Denmark’s Royal Unibrew adds AI colleagues into workforce
Fakse, Denmark -- They have names, faces and email addresses, but the five new colleagues at Denmark's Royal Unibrew only...
Business
Business
Halal crypto investments: UAE-based Islamic Coin gains over 1.3m users
Dubai, UAE - Founded in 2022, Islamic Coin ($ISLM) has garnered a community of over 1.3M users, a feat accomplished...
- The coin which aims to cater to over 2 billion Muslims worldwide is the first Shariah-compliant decentralized ledger
- Current market trends indicate that the global Islamic finance market will exceed $3.69 trillion by 2024
Economy
UAE bank investments touch record high at US$149.35bn in March
Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest...
- According to CBUAE, the investments showed a year-on-year growth of 16 percent as against $129 billion in March 2022
- The stock investments hit $3.26 billion in March, a jump of nearly 0.8 percent from around $3.21 billion in December 2022
Business
GCC digital banking targets $2trn with cloud services
GCC authorities, however, acknowledge the accompanying challenges and are developing regulations to enhance digital banking experiences. A key requirement is...
- The next phase of the digital revolution in the region will see 5G services reaching two-thirds of the population by 2026, enhancing the end-to-end customer experience
- By 2025, Saudi Arabia aims to boost fintech GDP contribution to $ 1.2bn and increase the number of fintech players. UAE and Kuwait are also making strides in digital banking.
Geostrategy
Russia plans to make Iranian drones by next year, says US government
Russia is receiving materials from Iran to build a drone factory that "could be fully operational early next year," White...
- "The Russia-Iran military partnership appears to be deepening," Kirby said in a statement, citing US intelligence information.
- Washington estimates that Russia has received hundreds of attack drones as well as related equipment from Iran to aid Moscow's invasion of Ukraine.
Business
Sahara salt diggers struggle to stay in business
Digging for salt is punishingly hard work, rewarded by an income that fluctuates according to whichever buyers happen to pass...
- Salt digging, carried on from generation to generation, was a thriving business, involving a commodity so precious that it was bought and sold across the Sahara and beyond.
- Over centuries, hundreds of pits have been dug by hand and then filled with water to leach salt from the local rock.
Business
Dubai records $2.45 billion in weekly real estate transactions
Dubai, UAE -- A total of 3,397 real estate and properties transactions valued at AED 9 billion ($2.45 billion) were...
- The DLD data showed that 204 plots were sold for AED 1.52 billion, 2,562 apartments and villas were sold for AED 5.69 billion.
- A total of 134 properties were granted between first-degree relatives worth AED 340 million and the sum of mortgaged properties was AED 1.52 billion.
Business
KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...
- This would be the first such manufacturing facility in the Middle East and is expected to be operational towards the end of 2024.
- By partnering with Tubacex Group, KEZAD aims to further increase the localization and resilience of supply chains.
Business
Middle East rich looking for alternative investments: EY report
Dubai, UAE -- High net-worth individuals (HNWIs) in the Middle East are increasingly looking for alternative investments, such as private...
- The EY report also noted that the HNWIs, who are expected to grow by 10 percent to 225,000 in 2023, are increasingly adopting digital channels to manage their wealth.
- According to the report, private equity is the most popular alternative investment among HNWIs in the region, followed by real estate and hedge funds.
Business
Crypto exchange Binance halts US dollar deposits after action
WASHINGTON, US - The world's largest cryptocurrency exchange Binance said it was halting US dollar deposits and encouraged clients to withdraw...
- Binance is alleged to have permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange.
- Binance has criticized the govt's actions, saying that it will continue to vigorously defend ourselves and customers against the SEC attacks.
Business
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...
- The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
- Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
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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
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China edges out Japan as world’s top vehicle exporter
In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where...
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
Business
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Business
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
- The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report.
- The surge in the GCC project awards, especially in gas and construction sectors, reflects a robust economic recovery and strategic investments driving growth.
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
- Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
- Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.