Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
Saudi Arabia takes the lead in global road connectivity rankings: minister
Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
Economy
Economy
UAE, Russia sign MoU on hydrogen technology
The MoU was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Denis Manturov,...
- The collaboration will explore ways of supporting the production, storage and transportation of hydrogen fuel
- The UAE’s hydrogen production is now around 300,000 tons annually as a result of ADNOC’s downstream facilities.
Economy
Morocco leads the Arab world in economic growth
An unemployment rate of more than 11 percent and the crisis impact on entrepreneurs and startups major concerns in the...
- Saudi Arabia's economy will grow 2.8 percent, and the United Arab Emirates by 2.2 percent, Qatar by 1.9 percent, and Kuwait by 0.9 percent.
- Morocco received $3 billion from the IMF in 2020, which enhanced its liquidity and pushed multiple sectors of the local market.
Interview
High packages may help GCC in talent hunt
Global employment, which was severely affected by the pandemic, is beginning to rebound as economies reopen. The UAE, which was...
- There is a growing competition for the local talent also, necessitating re-evaluation of salary packages.
- Working from home is here to stay, and many candidates are increasingly asking about this flexibility.
Economy
Robots, big data as Gulf nations bet on AI
The annual growth rate of the Middle East AI market is about 20 to 34 percent, led by the UAE...
- The annual growth rate of the Middle East AI market is about 20 to 34 percent, led by the UAE and then Saudi Arabia
- PwC said in a report that more than 10 percent of the GDP of Saudi Arabia and the UAE will come from AI by 2030
Business
Dubai Free Port: A super vault for VIP travellers, HNWIs
The super vault presents a variety of top custody and security services. It features automatic robot-driven, safe-deposit boxes, medium and...
- Mohammed Bin Rashid Aerospace Hub commissioned Athena Security to develop the project on 17,000 square-metre plots adjacent to the VIP Terminal in Dubai South
- Athena partnered with Leading Swiss Premium Vault to lend its expertise in quality, security and compliance to the project.
Business
OXAGON, largest floating industrial complex in the world, launched in Saudi Arabia
The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers.
- The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers
- OXAGON will establish the world’s first fully integrated port and supply chain ecosystem for NEOM
Economy
UAE, Israel in talks to sign comprehensive economic pact
The announcement was made via video conferencing on Tuesday by Abdullah bin Touq Al Marri and Orna Barbivai, Israeli Minister...
- The partnership between the two countries will reinforce their economic ties, promote trade, increase new investment opportunities for companies
- Trade exchange between the two countries from the signing of the peace accord in September 2020 until the end of September 2021 has been around AED3.5 billion
Economy
DFM incentivizes IPOs from companies in key growth sectors
The program encompasses unprecedented incentives including financial support to the cost of private companies’ IPOs on DFM’s Main Market and...
- The new program is in line with the efforts to strengthen Dubai’s position as global capital markets hub
- The DFM seeks to attract companies from sectors such as Technology, Transport & Logistics, Healthcare, Pharmaceutical, Manufacturing, and Agri-Tech
Economy
Turkey’s troubled lira accelerates record slide
It fell nearly four percent to 10.41 to the dollar before clawing back some of its losses ahead of a...
- The central bank has lowered its policy rate by 300 basis points to 16 percent since August
- Even big businesses have started to express alarm that Turkey may be spiralling towards a currency crisis
Business
Dubai launches five-year multi-entry visa for MNCs
The visa will enable MNC employees to participate in events, conferences, training courses, exhibitions and similar activities hosted in the...
- The visa allows them to stay in the UAE for 90 days, with the option of extending their stay for another 90 days.
- Between January and September 2021, Dubai received around 3.85 million international visitors.
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
Business
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Airbus Q1 net profit at $514m
Business
Bahrain secures 9th spot in survey for best expat destinations in world
Manama, Bahrain--Bahrain has climbed up to ninth position in the top destinations in the world for expatriates, according to report...
Economy
Jordan and Japan review economic, strategic relationship
Amman, Jordan-- Jordan and Japan have discussed ways to boost economic cooperation and further strengthen strategic ties between the two...
Economy
Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements...
Business
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Business
Most world stock markets advance as US inflation data looms
London, United Kingdom - World stock markets mostly rose Wednesday as investors jockeyed for position before key US inflation data. London...
- London equities climbed after the Bank of England announced that all major UK retail lenders passed stress tests to assess their resilience to economic shocks.
- Frankfurt and Paris also advanced before the week's main event, the US consumer price index, which forecasts suggest will show a further softening.
Business
Broadcom to acquire VMware after EU okays deal
BRUSSELS, BELGIUM- The European Commission approved US chipmaker Broadcom's planned $61 billion takeover of cloud computing firm VMware on Wednesday, conditional...
- The massive deal had raised concerns about competition, prompting probes by antitrust watchdogs in the European Union and Britain.
- As a remedy, Broadcom offered interoperability commitments to rival Marvell Technology and any other potential competition.
Business
OECD says sizeable progress made on sharing tax revenue on multinationals
Nearly 140 countries have taken a first step towards reaching agreement on a fairer distribution of tax revenues from multinational...
- Multinationals, especially tech firms, are currently able to easily shift profits to countries with low tax rates.
- In 2021, in talks led by the OECD, an agreement was reached on a minimum tax rate of 15 percent on multinationals.