UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
Business
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
Economy
Europe’s battle with Big Tech: billions in fines and tough laws
In the past few years, the EU has slapped eye-watering fines on Apple and Google in tax and competition cases,...
- Brussels has slapped over eight billion euros in fines on Google alone for abusing its dominant market position
- The EU has also gone after Apple, accusing it of blocking rivals from its contactless iPhone payment system and fined Microsoft 561 million euros
Business
Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.
- It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors
- Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank
Business
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.
- Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
- Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom
Business
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.
- TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange
- The company has significant investments in power and water generation, transmission and distribution assets
Business
Twitter ex-security chief in Congress as shareholders back Musk buyout
Nearly 99 percent of the votes cast by stock owners endorsed the agreement with Musk to sell him the tech...
- The shareholder decision clears the way for the contract to close, even as billionaire Musk tries to exit it
- Musk has listed bot accounts as among the reasons to justify his walking away from the deal
Business
Why are millionaires flocking to UAE?
By the end of 2022, the UAE is expected to attract more than 4,000 high-net-worth individuals, mostly from India, Russia,...
- Around 25 percent of GCC's millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe.
- The total private wealth of the wealthy in the UAE increased by US$46 billion between 2019 and 2021, to nearly US$917 billion, according to a Global Citizens report.
Geostrategy
Drop in German investors confidence sparks recession fear
BERLIN, GERMANY - German investor confidence fell in September for a third straight month, a closely watched survey showed on...
- The ZEW institute's economic expectations index dropped 6.6 points from the previous month to minus 61.9 points.
- For its survey, ZEW quizzes experts about the current economic situation and the outlook for the coming six months.
Geostrategy
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of...
- The G-20 accounts for 85 percent of global GDP, 75 percent of international trade and two-thirds of the world population.
- This is the first of a series of announcements being made by India preparatory to its assumption of the G-20 Presidency on December 1, 2022.
Geostrategy
High-level UAE economic delegation visits Georgia
A UAE economic delegation led by Minister of State Ahmed Ali Al Sayegh visited Tbilisi, Georgia.
- UAE-Georgian economic relations have witnessed remarkable development in recent years.
- Total non-oil trade between UAE and Georgia in 2020 and 2021 grew by 52 percent to reach US$223 million.
Business
UAE’s TDRA becomes member of global body EFQM
UAE's Telecommunications and Digital Government Regulatory Authority (TDRA) has announced that it has become a member of the European Foundation...
- Telecommunications and Digital Government Regulatory Authority will support the implementation of EFQM's leading approach.
- TDRA will utilize the integrated services provided by the EFQM to better equip its own teams to drive excellence.
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
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
Business
Company News
Latest News
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
Business
Most Read
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
- Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
- The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
Business
UAE a key market for our businesses due to its location: French official
Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and...
- The French official said that his country's exports to the UAE exceed $5.13 billion, while UAE imports from France exceed $2.67 billion
- He said French exhibitors are looking to establish new partnerships, sign agreements, with specialized entities in the field of food industries
Business
Are neobanks challenging traditional players in UAE?
While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future...
- While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future of banking in the region, says a report.
- In the UAE, neobanks struggle with funding over trust issues in the absence of deposit insurance, while the CBUAE supports their growth, ensuring traditional banking stability.