Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...Business
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...Business
LVMH posts Q1 revenue of $23.1bn
Jump in sales across all regions, including China.LVMH became Europe's most valuable company in January when its market capitalization soared to US$440 billion.
The United States had a steady performance while "Asia experienced a significant rebound following the lifting of health restrictions".
Interest rate hikes adversely affect developing countries, says UN
The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action...Rate increases in the US and other wealthy countries may cost developing countries over US$800 billion in lost income by 2025.
UNCTAD said it now expected global GDP growth of 2.1 percent in 2023, down from 2.2 percent it forecast in September last year.
Investment in rose market in Saudi Arabia’s Taif reaches $17m
Dubai, UAE -- The ongoing Taif rose season in Saudi Arabia, which starts at the beginning of March and last...Rose farms in the Sarawat Mountains in Taif Governorate harvest about 550 million roses annually.
About 70 rose factories and laboratories extract and manufacture more than 80 rose derivatives.
US consumer inflation slows to 5% in March year-over-year
US consumer inflation slowed in March lessening the pressure on the Federal Reserve to maintain its aggressive posture to cool...Bureau of Labor Statistics report is the latest evidence that the Fed's streak of interest rate hikes over the last year is weighing on economic activity.
While US labor market data has remained solid, recent reports on manufacturing and the services sector have shown signs of slowing.
Sharjah records real estate transactions worth $462m in March
Sharjah, UAE -- A total of 3,386 real estate deals worth AED1.7 billion ($462 million) were recorded in Sharjah in...A total of 595 sales transactions representing 17.6 percent of the deals, while 319 mortgage transactions (9.4 percent) were recorded in the emirate.
Muwailih commercial area topped the list of sales traffic areas with 116 sales transactions, followed by Mazairah and Al-Khan with 68 transactions each.
Global debt growing due to US, China, says IMFÂ
Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International...In the US, government debt as a percentage of economic output is expected to surpass its pandemic-era peak by 2027.
China's debt burden is forecast to be almost double its pre-pandemic levels by 2028, the IMF said.
RAKEZ wins award for Best RPA Excellence during Future Data Summit 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) received the 'Best RPA Excellence Award' during the Future...RAKEZ has embarked on its automation journey by utilizing virtual bots to handle visa-related services.
These virtual bots have successfully reduced the time needed for some of the processes by 1.5 days, completing them within 12 hours.
Masdar expands US footprint with 50% stake in renewables project
The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage...The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage system
It is one of eight projects that Masdar and EDF Renewables have agreed to jointly partner in, with a combined capacity of 1.6 gigawatts (GW)
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year.According...Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
Volvo shares up after Q1 profit
The firm's net Q1 sales rose by 24.8 percent.In a preliminary report on its first-quarter earnings, released late Tuesday, Volvo announced an operating profit of $17 billion, an increase of 44.9 percent year on year
In January, the truck-maker reported a slightly lower profit for 2022, despite a rise in sales, and warned that the "global supply chain for components is still unstable"
