Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end of 2022, said the country's Minister of Economy Abdullah bin Touq Al Marri.He said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the...

South Africa's Justice Minister Ronald Lamola said the government was notified on Thursday evening of a Dubai court decision not to allow for the extradition of business tycoons Atul and Rajesh Gupta. The Guptas are alleged to have colluded with former president Jacob Zuma to siphon off state assets from...

Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22% of the total trade value. The UAE was the 11th largest exporter of commodities in the world and ranked 18th in terms of global merchandise goods trade imports.

The group raised $210m through the sale of 750 million shares.

The company reported a net profit of $144m for the period.

Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive economic partnership agreement (CEPA).The document was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam,...

Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department.The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million, and 13 gift deals amounting to AED21 million on Thursday.The sales included 465...

DUBAI, UAE -  MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation with top leadership of Siemens Energy here.Al Tayer met with Anne-Laure de Chammard, Member of the Executive Board of Siemens Energy AG, and Dietmar Siersdorfer, Managing Director of Siemens Energy...

Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at supporting startups and other small or micro businesses by reducing their corporate tax burden and compliance costs.The Ministry’s decision stipulates that taxable residents of the UAE can claim SBR when...

Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over US$4.8 billion in 2018 and is expected to reach US$6.8 billion in 2023.This was highlighted in a new report by Boston Consulting Group (BCG) in collaboration with Forward MENA previously...

Dubai, UAE - National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment portfolio of AED 13.7bn ($3.7 billion) in 2022, higher by 15 percent compared to the previous year.Given that National Bonds success is also measured by the competitive earnings rewarded to...

DUBAI, UAE -  UAE Ministry of Human Resources and Emiratization (MoHRE) announced that the Unemployment Insurance Scheme has exceeded one million subscribers since its launch in January 2023.The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, providing low-cost job security net that supports the...

Net Property Income for the period was $55 million.

Iran and the United Arab Emirates have long had close economic ties which continued even during the diplomatic chill. A veteran diplomat who served most recently as director general of the foreign ministry's diaspora affairs department, Reza Ameri's career had previously taken him to Algeria, Sudan and Eritrea.

Reza Noshadi, who heads the National Iranian Gas Company’s engineering subsidiary, said that Iran will be able to export gas to Oman through the 200-kilometer pipeline from Minab to Kuhmobarak.

The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an annualized growth rate of 5.4 percent.

DUBAI, UAE -  Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center (DIFC).This milestone reinforces DIFC's position as the leading financial center for WAM companies in the Middle East Africa South Asia (MEASA) region.With an industry size of US$450 billion, DIFC's 300...

The packaging plant will be one of the largest in the world.

Abu Dhabi, UAE - AD Ports Group on Tuesday announced the signing of a General Corporate Facility agreement with a syndicate of 13 regional and international banks.The multi-currency facility, equivalent to around US$2 billion, includes three tranches amounting to EUR 600 million, US$620 million, and AED2,863 million with a tenure...

Abu Dhabi, UAE - UAE stock markets Monday continued to capitalize on improved investor sentiments, with blue-chip communication stocks leading the gainers in the Capital's bourse, and giant property Emaar driving the Dubai Financial Market's best performance in a month.In Abu Dhabi, Index FADGI closed 0.752 percent higher at 9,501.150...

ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period in 2021, local media reports said.This follows awareness efforts which contributed to strengthening the legal knowledge of workers and companies, and introducing them to their rights guaranteed by the Labor...

A total of 3049 new companies joined DMCC in 2022.

Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted.

Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns.

The investment was announced during Investopia 2023.

DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed cutting-edge educational technology (EdTech) solutions in UK.The group took part in the education technology exhibition and conference – the British Educational Training and Technology Show – (Bett) held in London...

DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session of regular digital industry workshops here.Top executives, business leaders, experts and entrepreneurs discussed the challenges and opportunities in the industry, local media reports said.UAE Minister of State for Artificial Intelligence,...

The SWFC will help identify opportunities for strategic capital collaboration and thought leadership between Canadian Public Pension Funds (PPFs) and UAE Sovereign Wealth Funds in global markets. It is set to offer an investment collaboration framework with a more dynamic and flexible structure, he adds.

DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer discussed the latest advancements in smart grid technology with CEO of Grid Software at Siemens Sabine Erlinghagen.The meeting was attended by senior officials from DEWA and Siemens.The two sides discussed the latest developments in...

Dubai, UAE - Digital IDs and mobile authentication will propel many more mobile access deployments. HID, a leader in trusted identity and physical security solutions said in its inaugural State of the Security Industry Report on Friday.  “Identification and authentication are more commonly completed via mobile devices, including smartphones and wearables....

Abu Dhabi, UAE--The UAE has dispatched a plane carrying 38 tonnes of urgent medical and food supplies to Afghanistan to meet the needs of thousands of Afghan families affected by earthquakes that recently struck northeastern Afghanistan.The earthquakes resulted in numerous deaths and injuries and destroyed basic infrastructure.The provision of these...

Total equity increased by 7 percent to $930 million. 

Dubai, UAE -- A total of 3,035 real estate transactions worth AED10.7 billion ($2.91 billion) were recorded during the week ending 31 March, Dubai Land Department (DLD) said Friday.The DLD report said that 158 plots were sold for AED1.27 billion, while apartment and villa sales stood at 2,261, totaling AED5.11...

AJMAN, UAE - The Ajman Chamber of Commerce and Industry’s (ACCI) discussed with the Italian-Czech Chamber of Commerce in Milan bilateral partnership that supports the directions and goals of both chambers.This came as Mohamed Ali Al Janahi, Executive Director of the Trade Development and International Relations Sector at ACCI, received...

DUBAI, UAE -  Dubai International Boat Show 2023 attracted over 30,000 visitors and industry players from across the globe for five days of demonstrations, displays, seminars, launches and workshops.The global boat-building market is expected to reach over US$47 billion in 2027, at a CAGR of 7.5 percent, and the increasing...

Abu Dhabi, UAE -- The Central Bank of the UAE Friday revoked the license of Russia's MTS Bank's, which was granted last year.The bank said that under its supervision, the operations of MTS bank, which is licensed in Abu Dhabi, would be wound down within six months. Revocation of MTS's...

The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits (62%) will be felt in the legacy phase. The sectors adding most to GVA are events organization and business services ($20.6bn), construction ($8.7bn) and restaurants and hotels ($6.3bn).

Abu Dhabi, UAE - The AD Ports Group has launched a new weekly shipping service that facilitates commercial and logistic connectivity with Qatar and Kuwait.The services are likely to be free for cargo arriving via land transport throughout Ramadan, which will be shipped via container vessels between UAE’s Khalifa Port,...

Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address the obstacles.

Abu Dhabi, UAE - Aldar Properties and Mubadala Investment Company have signed an agreement to develop commercial assets in Al Maryah Island, Abu Dhabi, which will be located within the capital's international financial centre and free zone Abu Dhabi Global Market (ADGM).The joint venture once finalised will provide capacity for...

The amount makes 42.5% of the company's paid-up capital.

The decision of the UAE President Sheikh Mohamed bin Zayed Al Nahyan to name Tahnoun bin Zayed, who is the UAE's national security adviser and chairman of the ADQ sovereign wealth fund, as deputy ruler of Abu Dhabi along with Hazza bin Zayed also drew praises and appreciation.

The appointments signal a new phase in the UAE's leadership and its commitment to pursuing economic growth and development while maintaining political stability.

Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land Department said.The deals included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million, and 19 gift deals amounting to AED96.75 million.The sales included 493...

Abu Dhabi, UAE--The UAE government has endorsed 24 national initiatives to double the country’s re-export industry by 100 per cent over the next seven years.The measures were approved during a cabinet meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of...

The UAE aims to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the next 10 years, and seeks to establish itself as an innovation hub.

UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program.

Genome programs will also help create new economic opportunities in the UAE by attracting partnerships in fields such as artificial intelligence, advanced medical care, pharmaceuticals, and research and technology.

The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest potential growth over the medium and long term.

The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the UAE since their opening of diplomatic ties in 2020.