AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
Business
Dubai Chamber sets up Dubai Council for Wooden Ships
Dubai Chamber of Commerce has announced the establishment of the Dubai Council for Wooden Ships, a new business group that...
- The business group, operating as a non-profit body under the umbrella of Dubai Chamber of Commerce, will serve common interests and tackle sector challenges through cooperation
- Joined by a wide variety of businesses in this sector in Dubai, the group provides a platform for member companies to share knowledge and policy recommendations
Business
Dubai records $2.53 billion worth of weeklong real estate deals
Dubai recorded $2.53 billion worth of real estate and properties transactions valued during the week ending Friday, according to the...
- A total of 355 plots were sold for AED 1.33 billion, while 1,547 apartments and villas were sold for AED 2.96 billion.
- Al Hebiah Fifth recorded the most transactions for this week by 244 sales transactions worth AED 521.52 million.
Business
Telenor subsidiary sale approved
Myanmar junta Okayed the sale to Lebanese conglomerate M1 Group.
- The Southeast Asian nation has been in chaos since a coup last year sparked huge protests and a bloody military crackdown on dissent, sending its economy into freefall.
- In July, Telenor cited junta demands that it install monitoring equipment on the network as a reason for leaving the country.
Business
OPEC Fund approves $233 million for development projects
The grants were approved at the 179th session of OFID’s Governing Board in Vienna.
- The projects will reportedly, among other things, support economic recovery, help bring up new infrastructure, and boost food security
- Overall, they are expected to benefit public-sector projects and promote sustainable development around the world
Business
Amazon buys MGM studios
The online giant closed the deal for $8.45 billion.
- Amazon's dominance in online retailing has drawn anti-monopoly scrutiny, but this buyout won approval from EU authorities
- The deal bolsters Amazon Prime Video with some 4,000 films and 17,000 television episodes as it faces off with the likes of Netflix and Disney in a booming market
Business
Meta sued over scam crypto ads
The ads were for schemes apparently hailed by prominent figures.
- Australia's consumer protection commission said it had started legal proceedings against Meta platforms for breach of consumer or securities laws
- Meta vowed to defend itself, saying in a statement that it sought to stop scam ads by using technology to detect and block them
Analysis
GCC looks to ease fiscal burden with privatization
The privatization move will also help the regional governments in maintaining better economic growth, increasing private participation and attracting foreign...
- Planning, executing, and concluding are the three primary stages of privatization
- The privatization process in Kuwait will expand to 38 government institutions and activities
Business
P&O Ferries suspends passenger and freight ships, denies bankruptcy
DP World-owned P&O Ferries on Thursday suspended its passenger and freight ships but denied the group was heading into bankruptcy....
- P&O Ferries operates four routes serving Britain, France, Ireland and the Netherlands.
- The company is badly hit by fallout from COVID-19 lockdowns and travel restrictions over the last two years.
Business
Emirates Steel exports up 50 percent
The firm's capacity is enough to meet the domestic market's demand.
- The countries where Emirates Steel exports its products increased to 56 in 2021 in comparison to just 38 in 2019.
- Emirate Steel's expansion strategy is aligned with the National Strategy for Industry and Advanced Technology' Operation 300bn.
Business
Al Hamra to launch $270m project
The villa project is located within the Al Hamra Village residential community.
- This idyllic island community project offers views of the turquoise Arabian Gulf and the lagoon.
- Falcon Island is set to be completed within two years of its launch, which will be implemented in phases.
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AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
Company News
Latest News
Russian Post working on opening company in UAE, says CEO
Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in...
Business
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
Geostrategy
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
Business
Most Read
Economy
UAE and OECD host regional forum on global minimum tax
Dubai, UAE – The United Arab Emirates and the Organization for Economic Co-operation and Development (OECD) on Wednesday hosted regional...
- Global Minimum Tax involves application of a top-up tax on profits when the effective tax rate is below the minimum rate of 15 percent
- The forum included a workshop on Pillar 2 of the OECD-led Base Erosion and Profit Shifting Project and the Global Anti-Base Erosion Rules
Business
Global economy lost $32bn due to credit card frauds, says AMF
Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions...
- The losses increased substantially by 13.8 percent compared to the previous year, WAM reported.
- The report urges financial institutions to foster cooperation by sharing data and pooling resources in their fraud detection efforts.
Business
Birkenstock to enter stock market
Birkenstock employs around 6,200 workers globally.
- The footwear brand announced Tuesday it was preparing to take another step into the big leagues with an IPO in New York.
- Birkenstock's most famous sandal is the Arizona, which features two wide straps with buckles, on trademark cork and latex soles.