Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...
Economy
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende
Economy
Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...
- Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, invites content creators to join in shaping Dubai's narrative.
- He underscores Dubai's strategic role as a global hub, especially through DXB airport, serviced by Emirates Airlines and flydubai.
Economy
China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...
- China-Russia trade reached more than $240 billion, customs figures showed, overshooting a goal of $200 billion set by the neighbours in bilateral meetings last year
- The figure is a record for the two countries, who have grown closer politically and economically since Moscow's invasion of Ukraine in 2022
Economy
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...
- Amid an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to double metal prices.
- Gulf countries are positioned to become global recycling hubs, offering a solution to the impending crisis and aiding the transition to clean energy.
The UAE President swears in 3 new ministers
The ministers taking the oath of office were Dr Amna bint Abdullah Al Dahak Al Shamsi who was appointed as...
- President Sheikh Mohamed extended his best wishes to the ministers for success in their new roles
- Sheikh Mohammed bin Rashid said that the UAE leadership places great importance on enriching the government's workforce
Economy
US consumer inflation jumps more than expected to 3.4 percent
Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the...
- The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4 percent from a year ago and higher than November's figure
- But underlying pressures still appear to be ebbing, as a "core" metric that strips out volatile food and energy prices cooled to 3.9 percent in the last month of 2023
Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
- Aquellum is hidden within a breathtaking 450-meter-high mountain range.
- The subterranean digitalized community creates vibrancy and interconnectivity.
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
- IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
- Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Economy
UAE passport most powerful in MENA region, 11th in global index
Abu Dhabi, UAE - The UAE passport has climbed two positions to secure the 11th spot in the 2024 Passport...
- The UAE has been the most improved nation on the Index over the past decade, adding an impressive 106 destinations to its visa-on-arrival list since 2014
- The country's passport continues to lead the region, outpacing other Gulf nations, with Qatar at 53rd, Kuwait at 55th, Bahrain at 59th, Oman at 60th, and Saudi Arabia at 61st
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Company News
Latest News
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reportedChina’s consumer price index climbed 0.3%...
Economy
Kuwait approves new government amid political crisis
Kuwait's emir approved a new cabinet Sunday two days after he dissolved the parliament elected only weeks earlier, and he...
Economy
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
Economy
Most Read
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
- International benchmark Brent crude traded at $85.28 per barrel
- Increase of 4.9 million barrels in US crude oil inventories
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
- After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent
- For months, the US central bank has held its benchmark lending rate at a high level to cool demand and rein in price increases
Economy
Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
- Another key driver of this positive shift is institutional investors' increasing adoption of blockchain technology
- Stablecoins offer a reliable store of value for individuals living in regions with economic instability or currency devaluation