The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic advancements, and commitment to innovation and sustainable development.

Dubai, UAE -- Dubai on Monday announced an $8 billion plan for a stormwater runoff system, two months after an unprecedented deluge and widespread flooding brought the desert state to a standstill.The rainwater drainage network announced by Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum on social media platform X is set to...

Covestro's shares surged more than six percent in Frankfurt following the announcement, which comes after it first disclosed talks were ongoing with the UAE firm in September last year. "The discussions so far have shown that Covestro and ADNOC can generally reach a common understanding regarding core aspects of a...

Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, at a time when rivals have been increasing their global footprint, CNBC reported.The nearly 10-year-old company will also start shipping its lowest-cost brand, Firefly, in the first...

Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future generations. Calls have been made to work through collaborative models of private and public partnerships to achieve green goals.

Featuring the work of international women artists, "La Belleza" celebrates the deep connection between art and poetry.

President Sheikh Mohamed bin Zayed Al Nahyan is the first sitting UAE president to make a state visit to Asia's fourth-largest economy. During Seoul's President Yoon Suk Yeol's visit to the country last year, the UAE said it would invest $30 billion in South Korea.

For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime Time for Real-Time report, published by ACI Worldwide, a global leader in mission-critical, real-time payments software, in partnership with GlobalData, a leading data and analytics company. In the Middle East,...

Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to Free Zone Persons in line with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a zero percent Corporate Tax rate on Qualifying Income.The...

France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation between them, French Finance Minister Bruno Le Maire told AFP.

Jallad underscores the role played by RAK ruler Sheikh Saud in positioning the emirate as a magnet for SMEs and hub of industrial innovation

Total revenue increased by $269 million in the same period.

Dubai, UAE -- flynas, the Saudi budget carrier, has announced expansion plans for the UAE from September this year, which will increase the number of routes between Saudi Arabia and the UAE to nine, with flight frequencies surging to more than 20 daily flights.The carrier unveiled expansion plans for the...

The company launches Share Buyback Programme

Dubai, UAE -- Dubai welcomed 5.18 million international overnight visitors from January to March 2024, an 11 percent rise over the 4.67 million tourist arrivals during the same period in 2023, according to data published by Dubai Department of Economy and Tourism (DET) at the 31st edition of Arabian Travel...

Ajman, UAE - The Arabian Travel Market 2024 (ATM) kicks off in Ajman from May 6 to May 9, celebrating the emirate's cultural heritage, vibrant events, and array of tourism offerings."ATM 2024 marks a pivotal moment for Ajman as we unveil our commitment to Ajman Vision 2030," Mahmood Khaleel Alhashmi,...

The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a new era of growth and innovation.

Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth, pointing to the sector's accelerated growth in the UAE last year due to the strong performance of the non-oil economy, said S&P Global Ratings, a global credit rating agency. The...

Abu Dhabi, United Arab Emirates - Palestinian writer Basim Khandaqji, jailed 20 years ago in Israel, won a prestigious prize for Arabic fiction on Sunday for his novel "A Mask, the Colour of the Sky".The award of the 2024 International Prize for Arabic Fiction was announced at a ceremony in Abu...

GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says a report by Oliver Wyman.

In the first attack "the vessel experienced an explosion in close proximity to the vessel which was felt by the crew on board", UKMTO said on X, formerly Twitter. "The second attack on the vessel consisted of what is believed to be two missiles, which resulted in damage," it added.

Dubai, United Arab Emirates -- Global warming caused by fossil fuel emissions "most likely" exacerbated the intense rains that lashed the UAE and Oman last week, causing deaths and widespread flooding, an expert group of scientists said Thursday.Extreme rainfall in El Nino years has become 10-40 percent heavier in the region...

The deal is aimed at expanding public and social infrastructure.

Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious infrastructure development plans.

The region's luxury goods market was worth US$ 10.52 billion in 2023, with long-term growth expected, reaching US$ 13.70 billion by 2028.

Power outages were reported around Dubai, which was dotted with flooded areas and submerged and abandoned cars. One road tunnel near the airport was completely flooded to a depth of several meters.

Dubai, the Middle East's financial centre, has been paralyzed by the torrential rain that caused floods across the UAE and Bahrain, and left 18 dead in Oman on Sunday and Monday. Dubai airport operations were suspended for 25 minutes in the afternoon before resuming.

Tourism industry accounts for 9 percent of GCC region's GDP and it is expected to grow annually at 7.7 percent. Trends looks at some of the influential industry players driving this growth.

Flooding hit many areas of Dubai and Abu Dhabi, the UAE capital, and cut off major roads, snarling traffic and leaving cars stranded.

Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business to set up shop. But can the model work to power the GCC economy?

Saudi startups were the biggest beneficiaries of LEAP24 tech conference, securing the lion's share of the total investment of S254 million.

As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes, sweets sets, and themed gift hampers.

DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC)  Mahir Julfar said that the DWTC's performance in 2023 was outstanding, welcoming 2.47 million participants - a 25 percent surge in visitor numbers compared to 2022.‘’This achievement was propelled by the successful staging of 301 Meetings, Incentives, Conferences, and...

Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures released by Dubai Department of Economy and Tourism (DET) showed.According to the DET's Tourism Performance Report for January-February 2024, Dubai recorded 1.77 million international visitors in January, and 1.9 million...

ABU DHABI, UAE- The  UAE stock markets attracted liquidity of nearly AED6.5 billion during the week's trading, with the focus mainly on stocks in the real estate, financial and banking sectors.The weekly liquidity was distributed as follows: AED4.57 billion in the Abu Dhabi market and about AED1.9 billion in the...

ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office (ADIO), the second edition of Al Multaqa quarterly meetings, presenting business community with recent updates on the Emirate’s economy and achievements in 2023 and highlighting future opportunities.Launched in Q4-2023, Al...

Abu Dhabi, UAE -- The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced the establishment of 54 working groups within the Advocacy Hub initiative.These working groups are part of the efforts to support the growth and prosperity of the private sector by providing an ideal platform for businesses within...

The pact aligns with CBI’s plan to support innovation in UAE.

Dubai, UAE - The United Arab Emirates (UAE) has decided to halt its coordination of humanitarian aid with Israel following the death of seven World Central Kitchen humanitarian workers in Gaza, i24NEWS reported. According to reports, the Emirati foreign ministry has expressed its outrage to the Israeli ambassador Amir Hayek...

Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP, which invests in net zero and hydrogen economy.

The aim is to offer trade finance solutions to businesses in UAE.

Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion by 2030.

"Threat actors can employ artificial intelligence (AI) and machine learning (ML) algorithms to identify vulnerabilities and adapt their tactics in real-time, making it difficult for conventional security measures to keep up." he adds.

This helps EasyLease expand its presence in mobility sector.

Abu Dhabi, UAE -- The value of real estate transactions in Abu Dhabi reached AED 15.9 billion ($4.32 billion) during the first quarter of 2024 (Q1 2024), recording 5,127 sales and mortgage transactions on various types of real estate units.According to data from the DARI platform of the Department of...

GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable development.

This will raise its share capital by $163 million to $944 million.

Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and Saudi Arabia.

ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in the gross written premiums.As of year-end, the number of licencsd insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report Q4, 2023.The insurance sector...

The company had paid an interim cash dividend of $1.62bn in Dec 2023.