Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy
WhatsApp introduces first major advertising features
San Francisco, United States -- WhatsApp announced Monday it will introduce its boldest advertising features yet, marking a significant shift...
Business
Business
Qatar Tourism head says country expects over 5m visitors in 2023
DOHA, QATAR - Qatar expects more than five million people to visit the Gulf state in 2023 despite a post-World Cup...
- The head of Qatar Airways and Qatar Tourism admitted that hotels had fallen quiet after the World Cup final on December 19.
- He insisted that every World Cup host has the same lull after the tournament and that hotels were still 65-70 percent full.
Business
ADCB-BLME partnership brings UK digital banking to UAE customers
Dubai, UAE -- Abu Dhabi Commercial Bank and its Shari’ah compliant digital banking subsidiary Al Hilal Bank have announced a...
- They can also apply for UK home financing, from their smartphones using the newly launched ADCB-Nomo and Al Hilal-Nomo banking apps.
- Abu Dhabi Commerical Bank and Al Hilal Bank sign partnership with Bank of London and the Middle East to make this service available.
Economy
Iraqi government plans to reduce economy’s dependence on oil
BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal...
- The meeting discussed the provisions of the federal budget bill submitted to the Parliament.
- The Iraqi PM highlighted the plans for enhancing development and advancing the economy.
Saudi Arabia transfers more Aramco shares to wealth fund in bid to ‘diversify’ economy
Prince Mohammed said the latest transfer will "solidify PIF's strong financial position". Authorities did not give a value for the...
- The move, part of a campaign to open up the oil-rich kingdom's economy, follows a transfer of four percent of Aramco shares, estimated at the time to be worth $80 billion
- The Saudi crown prince billed the move as part of a push "to boost and diversify the national economy and expand investment opportunities", according to the report
Business
KPMG ordered to pay $231 million for Abraaj fund audit failure
Dubai, UAE -- KPMG Lower Gulf has been ordered by a Dubai court to pay more than $231 million to...
- The award is one of the largest ever against an accounting firm and exceeds KPMG Lower Gulf’s revenues of $210 million in its most recent financial year.
- KPMG Lower Gulf’s operations were already in the spotlight after allegations of nepotism and cronyism led to the resignation of its former head last October.
Business
UAE India’s second biggest export destination, third for imports
Dubai, UAE -- The UAE continues to be the second most important export destination for India, according to annual trade...
- India's Ministry of Commerce and Industry said the US and the UAE retained the first and second place as top export destinations for the country.
- The number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total to 83,000 companies.
Business
Microsoft’s move to buy games giant faces triple anti-trust threat
Brussels, Belgium--Depending on which side you're on, tech giant Microsoft is either the hero fighting to bring some of the most...
- The company has set itself the task to convince all three EU, UK and US regulators to back its $69 billion bid to take over Activision Blizzard
- Sony, the PlayStation owner, says the deal will give Microsoft the power to limit rivals' access to the popular franchise
Economy
UAE has invested $5bn dollars in Brazil: UAE minister
Abu Dhabi, UAE - The UAE is among the largest international investors in Brazil, with an estimated US$5 billion in...
- The two countries, have maintained a fruitful cooperation across many sectors such as industry, transportation, shipping, storage, infrastructure, etc
- The UAE is Brazil's top trading partner in the Arab region, while Brazil is one of the Emirates' most important and recognized partners in Latin America.
Empowering women can drive economic growth in GCC region
Many countries in the region have invested in education and provided better access to technology-related fields, resulting in women graduating...
- Many countries in the MENA region have invested in women's education and provided better access to technology-related fields
- This trend has resulted in women playing a significant role in high-profile tech projects in the region, such as the UAE's Mars Hope probe
Business
GCC data center market to reach $5.5bn by 2028
Major cloud service providers such as Microsoft, Tencent Cloud, Oracle, Amazon Web Services, and Alibaba Cloud are establishing local cloud...
- Saudi government has implemented the Cloud First policy to encourage the adoption of cloud services
- Microsoft, Tencent Cloud, Oracle, Amazon Web Services, and Alibaba Cloud are establishing local cloud regions
Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy
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Innovations, investment spur UAE lab equipment surge
Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is...
Business
UAE MoD ink deals worth $517m in first two days of UMEX and SimTEX 2024
ABU DHABI, UAE - On the second day of the sixth edition of UMEX and SimTEX 2024, the accumulated value...
Business
Hub71-backed ABHI to set up global headquarters in Abu Dhabi
DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in...
Business
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Business
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
- Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
- DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
- In 2023, the company acquired 16 such rigs for a combined $327 million investment.
- The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.
Business
Saudi Arabia’s real estate deals fall 11 percent in 2023: Ministry
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions fell year-on-year by 11 percent to nearly SAR...
- The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.
- Meanwhile, transactions value increased in the remaining five months, led by July at 65 percent.