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...

GCC authorities, however, acknowledge the accompanying challenges and are developing regulations to enhance digital banking experiences. A key requirement is that Cloud Service Providers must reside in their service regions, overcoming which could significantly expand regional financial services and mark a new phase in GCC's financial evolution.

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 - 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...

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...

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

Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to triple renewable energy, double energy efficiency, and double clean hydrogen, all by 2030." His comments came as numerous participants and observers in the UN climate negotiations have called on al-Jaber...

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...

At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report.

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...

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...

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...

Sharjah, UAE - Sharjah Taxi reports successful transport of 1.465 million passengers during the first quarter of 2023. With a fleet of 750 vehicles of various models and brands, the company remains committed to ensuring passenger satisfaction, safety, and comfort. Khalid Al Kindi, the Executive Director of Sharjah Taxi, emphasized...

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...

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...

"Food safety is a main pillar of our strategy to achieve national food security. The Ministry has outlined its vision for the future, with the goal of implementing several policies, laws, and regulations in collaboration with diverse stakeholders in the UAE to ensure the safety and well-being of the society,”...

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...

Abu Dhabi, UAE  -- Abu Dhabi will host the Middle East premiere of the eagerly-awaited Mission: Impossible – Dead Reckoning Part One at a red-carpet event at Emirates Palace on June 26 to be attended by the movie’s cast and crew, including star Tom Cruise and director Christopher McQuarrie. Both...

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 - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from 1.7 percent  (in January 2023), thanks to greater-than-expected flexibility in major economies. In its latest report released in June 2023, the World Bank also expected the global growth to reach...

ABU DHABI,  UAE - A high-level UAE delegation at the 66th session of the United Nations Committee on the Peaceful Uses of Outer Space (COPUOS) said the country believes in promoting a safe and sustainable outer space environment. The UAE delegation is headed by Omran Sharaf, Assistant Minister of Foreign...

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...

Abu Dhabi, UAE - Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income derived from real estate and other immovable property located in the UAE and will be required to register in the UAE for Corporate Tax purposes, the UAE Ministry of Finance...

With a 22% stake, it is now the biggest stakeholder in the firm.

Dubai, UAE -- Dubai Financial Market (DFM) saw on Monday a direct deal on 5.25 million shares of Taaleem Holding Group worth AED 17.16 million ($4.65 million). The Group's share closed 7.78 percent higher at AED 3.6 ($0.98) after trading of more than 32 million shares at the value of...

The plan will boost Abu Dhabi's tourism market.

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...

Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were in the 20-29 age group and mostly from Egypt.

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...

Dubai, UAE -  Around 70 percent of top-performing teams in the GCC have a higher percentage of women, underscoring the positive impact of gender diversity on organizational success, a survey by Bain & Company has revealed.  Leading the way in this transformation are the United Arab Emirates (UAE) and Qatar,...

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...

Vienna,  Austria – OPEC+ has decided to adjust the level of overall crude oil production to 40.46 mb/d, starting 1 January 2024 until 31 December 2024. This was announced by the global organisation in a statement following the 35th OPEC and non-OPEC Ministerial Meeting in Vienna today. According to the...

Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries may make deeper cuts.

DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of the United Nations' upcoming climate change conference, official media reported on Sunday. The choice of Sultan Al Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), to head...

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has successfully concluded its trade mission to India after five days of fruitful meetings and discussions with Indian business and industrial associations in New Delhi and Mumbai. The trade mission, organized by the Sharjah Exports Development Center, visited New...

ABU DHABI, UAE -  UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of suspicious transactions among traders and business owners in the gold and precious stones sector. The workshops, through the Department of Anti-Money Laundering, also made the traders and business owners aware...

Abu Dhabi, UAE--Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with the Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) to continue its support of the Financial Ecosystem Programme. The MoU signing took place on the first day of the at Make It in the...

Rising disposable incomes, demand from businesses and events, online food delivery services, and increased tourism are driving the growth of Gulf catering services market.

SHARJAH, UAE- The fourth edition of Jewels of Emirates Show at the Expo Center Sharjah has so far seen record footfall as it runs into its third consecutive day. The event received an overwhelming response from visitors, with exhibitors unveiling a stunning array of exclusive and rare jewelry pieces. It...

Iranian Navy Commander Rear Admiral Shahram Irani has declared the formation of a new naval coalition. This alliance, encompassing regional powers like Saudi Arabia, UAE, Qatar, Bahrain, and Iraq, aims to enhance maritime security and underlines the increasing recognition of the need for regional synergy in establishing security.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) extended water transmission pipelines of 64 kilometers lengths in several areas here in 2022 at a cost of around US$97 million (AED 358 million). The pipelines have a diameters of 600, 900 and 1200 mm in different areas across Dubai. The...

Dubai, UAE - Middle Eastern airlines carriers posted a 38 percent increase in traffic in April compared to the same month in 2022, demonstrating a positive recovery trend in the aviation industry,  according to the latest report from the International Air Transport Association (IATA).  With a capacity increase of 27.8...

Abu Dhabi, UAE -- AstraZeneca has announced the launch of its revolutionary cancer medication, IMJUDO® (tremelimumab) in the UAE. The launch makes the UAE one of the first countries in the Middle East to receive access to the medication that marks a significant advancement in the treatment of cancer. Clinical...