Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...Business Banking & Finance
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.Business
Retail sector in Gulf region stares at slump in business
Market experts predict a hard summer for the GCC retail industry as rising costs keep shoppers away from malls and...With high inflation biting into family budgets, households have cut back on spending on essential commodities because of the high cost of goods
While the high-end malls and stores can fall back on their deep reserves of cash to get over the crisis, it is the small and medium-sized businesses that are struggling to survive
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
This move will help to contribute to the UAE’s sustainable economic development and food security
Three-day Liwa Ajman Dates and Honey Festival to begin Friday
The 7th edition of Liwa Ajman Dates and Honey Festival begins Friday at the Emirates Hospitality Centre in Ajman. Showcasing...Organized by Ajman Department of Tourism Development, the festival targets more than 400 participants.
The festival also includes events that aim to revive the old Emirati customs and traditions.
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Uber posts Q2 loss of $2.6bn
Uber revenue more than doubled to $8.1 billion in Q2. Uber reported better-than-expected revenue in Q2, fueled by strong demand...Uber reported better-than-expected revenue in Q2, fueled by strong demand for the San Francisco-based company's ride-hailing and food delivery services
Revenue more than doubled to $8.1 billion in the three months through June -- a 105 percent increase
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
Krush Brands first firm to join UAE’s NextGen FDI initiative
Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI...Krush Brands will relocate its global headquarters to the UAE to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
