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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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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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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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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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Consumer confidence in the UAE banking sector reached an all-time high of 90 percent in 2023, up from 84 percent the previous year, demonstrating the sector’s commitment to excellence, rapid digital transformation, and innovation. This remarkable trust score places the UAE above the global average and ahead of many leading international financial centers, highlighting its …
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Abu Dhabi National Oil Company (Adnoc) achieved a significant financial milestone by completing a $935 million placement of shares in its drilling unit, Adnoc Drilling, to institutional investors. The placement involved 880 million shares, equivalent to 5.5 percent of the total issued and outstanding share capital of Adnoc Drilling, enhancing the company’s free float to …
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Sarwa Digital Wealth, an online investment and trading platform, has been fined Dh449,881 by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) for offering securities without the necessary regulatory approvals. This penalty underscores the strict regulatory environment in the UAE and the FSRA’s commitment to upholding the laws that govern …
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As the United Arab Emirates (UAE) solidifies its corporate tax framework, businesses across the country are gearing up to meet upcoming registration deadlines set by the Federal Tax Authority (FTA). Enacted on June 1, 2023, the Corporate Tax (CT) law represents a significant shift in the UAE’s tax regime, affecting entities on the mainland, within …
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The United Arab Emirates is poised to see its e-commerce market size more than double, soaring from Dh27.5 billion in 2023 to an impressive Dh48.8 billion by 2028. This projection comes from the latest edition of the “E-Commerce Report in the MENA Region 2023,” released by EZDubai in collaboration with Euromonitor International, a global leader …
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In a recent media briefing, Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, announced that the UAE’s banks have seen substantial profit growth in the first quarter of 2024, surpassing last year’s figures and showing a remarkable 23 percent increase quarter-on-quarter. This significant growth is attributed to the thriving economic environment in the UAE, …
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GMG, a prominent player in the retail and distribution sector, announced on Tuesday its ambitious plans for significant expansion in partnership with VF Corporation, a global leader in branded lifestyle apparel, footwear, and accessories. This strategic move builds upon a successful 12-year collaboration between the two companies and aims to extend VF’s brand reach across …
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The world of multinational enterprises (MNEs) is undergoing a significant shift with the introduction of Pillar II, a regulatory framework designed to ensure a minimum tax rate of 15% on excess profits in each jurisdiction. This new regime targets MNEs with aggregated revenues exceeding €750 million and brings into play a complex set of rules …
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First Abu Dhabi Bank (FAB), the UAE’s largest lender, is actively exploring opportunities to expand its global presence, with Turkey’s banking sector being a key focus. According to a report by Bloomberg, FAB has shown interest in acquiring stakes in several Turkish banks, including Yapi Ve Kredi Bankasi, Turkey’s seventh-largest lender by assets. The potential …
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