UAE consolidates its position as global hub for cross-border e-commerce
ABU DHABI, UAE -- The United Arab Emirates has consolidated its position as one of the world’s leading global and...
Business
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
- The cooperation between the two countries could also include developing data centre projects with a total capacity of up to 1,000 megawatts
- The African country is also becoming a preferred investment destination for data centre providers, with the growing demand for cloud services
Business
Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
- The airlines's chief executive, Bilal Eksi, attended a ceremony at Mitiga International Airport on Thursday to mark its first flight to Libya since 2015.
- A company spokesman told AFP on Friday that Turkish Airlines will operate flights to Tripoli three times a week on Tuesdays, Thursdays and Sundays.
Economy
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
- Total FDI in Saudi Arabia's economy during Q4 of 2023 totaled about US$5 billion.
- GASTAT said the results are based on a household survey conducted by the authority.
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
- The report said the UAE was the best place to start and conduct new business ventures, surpassing many advanced economies
- The report put Saudi Arabia on the third spot, Qatar at fifth, and Estonia South Korea, Switzerland, and China following them
Geostrategy
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...
- Japan like many other countries paused funding after Israel claimed that 12 of UNRWA's 13,000 Gaza employees were involved in the deadly October 7 Hamas attack
- The UN has launched both an internal and an independent investigation but has said Israel has not provided it with any evidence to support the claim against the workers
Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
- The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
- Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa
Opinion
UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...
- UHNWIs significantly contribute to the growth of Dubai's luxury property sector, driving demand and innovation.
- Sales of homes priced at $10 million or more in Dubai reached $7.6 billion in 2023, outperforming global cities.
Business
Embracer sells Borderlands
The sale is expected to be completed by June-end .
- The sale would reduce the company's net debt by around $300-327 million, the group said in a statement
- Gearbox will join a Take-Two line-up that includes the likes of "Grand Theft Auto" maker Rockstar Games and 2K
UAE consolidates its position as global hub for cross-border e-commerce
ABU DHABI, UAE -- The United Arab Emirates has consolidated its position as one of the world’s leading global and...
Business
Company News
Latest News
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
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Business
Creators HQ, X announce strategic partnership to produce authentic, meaningful content
Dubai, UAE - Creators HQ in the UAE, the world’s first international hub for the content economy’s creators and entrepreneurs,...
- The collaboration aims to create purposeful, credible and quality global content that reinforces the UAE’s status as a leading hub for the creative economy
- This initiative coincides with the 1 Billion Followers Summit, the world’s largest summit dedicated to the content creator economy,
Business
Latifa bint Mohammed awards UK’s Simon Squibb with ‘One Billion Award’ at 1 Billion Followers Summit
Dubai, UAE - Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, presented the...
- The award ceremony was held during the third edition of the 1 Billion Followers Summit, the world’s largest gathering dedicated to the content creator economy
- Valued at US$1 million, the award stands as the world’s largest and most significant recognition for impactful content creators
Business
1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo
Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
- YouTube's Regional Director for the Middle East, Africa, and Turkey, shared insights on the pivotal role of ultra-short videos in reshaping digital content
- Fares Akkad, Regional Director for the Middle East and North Africa at Meta, revealed the company’s vision for AI and emerging technologies in content creation