The Transformative Power of Travel
The framework for future-proofing tourism revolves around three core pillars: People, Planet, and Purpose. This vision is particularly evident in...
Geostrategy
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Business
Dubai records real estate deals worth $1.03bn in two days
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED1.1 billion ($299 million) on Friday, according to...
- On Friday, deals worth AED1.1 billion ($299 million) on Friday, according to the data released by Dubai's Land Department.
- The sales on Thursday included 388 villas and apartments worth AED791.15 billion, and 55 land plots worth AED236.4 million.
Economy
More monetary tightening required, says top Federal Reserve official
The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil...
- The rate-setting Federal Open Markets Committee voted last month to continue raising interest rates to tackle inflation.
- The FOMC took this decision despite the turmoil when Californian high-tech lender Silicon Valley Bank dramatically collapsed.
Market Report
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong...
- In a sign of cooling inflation, Singapore's central bank kept rates steady, having previously hiked five times in a row.
- Stocks advanced "on increasing signs that the global round of interest rate hikes could be drawing to a close".
Top Western luxury brands court Middle East with Ramadan collections
Paris, France - With flowing kaftans, fluid separates and glamorous maxi dresses, Western luxury fashion brands are increasingly targeting the monied...
- Louis Vuitton to Versace have rolled out handbags and shoes, sunglasses and clothing that varies between sober pastels, florals and embroidered prints
- Gucci's 2023 Ramadan collection, "Nojum" (meaning stars), is inspired by the night sky, featuring deep purples and daywear options for men
Economy
300 UAE companies operating in Egypt, more investment likely
Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas,...
- Al Jarwan said that the two countries also aim to increase the investment to $35 billion over the next decade.
- Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, and other areas
Business
Medical tourists spent $270m in Dubai during 2022: DHA
Awadh Seghayer Al Ketbi, Director-General of the DHA, said Dubai’s ability to provide high-quality patient-centered medical care has accelerated its...
- 39% percent of the medical tourists were from Asian countries, 22% from Europe and the Commonwealth of Independent States.
- The three specialities that saw the highest number of medical tourists were dermatology (31%) dentistry (24%) and gynecology (18%).
Business
Infosys Q1 profit drops
Revenue grew 8.8% YoY, but fell 3.2% quarter-on-quarter.
- Infosys benefitted from an IT boom that made India the back office to the world for subcontracted work.
- The company, like local rival TCS, also gained from the increased use of digital services during the Covid pandemic.
Business
UAE top Arab investor in Egypt with $28bn investments by Q1
Abu Dhabi, UAE - The UAE led the Arab region in terms of investments in Egypt, Jamal bin Saif Al...
- The two countries also aim to increase this figure to $35 billion over the next decade in tourism, education, logistics, food industries.
- The Egyptian market has over 3,000 Emirati companies operating in telecommunications, construction, smart cities
Geostrategy
EU privacy watchdog sets up ChatGPT task force
The European Union's central data regulator said it was forming a task force to help countries deal with AI chatbot...
- ChatGPT can generate essays, poems and conversations from the briefest of prompts and is capable of passing exams.
- Chatbot can only function if it is trained on vast datasets, raising concerns about where OpenAI gets its data.
Economy
IMF chief calls upon global community to avert a ‘second Cold War’
Countries must do more to avert the costly consequences of growing global trade fragmentation, and help avert a "second Cold...
- Multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from splintering into different blocs.
- An IMF report said that growing trade fragmentation due to Brexit, US-China trade war and Russian invasion of Ukraine, could make the global economy.
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
The Transformative Power of Travel
The framework for future-proofing tourism revolves around three core pillars: People, Planet, and Purpose. This vision is particularly evident in...
Geostrategy
Company News
Latest News
Abu Dhabi real estate deals hit $517 million since Jan 1: DARI
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the...
Business
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
Business
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
Geostrategy
Most Read
Economy
Tawazun Council acquires TASNEEF
Subsidiaries of TASNEEF were also acquired.
- This strategic move aims to enhance the council's role in developing national defense industries, the Council said.
- TASNEEF has established a number of services, including issuing rules of relevance to the classification of ships.
Business
Sharjah, Sfax chambers look to boost ties between UAE and Tunisia
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Chamber of Commerce and Industry of Sfax, Tunisia, held...
- The talks centered upon holding joint events and improving coordination to encourage businessmen to participate in exhibitions
- The Sharjah Chamber received an invitation from the Tunisian side to participate in an exhibition at the Sfax International Fair
Business
Tesla suspends production in Germany
Houthi attacks in the Red Sea caused a shortage of parts.
- Tesla said the Red Sea attacks had led to delays that created a "gap in the supply chains", resulting in production being suspended
- Houthis have ramped up attacks on commercial and military vessels in the Red Sea in what they say is solidarity with Palestinians in Gaza.