Tariffs could lift Boeing and Airbus plane prices even higher
New York, United States -- Commercial plane prices, already lifted in recent years due to pandemic supply chain shocks, are...
Business
Future-proofing hospitality asset value needs financial rigor with emotional intelligence
The GCC’s luxury hospitality sector has become a global benchmark, yet behind every polished facade lies an increasingly complex financial...
Opinion
Economy
UAE and South Korea agree to support SMEs, entrepreneurship
Dubai, UAE-- The UAE and South Korea are aiming to foster cooperation to promote entrepreneurship and support growth of small...
- The UAE's Minister of Economy, Abdullah bin Touq Al Marri, noted the strong business and strategic ties between the two countries, which continue to grow on many fronts
- South Korean FDI in the UAE, in insurance, mining, energy, real estate, touched US$2.2 billion in 2021, registering a staggering 73 percent growth since the beginning of 2013
Economy
UAE and Russia hold talks to eliminate double taxation
Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and...
- The agreement is designed to provide protection to taxpayers from double taxation and remove bottlenecks on the path of trade and investment
- The UAE noted the importance of dialogue in fostering better bilateral relations with Russia, resulting in growth in trade, finance and investment
Economy
Saudi Arabia to provide visitors with instant e-visa to boost travel
Riyadh, Saudi Arabia-- In order to boost the travel and tourism industry in the kingdom, Saudi Arabia will offer instant...
- The visa on arrival is just the latest step in Saudi Arabia's drive to make it easier for visitors to undertake a trip to the kingdom, boosting arrivals to 100 million by 2030
- The Saudi Tourism Authority has adopted digitization increasing accessibility and connectivity for visitors to enter the kingdom and enjoy its natural and cultural diversity
Business
Strong economy, innovation shield GCC banks
GCC banks, which are recognized for their sophistication and maturity, have minimal exposure to the ongoing global crisis due to...
- The Gulf banking sector's resilience and adaptability position it well to navigate the current global landscape, ensuring continued growth and stability, say experts
- GCC banks, which are recognized for sophistication and maturity, have minimal exposure to the crisis due to robust regulations by regional regulators, they add
Business
UK delivery firm Tuffnells collapses
The company had failed to secure new funding, the administrators said.
- Privately-owned Tuffnells, which specializes in large and bulky goods, is based in the northern English city of Sheffield.
- The company, which has 33 delivery depots dotted across Britain, also suffered badly on fallout from the coronavirus pandemic.
Business
Greenpeace denounces UK energy firm over coal-fired power station
LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station...
- National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England.
- Temperatures in Britain could exceed 30 degrees Celsius (86 degrees Fahrenheit) on Monday and remain high this week, forecasters say.
Business
HSBC relaunches SVB UK
The new unit is headed by former SVB UK boss Erin Platts.
- HSBC rebranded SVB UK as HSBC Innovation Banking, the London-listed lender said in a statement.
- HSBC in March bought SVB UK under a deal brokered by the UK government and the Bank of England.
Business
Dubai logs over $952 million in real estate transactions
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED 3.5 billion ($952 million) on Monday, the...
- The deals included 671 sales transactions worth AED2.29 billion, 149 mortgage deals totaling AED1.14 billion and 29 gift deals amounting to AED98.65 million.
- The sales included 615 villas and apartments worth AED1.45 billion, and 56 land plots worth AED846.15 million.
Business
Initiative by Digital Economy Chamber to help firms set up in Dubai
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a...
- The initiative will provide a comprehensive package of services designed to support tech, digital startups, SMEs, and MNCs.
- The chamber’s strategy (2022– 2024) is focused on improving the digital business environment, developing support for digital firms.
Business
Assets of banks in UAE up 2.6% in first quarter to reach $1.02 trillion
In its UAE Monetary, Banking, and Financial Markets Developments Report for Q1, which provides insights into the monetary and banking...
- Money Supply M1, comprising Currency in Circulation outside Banks and Monetary Deposits, witnessed a 3 percent q-o-q increase during the first quarter of 2023.
- At the end of the first quarter of 2023, there were 22 locally incorporated banks, while the branches of these banks decreased to 494.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Tariffs could lift Boeing and Airbus plane prices even higher
New York, United States -- Commercial plane prices, already lifted in recent years due to pandemic supply chain shocks, are...
Business
Company News
Cerberus buys HSBC France retail
Business
Albilad Capital to pay dividend
Business
Latest News
Air cargo demand rebounds in 2023 amid economic uncertainty
Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to...
Business
Rise of GenAI boosts phishing threats during holidays
The sophistication of GenAI-driven phishing attacks requires robust security, including advanced DDoS protection and proactive cyber resilience strategies, says an...
Business
Most Read
Geostrategy
IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...
- The Iran-backed Houthis have launched more than 30 attacks on commercial shipping and naval vessels since November 19, the Pentagon said on Tuesday
- Houthi attacks have prompted some shipping companies to detour around southern Africa to avoid the Red Sea, a route that carries about 12 percent of global trade
Business
Middle Eastern carriers record 1.6% increase in air cargo demand: IATA
Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022...
- In December, airlines in the region posted an 18.3 percent increase in demand for both global and international operations compared to 2022.
- Global full-year demand in 2023, measured in cargo ton-kilometers (CTKs), was down 1.9 percent compared to 2022 (-2.2 percent for international operations).
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.