Stay updated with our Business Economic News, offering expert insights into financial markets, corporate developments, and economic policies.
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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The United Arab Emirates is rapidly establishing itself as a leading destination for the global cryptocurrency market, despite a worldwide ‘regulatory winter’. Amid a period of explosive growth in the digital currency sector, with Bitcoin and other cryptocurrencies like Solana, Telegram’s Ton, and Cardano’s Ada significantly outperforming traditional markets, the UAE is attracting attention for …
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AD Ports Group, a leading ports and logistics company in the United Arab Emirates, has signed a preliminary agreement with the General Company for Ports of Iraq to develop a significant port and economic zone in Iraq. This collaboration marks a major step in strengthening maritime and economic ties between the UAE and Iraq. The …
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Aster DM Healthcare GCC, after its strategic separation from the India business, is setting its sights on becoming a healthcare leader in the Gulf Cooperation Council (GCC) region. Alisha Moopen, the managing director and group CEO, outlined the company’s ambitious goals in an interview with Khaleej Times on Wednesday. The decision to separate the GCC …
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Statevolt, an American battery manufacturer, has announced plans to establish a significant $3 billion manufacturing facility in Ras Al Khaimah. Named Statevolt Emirates, this venture is set to create up to 2,500 jobs at its expansive 60-hectare site located in the Al Hamra Industrial Zone, part of the Ras Al Khaimah Economic Zone (Rakez). Founded …
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The UAE’s non-oil private sector has experienced significant strengthening in business conditions throughout March, as indicated by the latest S&P Global PMI survey. This period witnessed a sharp increase in new order inflows, propelling a sustained rise in output levels. However, this growth has been accompanied by intense pressure on business workloads, fueled by administrative …
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EasyLease, a prominent player in integrated mobility solutions and a subsidiary of the International Holding Company (IHC), has recently expanded its reach in the regional mobility sector by acquiring a 60% stake in United Trans. Known for its expertise in rail and transportation technology solutions, United Trans is a subsidiary of Alserkal Group of Companies, …
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Salik Company PJSC, the sole toll gate operator in Dubai, has declared a significant cash dividend distribution of Dh550,035,000, equivalent to 7.3338 fils per share. This distribution, announced on Tuesday, represents a complete 100 percent of the net profit for the second half of the fiscal year ending December 31, 2023. The announcement came during …
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The holy month of Ramadan is witnessing a remarkable surge in online shopping across various retail and service categories in the UAE, signaling a growing confidence in the country’s digital payment ecosystem. A recent report released on Tuesday by Checkout.com, a financial technology company, reveals that consumers are increasingly trusting and finding convenience in online …
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The United Arab Emirates has made a significant leap in the global arena, securing the No. 8 spot in DHL’s Global Connectedness Report. This prestigious ranking positions the UAE among the world’s top 10 most globalized countries, a testament to its rapidly expanding connectivity. Notably, the UAE has achieved the highest increase in performance since …
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Dubai is making a significant stride in enhancing its business environment by upgrading its long-term business licensing scheme. This move, intended to attract more investors and business owners, is set to include offering “golden” licences, as reported by company formation experts to AGBI. These enhanced licences, including options that extend up to a decade, which …
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Abu Dhabi is set to become a significant player in the global life sciences industry with the launch of Arcera, announced by the emirate’s sovereign wealth fund, ADQ. Arcera, a new company, will operate as a central entity for ADQ’s shareholdings in Acino (Switzerland), Birgi Mefar Group (Turkey), and Amoun (Egypt). This strategic move aims …
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