Trump warns of 10% additional tariff for countries aligning with BRICS’ policies
BRICS leaders on Sunday described Trump's stop-start tariff wars as "indiscriminate", damaging, and illegal, drawing a quick rebuke from the...
Geostrategy
G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
Economy
Economy
Dubai holds trial of drone delivering medicine in public-private sector tie-up
Dubai, UAE--Dubai held the first trial of medical delivery by drones at the Dubai Silicon Oasis (DSO), in yet another...
- Fakeeh University Hospital, with the completion of the trial, becomes the first healthcare provider in the Middle East to leverage drone technology for medication delivery
- The test was conducted within a 10-kilometre radius, carrying medication from the hospital to a patient's home in Cedre Villas project in Dubai Silicon Oasis
Economy
UAE Corporate Tax: Ministry of Finance issues three new rules
Abu Dhabi, UAE: The UAE on Tuesday issued three new decisions to further smoothen implementation of the Corporate Tax in...
- These include updated regulations for unincorporated partnerships, interest caps, and tax grouping
- The new decisions are an attempt to ensure that “the UAE's corporate tax regime maintains flexibility.”
Economy
UAE government launches chatbot allowing users to access information on services
Dubai, UAE-- The UAE government has launched an AI-powered chatbot that allows users to access information about government services in...
- The chatbot deploying generative AI technology will let users to access information about services, including service requirements, and direct links for applications
- Designed to address a wide range of inquiries and requests, the platform will provide comprehensive answers, including basic information and ways to apply for services
Business
Nvidia crosses $1trn in market value on Wall Street
Chip company Nvidia exceeded $1 trillion in market value as Wall Street stocks mostly rose, following an agreement between President...
- Nvidia jumped more than seven percent on bullish sentiment over its role in artificial intelligence breakthrough technology.
- Most large tech companies advanced early Tuesday, with shares of Facebook parent Meta and Apple both up more than one percent.
Geostrategy
Extension of Kurdish parliament unconstitutional, says Iraq supreme court
Iraq's supreme court ruled as unconstitutional the extended mandate of autonomous Kurdistan's parliament, rendering invalid votes taken by the chamber...
- The president of the top federal court in Baghdad, found unconstitutional the year-long extension of the chamber's mandate.
- As a result, decisions taken by the Kurdistan parliament since October 2022 "are constitutionally invalid", the judge said.
Economy
Meeting discusses growth of new economic sectors in UAE
ABU DHABI, UAE - The Economic Integration Committee held its second meeting this year and discussed a range of key...
- The Committee also discussed strengthening of the Anti-Money Laundering/ Combating the Financing of Terrorism ( AML/CFT) efforts.
- The meeting discussed cooperation between the federal and local authorities concerned with the implementation of various economy-related laws.
Market Report
Stock markets give out mixed signals as traders await US debt ceiling vote
Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a...
- Ultra-conservative Republicans feel House Speaker should have secured far deeper spending cuts in exchange for raising the debt ceiling.
- The left wing of the Democratic Party is equally unhappy that President Joe Biden agreed to any spending limits at all.
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
Business
Dubai events generated $3.53 bn economic output in 2022
Dubai, UAE - The total economic output generated by 63 large-scale events hosted at Dubai World Trade Centre (DWTC) reached...
- A substantial $2.01 billion (AED 7.4 billion) was retained within the local economy, showcasing the venue's strong contribution to Dubai's GDP
- The events organized at DWTC attracted nearly 1.2 million attendees, with 40 percent of them coming from international locations
Economy
UAE clarifies criteria for end-of-service benefits scheme Shourak
Abu Dhabi, UAE -- The UAE pension authority clarified Tuesday that requests related to Shourak scheme, which enables Emiratis to...
- Shourak (meaning preference in English) was launched by the GPSSA for insured Emiratis seeking to merge previous and current employment periods in case of a career switch.
- Shourak requests will be considered applicable for eligible insured Emiratis who submit their end-of-service employment applications to GPSSA after July 1.
Trump warns of 10% additional tariff for countries aligning with BRICS’ policies
BRICS leaders on Sunday described Trump's stop-start tariff wars as "indiscriminate", damaging, and illegal, drawing a quick rebuke from the...
Geostrategy
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5 WEF reports shaping your 2024 agenda
Geostrategy
Latest News
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
Business
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
Economy
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Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
- According to the National Bureau of Statistics, 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices
- In Shanghai, Guangzhou and Shenzhen, prices of new homes fell 0.3% in January with the decline narrowing by 0.1 percentage points
Economy
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
- Al Ghurair said that the recent increase in interest rates would be reversed soon, leading to a decline in lending rates
- He said high interest rates, reaching up to 5 or 6 percent, are still lower than in many countries, supporting businesses
Economy
UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...
- UAE's economy expected to grow over 5.5% in 2024, says Damian Hitchen, CEO of Saxo Bank in the MENA region.
- Its strategic location and diversification from oil to tourism, tech, and renewable energy spur economic growth.