Business and economics news in UAE and around the world.
The UAE has witnessed a significant growth in its industrial exports, amounting to Dh70 billion over the past three years, under the guidance of the Ministry of Industry and Advanced Technology (MoIAT). Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, emphasized the ministry’s pivotal role in this achievement since its establishment …
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In the dynamic real estate market of Dubai, the value of highly sought-after villas has more than doubled in the past three years, outpacing the growth of apartment prices, according to recent data. The ValuStrat Price Index (VPI) for February registered at 164.1 points, marking a 23.1 percent annual increase, with villas reaching 206.1 points …
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Dubai’s luxury real estate market has witnessed a remarkable achievement with AHS Properties successfully selling 80% of its Dh3.1 billion Casa Canal Interiors by Fendi Casa project within just a few days of its launch. This extraordinary accomplishment underscores the high demand and prestige associated with luxury developments in Dubai. Casa Canal, a premium tower …
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The UAE Ministry of Finance (MoF) has initiated a digital public consultation to collect viewpoints from relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or the Global Anti-Base Erosion Model Rules (GloBE Rules). This consultation, which is open from March 15 to April 10, is accessible via the ministry’s website or the …
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A recent study has highlighted a pressing issue for organizations in the UAE: a staggering 94% of them experienced data loss in the past year, with careless employees being the primary cause. The inaugural Data Loss Landscape report, released by cybersecurity and compliance company Proofpoint, Inc., reveals the extensive impact of data loss incidents on …
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Start-ups based in In5, a prominent platform fostering innovation and entrepreneurship, have successfully raised a staggering Dh3 billion, as revealed by Ammar Al Malik, Executive Vice President for Commercial at Tecom Group. In5, situated in Dubai Internet City and operated by Tecom Group, has played a crucial role in nurturing over 850 enterprises since its …
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Coinbase, a leading crypto exchange, is set to undergo significant infrastructure upgrades following a series of unscheduled outages, as announced by CEO Brian Armstrong. In a recent interview with Bloomberg TV, Armstrong revealed the company’s plans to invest heavily in its trading infrastructure to combat the increasing number of service interruptions experienced in recent weeks. …
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In a stunning display of resilience and growth, Toncoin (TON) has surged past its cryptocurrency peers amid a broader market downturn, suggesting a potential ascent into the top 10 tokens. The cryptocurrency has seen a meteoric rise in its value, captivating the crypto community and hinting at a significant shift in the digital currency landscape. …
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The anticipated approval of Ethereum Exchange-Traded Funds (ETFs) may see further delays, but industry experts suggest this could be a strategic move for better market integration. With the recent success of Bitcoin spot ETFs in the U.S. market, gathering $12 billion in net inflows since January, the focus has now shifted to Ethereum’s potential financial …
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The cryptocurrency market, led by Bitcoin (BTC), faced significant volatility as reported by Fortune Magazine, with Bitcoin experiencing a sharp 14% drop from its all-time high (ATH) of $73,700 to around $62,483. The downturn, which occurred last week, has had a ripple effect across the cryptocurrency landscape, impacting various digital currencies. This decline in Bitcoin’s …
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Abu Dhabi National Oil Company (Adnoc) has taken a significant step in expanding its global energy footprint by signing a new 15-year heads of agreement with SEFE Marketing & Trading Singapore Pte Ltd., a subsidiary of Germany’s SEFE Securing Energy for Europe GmbH. This deal, announced on Monday, involves the supply of 1 million metric …
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In a significant development for global commodity markets, Bloomberg has unveiled the new Bloomberg Commodity Murban Crude Oil Index. This specialized index is designed to track the performance of rolling futures on Murban Crude Oil, a rapidly emerging player in the global oil market. As a subindex of the Bloomberg Commodity Index (BCOM), the new …
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In the United Arab Emirates, gold prices witnessed a modest drop of over Dh1 per gram at the opening of the markets on Monday. As reported by Dubai Jewellery Group data, the price of 24K gold started the week at Dh260.0 per gram, a slight decrease from the previous week’s closing price of Dh261.25 per …
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In what could be a pivotal move in the tech industry, Apple is reportedly in advanced negotiations with Google to bring the latter’s innovative Gemini AI models to the iPhone. According to Bloomberg, this potential collaboration could significantly alter Apple’s AI strategy and impact the competitive landscape of AI technology in mobile devices. The news …
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In a significant move to boost Dubai’s economic growth, Sheikh Mohammed bin Rashid Al Maktoum has announced the merger of renowned real estate developers Nakheel and Meydan under the expansive umbrella of Dubai Holding. The decision, made public on Saturday, is part of a broader effort to consolidate and amplify the momentum of Dubai’s economic …
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