Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
Business
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Economy
Foreign companies to pay Corporate Tax on immovable property income: UAE
Abu Dhabi, UAE - Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income...
- The tax applies to both immovable property that is used in a business and the one that is held for investment purposes
- Non-resident juridical persons with UAE immovable property will be subject to Corporate Tax on a net-income basis
Business
National Bonds ups stake in Taaleem
With a 22% stake, it is now the biggest stakeholder in the firm.
- The raising of the stake in Taaleem represents the largest acquisition of its kind since its listing on the Dubai Financial Market in November 2022
- National Bonds Company CEO said the upping of the stake highlights the company's commitment to supporting the education sector in the UAE
Business
Air Arabia to double fleet
The plan will boost Abu Dhabi's tourism market.
- The airline CEO Adel Al Ali said that since tourism is one of the key pillars of the UAE economy, the doubling of fleet will support the current inbound tourism
- He added that last year some 15.9 million travelers passed through Abu Dhabi, nearly a threefold increase in the number of visitors from 5.26 million in 2021
Apple launches spatial computer; takes VR world by storm
CUPERTINO, California: Apple on Monday unveiled Apple Vision Pro, a spatial computer that seamlessly blends digital content with the physical...
- Apple CEO Tim Cook says: “Today marks the beginning of a new era for computing."
- The breakthrough design of Vision Pro features an ultra-high-resolution display system that packs 23 million pixels.
Business
Turkish Airlines ponders buying 600 planes in two months
ISTANBUL, TURKEY - The chairman of Turkish Airlines said Monday that the company will make a final decision on plans for...
- The airline is in talks with US aircraft maker Boeing and its European rival Airbus to purchase 400 single-aisle planes along with 200 jumbo jets.
- If the purchases involves firm orders, it would be the biggest in the history of civil aviation, beating the 470-plane order by Air India in February.
Business
Twitter ‘chose confrontation’ over EU disinformation code
The European Commission announced May 27 that Twitter had decided to leave the code of practice, to which other major...
- "We believe this is a mistake of Twitter. Twitter has chosen the hard way. They chose confrontation," commissioner Vera Jourova said.
- She said Twitter's compliance with the new Digital Services Act (DSA) entering force on August 25 "will be scrutinized... vigorously and urgently".
Business
DMCC-Bybit partnership to boost adoption of crypto, Web3 in Dubai
Dubai, UAE -- Dubai Multi Commodities Centre (DMCC) Monday announced a partnership with Dubai-headquartered cryptocurrency exchange Bybit, in which the...
- Bybit will provide financial support totaling AED 500,000 for new crypto businesses looking to set up at the region’s community of Web3 and blockchain businesses – the DMCC Crypto.
- The partnership will bring Bybit Services to Crypto Centre members. Bybit is the world’s third most visited crypto exchange with over 15 million users.
Business
TRENDS poll: Technology most booming GCC sector
Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were...
- While 33 percent were between 30 and 39 years, 14.5 were between 40 and 49 years, and only 13.7 percent were above 50 years old.
- Developing the region's digital job market has the potential to generate 1.3 million additional digital jobs in the GCC by 2025.
Business
RAKEZ launches Traders District as a one-stop solution
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the launch of Traders District to support...
- Traders District is designed to offer a host of benefits, including business set-up solutions, simplified access to global supply chains.
- In 2022, RAKEZ recorded 206 percent increase in the number of new trading companies that set up in the economic zone.
Business
SABIC Agri to pay $378m H1 dividends
The SAR 3 per share dividend will be paid on 31 July.
- The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
- The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
Business
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Eve Air Mobility, flynas ink MoU
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UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
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...
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...
Business
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Business
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
- Burj Khalifa homes available for sale dropped 52% in 2023, but total deals climbed 22%, reflecting long-term investor interest.
- Dubai prime residential prices soared 16% in 2023, making it one of the world's most "affordable" luxury markets.
ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...
- ROSHN achieved its ranking based on anonymous surveys conducted by the Best Places to Work group
- ROSHN Group was certified by the organization in 2021, 2022 and 2023, securing the top position in 2022 and 2023
Business
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
- The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
- The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion