ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
Geostrategy
China firms under sanction by US for assisting Iran missile program
WASHINGTON, US- The United States placed sanctions on Tuesday on several Chinese and Hong Kong firms it said were supplying Iran's...
- The US Treasury said the Chinese companies shipped centrifuges for producing fuels, non-ferrous metals with potential military use.
- Washington is concerned that Iran plans to develop nuclear weapons that could be loaded on ballistic missiles to menace Israel.
Business
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
- A Bybit contribution of $2,72,257 marks the first collaboration between American University of Sharjah and the crypto exchange.
- Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.
Economy
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
- The World Bank expects global growth to reach 2.4 percent in 2024, compared to 2.7 percent in January 2023.
- The possibility of widespread banking disruptions and tighter monetary policy may also lead to weaker global growth.
Business
Foreign non-institutional investors’ ownership in Saudi equities up
Dubai, UAE -- Non-institutional foreign investors increased their ownership in Tadawul-listed equities, excluding Saudi Aramco, to SAR 310.80 billion ($82.87...
- The ownership of non-institutional foreign investors is represented by swap agreements, residents, and qualified foreign investors (QFIs).
- Foreign investors’ ownership, including strategic partners, in Saudi equities, excluding Saudi Aramco, fell from 12.19 percent to 12.17 percent, or SAR 356.96 billion, for the week
Business
US SEC sues cryptocurrency platform Coinbase
NEW YORK, US - US securities regulators sued Coinbase on Tuesday, alleging that the cryptocurrency platform's failure to register as a securities...
- "Since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities," said the SEC.
- SEC said Coinbase's failure to register "has deprived investors of significant protections, including inspection, record-keeping requirements."
Business
Top 10 Saudi banks experience slow profit growth in Q1
Despite improvement in cost-to-income ratio, net profit sees only a marginal rise of 2.7% QoQ to $4.61bn due to slower...
- Return on equity declined by 67 bps QoQ to 15.2%, while return on assets (RoA) remained stable at 2%. Total operating income saw a modest increase of 4.1% QoQ
- Asad Ahmed, A&M Managing Director and Head of Middle East Financial Services, said, “We consider the Saudi banks’ capital position to be strong.”
Business
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
- An auction held by RVCMC last year at Future Investment Initiative (FII) in Riyadh was then the largest-ever auction with 1.4 million tons of carbon credits sold.
- RVCMC was established by PIF and Tadawul Group to help MENA businesses play their role in the global transition to zero neutrality.
Business
30 tech startups attracted to Dubai in Q1: Chamber of Digital Economy
Dubai, UAE -- A total of 30 startups were attracted to Dubai by the Dubai Chamber of Digital Economy in...
- The chamber has also launched a series of 10 interactive workshops for the private sector focusing on specific areas of the digital economy.
- The chamber aims to attract 300 new digital startups in the coming years. As part of these efforts, the chamber will host the Expand North Star Summit in October.
Economy
UAE looks to deepen trade and investment ties with Vietnam
Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun...
- Al Zeyoudi's visit also marked the start of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam
- The UAE minister also spoke at the UAE-Vietnam Business Forum, in addition to meeting with representatives of Vietnamese companies
Business
Airline industry’s net profits to shoot up to US$9.8bn in 2023: IATA
Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is...
- According to IATA, some 4.35 billion people are expected to travel in 2023, which is closing in on the 4.54 billion who flew in 2019 around the globe
- The outlook for cargo volumes is upbeat too, expected to touch 57.8 million tonnes, which slipped below the 61.5 million tonnes carried in 2019
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Company News
Honda to make electric mopeds
Business
Latest News
Eve Air Mobility, flynas ink MoU
Business
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...
Business
Most Read
Business
Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...
- Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains in 2023.
- In 2023, global equity markets neared record highs, led by the US and Japan, with the Nasdaq index's remarkable surge standing out as a key highlight
Business
Asia stocks track global losses as traders step back after rally
Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took...
- On Wall Street, the Nasdaq slumped 1.6 percent and the S&P 500 was also in the red, though the Dow enjoyed a small gain
- And the negative mood continued in Asia, where Hong Kong, Sydney, Seoul and Taipei were among the biggest losers
Business
UAE creates ‘Parkin’ to oversee parking space operations in Dubai
Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee...
- Parkin PJSC is likely to be tasked with creating, planning, designing, operating and managing public parking spaces
- The newly established company will have financial, administrative and legal autonomy to fulfil its responsibilities