How travel brands can target high-intent travelers in the MEA region
As tourism booms across the Middle East and Africa, travel brands face fierce competition. Success now means using data-driven, personalized...
Opinion
Boeing lowers 2044 global air fleet outlook amid supply chain woes
New York, United States -- The global commercial aviation fleet will stand just under 50,000 planes in 2044, with most...
Economy
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.
How travel brands can target high-intent travelers in the MEA region
As tourism booms across the Middle East and Africa, travel brands face fierce competition. Success now means using data-driven, personalized...
Opinion
Company News
Latest News
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...
Business
ASML profit soars to US$8.5bn
It has shrugged off geopolitical tensions to post high profits.
Business
Global halal market set to hit $7.7 trillion by 2025
Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...
Business
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Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
- The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
- The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year
Business
Mocktail mania in Saudi, where dry January lasts all year
Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...
- Saudis say the trend is consistent with a broader push by Crown Prince Mohammed bin Salman to transform his oil-dependent nation into a foreigner-friendly business
- King Abdulaziz enacted Saudi Arabia's alcohol ban in the early 1950s, not long after an incident in which one of his sons got drunk and, in a rage, shot dead a British diplomat
Business
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...
- The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth
- The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program