TOURISE 2025: Riyadh to host premier summit for sustainable tourism
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has officially unveiled TOURISE, a groundbreaking global platform set...
Business
Turkey says increasing energy exports to war-torn Syria
Damascus, Syria -- Turkish Energy Minister Alparslan Bayraktar said Thursday in Damascus that his country would ramp up energy exports...
Business
Business
Edmond de Rothschild to open advisory office in Dubai
Dubai, UAE -Edmond de Rothschild Group has announced the opening of an advisory office, Edmond de Rothschild (Middle East), at...
- The Group has obtained an advisory license from the Dubai Financial Services Authority, which regulates services in DIFC
- Ali Raza Syed, Senior Executive Officer of Edmond de Rothschild (Middle East), will be leading the local office in DIFC
Business
Dubai Holding acquires the iconic The Westin Paris – Vendome
The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France.
- The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France
- The acquisition further strengthens Dubai Holding’s extensive portfolio of world-class assets in key gateway locations
Business
CBUAE revokes exchange house’s license over ‘misconduct’
Abu Dhabi, UAE -The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house...
- The findings highlighted that the exchange house had a weak compliance framework and had failed to comply with its regulatory obligations
- The central bank, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Business
Careem to end Qatar operations
The company did not offer any explanation for the decision.
- The announcement comes two months after the World Cup in Qatar, when Careem-branded vehicles transported visiting fans
- Careem was bought by Uber Technologies Inc. in 2019 for $3.1 billion, giving the US firm market dominance across the Middle East and Pakistan
Business
HelioTech, Avio Aero ink pact to develop of rotorcraft industry
The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of...
- The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of IDEX and NAVDEX 2023
- Avio Aero is one of the leading companies in the aviation industry that designs, manufactures and maintains civil and military aviation propulsion systems
Business
Twitter cuts more staff
A media report said that company has laid off 10% of its workforce.
- The fresh round of layoffs included product managers, big data experts and engineers working on machine learning and platform reliability
- Since Musk took ownership of Twitter, the platform has been riven by chaos, with mass layoffs, and the major advertisers fleeing
Business
Super-rich Russians lift UAE property market to record heights
There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has...
- The number of Russians who bought property in Dubai shot up by 164 percent in the first quarter of 2022.
- According to Better Homes Consulting, Russians made up the largest segment of foreign real estate buyers in Dubai last year
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Slower GCC growth expected in 2023
The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent...
- Maroun Kairouz, Director for the Middle East and North Africa (MENA) at the World Economic Forum says GCC countries would be the least affected by the recession.
- Easing of pandemic restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, World Bank says.
Business
Military, security sector free zone set up in Tawazun Park
Abu Dhabi, UAE---Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, has...
- The 2.8-square-kilometer zone has been established to commence operations related to defense and security industries and associated activities.
- Tawazun Industrial Park is a regional center for defense and security industries.
Business
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.
- The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
- The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
TOURISE 2025: Riyadh to host premier summit for sustainable tourism
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Tourism, Ahmed Al-Khateeb, has officially unveiled TOURISE, a groundbreaking global platform set...
Business
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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
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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.
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende
Business
UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement. In this connection,...
- The two countries will eliminate tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment
- Non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million