Business and economics news in UAE and around the world.
As the new school year approaches, many parents in the UAE are turning to private tailoring shops and uniform stores to cut down on the cost of school uniforms. For some, it is about affordability, while for others, it is about getting uniforms that fit properly. Zahra Abdul Rahman, a mother of three, has been …
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Dubai utility firm DEWA (Dubai Electricity and Water Authority) has announced a net profit before tax of Dh2.8 billion for the first half of 2024, marking a 2.6% increase. This impressive profit was generated from Dh13.7 billion in revenue, which saw a 7.3% rise. In the April to June period alone, DEWA’s revenue reached Dh7.86 …
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Danish pharmaceutical giant Novo Nordisk, known for its popular diabetes and weight-loss drugs Ozempic and Wegovy, reported a modest rise in net profit for the second quarter of 2024. The company, which holds the title of Europe’s most valuable firm, announced that its profit after tax reached 20 billion Danish kroner ($2.7 billion) from April …
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Work on the multi-billion dollar Wynn Al Marjan Island project in Ras Al Khaimah is advancing swiftly, according to Wynn Resorts CEO Craig Billings. The ambitious development, slated to open in 2027, received a significant boost with Wynn Resorts announcing a $356.5 million (Dh1.31 billion) investment into the project. This brings the company’s total contribution …
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The demand for travel insurance in the UAE has surged dramatically, with customer inquiries increasing by 182% in 2024 compared to the previous year, according to Policybazaar.ae, a leading insurance market player. This significant rise is largely driven by travelers aged 25 to 40, who make up 85% of the inquiries. The global travel insurance …
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Emirates Airline’s first retrofitted Boeing 777 is set to enter service today, August 7, marking a significant milestone for the airline. The aircraft, ahead of its expected deployment schedule by four days, will be flying its inaugural journey with the new enhancements on flight EK83 to Geneva. Passengers on this flight will experience the aircraft’s …
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In today’s digital world, by the use of electronic gadgets, particularly the internet, it is important that the business has a well-developed web image. Custom web development deals with creating web applications that will fit a given business requirement and are capable of being functional, easy to use, and expandable. Many companies in Dubai, being …
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The Free Zones Authority of Ajman has announced a strategic partnership with Ruya, the UAE’s digital-first Islamic bank, to offer comprehensive business banking services tailored for startups and small to medium-sized enterprises (SMEs). This initiative is part of a broader effort to simplify business operations in the UAE, ensuring new enterprises can function smoothly from …
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As the Apple Watch approaches its 10th anniversary, Apple is gearing up to introduce significant updates to its original smartwatch line, the “Series” models, this fall. According to a report by Bloomberg, these updates will include larger displays and a slimmer profile, while maintaining the overall design that users have come to recognize and love. …
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The UAE has introduced a new competition law aimed at preventing companies from using very low prices to monopolize the market and drive out competitors. The law, outlined in Federal Decree-Law No. 36 of 2023, seeks to ensure fair competition and protect consumer interests by regulating economic activities and market mechanisms. Under the new regulations, …
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A total of 4,500 homes damaged by record rainfall in April have been repaired for free by Emaar Properties. The Dubai-based developer stepped in to offer these repairs after the UAE experienced the heaviest rains in 75 years, leading to significant damage in various communities across Dubai, Sharjah, and the Northern Emirates. Emaar Properties, responsible …
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Michael James Burke is a prominent public figure in the business’s world. He is the co-founder of Burke business Time and currently serving as the Chief Executive Officer of the company. His work represents his leadership and perception which he used to revolutionize financial management and establish new benchmarks. Background in school and early inspirations …
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Dubai Electricity and Water Authority (DEWA) has successfully recorded investments worth Dh43.6 billion over the past decade through public-private partnerships and collaborations with international investors and developers. This significant milestone is credited to DEWA’s innovative Independent Power and Water Producer (IPWP) model. The IPWP model, developed by DEWA, serves as a pioneering framework for public-private …
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The UAE’s merchandise and services trade reached a substantial $1.258 trillion (Dh4.61 trillion) in 2023, maintaining almost the same level as the previous year. This achievement, driven largely by the services sector, was highlighted in a report by the World Trade Organization (WTO). Merchandise exports from the UAE dropped by 5 percent to $488 billion …
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Arif Patel is a famous businessman from Dubai who has done outstanding work in the energy sector. He is now one of the most recognized business pioneers who worked with many companies and supported their growth. Preston Trading is a well-known business that does mining, engineering, oil and gas exploration, and oilfield services. He started …
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