Stay updated with our Business Economic News, offering expert insights into financial markets, corporate developments, and economic policies.
In a major stride towards strengthening its position in the global logistics and supply chain industry, DP World has launched a new series of freight forwarding offices worldwide. This move represents a significant expansion for the company, adding to its already vast network of over 100 offices. The initiative is seen as a proactive response …
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The United Arab Emirates has achieved a significant economic milestone, marking “a historic first” in its diversification efforts. The country’s non-oil sector now accounts for an impressive 73 percent of its total Gross Domestic Product (GDP), reflecting strong investor confidence in the UAE’s investment environment. Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, …
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The UAE banking sector is setting its sights on a stable and prosperous 2024, buoyed by a year of soaring profits and robust returns in 2023. This optimistic outlook is anchored in a backdrop of stable interest rates, decreasing bad loans, and a strong GDP forecast, according to financial market analysts from leading professional services …
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In a significant move to boost entrepreneurship in the UAE, Sharjah Publishing City Free Zone (SPC Free Zone) has introduced a game-changing initiative – the “Instant Licence Service.” This innovative offering is set to revolutionize the process of establishing businesses in Sharjah, providing a swift and cost-effective solution for business owners. The Instant Licence Service, …
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Aster DM Healthcare Ltd, a leading healthcare provider, has announced a pivotal move in its corporate strategy, receiving overwhelming shareholder support for the separation of its GCC business from its operations in India. The decision, which was finalized following a vote that closed on January 22, saw an astounding 99.9 percent of shareholders in favor …
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Azizi Developments, a prominent Dubai-based private developer, has embarked on an ambitious project to construct what will become the city’s second tallest tower. With an estimated cost of $1.5 billion (approximately Dh5.5 billion), this new addition is poised to further enhance Dubai’s reputation as a city of architectural marvels. Slated for completion in 2028, the …
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A new study by global management consulting firm Oliver Wyman has revealed a significant trend among GCC consumers: 87% of them prefer a mix of online and offline channels for their shopping needs. This blend of digital and physical shopping experiences reflects the evolving landscape of the retail industry in the Middle East and North …
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Salik Company, the renowned toll gate operator in Dubai, has seen its shares reach unprecedented heights, marking a significant milestone in its financial journey. On January 19, the company’s shares hit an all-time high of Dh3.72 per share, buoyed by the announcement of two new toll gates in the city. This surge in share value …
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The Billionaires’ Club: A Glimpse into the Fortunes of the Top 10 Richest in 2023 The year 2023 has been a rollercoaster in the realm of global wealth, showcasing a dynamic reshuffle among the richest individuals on Earth. As of October 2023, the top 10 wealthiest people present a fascinating mix of familiar titans and …
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In a significant corporate rebranding move, Oman Insurance Company has officially announced its name change to Sukoon Insurance, following the completion of all regulatory requirements. This change marks a new chapter in the company’s history while reassuring customers that their existing policies and coverage will remain unaffected. The announcement, made on Thursday, comes as a …
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In a significant move to bolster small and medium-sized enterprises (SMEs) at the Dubai Shopping Festival (DSF), Tally Solutions has unveiled its latest software, TallyPrime 4.0. This new release promises to align perfectly with the needs of SMEs participating in the renowned festival, renowned for promoting economic development and inclusivity. Vikas Panchal, the General Manager …
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In an era marked by increasing globalization, the concept of acquiring a second citizenship through investment is gaining unprecedented momentum. The innovative citizenship and residency by investment programs offer a unique pathway for individuals seeking broader opportunities and enhanced financial prospects in a world that is more interconnected than ever. These programs provide the chance …
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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, marked the beginning of a pivotal chapter in the startup world by inaugurating Expand North Star 2023. This event, dubbed the world’s largest exhibition and conference for startups, commenced on Sunday at …
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Starting from June 1, 2023, the United Arab Emirates (UAE) will implement a federal tax on corporations and business profits for the financial year. This new tax regulation was announced last year and will apply to companies with a profit of Dh375,000 and above, requiring them to register for tax. With a rate of just …
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Used car sellers in the UAE are experiencing higher selling prices and profits as demand for preowned vehicles continues to surge. The secondhand car market in the UAE is experiencing a remarkable trend as used car selling prices appear to outpace depreciation rates, driven by the continued surge in demand. This development implies that sellers …
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