Türkiye’s traditional realty charm: Alive or fading?
Driven by its strategic location, cultural heritage, and government incentives, Türkiye's real estate market remains a focal point for regional...
Business
Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Business
ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure
Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1...
- Over 70% of the award value will flow back into the UAE’s economy under ADNOC's successful In-Country Value (ICV) program
- The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex
Business
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15...
- In the month of May, the airline said it will reduce its net loss by a further 56 percent in 2023, compared to a reduction of 35 percent in 2022
- Its chairman said the program stands on four pillars: financial sustainability, corporate governance, commercial factors, and human capital
Business
Sharjah Chamber and FDI Office discuss ways to promote real estate sector
Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote...
- The discussion centered on how the sector can benefit from the Sharjah FDI Office's expertise to promote real estate ventures in the emirate
- Sharjah Chamber noted the remarkable growth in the sector, emphasizing how real estate is acting as a backbone to the emirate's economic prosperity
Sharjah Business Women Council connects 500+ women to UAE’s business ecosystem in H1 2023
Sharjah, UAE - It's been a busy start to the year for members of the Sharjah Business Women Council (SBWC),...
- Sharjah Business Women Council has a member community of 2,000+ business women and aspiring entrepreneurs
- The council has brought members closer to new prospects in fashion, F&B, perfumes, and other sectors
Business
Zain Group profit jumps 14%
Its net profit for Q2of 2023 rose to US$187m.
- The company during the period also received a first-ever cash dividend of $42 million from Zain KSA
- For H1 the group generated consolidated revenue of $3.03 billion, an increase of 12% YoY
Business
UAE leads world in mobile and omnichannel shopping
The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults...
- The UAE scored 134 on the Global Digital Shopping Index, exceeding the global average of 125, as 94% of adults in the country use digital shopping features, say a survey
- Free shipping, competitive prices, convenience remain key drivers of UAE's online shopping as merchants focus on improving digital experiences, fostering a cohesive ecosystem
Business
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Business
Germany leads Europe push to boost chip manufacturing
Paris, France -- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany, part of a...
- Taiwanese chipmaker TSMC agreed Tuesday on a multibillion-dollar deal to build a plant in Germany.
- US firms accounted for 48% of the global industry, South Korea second and Europe third.
Business
US trade deficit narrows in June on bigger imports pullback
Washington, United States - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to...
- The overall trade gap came in at $65.5 billion in June, down from a revised $68.3 billion figure in May, Commerce Department data showed.
- While stronger than expected consumer spending has helped to boost US trade, analysts have noted that this could weaken going forward.
Türkiye’s traditional realty charm: Alive or fading?
Driven by its strategic location, cultural heritage, and government incentives, Türkiye's real estate market remains a focal point for regional...
Business
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Cerberus buys HSBC France retail
Business
Albilad Capital to pay dividendÂ
Business
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
Business
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Business
Airports fly into technology, security innovations
“The future of travel heavily depends on the transformative power of biometrics and touchless passenger experiences. These innovations aim to...
- Thani Alzaffin of Emaratech Group highlights the crucial role of advanced technologies in modernizing airport security.
- Middle Eastern airports are adopting state-of-the-art security measures, including facial recognition and iris scans.
Business
Bahrain and GCC look to boost ‘convention, exhibition’ industry
Manama, Bahrain-- Bahrain and the Gulf Cooperation Council (GCC) are looking to boost cooperation in the convention and conference industry...
- The Bahrani minister spoke of the kingdom's resolve to continue developing the exhibitions' sector by providing it with facilities
- The two sides discussed establishing more major international events and exhibitions across the cities of the GCC countries
Business
IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
- The new company will be involved in the import and trading of refined oil products, petrochemicals, lubricants, and grease
- It has invested $11m as first stage investment in the emirate and plans to double this investment to $22 million by 2025-26