle East.
Beside supporting Yemeni peace efforts and humanitarian needs, the US and GCC also make a commitment to freedom of navigation and maritime security in the Gulf region.
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Autoliv to cut 11% workforce
It will slash up to 8,000 jobs in order to reduce costs.Autoliv said the cuts would be made globally but "particularly within its European operations" and 6,000 would be "direct positions" while 2,000 would be "indirect positions"
For the first quarter of 2023, net sales of the Swedish-American company grew by 17 percent to $2.5 billion, while its net profit fell by 11 percent to $74 million
