Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
Morgan Stanley sees upswing in MENA M&A deal volumes and values
After a challenging year where M&A activity in the Middle East and North Africa took a tumble, Morgan Stanley forecasts...
Economy
UAE positioned itself as key player in global value chain: Al Zeyoudi
Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani...
- Al Zeyoudi said the UAE achieved a remarkable 17 percent growth in trade figures, reaching a total of $630 billion
- The minister affirmed his confidence in the UAE's ability to continue attracting investments and achieving strong trade growth in the coming year
Business
Sunreef Yachts partners with RAK Maritime City to build new facility
Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development...
- The new facility, developed on a 65,000 square metres land reserve, will incorporate the latest technologies in luxury yacht building
- The venture is part of Sunreef Yachts’ global expansion strategy designed to strengthen the company’s presence in the Middle East
Business
Despite hurdles, women entrepreneurs thrive in MENA tech sector
As the governments and private organizations in the region are taking measures to encourage and support women entrepreneurs in the...
- A UNESCO study found that 57 percent of Science, Technology, Engineering, and Mathematics graduates in Arab nations are women
- Another study revealed that 34 percent of the region's tech-focused start-ups have been founded by women
Economy
Iran announces discovery of large lithium deposit
TEHRAN, IRAN - Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric...
- This reserve is believed to hold "8.5 million tonnes" of lithium, according to a senior Iranian official.
- This white metal is an essential component of rechargeable batteries used in cell phones and other electronic devices.
Geostrategy
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their bilateral relations to...
- A pact for cooperation on energy projects and sustainability initiatives between Abu Dhabi National Oil Company and the Italian energy group Eni was signed.
- The MoU aims to strengthen cooperation in the field of emissions reduction, new energy technologies and low-carbon solutions.
Business
ACWA Power logs 411m profit
The company's operating profit rose 13.5% to $696 million.
- The company’s fourth-quarter net profit after tax surged 94 percent to $175 million, compared to $90.40 million in Q4 2021
- ACWA Power last month signed an agreement for a new giga-scale green hydrogen project to expand its Indonesian portfolio
Business
Wall Street Journal’s report UAE considering leaving OPEC not true: sources
Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources...
- The WSJ reported that the UAE is having an internal debate about leaving the OPEC following differences with Saudi Arabia
- Oil fell as much as $2 a barrel after the WSJ story, with analysts citing concerns that this might impact the OPEC+ production cut deal
Business
‘Global luxury goods market surged 21% to $1.38trn in 2022’
It is estimated that 400 million people consume luxury products worldwide and that number will reach 500 million by 2030.
- It is estimated that 400 million people consume luxury products worldwide and that number will reach 500 million by 2030
- A study recently released by IMARC Group has revealed that the UAE luxury market will reach $ 5.2 billion by 2027
Business
Alpha Dhabi posts $2.88bn profit
The net profit exceeded the Group's target of AED10 billion.
- Revenues hit AED 40.0 billion, which represents an increase of 114 percent
- The growth was driven primarily by strong contributions from the new acquisitions
Business
Apple to produce iPhones in India
The proposed factory will be spread over 300 acres.
- "Apple phones to be built in the state soon," Karnataka state chief minister Basavaraj S Bommai tweeted on Friday
- "Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka," he added
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
Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
Company News
ACWA Power, SEC sign PPAs
Business
Latest News
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
Economy
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
Business
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
Business
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Business
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022. Bitcoin touched a 21-month peak of...
- It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
- Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
Business
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
- The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
- The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets
Business
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
- ADIB-Egypt’s Private Banking platform also provides access to Financial Advisory services led by specialized experts, to help clients' wealth achieve its full potential
- ADIB is also introducing a new service granting clients exclusive access to premier banking products and services in the United Arab Emirates