Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9 billion) in local stocks from January to December 2023. This figure reflects a total purchase of AED 302.7 billion compared to total sales of approximately AED 295.8 billion. Institutional investors...

ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy have joined hands to further decarbonize the Emirate’s booming industrial sector. The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in...

Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the Board of Dubai Corporation for Ambulance Services chaired by the Director-General of Dubai Health Authority. The Assistant Commander-in-Chief for Excellence and Pioneering Affairs of Dubai Police will serve as the...

ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural persons subject to the Corporate Tax Law, that came into effect on June 1 2023. The guide provides a comprehensive and simplified explanation and instructions for natural persons realizing income...

DUBAI  UAE -  Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Chairman of The Executive Council of Dubai, has approved the distribution of performance-based bonuses totaling AED152 million to civilian employees of government entities. The bonuses, subject to Dubai Government Human Resources (DGHR) Law No. (8) of...

The emirate recorded a total of 3,785 real estate transactions worth AED 16.6bn ($4.51 billion) during the week ending 22 December 2023. Palm Jabal Ali recorded the most transactions for this week with 35 sales transactions worth AED 850.21 million.

The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth in non-oil bilateral trade between the UAE and Mauritius, which in H1 2023 stood at US$63.1 million, with opportunities strongest in chemicals, metals and petroleum products sectors.

Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a report on Arab Economic Competitiveness Index released by the Arab Monetary Fund (AMF). UAE's sustained progress across crucial sectors, including its economy and investment environment are said to be the...

Abu Dhabi's Shuweihat 4 desalination project secures $444 million.

The move is likely to enhance ESG’s manpower portfolio.

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has said that the UAE insurance sector continued to grow in Q3 2023, as reflected by the increase in the number of insurance policies in line with the increase in the gross written premiums (GWP). In its report, CBUAE...

Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the end of October 2023, showing an annual increase of 7.8 percent, equivalent to about $5.17 billion, compared to approximately $66.59 billion in October 2022. The local currency, the dirham, accounted...

Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and businesses will face crucial decisions about spending and investing, where price differentials and interest rates have burrowed into budgets, informing the resources available with less wiggle room, according to the...

The bank stated in a report released today that the overall GDP for the country is expected to grow by 3.1 percent in 2023. The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at...

Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be delivered instantly through text messages and approved electronic channels. This is the first service of its kind and it enables the marriage contract to be sent directly to the spouses...

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion ($187.2 billion) this October, marking a substantial annual increase of 10.2 percent, or AED 63.7 billion, compared to AED 623.5 billion in October 2022. The Central Bank's cash aggregates statistics...

The United States pushed to build up a multinational naval task force to protect a key global shipping lane from Yemen's Houthi rebels.. The Iran-backed Houthis say their missile and drone strikes on passing container ships are in support of Palestinians in the Gaza war raging between Israel and Hamas...

Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the Mleiha archaeological site and Al Dhaid Fort and Falaj to the List of the Islamic World Heritage. The Sharjah Archaeology Authority (SAA) has completed the nomination dossier of the Mleiha...

It will benefit from revenue synergies, economies of scale.

ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference of the Parties (COP28) held at Expo City Dubai, said Director-General of the General Civil Aviation Authority (GCAA) Saif Mohammed Al Suwaidi. In a statement to the Emirates News Agency...

The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4 to Nawah. This milestone takes the UAE one step closer to full fleet operations at Barakah, the largest single source of clean electricity in the region. Once operational, Unit 4,...

Dubai, UAE – About 79 percent of UAE employees believe digital skills are crucial for business success, and 84 percent feel that new technologies are empowering them to reach their potential, according to a latest ServiceNow survey .  The survey, which included over 5,500 working adults from the UAE, France,...

They will supply solar power to 45 properties in the UAE.

Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this regard the Ministry of Energy and Infrastructure (MoEI) received a delegation from Korea’s Ministry of Environment to discuss the latest developments and share experiences in the sector. As part of...

Dubai, UAE – Oman, Qatar, and the United Arab Emirates, particularly Dubai, have secured top positions for residential property investment in 2024, the inaugural "Housearch Investment Index" highlighted in its report. The trend underscores the region's appeal as a stable and reliable investment haven, especially amidst cooling property markets in...

"Critical infrastructure organizations are distinct from other enterprises; their downfall could bring entire sectors of the economy down with them. It is hoped that in the coming year, the industrial control system's security will receive the comprehensive overhaul it so urgently requires," adds Selcuk.

ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in the UAE. The decree also aims to promote the UAE as a global media hub and establish an enabling environment to catalyze the growth and prosperity of the sector. The...

Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche" content.

Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for remote work, according to a new ranking by VisaGuide.World. The VisaGuide.World website specialises in monitoring and evaluating the effectiveness of visa systems. The website also measures countries' progress in providing...

ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of financial crimes. UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) and the Financial Monitoring Agency of Kazakhstan (FMA) have formally inked a Memorandum of Understanding (MoU)....

"The Gulf country will continue its efforts to achieve peace through tangible steps and a roadmap for a two-state solution. This solution envisions an independent and sovereign Palestinian state, in line with relevant UN Security Council resolutions, and negotiated between the two parties with full international backing," he adds.

Abu Dhabi, UAE - UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed bilateral ties with Recep Tayyip Erdogan, President of Turkey. The two explored boosting cooperation to achieve further prosperity for the UAE and Turkey, local media reports said. Al Nahyan and Erdogan also exchanged views on various regional...

Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund located in Baku, have announced the formation of a joint venture with the aim of investing in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals and energy...

Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital infrastructure in Azerbaijan with a focus on the development of data centers.  The MoU was signed by Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, and Rashad Nabiyev, Minister...

PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to fossil fuels, International Energy Agency chief Fatih Birol told AFP on Friday, it needs to now urgently boost finance for the energy transition in developing countries. Birol welcomed the landmark...

ADNOC to buy OCI’s entire shareholding in Fertiglobe.

Both the firms will offer their expertise in the sector.

Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week ending 15 December 2023. The sum of transactions was 3,888. A total 304 plots were sold for AED 3.53 billion, 2,744 apartments and villas were sold for AED 7.15 billion....

Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023, according to the latest Economic Insight report commissioned by ICAEW and compiled by Oxford Economics. While near-term growth may face constraints due to OPEC+ production quotas, the UAE's higher reference...

Dubai, UAE - An agreement to "transition away" from fossil fuels may be a landmark moment but don't expect quick changes among the major producers of the Gulf, where the deal was hammered out. After the UN's COP28 climate talks in Dubai, Saudi Energy Minister Prince Abdulaziz bin Salman immediately played...

ABU DHABI, UAE -  Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving Credit Facility (RCF) in partnership with First Abu Dhabi Bank (FAB) as the Green Coordinator, alongside Abu Dhabi Commercial Bank (ADCB), and Emirates NBD. This financing agreement, spanning five years,...

ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.

Proceeds of the facility will be used for general corporate purposes.

Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current interest rates, in a coordinated move echoing the US Federal Reserve's recent decision, underlining a synchronized approach to monetary policy in the Gulf Cooperation Council (GCC) region. UAE's Monetary Policy...

The company deals in risk management infrastructure for digital assets.

Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche" content.

Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement.

Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners early this month, the spotlight now shifts to the actions anticipated from other technology firms across the GCC region. The question now is whether more companies in the region will...

Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances. The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks.  “AFAQ”, a system linking payment systems in GCC countries, offers the service of executing financial transactions in local currencies to...