Jerusalem, Undefined - Israeli defense exports hit an all-time high of $12.5 billion last year, with Arab countries that recently established ties accounting for nearly a quarter of purchase contracts, officials said Wednesday. The defense ministry, which oversees and approves the exports of Israel's defense industries, said one quarter of deals...

Dubai, UAE -- The United Arab Emirates will see the second biggest migration of high-net-worth individuals (HNWIs) in 2023 with a net inflow of 4,500 HNWIs, next only to Australia that is expected to receive 5,200 millionaires, according to the Henley Private Wealth Migration Report 2023. The inflow of millionaires...

Dubai, UAE - The UAE's precious metals market, which includes gold, jewelry, gold bars, and silver, is expected to reach a value of AED 13.21 billion ($3.59 billion) by the end of the decade. This projection is based on a forecasted compound annual growth rate of 3.66 percent through 2030....

Dubai, UAE: Dubai's property sector has witnesses a 78 percent increase in sales volume in May 2023 when compared to the same period one year ago. About 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022. A...

Dubai, UAE-- The UAE has set its sights on regulating the energy providers market as a step toward developing the country's energy infrastructure and enhancing environmental sustainability. The initiative is a vital component of a new policy that aims to ramp up investments in the energy sector, encouraging innovation, and...

Riyadh, Saudi Arabia-- Saudi Arabia vaults to the 13th position on the air connectivity index of the International Air Transport Association (IATA) in 2023, up from the 27th position in 2019. In the ranking that includes over 200 countries, the Kingdom achieved a record rise by 14 places. It achieved...

WASHINGTON, US - Consumer inflation in the United States cooled for an 11th straight month in May, the Labor Department said on Tuesday, in an encouraging sign for policymakers seeking to rein in price increases. The consumer price index (CPI), a key gauge of inflation, jumped 4.0 percent from a year...

Riyadh, Saudi Arabia -- The 10th edition of the Arab-China Business Conference successfully concluded on Monday with the announcement of the Riyadh Declaration, a multimodal framework to strengthen economic and investment partnerships shared between the Arab world and China. The announcement lays the foundation for continued collaboration with a focus...

Dubai, UAE - Middle East, Turkey, and Africa (META) region ranks among the top three regions most prone to mobile financial scams, a recent report by cybersecurity firm Kaspersky has revealed.  The study indicates that 14 percent of installations of potentially unwanted mobile financial apps on Android phones were made...

Dubai, UAE-- The UAE and South Korea are aiming to foster cooperation to promote entrepreneurship and support growth of small and medium enterprises in the two countries' markets. In this connection, Abdullah bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Lee Young, Minister of SMEs and...

Doha, UAE - Saudi Arabia and Qatar on Monday signed a memorandum of understanding (MoU) to enhance cultural cooperation in a move to strengthen bilateral ties.  The agreement was signed between the visiting Saudi Minister of Culture, Prince Badr Bin Abdullah Bin Farhan and his Qatari counterpart, Sheikh Abdulrahman bin...

Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and capital. The talks follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free...

Dubai, UAE - Dubai has achieved top global ranking in attracting Foreign Direct Investment (FDI) projects in the cultural and creative industries in 2022,  revealed Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority on Monday. According to the Dubai FDI Monitor report, compiled...

Riyadh, Saudi Arabia-- In order to boost the travel and tourism industry in the kingdom, Saudi Arabia will offer instant e-visa options to visitors, facilitating UK, US, and Schengen visa holders, as well as permanent residents of UK, US, and any EU country to obtain tourist e-visas. Saudi Arabia had...

GENEVA, SWITZERLAND - The world's nuclear powers, and China in particular, increased investment in their arsenals for a third consecutive year in 2022 amid swelling geopolitical tensions, two reports showed Monday. The world's nine nuclear-armed states jointly spent $82.9 billion on their arsenals last year, with the United States accounting for...

JERUSALEM -  Israeli opposition leader Yair Lapid on Monday testified at a Jerusalem court in Prime Minister Benjamin Netanyahu's ongoing corruption trial. His arrival at the court at around 9:00 am (0600 GMT) was confirmed by two AFP journalists. Lapid's testimony forms part of a case in which Netanyahu is...

Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED 3.5 billion ($952 million) on Monday, the emirate's Land Department said. The deals included 671 sales transactions worth AED2.29 billion, 149 mortgage deals totaling AED1.14 billion and 29 gift deals amounting to AED98.65 million, the DLD said....

DUBAI,  UAE -  Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a new initiative to help tech companies set up in Dubai. The initiative will provide a comprehensive package of services designed to support tech and digital startups, SMEs, and multinational corporations...

SHARJAH, UAE -  Sabaa Sanabel wheat flour, made from the wheat produced here, has become the first national product to obtain the Made in the UAE mark. Sabaa Sanabel wheat flour has met the highest quality and safety standards in force in the UAE, boosting its competitiveness in the market...

Abu Dhabi, UAE -: Abu Dhabi Future Energy Company, also called, Masdar signed on Sunday an agreement for developing up to 1 gigawatt (GW) wind power plant in Kazakhstan to support the country’s goal of achieving half its energy mix from renewables by 2050. The Central Asian country is a...

Tokyo, Japan-- The UAE and Japan are looking to bolster economic, trade, industrial and investment ties as part of a broader strategic partnership between the two countries. In this connection, the UAE's Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met with Yoshimasa Hayashi, Minister for Foreign Affairs of Japan,...

Sharjah, UAE--The Hamriyah Free Zone Authority (HFZA) has signed a deal with Infinite Mining and Energy to set up a multifunctional oil refinery with a daily production capacity of 10,000 barrels and an annual refining capability of up to 3.6 million barrels. In this connection, Saud Salim Al Mazrouei, director...

Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit more as they will gain more access to major sectors in Turkey like construction, metals, and their products, polymers, and other manufactured products. According to Abdulla bin Touq Al Marri,...

Riyadh, Saudi Arabia – The SMEs Bank system of the National Development Fund has signed 20 agreements valued at more than SAR 1 billion ($266 million) with several financial technology entities, local and international investment funds and e-commerce platforms. These deals include 10 agreements and MoU by the SMEs Bank...

Beijing, China -- Dinner, drinks and a selfie with Lionel Messi sounds like every football fan's dream, but Chinese police have warned it's just one of numerous scams surrounding his visit to Beijing. The Argentine legend's presence in China for a friendly against Australia in the capital on Thursday has drawn...

Riyadh, Saudi Arabia-- In order to ensure compliance with the goals of Saudi Arabia's Vision 2030, the National Industrial Development and Logistics Program (NIDLP) has come out with its annual report for the year 2022, reviewing achievements in the four core sectors of the economy: energy, industry, mining, and logistics...

London, UK-- Saudi Arabia and the UK have held discussions to boost trade and economic partnership between the two countries. The discussions were held during Saudi Arabia’s Minister of Commerce Dr. Majid Al-Qasabi visit to London, where he held a number of meetings with British ministers and leaders of major...

Abu Dhabi, UAE-- The UAE and Turkey economic ties have witnessed a great leap in the last decade with non-oil intra-trade between the two countries crossing $103 billion, divided into $56 billion in imports, about $35 billion in exports, and more than $13 billion in re-exports, according to Federal Competitiveness...

ISTANBUL, TURKEY - UAE President Sheikh Mohamed bin Zayed Al Nahyan  arrived here on Saturday for a working visit and met with Turkish President Recep Tayyip Erdogan. The two leaders reviewed the growing bilateral ties between the UAE and Turkey and explored opportunities for further collaboration. The meeting between Sheikh...

NEW YORK,  US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United Nations Security Council presidency. The UAE minister stressed on strengthening cooperation between the UN and the League of Arab States to further peace, security and stability in the region. Al...

Ankara, Türkiye - Türkiye's newly appointed Central Bank Governor Hafize Gaye Erkan took office on Friday, becoming the first woman to head the bank, according to Türkiye's news agency Anadolu. Erkan, 41, holds a bachelor’s degree in industrial engineering from Istanbul's Bogazici University, graduating as valedictorian, and a doctorate in...

Phnom Penh, Cambodia-- The UAE and Cambodia have agreed to boost economic ties, expanding the bilateral non-oil trade from the current US$ 407 million to more than US$1 billion within five years. The resolve to deepen trade ties was expressed during the visit of Dr. Thani bin Ahmed Al Zeyoudi,...

Abu Dhabi, UAE - Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1 percent YoY, or AED42.5 billion ($11.5 billion) in the first three months of 2023, according to recent data issued by the Central Bank of the UAE (CBUAE). The statistics showed...

Dubai, UAE - Founded in 2022, Islamic Coin ($ISLM) has garnered a community of over 1.3M users, a feat accomplished in less than six months.  The coin which aims to cater to over 2 billion Muslims worldwide is the first Shariah-compliant decentralized ledger specifically designed to follow the rules and...

Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed. The report, issued today, showed a YoY growth of 16 % compared to...

Dubai, UAE -- A total of 3,397 real estate and properties transactions valued at AED 9 billion ($2.45 billion) were conducted during the week ending 9 June 2023, according to the Dubai Land Department (DLD). The DLD data showed that 204 plots were sold for AED 1.52 billion, 2,562 apartments...

ABU DHABI,  UAE -  Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land lease agreement with Spain's Tubacex Group for the development of a state -of-the-art manufacturing facility for OCTG-CRA tubular solutions. This would be the first such manufacturing facility in the Middle...

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...

Dubai, UAE - The number of deepfake videos online is increasing at an annual rate of 900 percent according to the World Economic Forum (WEF). A lot of deepfake fraud cases hit major headlines in the news, with reports relating to harassment, revenge, crypto scams. Here are three top three...

KHARTOUM, SUDAN -  Sudanese authorities loyal to the regular army have declared UN envoy Volker Perthes "persona non grata", accusing him of taking sides in nearly two months of devastating fighting with rival paramilitaries. Fighting has raged in the north African country since mid-April, when army chief Abdel Fattah al-Burhan and...

Dubai, UAE - After welcoming 14.36 million visitors in 2022, a 97 percent Year-over-Year (Y0Y) growth when compared to 7.28 million tourist arrivals in 2021, the emirate looks forward to receiving 18 million tourists this year. The city alone welcomed six million tourists in the first four months of this...

Riyadh, Saudi Arabia - Israel is not happy with the restoration of diplomatic relations between Tehran and Riyadh and is actively seeking to disrupt it, Alireza Enayati, Iran's new ambassador to Saudi Arabia, said in an interview with Iran's al-Alam news network. “Many of our friends and brothers welcomed the...

Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more than AED 3.89 trillion ($1.06 trillion) in the first quarter of 2023, a YoY increase of 35.2 percent over the corresponding period in 2022, according to statistics released by the...

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...

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...

Dubai, UAE: Dubai Electricity and Water Authority (DEWA) on Thursday received two bids from ACWA Power and Masdar with the latter submitting the lowest bid of $1.62154 cents per kilowatt hour (kWh) for the 1,800MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park.  The arrangement will be...

Sharjah, UAE-- Sharjah and Uzbekistan are looking to ramp up cooperation in trade and pour investments in sectors such as education, research and tourism. In this regard, the Department of Government Relations (DGR) in Sharjah hosted a high-level meeting with leading diplomats from the Republic of Uzbekistan recently to explore...

Dubai, UAE:  The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED 450 billion ($123 billion) to the country’s national GDP, will further boost the leisure and entertainment (L&E) sectors of both the nation and the region, Fever, the leading global live-entertainment...

Riyadh, Saudi Arabia--Saudi Arabia and Oman have launched a joint tourist visa to boost trade and investment cooperation in tourism-related projects. The unified tourist visa between the two countries was one of the several initiatives agreed upon at a high-level meeting held between officials of the two countries.  The new...