Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
Business
Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
Economy
Dow slides, Nasdaq jumps after mixed Fed rate decision
The US central bank, as expected, opted to hold its benchmark lending rate between 5.0 percent and 5.25 percent. But...
- The broad-based S&P 500 added 0.1 percent at 4,372.59, while the tech-rich Nasdaq Composite Index climbed 0.4 percent to 13,626.48
- Powell described inflation as still too high, but added that the central bank had made no decisions yet about its July meeting or subsequent gatherings
Economy
At UN, UAE plays up link between climate change and peace
Exhorting the Security Council to adopt what she called as innovative attempts to address the interplay between climate change, peace...
- The minister exhorted the council to approach conflicts through a climate-sensitive lens, strengthening the capacity of relevant peace operations
- Chairing presidency of the UN Security Council for June, the UAE held the debate under the title "threats to international peace and security"
Economy
High oil prices fuel Saudi Arabia’s economy as GDP grows to 8.7% in 2022
Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against...
- The kingdom's growth was driven by oil, which contributed 15.4 percent to the overall GDP growth, while non-oil activities also made a positive contribution of 5.4%
- In 2023, stable commodity and food prices are expected to limit upward pressure on imported goods as the dollar continues to gain strength
Business
Here are Dubai’s top 3 locations for profitable rental investments
Dubai, UAE – Realiste, proptech company in the UAE, has made a list of the most profitable areas for short-term...
- The company has recommended adherence to a short-term strategy for investments in Jumeirah Beach Resorts (JBR)
- Jumeirah Lakes Towers is great for both long-term and short-term strategies as rental is 30% cheaper than JBR
Economy
Qatar and Iran look to boost monetary, banking ties to propel trade
Tehran, Iran--Qatar and Iran are looking to boost monetary and banking cooperation that would propel all-round development of trade between...
- The establishment of monetary and banking relations between Doha and Tehran will drive the volume of trade between the two countries significantly
- Referring to Tehran-Doha joint cooperation, Qatar's central bank governor said that there are many opportunities to increase trade between Qatar and Iran
Business
Dubai Airshow 2023 to show off latest trends in aerial mobility
Dubai, UAE-- Dubai Airshow 2023 will show off the latest trends in the advanced aerial mobility (AAM) market as disruptive...
- The airshow in Dubai will lure global industry players and thought leaders from across aerospace, space and defense later this year to showcase the latest innovative solutions
- Participants at the airshow will have the chance to look up a host of aerial transport solutions, including drones, UAVs, UAMs and eVTOLs, at the brand new AAM pavilion
Business
Private sector share in UAE GDP rise to over 70%
Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making...
- The UAE economy grew by 7.6 percent in 2022 and the total economic licences registered in the country reached over 1,014,000 licences
- The country will discuss enhancing the resilience of the global economy to face crises and climate change at this COP28 later this year
Business
GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the...
- Businesses are getting ready for COP28 by moving from starting their ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts
- Companies in the region have also been cautioned against viewing ESG as synonymous with Corporate Social Responsibility or merely as a "tick the box" obligation
Business
Vodafone merges with Hutchison
The merger will lead to network investment of £11 billion over 10 years.
- Vodafone and CK Hutchison said in a joint statement that a new combined group is seen having a value of £16.5 billion ($21 billion).
- "The merger is great for customers, great for the country and great for competition," said Vodafone chief executive Margherita Della Valle.
Business
DEWA, SAP-SE keen to enhance digitalization of utility sector
Dubai, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) and Christian Klein,...
- They also explored the possibility of integrating SAP's advanced software solutions with DEWA's innovative initiatives.
- The two discussed cooperation in innovation, digital transformation, the Internet of Things, Big data analysis and cloud computing.
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
Business
Company News
Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
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ENEC, Kazatomprom ink pact
Business
Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
Business
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Business
Honda to set up EV plant in Canada
The plant is estimated to cost Honda US$14 billion.
- the project would represent one of the multinational firm's biggest investments ever
- Honda said that it is "considering a number of initiatives as we move into the electrified era"
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Germany ready to sell Eurofighter jets to Saudi Arabia: minister
"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists...
- Annalena Baerbock noted that Saudi Arabia and Israel had "not renounced their policy of normalisation" since war broke out
- "The fact that Saudi Arabia is now intercepting missiles fired by the Houthis at Israel underlines this, and we are grateful for that," she added