Economy
UAE airports receive 31.8 million passengers in Q1: CBUAE
Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of...
- In the UAE, the aviation sector contributes, directly or indirectly, to about 14 percent of GDP as against 2 to 3 percent in emerging markets
- In 2022, Dubai's airport, one of the busiest in the world, received 66 million passengers, more than double the previous year
Arabs endorse draft law, strategy to regulate social media, up to $2m penalty for violation
The law will apply to a wide array of “illegal content” including, but not limited to, false and fake news,...
- The objective is to establish a harmonized Arab legislative and fiscal base, which will safeguard Arab content and users
- The strategy will address a wide array of “illegal content” including, but not limited to disinformation campaigns, false and fake news
Economy
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
- The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
- The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation
Economy
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
- The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
- It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
Business
Musk meets Narendra Modi to discuss investment in India
Musk, one of the world's richest men, said that Modi was "pushing us to make significant investments in India, which...
- New Delhi has rolled out the red carpet for top global investors and companies -- including tech giants like Google and Apple -- in the last few years.
- Since the coronavirus pandemic, many companies have expanded their presence in India as a way to cut their supply-chain dependence on China.
Business
RAKEZ unveils ‘open yards’ to enhance business facilities
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive...
- Located in Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.
- With the introduction of these new open yards, investors are provided with the opportunity to operate across a spectrum of over 100 activities.
Business
Lufthansa to sell payments subsidiary
The German group will sell AirPlus to Sweden's SEB Kort Bank.
- It comes after Lufthansa in April announced the divestment of its LSG catering business, and last month agreed to buy a 41-percent stake in Italy's ITA Airways.
- The Lufthansa group -- one of Europe's biggest airlines -- was brought to the brink of bankruptcy when the Covid-19 pandemic saw global air travel grind to a halt.
Business
Rulebook to ease access to UAE central bank’s reference system
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its...
- Rulebook is a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications.
- The new Rulebook provides financial sector stakeholders with further access to the CBUAE’s regulatory publications from any device, in Arabic and English.
Business
Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the...
- In 2022, the UAE's banking sector had assets of over $1.5 trillion, and Saudi Arabia's banking sector had assets of over $1 trillion.
- The UAE and Saudi Arabia dominate the Gulf Cooperation Council banking sector as both have large and growing domestic markets.
Business
NEOM and Volocopter conduct successful flight trials of air taxis
Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL),...
- The project is the result of an 18-month partnership between NEOM, the General Civil Aviation Authority (GCAA), and Volocopter.
- The flight trials mark the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city.
Company News
IMF chief at Davos: AI holds risks, opportunity for global economy
World Economic Forum
Mammoet, Aertssen sign agreement
Business
Latest News
KEZAD Group, Al Ghurair Group’s APT ink lease pact to set up manufacturing facility
ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT)...
Business
Passenger traffic could exceed earlier figures, says Dubai Airports’ CEO
DUBAI, UAE – The airport here has "every chance" of breaking its record for passenger traffic this year after surpassing pre-pandemic...
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
Business
Most Read
Business
Qatar real-estate trading volume in January stands at US$521m
Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry...
- According to a bulletin issued by the Ministry of Justice, some 362 real estate transactions were recorded during the month
- The value of Doha municipality's transactions came out at $324 million, as per the real estate market index for January 2024
Business
Aamal net profit up 5.7%
Its gross profit jumped 3.1% to US$137.25m in 2023.
- According to a company's statement. Its gross profit shot up 3.1 percent to $137.25 million.
- Its chairman said the performance of their trading and distribution segment was noteworthy
Business
GCC emerges as a cryptocurrency investment hub
Driven by government initiatives, economic diversification and a tech-savvy population, the region is becoming a prominent center for cryptocurrency investment,...
- Driven by government initiatives, economic diversification and a tech-savvy population, the region is becoming a prominent center for cryptocurrency investment, says an expert.
- Hao Yang of Bybit highlights the sector's regulated nature, its accessibility beyond tech-savvy individuals, and the importance of education and due diligence behind its growth.