Billionaire Ronaldo tops Forbes footballer rich list again
Paris, France -- Portugal great Cristiano Ronaldo once again topped the Forbes highest-paid footballers list for the 2025-26 season, as...
Business
UAE solidifies AI ambition at Expand North Star by GITEX GLOBAL
Dubai, UAE – Expand North Star by GITEX GLOBAL is underway in the UAE as the world’s largest startup and...
Business
Business
Saudi Arabia’s consumer spending hits $27bn in July: Central Bank
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from...
- Data showed 745.9 million transactions were processed through 1.64 million POS devices in July.
- POS transactions represent what consumers spend using their ATM and credit cards in shopping malls, retail stores, pharmacies, etc.
China, US lift wind turbine sales: study
The study credited President Joe Biden's Inflation Reduction Act in the United States, which is designed to underpin a vast energy...
- Between January and June turbine orders for capacity reached 69.5 gigawatts, a 12 percent rise over in the first six months of 2022, according to research firm Wood Mackenzie
- Total first half volume by value came in at $40.5 billion with a 47 percent rise in Chinese demand one of the key factors behind the push, the report said
Business
ADNEC Group launches charter flights to Europe, Central Asia to draw tourists to Abu Dhabi
Abu Dhabi, UAE - ADNEC Group, through its tourism arm Tourism 365, has launched new charter flight services in the...
- The new service, available from Europe and central Asia, is poised to increase visitor arrivals to the UAE
- The travel sector is expected to represent nearly 10 percent of the UAE's total economy by 2023
Business
GCC facility management eyes 10% growth until 2030
Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on...
- Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services
- Energy conservation and operational efficiency remain key focus as .UAE FM market is set to grow from $7.14bn in 2023 to $9.87bn by 2028
Business
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
- Terminal A in the Abu Dhabi airport will be able to accommodate 11,000 travelers per hour and 79 aircraft at a time.
- The new facility, also known as Midfield Terminal Building, "is scheduled to begin operations in early November 2023", local media said.
Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
- Moody's said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly speculative and are likely in, or very near, default"
- The Chinese firm is estimated to "not have sufficient internal cash sources to address its upcoming offshore bond maturity", according to Moody's
Business
Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market. The UAE,...
- Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021.
- The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries.
Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
- The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
- The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Business
Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.
- VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
- VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
Business
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
- Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
- As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.
Billionaire Ronaldo tops Forbes footballer rich list again
Paris, France -- Portugal great Cristiano Ronaldo once again topped the Forbes highest-paid footballers list for the 2025-26 season, as...
Business
Company News
Sony hikes net profit forecast
Business
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Air Arabia 2023 net profit $408m
Business
Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...
Business
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Business
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
- The fund's primary goal is to promote the development of TradeTech solutions and support the expansion of startups.
- The announcement aligns with Investopia's vision to inspire entrepreneurs to expand into new economic sectors.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Business
Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
- ICAO’s latest analysis also reveals new insights into aviation industry for the year 2023.
- It said that air traffic on most routes had reached or surpassed pre-pandemic levels by end of 2023.