Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
Business
Olympics tech firm Atos posts huge loss
The company posted a net loss of US$3.7 billion for 2023.
Business
Business
Friendly policies woo major crypto firms to Dubai
The emirate's Virtual Asset Regulatory Authority governs cryptocurrency trade through a comprehensive set of legislations and globally applicable policy frameworks.
- Dubai's VA Exchange License allows FTX to be the first to provide regulated trading and clearing services for crypto-specific derivatives.
- The UAE is the third-largest crypto market in the region, trailing Turkey and Lebanon.
Business
UAE to boost cybersecurity ecosystem in cooperation with Huawei
The parties will jointly establish a Cybersecurity Center of Excellence to deliver talent training that addresses the cybersecurity capacity-building needs.
- Both parties have agreed to work together in building visibility and promoting thought leadership in the area of cybersecurity.
- They will also cooperate in the field of cybersecurity research and development through an independent think tank that both parties will establish.
Business
DET of Dubai and du launch Digital Business Hub
The Department of Economy and Tourism (DET) in Dubai and du, from Emirates Integrated Telecommunications Company (EITC), have opened the...
- This will reportedly help to provide value-added services and facilitate doing business
- It would contribute to enhancing the competitiveness and sustainability of Dubai's business sectors
Business
ADQ and Turkey Wealth Fund set up a venture capital fund
ADQ of Abu Dhabi has partnered with Turkey Wealth Fund to launch Turkey Technology Fund that will invest in venture...
- ADQ and TWF established the fund to undertake investments in high-growth, Turkish start-ups with innovative business models
- Turkey Technology Fund – ADQ TWF will invest in companies developing emerging technologies or improving existing technologies in significant sectors such as energy and utilities
Business
A cruise ship lifts up spirits in Tunisia
A cruise ship docked in a Tunisian port on Wednesday for the first time since 2019, carrying over 700 passengers...
- The Spirit of Discovery, run by UK operator Saga, landed at La Goulette port on the edge of Tunis where it was welcomed by camels and a band playing traditional Tunisian music
- The ship was carrying 724 passengers, mostly British but also German, Italian and Spanish, according to Tourism Minister Moez Belhassen
Business
Hub71 startups secure $408m in investments since inception in 2019
Hub71, Abu Dhabi’s global tech ecosystem, said on Wednesday that its startup community secured AED 30 million ($8.1m) in 2021...
- Hub71 boasts startups from 25 nations across 18 diverse sectors, ranging from FinTech, Robotics, AI & Big Data to HealthTech, AgTech and Cybersecurity.
- About 1,000 jobs were created, while the aggregate valuation of the startups soared to AED5.87 billion, the hub said in a report.
Business
Dubai posts real estate transactions worth $413 million on Tuesday
Dubai’s real estate market recorded 474 sales transactions worth AED1.52 billion ($413 million) and mortgage deals of AED441.56 million, in...
- Mortgage deals amounted to AED441.56 million and 11 gift transactions to AED27.4 million, according to Dubai Land Department.
- During the week ending 18 March, the emirate recorded $2.53 billion worth of real estate and properties transactions.
Business
Saudi land bridge linking up east with west to cost $26bn
A land bridge linking up the western part of Saudi Arabia with its eastern region will cost some $26 billion...
- According to the minister of transport and logistics, Saleh Al-Jasser, the money will go into building infrastructure and trains
- The contracts will be signed within a year, and the implementation of the project will take 5 to 7 years, Al-Jasser said
Science
The scientists helping farmers kick the chemical habit
Researchers are considering a mutual fund to compensate farmers in the event of losses linked to the reduction of synthetic...
- Researchers are considering a mutual fund to compensate farmers in the event of losses linked to the reduction of synthetic fertilizers and pesticides
- According to World Vegetable Center, farmers in Vietnam, Laos and Cambodia have been misusing harmful pesticides
Business
Shuaa Capital of Dubai sets up $250m venture debt fund
Shuaa Capital, the Dubai-based fund manager, has set up a $250 million venture debt fund in order to shore up...
- According to the company, the Shariah fund, to be listed in Abu Dhabi’s market, will focus on technology ventures “seeking alternative sources of capital”
- Early-stage businesses are dominating investments with VC funding to the Middle East and North Africa startups soaring to $2.6 billion in 2021
Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
Business
Company News
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IDB inks pact with IRENA
Business
Ethmar net profit up $114m
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
Business
New update allows ChatGPT to use internet for fetching data
New York, US - The generative AI platform ChatGPT can now fetch data directly from the internet and gather up-to-date information...
Business
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Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Business
Red Sea Global teams up with Bear Grylls Survival Academy
Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous...
- The collaboration between the two promises to offer outdoor enthusiasts the opportunity to learn key team building, wilderness education and survival skills
- Red Sea Global looks to recurit and train local outdoor enthusiasts in the art of survival and expedition leadership, creating hundreds of jobs for Saudis
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
- The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said
- The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said