Geostrategy
UAE and Japan look to boost ‘strategic’ relations with focus on energy
Tokyo, Japan-- The UAE and Japan have discussed ways to strengthen the strategic partnership with a sharp focus on the...
- The UAE's Foreign Minister Sheikh Abdullah bin Zayed met with Japan's Prime Minister Fumio Kishida in Japan and discussed ways to boost strategic partnership
- The foreign minister pointed to the "pioneering example of strategic cooperation" that has gone on for more than 50 years between the two nations
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.
Company News
Honda unveils futuristic EV series
Geostrategy
Latest News
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.
Business
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
Business
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Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
- The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
- The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
- The survey also found that 73% respondents are confident that the UAE will have charging stations every few kilometers by 2028
- It also highlights a substantial wave of interest in EVs, with 26% of non-EV owners expressing interest in purchasing one in the next 12 months
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.