Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman --Â Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Business
US proposes $300 mn fine over huge robocall ‘scam’ campaign
The operation placed about 5.2 billion calls to more than 550 million wireless and residential phones between January and March...
- The Federal Communications Commission said the "auto warranty scam" campaign included "international cohorts" in Panama and Hungary
- Cox and Jones, who are both from the United States, were banned from making telemarketing calls under earlier US actions
Crypto firm Binance endures wild weeks in wake of FTX collapse
On Friday, accountancy firm Mazars, engaged by Binance to provide a "proof of reserves" report, abruptly halted work with all...
- After the collapse of its rival FTX in a hail of allegations of fraud and criminality last month, trust in the entire sector has crumbled
- Customers pulled more than $3 billion from Binance in a single day last week as part of a three-day frenzy that saw more than $6 billion withdrawn
YEARBOOK 2023
UAE set to lead GCC’s e-commerce markets next year
“E-commerce sales via marketplaces will continue to grow in double-digit percentages in 2023, driven by a higher proportion of cross-border...
- From 2020 to 2022, there was an expected additional six percent annual market growth in ecommerce due to Covid-19, a latest report by Statista points out
- E-commerce in the MENA region is fast catching up with global powerhouses such as China, with many online retailers scaling up their services to avoid Covid-induced disruptions
Business
Most Middle Eastern nations lack crypto regulations
The adoption of digital currencies can help open new business segments as the use of these assets increases with time,...
- The adoption of digital currencies can help open new business segments as the use of these assets increases with time, Daniel Takieddine, CEO of MENA BDSwiss, tells TRENDS
- The digital currency market had a challenging year in 2022 as significant cryptocurrencies were down more than 50 percent from their all-time highs in late 2021
Business
DP World sells assets stake to Saudi Hassana Investment Company
Saudi Hassana will invest $2.4 bn in some of DP World's assets.
- Hassana is the investment manager for the General Organisation for Social Insurance (GOSI), which owns one of the world’s largest pension funds.
- The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets.
Business
Dubai records over $490 million in real estate transactions Tuesday
Dubai, UAE---Dubai real estate market recorded deals worth AED1.3 billion ($490 million) on Tuesday, said Dubai Land Department. The deals...
- The deals included 495 sales transactions worth AED1.32 billion, in addition to 81 mortgage deals of AED454.83 million, and 24 gift deals amounting to AED34.33 million.
- The sales included 479 villas and apartments worth AED1.28 billion, and 16 land plots worth AED45.98 million.
Economy
Crypto can cause global economic turmoil: India’s central bank chief
Mumbai, India - India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the...
- The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a global market collapse and steep domestic taxes.
- Cryptocurrencies have been under the scrutiny of Indian regulators with a rise in fraudulent transactions leading to a central bank ban in 2018.
Business
UAE, Morocco discuss ways to boost cooperation in energy, industry
Rabat, Morocco - UAE and Morocco discussed ways of boosting their cooperation and investment opportunities in industry, economy, investments, culture,...
- The discussion occurred between Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Aziz Akhannouch, Prime Minister of Morocco.
- Al Jaber also held meetings with Riyad Mazour, Moroccan Minister of Industry and Trade, and Leila Benali, Moroccan Minister of Energy Transition and Sustainable Development.
Business
SABIC introduces new plastic
The high-density polyethylene complements its Trucircle range.
- The company said the new product is part of the company's commitment to contribute in promoting the circular economy of plastics.
- The new material was specially developed for motor oil and lubricant oil bottles manufactured through blow molding technology.
Business
ADNOC acquires 24.9% stake in OMV
After the transaction, OMV will hold 31.5 percent.
- Through this investment in OMV, which holds a 75 percent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge.
- ADNOC will acquire the stake from Mubadala. Financial details of the transaction are not being disclosed.
Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman --Â Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...
Company News
EITC Q3 profit soars 57.7%
Business
Latest News
Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
Economy
Most Read
Geostrategy
FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...
- The guide provides a comprehensive and simplified explanation and instructions for natural persons earning in the UAE.
- The FTA emphasized the importance of understanding the comprehensive content and definitions outlined in the guide.
Science
Artists utilize technology against AI copycats
NEW YORK, US - Artists under siege by artificial intelligence (AI) that studies their work, then replicates their styles, have teamed...
- Created in just four months, Glaze spun off technology used to disrupt facial recognition systems.
- Glaze essentially outthinks AI models when it comes to how they train, tweaking pixels in ways indiscernible by human viewers
Business
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
- Khor Customs Centre and Deira Port successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country.
- An advanced container X-ray inspection device, supporting increased inspection operations, is operational at te Hamriyah Port Customs Centre.