Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...Business
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...Business Global Aviation
Crypto firm Binance endures wild weeks in wake of FTX collapse
On Friday, accountancy firm Mazars, engaged by Binance to provide a "proof of reserves" report, abruptly halted work with all...After the collapse of its rival FTX in a hail of allegations of fraud and criminality last month, trust in the entire sector has crumbled
Customers pulled more than $3 billion from Binance in a single day last week as part of a three-day frenzy that saw more than $6 billion withdrawn
UAE set to lead GCC’s e-commerce markets next year
“E-commerce sales via marketplaces will continue to grow in double-digit percentages in 2023, driven by a higher proportion of cross-border...From 2020 to 2022, there was an expected additional six percent annual market growth in ecommerce due to Covid-19, a latest report by Statista points out
E-commerce in the MENA region is fast catching up with global powerhouses such as China, with many online retailers scaling up their services to avoid Covid-induced disruptions
Most Middle Eastern nations lack crypto regulations
The adoption of digital currencies can help open new business segments as the use of these assets increases with time,...The adoption of digital currencies can help open new business segments as the use of these assets increases with time, Daniel Takieddine, CEO of MENA BDSwiss, tells TRENDS
The digital currency market had a challenging year in 2022 as significant cryptocurrencies were down more than 50 percent from their all-time highs in late 2021
DP World sells assets stake to Saudi Hassana Investment Company
Saudi Hassana will invest $2.4 bn in some of DP World's assets.Hassana is the investment manager for the General Organisation for Social Insurance (GOSI), which owns one of the world’s largest pension funds.
The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets.
Dubai records over $490 million in real estate transactions Tuesday
Dubai, UAE---Dubai real estate market recorded deals worth AED1.3 billion ($490 million) on Tuesday, said Dubai Land Department.The deals included...The deals included 495 sales transactions worth AED1.32 billion, in addition to 81 mortgage deals of AED454.83 million, and 24 gift deals amounting to AED34.33 million.
The sales included 479 villas and apartments worth AED1.28 billion, and 16 land plots worth AED45.98 million.
Crypto can cause global economic turmoil: India’s central bank chief
Mumbai, India - India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the...The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a global market collapse and steep domestic taxes.
Cryptocurrencies have been under the scrutiny of Indian regulators with a rise in fraudulent transactions leading to a central bank ban in 2018.
UAE, Morocco discuss ways to boost cooperation in energy, industry
Rabat, Morocco - UAE and Morocco discussed ways of boosting their cooperation and investment opportunities in industry, economy, investments, culture,...The discussion occurred between Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Aziz Akhannouch, Prime Minister of Morocco.
Al Jaber also held meetings with Riyad Mazour, Moroccan Minister of Industry and Trade, and Leila Benali, Moroccan Minister of Energy Transition and Sustainable Development.
SABIC introduces new plastic
The high-density polyethylene complements its Trucircle range.The company said the new product is part of the company's commitment to contribute in promoting the circular economy of plastics.
The new material was specially developed for motor oil and lubricant oil bottles manufactured through blow molding technology.
ADNOC acquires 24.9% stake in OMV
After the transaction, OMV will hold 31.5 percent.Through this investment in OMV, which holds a 75 percent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge.
ADNOC will acquire the stake from Mubadala. Financial details of the transaction are not being disclosed.
Tabreed ups foreign ownership limit
The limit will increase from 49% to 100%.Tabreed shareholders, in September, gave a go-ahead to remove the limit of shares that foreigners can invest in.
It reported a net profit of US$65.4 million for the first half of the year, an increase of 3 percent compared to a year ago
