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
More GCC newspapers cease weekend publishing
Major GCC newspapers -- including Khaleej Times and Gulf News -- have ceased weekend editions due to financial pressure and...
- Major GCC newspapers -- including Khaleej Times and Gulf News -- have ceased weekend editions due to financial pressure and declining readership.
- The move has drawn mixed reactions, with some appreciating the step towards digital adaptation and others worrying about the potential impact on journalism quality
Business
PIF to acquire stake in Tamimi Market
The Saudi wealth fund will acquire a 30% stake in the gorcery chain.
- PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, an online Middle East shopping platform.
- Tamimi Market Company has a track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers.
Business
Boeing to speed up 787 Dreamliner production, after delivery interruptions
Despite the rebound in sales of its flagship medium-haul 737 MAX last year -- giving the company its best delivery...
- Boeing has already managed to up its manufacturing rate from fewer than two 787s per month in 2021 to four, and is hoping to get up to five by the end of the year
- Boeing has historically dominated the high-margin long-haul manufacturing scene with its 787 and 777 configurations, competing with Airbus's A350 and A330
Business
8 new industrial projects announced at Abu Dhabi’s ‘Make it in the Emirates’ event
Abu Dhabi, UAE - Eight new projects were announced on Thursday during the Make it in the Emirates Forum in...
- Abu Dhabi’s Industrial Strategy aims to double the sector’s GDP contribution by 2031, leveraging strong enablers such as infrastructure and competitive operational costs,
- The Abu Dhabi Investment Office and its partners signed MoU with high-growth companies covering key areas, including manufacturing, banking, oil & gas and healthcare
Business
Innovative financing solutions attract firms to UAE
"Everybody sees this as an opportunity to bring their businesses here. Accessing capital can be challenging, but fortunately the government...
- Raja Al Mazrouei, CEO of Etihad Credit Insurance, asserts that financing solutions are driving manufacturing growth in the UAE and luring external entities
- The ECI CEO, however, acknowledges the challenges in capital access but praised the UAE government's provisions such as subsidies, financing, and guarantees
Business
Dubai properties attract affluent buyers
The Gulf emirate continues to charm the global elite as HNWIs worldwide are projected to spend an astonishing $2.5bn on...
- The emirate continues to charm the global elite as HNWIs worldwide are projected to spend an astonishing $2.5bn on luxury properties in the Gulf city this year, says a survey
- Dubai outperforms global cities like Hong Kong and New York in the luxury real estate market with Downtown and Palm Jumeirah emerging as the top picks among HNWIs, it adds.
Business
Jewels of Emirates Show begins in Sharjah
SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry,...
- The Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI) is hosting the event.
- Sheikh Majid bin Faisal bin Khalid Al Qasimi, First Deputy Chairman of the Chamber, inaugurated the exhibition.
Economy
US Senate all set to pass debt deal bill as default almost avoided
US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case...
- The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House.
- The Senate has to agree unanimously to fast-track legislation and any individual member can draw out consideration of a bill for days.
Economy
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...
- The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
- The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.
Economy
Saudi merchandize exports down 14.6% in Q1 as oil exports fall
Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a...
- The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022.
- The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period.
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
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Ooredoo, QNBN sign agreement
Business
Invest Qatar launches azure open AI GPT-powered chatbot ‘Ai.SHA’
DOHA, QATAR - The Investment Promotion Agency Qatar (Invest Qatar) has partnered with Microsoft to develop Ai.SHA, an innovative AI-powered...
Business
IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...
Business
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Business
Europe stocks rise, Asia tepid as oil jumps and Bitcoin shines
Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central...
- Bitcoin broke $45,000 for the first time since April 2022 on optimism that the United States would allow wider trading of the world's biggest cryptocurrency.
- Despite the upbeat outlook on rates, Asian markets started the year with little fanfare. Hong Kong and Shanghai each extended last year's losses
Economy
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
- China lowered import tariffs on resources and NEVs, aiming to enhance competitiveness and secure supplies.
- Tariffs on medicines and food for medical purposes were cut, reflecting a focus on health and consumer needs.
Business
flynas flies over 11m passengers in 2023, up 28 percent from 2022
RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...
- The low-cost carrier has taken delivery of 19 new aircraft during 2023, upscaling fleet size to 64, a rise of over 35 percent.
- flynas launched 57 new destinations and increased seat capacity by 22 percent for domestic and international flights in 2023.