Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
Business
UAE startup faces mental-health struggles head on
Having struggled to deal with the loss of a loved one and postpartum depression, Hammad and Takalam co-founder Inas Abu...
- “Breaking taboos around mental health is the need of the hour,” said Emirati entrepreneur Khawla Hammad
- Takalam co-founders Inas Abu Shashieh and Hammad acknowledge that embracing vulnerabilities is often the first step to improving mental health
Business
Sharjah records real estate transactions worth $1.71 billion during Q1
A total of 21,615 real estate transactions worth AED 6.3 billion ($1.71 billion) were executed in Sharjah during the first...
- March witnessed the highest value of transactions with a total of AED2.7 billion, recording an increase by 32.3 percent compared to February.
- Sector-wise, residential properties topped the list of properties sold in the emirate with 1,225 properties,.
Business
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
- The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
- Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.
Business
Dubai sets up $100m fund to support fintech startups
Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies....
- “We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement
- The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period
Business
JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.
- The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
- Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Business
Unilever posts rise in revenue
The British firm reported $14.5bn revenue in Q1.
- Unilever said in a trading statement that its higher prices had turned off some customers, with volume of sales down one percent
- Inflation, which was accelerating sharply as economies reopened from Covid lockdowns, has worsened following Russia's invasion of Ukraine
Business
China to cut coal import taxes to ensure energy security
China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast...
- Beijing is the world's biggest importer of coal, but import volumes dropped in the first quarter of the year and energy prices have surged globally
- Policymakers in Beijing have long walked a tightrope balancing climate objectives with domestic growth
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Business
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.
- Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
- Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
Business
TotalEnergies makes $4.1 bn writedown on Russian gas project
French energy firm TotalEnergies said Wednesday it had taken a $4.1 billion impairment charge on its Arctic LNG 2 gas...
- TotalEnergies took a stake in the project in 2019, making it its second in Russia's extreme north alongside the Yamal LNG facility
- Chief executive Patrick Pouyanne said last month that TotalEnergies would not suddenly stop its Russian operations completely
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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
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
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Iran exports goods worth US$9.1bn to BRICS nations from March to August
Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21,...
Business
Evergrande pauses trading on Hong Kong exchange
The Chinese company had only just resumed trading a month ago, after it was suspended for 17 months for not...
Business
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...
Business
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Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
- The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
- The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Economy
Ras Al Khaimah’s first organic fertilizer project to cost $20m
Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...
- The company will also carry out research on the creation of unique methods of cultivating plants, medicinal and valuable fungi
- It will also be farming fruits, vegetables and berries, both indoors and outdoors, and conduct organic animal husbandry
Automation revolutionizes financial business models
The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge...
- The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge technologies
- Projected to hit $949bn by 2030, FinTech investments spotlight trends like open finance, decentralized finance and digital assets, while open banking enhances decision-making