Dubai, UAE -- High net-worth individuals (HNWIs) in the Middle East are increasingly looking for alternative investments, such as private equity and real estate, as they seek to diversify their portfolios, the 2023 EY Global Wealth Research Report said while analyzing key trends in the Middle East wealth management market....

WASHINGTON, US -  The world's largest cryptocurrency exchange Binance said it was halting US dollar deposits and encouraged clients to withdraw their dollars by early next week, following charges leveled by the government. The US Securities and Exchange Commission on Monday charged the crypto giant with securities law violations that it...

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

Fireworks and flame-throwers greeted Benzema, wearing their black and yellow kit with the number nine, at Al-Ittihad's 60,000-seater stadium in Jeddah, where a giant 'KB9' was emblazoned on the pitch in bright lights. Benzema, who won five Champions Leagues, four La Liga titles and three Copas del Rey with Madrid,...

The 55.22-carat gemstone named Estrela de Fura was already the largest ruby ever to go under the hammer. It was cut from a 101-carat rough stone discovered in July last year at the Montepeuz ruby mine in Mozambique operated by the Fura Gems company.

The firm led the funding in River, which manufactures electric two-wheelers.

A new-generation Quest 3 with improved performance and slimmed design will be available later this year at a starting price of $500. Zuckerberg described the coming model as Meta's "most powerful headset yet" and promised it would provide the best wireless way to experience mixed and virtual reality.

Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission of inquiry will be established to shed light on how the Swiss authorities rapidly stitched together the merger of the wealthy Alpine country's two biggest banks over a weekend in...

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International Partners Network, a platform to enhance cross-border dialogue and cooperation between DIC and trade promotion agencies, commercial attaches and business councils. The launch of the network was attended by over...

Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote intra-trade. Mohammed Abdullah Al Shamsi, UAE Ambassador to the Republic of Peru, signed the deal on behalf of the UAE and Gervasi Díaz, Minister of Foreign Affairs, representing Peru. Al...

Riyadh, Saudi Arabia -- Saudi Arabia's livestock imports during the current Hijri year increased by 40 percent compared to the same period last year, the kingdom's Ministry of Environment, Water and Agriculture said Thursday. Since the beginning of this month, a total of 700,000 imported head of livestock have been...

ABU DHABI, UAE -  The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit at the Barakah Nuclear Energy Plant in Abu Dhabi, has begun its operational readiness preparations. The operations team at Barakah have now commenced the operational readiness testing required to demonstrate...

It will slash up to 8,000 jobs in order to reduce costs.

Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has attracted five Multinational Corporations (MNCs) and 20 Small and Medium-sized Enterprises (SMEs) during Q1 2023 alone, which is more than the number attracted during the entire year 2022. In addition, the chamber also supported...

The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second consecutive quarter, figures from the EU's statistic agency showed. Eurostat revised down an earlier forecast that had predicted slight growth, after economic powerhouse Germany said last month it had fallen...

The romance of a Barcelona return and prospect of eye-watering riches in Saudi Arabia fell by the wayside as Messi opted to join MLS, with Miami a city he has holidayed in on previous occasions. Messi said he would have loved to return to Barcelona but was afraid that the...

The debut comes as an array of agencies and organizations grow disenchanted with Elon Musk-owned Twitter in the face of fees, performance problems, and dramatically scaled-back content moderation. Meta described Channels as "a simple, reliable, and private way to receive important updates from people and organizations, right within WhatsApp."

The countervailing movements, according to analysts, were evidence of a rotation away from the tech-dominated winners from the earliest part of 2023, and towards manufacturing companies like Caterpillar and Honeywell. "Money is flowing from one sector to another sector," said Adam Sarhan of 50 Park Investments. This dynamic "keeps the...

It won US$975mn artificial island construction contract.

Dubai, UAE-- Aiming to boost trade and economic cooperation with New Zealand, Dubai Customs held a meeting with diplomats and economists from there to explore potential for economic growth. Ahmed Mahboub Musabih, Director-General of Dubai Customs and CEO of Ports, Customs, and Free Zone Corporation, engaged with a delegation of...

The firm attributed the figures to strong sales which reached $8.15bn.

Stockholm, Sweden -- Sweden's H2 Green Steel company said Wednesday it would supply German car maker Mercedes-Benz with 50,000 tons of steel made without using fossil fuels as of 2025. The two companies also signed an agreement for the potential supply of green steel produced in North America. H2 Green Steel,...

Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office sector being their main investment target. The conclusion was drawn in a report "Destination Qatar" prepared by leading global property consultancy, Knight Frank. With Qatar boasting the fourth highest GDP...

Dubai, UAE -- NEOM has finalized contracts worth SAR 21 billion ($5.59 billion) with investors for the expansion of the first phase of its residential communities to house the region’s growing workforce, making it one of the largest international public-private partnerships for accommodation. The bidders for the first phase of...

Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the banning of the single-use bags in June 2022. The Environment Agency – Abu Dhabi (EAD) claims it has prevented over 172 million bags from entering the environment. In 2020, EAD...

Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to list their green or sustainability-linked bonds or sukuk in a local market from registration fees for the year 2023. The decision aims to highlight the actions taken by the UAE...

A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, costing more than US$10 billion. The 10 GW plant will save Egypt some $5bn in natural gas costs a year.

Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership with the American University of Sharjah (AUS) in a move to advance crypto adoption in the UAE. The partnership will see the establishment of a scholarship fund that is likely...

Dubai, UAE -- Non-institutional foreign investors increased their ownership in Tadawul-listed equities, excluding Saudi Aramco, to SAR 310.80 billion ($82.87 billion), in the week that ended on June 1, Argaam reported. The ownership of non-institutional foreign investors is represented by swap agreements, residents, and qualified foreign investors (QFIs). However, it...

NEW YORK, US -  US securities regulators sued Coinbase on Tuesday, alleging that the cryptocurrency platform's failure to register as a securities exchange venue exposed investors to risk. The complaint comes on the heels of Securities and Exchange Commission (SEC) charges filed on Monday against cryptocurrency exchange Binance and founder Changpeng Zhao...

Despite improvement in cost-to-income ratio, net profit sees only a marginal rise of 2.7% QoQ to $4.61bn due to slower growth in operating income and high impairment charges.

The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with Verra, which manages a variety of carbon offset programs, including the Verified Carbon Standard. More than 15 companies from Saudi Arabia and other countries will participate in the auction.

Dubai, UAE -- A total of 30 startups were attracted to Dubai by the Dubai Chamber of Digital Economy in the first quarter of 2023, the Chamber said Tuesday. Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, said it cooperated with relevant government entities...

Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) with Vietnam. The agreement once it has been completed will push the bilateral non-oil trade between the UAE and Vietnam beyond US$8.7...

Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is more than double the previous forecast of $4.7 billion, according to the International Air Transport Association's (IATA) outlook for 2023. Airline industry operating profits are expected to reach US$22.4 billion...

The plan will boost Abu Dhabi's tourism market.

ISTANBUL, TURKEY - The chairman of Turkish Airlines said Monday that the company will make a final decision on plans for a record-breaking order of 600 aircraft in two months. The airline is in talks with US aircraft maker Boeing and its European rival Airbus to purchase 400 single-aisle planes along...

"The United States has a real national security interest in promoting normalization between Israel and Saudi Arabia. We believe we can and indeed we must play an integral role in advancing it," Blinken told the American Israel Public Affairs Committee, the powerful pro-Israel lobby.

The European Commission announced May 27 that Twitter had decided to leave the code of practice, to which other major online platforms such as Google, Microsoft and TikTok continue to adhere.

Dubai, UAE -- Dubai Multi Commodities Centre (DMCC) Monday announced a partnership with Dubai-headquartered cryptocurrency exchange Bybit, in which the exchange will provide financial support totaling AED 500,000 for new crypto businesses looking to set up at the region’s largest community of Web3 and blockchain businesses – the DMCC Crypto...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the launch of Traders District to support the thousands of traders thriving in its business ecosystem. It is designed to offer traders a host of benefits, including business set-up solutions, simplified access to global supply chains, networking...

The SAR 3 per share dividend will be paid on 31 July.

Carpenter Michel Robillard crafted the wooden 2CV's wings out of walnut and its chassis from pear and apple tree wood, with the same famous curves as the post-war French classic.

The United States and India agreed a roadmap for military industrial cooperation, as New Delhi seeks to reduce its reliance on key arms supplier Russia. "We established an ambitious new roadmap for defense industrial cooperation, which will fast track high priority co-development and co-production projects," US Secretary of Defense Lloyd...

ISTANBUL, TURKEY -  Airlines will fly 4.35 billion passengers this year, close to the 2019 record as the industry bounces back from the Covid pandemic, an industry group said on Monday. The sector will also be back in the green, with net profits forecast to reach $9.8 billion in 2023, or...

Muscat, Oman-- Looking to entice investors to the country's fisheries sector, Fisheries Development Oman (FDO) is taking part in Saudi International Marine Exhibition and Conference (SIMEC) event, Aquafish Second Edition, with a plan to highlight Oman's flourishing fishing industry and lucrative investment opportunities it offers. The event, taking place from...

Sharjah, UAE-- In order to supply water from Al Zubair station to Al Shanouf suburb, Sharjah Electricity Water and Gas Authority (SEWA) has concluded the extension project of a crucial main pipeline with a diameter of 800mm. This significant endeavour, initiated in mid-July 2022, utilised environmentally friendly materials to ensure...

Al Hilal football club officials are in Paris to seal a mega-deal with Lionel Messi, who is leaving Qatar-owned Paris-Saint Germain. The officials will meet Messi's agent, Jorge, with the aim of completing the signing. One source said Saudi delegation has one goal: "to return with Messi official approval to...

Abu Dhabi, UAE--AD Ports Group has signed a 25-year agreement with the Singapore-based company Crystal Offshore, a recognised one-stop logistics solution provider to the marine & offshore Industry. Under the agreement’s terms, a 20,000 square metre plot of land and an associated quay wall in Khalifa Port will be allocated...

Abu Dhabi, UAE--The Federal Tax Authority (FTA) has launched what it dubs as a ‘Corporate Tax Virtual Workshops’ awareness platform, designed to provide knowledge and support for taxpayers who are subject to corporate tax. The new feature forms part of the steps the FTA has taken to ensure a smooth...