UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
Economy
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...
Economy
UAE gross banks’ assets up 0.9% to over $1tn by Aug end
The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the...
- The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the end of August
- The Money Supply aggregate M3 also rose by 2.4 percent from $535 billion at July end to $549 billion at August end
Economy
UAE to provide Ukraine with $100m in humanitarian aid
Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian...
- Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian impact of the Ukraine crisis
- Al Hashimy added that the UAE has provided similar aid in recent months to Ukrainian refugees in Poland and Moldova
Business
New technologies bolster GCC-Asia trade relations
Beyond oil and gas, Gulf companies have made some strategic investments in sectors with strong potential for growth, including fintech,...
- GCC and Asian countries are benefitting from technological advancements, which has potential to make cross-border trade more efficient, inclusive and equitable for SMBs.
- Gulf countries, led by the UAE and Saudi Arabia, have been investing in Asian technology companies and incentivizing them to launch operations in the region, says an expert.
Business
Goldman Sachs Q3 profit at $3bn
The bank's revenues declined 12 percent to $12 billion.
- Profits were $3.0 billion, down 44 percent from the 2021 period, while revenues declined 12 percent to $12.0 billion.
- The bank's chief executive, David Solomon, said that businesses should be "cautious" in light of increased volatility.
Market Report
Markets climb on bright US earnings, UK policy U-turns
Major global equities rose, with sentiment soothed after upbeat US earnings and Britain shredded its controversial budget. Analysts pointed to...
- US industrial production also picked up more than anticipated in September, according to official data.
- On Wall Street, the Dow Jones jumped two percent at the open after a day of strong trading in Asia and Europe, before paring back gains later in the morning.
Geostrategy
Abu Dhabi, Bangladesh to enhance trade, economic ties
The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum...
- Abu Dhabi and Bangladesh bilateral trade and mutual investments are on the rise.
- The Emirate and Bangladesh have organized the Economic Cooperation Forum to enhance mutual investment opportunities.
Business
Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
- They are working on developing a joint strategy to promote Abu Dhabi and its real estate projects besides identifying opportunities to support investors and talent.
- The Office will support clients of Aldar when applying for a Golden Visa upon purchasing a property valued at more than AED 2 million ($544, 506) from Aldar’s projects.
Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.
Business
Foxconn of Taiwan unveils more electric vehicle prototypes
The Taiwanese tech giant Foxconn has moved to diversify beyond electronics assembly and embraced the competitive but rapidly expanding EV...
- The world's largest contract electronics maker, Foxconn already plays a lynchpin role in assembling gadgets for a host of top international brands including Apple's iPhones
- Foxconn has also started building electric vehicles for Lordstown Motors after completing its purchase of a former General Motors plant in Lordstown, Ohio in May
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UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
Economy
Company News
Latest News
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
Business
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Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
- The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
- This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.
Economy
World Investment Forum 2023 ends with call for greater private and public investment
Abu Dhabi, UAE – UNCTAD's 8th World Investment Forum came to a close on Friday in Abu Dhabi with a...
- The week-long event saw the convergence of 8,000 participants, including government officials, international organizations, policymakers, 700 CEOs and investors
- Held against the backdrop of a fragmented global economy, the forum addressed the profound impact on global trade and investment
Economy
Kazakhstan aims to expand trade ties with UAE to the tune of US$1bn
Abu Dhabi, UAE--Kazakhstan is keen to expand trade ties with the UAE, setting a target of $1 billion in mutual...
- He noted how new trade roads from the Caspian Sea to Abu Dhabi and Dubai ports in the UAE can connect the region
- The minister said that Kazakhstan is committed to using its agricultural potential to address global food shortages