Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
Economy
Innovation, flexibility fuel GCC remote work growth
The UAE especially has become a regional hub for remote work, attracting digital nomads and businesses with its visa programs.
Business
Geostrategy
UAE takes part in G20 Foreign Ministers’ meeting in Indonesia
UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan takes part in the G20 Foreign...
- The G20 foreign ministers meeting is keen to tackle global challenges to achieve stability and prosperity
- Such meetings help in promoting international cooperation to achieve sustainable development goals
Business
Metaverse is in the making since 90s: Expert
As a multidimensional world extending the physical realities of our current 4D world, it is rather a product of the...
- Metaverse is the product of a several waves of digitization and internet development since the 90s.
- Metaverse will create new opportunities for new services and, in fact, new activities altogether.
Economy
World food prices fell in June but remain very high: FAO
World food prices, including for wheat, fell in June for a third month running despite remaining near an all-time high,...
- Export flow disruptions resulting from Russia's invasion of Ukraine on February 24 and international sanctions on Moscow have sparked fears of a global hunger crisis.
- After a record spike in March due to the war, the FAO food price index -- a measure of the monthly change in international prices of a basket of food commodities -- fell 2.3%.
Business
Over 4,800 take part in Dubai corporate volunteering program
Over 4,800 employee volunteers participated in Dubai Chamber of Commerce’s 'Give & Gain 2022' initiative. Volunteers dedicated 17,460 hours across...
- Volunteers dedicated 17,460 hours across projects benefitting more than 147,000 individuals
- The month-long event is part of Dubai Chamber of Commerce ENGAGE Dubai corporate volunteering program
Business
Summer break, Eid push up Saudi air ticket prices
The kingdom, which has 15 domestic airports, is witnessing a significant increase in the prices of domestic flights, ranging between...
- Saudi Arabia's domestic airports are witnessing active travel due to the summer break and Eid al-Adha
- There has been an increase in the prices of domestic flights tickets, ranging between 32% to 314%
Economy
Record exports help US trade deficit reach its lowest in 2022
The US trade deficit with China declined again, falling $2.8 billion to $32.2 billion in May, on another big drop...
- Surge in oil sales, natural gas and consumer goods pushed American exports up by $3 billion to $255.9 billion.
- Multiple export categories set records, including industrial supplies, autos and parts, and also petroleum.
Economy
17 institutions win Real Estate Excellence Award in Sharjah
The Sharjah Real Estate Registration Department has announced that 17 institutions have won the Real Estate Excellence Award. The awards...
- Sharjah Real Estate Registration Department awards are part of a plan to make the emirate an attractive global destination
- One of the plans are to attract investors and consolidate the emirate's position as a sustainable knowledge economy
Economy
Common Reporting Standards to be mandatory in UAE, says CBUAE
Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial...
- The CRS is a global method for the automatic exchange of accounts with other financial regulatory organizations across the world
- The CBUAE is keen to comply with global standards as part of its mission to enhance monetary policy and financial stability
UAE, Japan discuss forming a business council
The council aims to boost cooperation and visits between the business communities in both countries.
- The council aims to boost cooperation and visits between the business communities in both countries
- Secretary-General of the FCCI bin Salem invited Japanese businesses to invest in the UAE and leverage government incentives
Business
TotalEnergies of France pulls out of Russian oil project
Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending...
- It has promised to stop purchasing Russian oil and gas by the end of the year, and make no further investments there
- TotalEnergies had already ceded a 20 percent stake in the project and the role of operator to Zarubezhneft
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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
Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
Economy
Company News
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Inflation surges in US for second successive month
Washington, United States - Consumer inflation in the United States picked up in August for a second straight month, according to...
Economy
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...
Business
Saudi and Russian oil cuts to cause big supply shortfall: IEA
The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this...
Economy
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Economy
UAE and Germany hold workshop on hydrogen strategies, carbon markets
Abu Dhabi, UAE-- Looking to exchange expertise and explore potential synergies in hydrogen and carbon trading, an industry workshop was...
- The UAE's Ministry of Energy and Infrastructure (MoEI) and Germany's Federal Ministry for Economic Affairs and Climate Action (BMWK) organized the workshop
- During the presentation, the UAE gave a peek into its carbon trading outlook and voluntary carbon markets, as well as showcasing the design of its carbon market
Economy
Ajman records US$1.01 billion in construction contracts in H1 2023
Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023,...
- The department said the contracts' value rose from the last two years, noting that in 2021 it was $517 million, and in 2022 it reached $571 million
- The emirate provides conducive environment for investment projects, and attracts tourists and visitors from both inside and outside the country
Economy
UAE’s financial wealth to reach $1.3trn by 2027
Abu Dhabi, UAE - The financial wealth of United Arab Emirates (UAE) is anticipated to experience a Compound Annual Growth...
- The equities and investment funds in the UAE continue to make up the largest asset class at 58% of total personal wealth in 2022
- A sizeable portion of the UAE's financial wealth, approximately 25%, originated from UHNW individuals worth more than $100 million