Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
Business
Business
UAE Central Bank issues new guidelines for virtual assets
Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating...
- It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
- The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.
Business
Saudi SMEs grow by 4.8 percent in first quarter to reach 1.2 million
Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the...
- A total of 89,000 new small and medium enterprises were launched during the first quarter of 2023, according to a report by General Authority for Small and Medium Enterprises.
- The report also reviewed the achievements of Biban 23 forum, which was attended by 145,000 visitors from around the world.
Business
Flat6Labs invests $10.2m in Abu Dhabi start-ups
Dubai, UAE - Flat6Labs, a seed and early-stage venture capital firm in the MENA region, has invested $10.2 million in...
- The program, in partnership with DisruptAD, the venture platform of ADQ, provides coaching, mentoring, and training to selected start-ups
- Over the past two years, the program has invested in 38 promising start-ups, with the majority (68 percent) based in the UAE
Business
TAQA, ENGIE complete financial closing for UAE’s mega desalination plant
Dubai, UAE -- Abu Dhabi National Energy Company (TAQA) ENGIE, a global leader in low-carbon energy solutions, and Emirates Water...
- The AED2.3 billion ($620 million) low-carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project will be the UAE's third largest.
- Expected to be operational in Q4 2025, the plant will be owned by TAQA, holding a 60 percent share and ENGIE taking a 40 percent.
Business
AD Ports signs MoU with Abu Dhabi Residents’ Office to lure talent
Abu Dhabi, UAE--AD Ports Group has signed a memorandum of understanding (MoU) with Abu Dhabi Residents Office (ADRO) to promote...
- Both the entities will develop a strategy on guiding relevant parties and employees about the benefits of the Golden Visa residency program
- The holders of Golden Visa will have access to exclusive offers and services, availabe across the different clusters and subsidiaries of AD Ports Group
Business
Palm Jumeirah penthouse sells for a staggering $60m
Dubai, UAE - A shell-and-core mega penthouse in Palm Jumeirah was sold for AED 220 million ($60 million) by Honey...
- The penthouse sold is on the topmost floor of AVA at Palm Jumeirah, Dorchester Collection, spanning a built-up area of 33,406 sq ft
- It also has a four-floor 200m indoor garden and a roof terrace with 360-degree views, making it the perfect spot for relaxing
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
Most Read
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
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Company News
Latest News
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
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Business
Qatar and Nepal discuss boosting economic cooperation
Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment...
- The talks are likely to pave way for more cooperation and partnership between the Qatari and Nepalese private sectors
- The Qatar official emphasized the importance of holding trade and business visits between both sides to explore cooperation
Videos
WEF24: DCO leads in bridging global digital divide
Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells...
- Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells TRENDS.
- Actively working towards a more cooperative and digitally inclusive future, the DCO is a pivotal player in the digital arena, she adds on the sidelines of the World Economic Forum.
Business
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
- The banking sector benefited from economic growth, foreign trade, investment, government revenues.
- The preliminary financial results showed that all seven banks listed on MSX posted higher profits.