Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of 11.5 million passengers from the same period in 2022, when about 20.4 million passengers were recorded, according to the Central Bank of the UAE (CBUAE).Indicating that the civil aviation sector...

Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to draft and adopt practical initiatives and projects that will enhance the UAE's readiness for the future.The launch took place during the first meeting of the UAE Future Network, with the...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive facility offerings.Located in the mainland area of Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.With the introduction of these...

ran said last week it had been engaged in indirect negotiations with the United States through Oman, with nuclear issues, US sanctions and detainees on the agenda. The following day, Iran's nuclear negotiator said he had met with diplomats from three European countries in Abu Dhabi to discuss a number...

Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the second-largest FDI recipient in the Middle East, and Saudi Arabia is the largest one in the region.

Dubai,  UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official inauguration of its latest international office in Johannesburg, South Africa.The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of bilateral...

The energy company will pay US$462 million for the buyout.

Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover of the Karachi port terminals, potentially marking the first inter-governmental transaction under a law implemented last year to raise emergency funds. The decision was made during a meeting chaired by Finance...

DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released by Dubai's Land Department (DLD) showed.The market also recorded 130 mortgage deals totaling US$732 million (AED2.69 billion), and 21 gift deals amounting to US$59.5 million (AED218.56 million).The sales included 566...

ABU DHABI, UAE -  The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for...

The first phase works, costing $200m, likely to completed in 30 months.

DUBAI, UAE -  Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada on the region’s international financial exchange, further solidifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of US$77 billion.To celebrate the successful listing...

VLCCs carry almost 2 million barrels of crude per voyage.

Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE).The apex bank's...

Sheikh Hamdan, who is also Chairman of the Emirates Red Crescent, calls on the international community to increase efforts to alleviate forced displacement and secure improved living conditions for refugees. The UAE recently pledged US$20 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near...

GENEVA, SWITZERLAND  -  The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor inspection and occupational health and safety.The agreement, signed by UAE's Ministry of Human Resources and Emiratization (MoHRE) in the presence of its minister Dr. Abdulrahman Al Awar, aims to develop...

According to Qatar's foreign ministry, Doha will reopen embassy in Abu Dhabi and its consulate in Dubai immediately. The UAE too will throw it embassy open in Doha. The UAE's Foreign Minister, Sheikh Abdullah bin Zayed, spoke to Sheikh Mohammed bin Abdulrahman Al-Thani, Qatar's Prime Minister and also its Foreign...

Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the end of the year, according to Russia's deputy Prime Minister Alexey Overchuk."Now, indeed, the EAEU has come very close to concluding such an agreement with Iran. This issue was touched...

Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement to deepen collaboration.The agreement was signed by Mohammed Abdullah Al-Salami, Chairman, Department of Civil Aviation, in Fujairah, GCAA Deputy Board Chairman, and Juan Carlos Salazar, ICAO Secretary General.This came during Al...

The boost in foreign trade comes on the back of the signing of the comprehensive economic partnership agreements that the UAE has inked so far. As the agreements take effect, a new phase of trade exchange commences that promises a substantial boost in quality and quantity, expanding the global trade...

DUBAI, UAE -  Yemen's government and Iran-backed Houthi rebels are locked in talks in Jordan to set the ground for a possible prisoner exchange, a Red Cross official told AFP on Sunday.Yemen's conflict began in 2014 when the Houthis seized the capital Sanaa, prompting a Saudi-led coalition to intervene the following...

DUBAI, UAE -  Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park.This will be the largest single-site solar park in the world with a...

DUBAI, UAE  - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its third report on the emirate's digital economy.The Dubai's Venture Capital Ecosystem report provides an overview of the investor landscape backing the start-ups and scale-ups that are transforming Dubai and the...

St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to ensure a sustainable and prosperous future for generations to come.This was stated by Sheikh Saud bin Saqr Al Qasimi, supreme council member and ruler of Ras Al Khaimah, in a...

While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments and the ability of banks to sustain SME support amidst a global banking crisis.

SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year 2022, local media reports said.This includes passengers benefiting from the mass transportation services on the public transportation network in the emirate, represented by intercity buses, taxis, in addition to airport...

MARRAKESH, MOROCCO - Speaker of the UAE Federal National Council (FNC) Saqr Ghobash met with Morocco Speaker of the House of Representatives Rachid Talbi El Alami on the sidelines of the Parliamentary Conference on Interfaith Dialogue here.Ghobash also met with Naam Miyara, President of the Chamber of Councillors of Morocco.The...

ABU DHABI, UAE -  Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry here by establishing a technology hub to manufacture autonomous and electric car components in the emirate.The hub will develop industrial solutions to support local electric car startups in Abu Dhabi...

Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up to 13, with a total capital of US$2.24 billion, according to the Securities and Commodities Authority (SCA).In a recent report, the SCA said that the companies are divided into 12...

"We firmly believe that the full, equal and meaningful participation and inclusion of women across society is essential for achieving sustainable development and lasting peace,” she adds. “This partnership will not only contribute to the Women, Peace and Security agenda – it will also advance the role of women and...

Ras Al Khaimah, UAE-- Looking to boost economic cooperation and convince businesses across India to invest in the free zone, Ras Al Khaimah Economic Zone (RAKEZ) toured various cities in the country, offering an overview of the potential of expanding their operation in the Middle East through Ras Al Khaimah....

DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted during the week ending June 16, 2023, according to figures released by the Dubai Land Department (DLD).The DLD report showed that 189 plots were sold for US$620 million (AED 2.28...

Bicycle Capital is a growth equity firm focusing on startups.

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a new international representative office in London, UK.The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the chamber’s...

Putin thanked Al-Nahyan for the role the UAE has played in prisoner exchanges between Russia and Ukraine and Russia and the United States. Al-Nahyan said he was in favor of "de-escalation" and a "political solution" to the Ukraine conflict during the talks, in which the pair discussed their countries' "strategic...

COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout kicked in, official figures showed Thursday.The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022, and a decline of 12.4 percent...

DUBAI, UAE :   In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to the same period in 2022, making it the strongest start to a year since 2015.All Audi sedan and SUV models have experienced significant year-on-year growth; with Audi Approved Plus vehicles...

JV to develop accommodation project in Abu Dhabi island.

DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a memorandum of understanding with the Ministry of Industry and Advanced Technology (MoIAT).The MoU was signed in the presence of Dr. Sultan Al Jaber,  UAE Minister of Industry and Advanced Technology;...

Exhorting the Security Council to adopt what she called as innovative attempts to address the interplay between climate change, peace and security, Mariam Almheiri, UAE's Minister of Climate Change and Environment, warned that the threat of climate change was not a hypothetical scenario but a "risk multiplier" and many were...

Dubai, UAE – Realiste, proptech company in the UAE, has made a list of the most profitable areas for short-term rental and long-term rental and also talked about the most profitable investment strategies in these areas.Here is the list of the best Dubai locations for property investment with a focus...

Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making the country among the top 10 in 28 of the most important global competitiveness indicators, Member of the UAE Board of Directors of the Ajman Chamber of Commerce and Industry...

Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts.

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 were...

Dubai, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) and Christian Klein, CEO and member of the Executive Board of SAP-SE, a leading global software corporation, Wednesday discussed collaboration and ways to enhance the digital transformation of the utility sector. They also...

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 to...

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....

Albany, New York-- The UAE has reiterated its resolve to strengthen economic and cultural ties with New York and the US as both countries seek to advance the transition to clean energy.The renewal of the commitment was made during a visit by Amna Binzaal Almheiri, UAE Consul General in New...

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 recent analysis...