UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
Business
Economy
Dubai holds trial of drone delivering medicine in public-private sector tie-up
Dubai, UAE--Dubai held the first trial of medical delivery by drones at the Dubai Silicon Oasis (DSO), in yet another...
- Fakeeh University Hospital, with the completion of the trial, becomes the first healthcare provider in the Middle East to leverage drone technology for medication delivery
- The test was conducted within a 10-kilometre radius, carrying medication from the hospital to a patient's home in Cedre Villas project in Dubai Silicon Oasis
Economy
UAE Corporate Tax: Ministry of Finance issues three new rules
Abu Dhabi, UAE: The UAE on Tuesday issued three new decisions to further smoothen implementation of the Corporate Tax in...
- These include updated regulations for unincorporated partnerships, interest caps, and tax grouping
- The new decisions are an attempt to ensure that “the UAE's corporate tax regime maintains flexibility.”
Economy
UAE government launches chatbot allowing users to access information on services
Dubai, UAE-- The UAE government has launched an AI-powered chatbot that allows users to access information about government services in...
- The chatbot deploying generative AI technology will let users to access information about services, including service requirements, and direct links for applications
- Designed to address a wide range of inquiries and requests, the platform will provide comprehensive answers, including basic information and ways to apply for services
Interview
Luxury car market rides on sustainability
A shift in consumer preferences -- with a substantial percentage of sales coming from smaller and midsize vehicles -- hasn't...
- A shift in consumer preferences -- with a substantial percentage of sales coming from smaller and midsize vehicles -- hasn't dented the appeal of luxury cars, says an expert
- Audi is working on new technologies, including digitization of production processes, AI, and robotics, to optimize output, adds Peter White, Sales Director at Audi Middle East
Business
Nvidia crosses $1trn in market value on Wall Street
Chip company Nvidia exceeded $1 trillion in market value as Wall Street stocks mostly rose, following an agreement between President...
- Nvidia jumped more than seven percent on bullish sentiment over its role in artificial intelligence breakthrough technology.
- Most large tech companies advanced early Tuesday, with shares of Facebook parent Meta and Apple both up more than one percent.
Business
DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
- The DIFC Treasury Leadership Forum will showcase the latest trends in treasury solutions designed to streamline financial operations.
- Organized by DIFC, the forum will bring together senior treasurers from leading banks, multinationals and services providers.
Business
PIF-owned SRC completes $933m sukuk
The issue is part of the SAR 20 billion local sukuk program.
- The PIF established the Saudi Real Estate Refinance Company in 2017 for the growth and sustainability of residential real estate financing in the kingdom.
- This was the sixth tranche within the program denominated in Saudi riyals and supported by government guarantees.
Economy
Meeting discusses growth of new economic sectors in UAE
ABU DHABI, UAE - The Economic Integration Committee held its second meeting this year and discussed a range of key...
- The Committee also discussed strengthening of the Anti-Money Laundering/ Combating the Financing of Terrorism ( AML/CFT) efforts.
- The meeting discussed cooperation between the federal and local authorities concerned with the implementation of various economy-related laws.
Market Report
Stock markets give out mixed signals as traders await US debt ceiling vote
Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a...
- Ultra-conservative Republicans feel House Speaker should have secured far deeper spending cuts in exchange for raising the debt ceiling.
- The left wing of the Democratic Party is equally unhappy that President Joe Biden agreed to any spending limits at all.
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
Business
Company News
Latest News
Beltone 9M net profit at $2.7m
Business
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
Business
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532,...
Business
Most Read
Business
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
- ADIB-Egypt’s Private Banking platform also provides access to Financial Advisory services led by specialized experts, to help clients' wealth achieve its full potential
- ADIB is also introducing a new service granting clients exclusive access to premier banking products and services in the United Arab Emirates
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
- Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
- The completion of the second well is expected by mid-January to raise production to targeted levels
Business
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...
- The expansion in the growth resulted from the listing of the government and semi-government companies and also rising popularity of online trading
- The brokerage firms numbering 29 on the bourse executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million