Business and economics news in UAE and around the world.
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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In a clear signal of optimism and forward-thinking, CEOs in the Middle East are increasingly confident about economic growth in the coming years, with a significant shift in their outlook towards the integration of artificial intelligence (AI) in business operations. According to the 2024 CEO Insights Study by Arthur D. Little, 61 percent of CEOs …
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In a significant move in the hospitality sector, Alpha Dhabi Holding PJSC has completed a strategic transaction with the National Corporation for Tourism and Hotels (NCTH), effectively uniting three of Alpha Dhabi’s hotel businesses within the NCTH portfolio. This strategic partnership is set to reshape the luxury hotel segment in Abu Dhabi and beyond, with …
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Adnoc Drilling, a key player in the oil and drilling sector, has announced its medium-term financial expectations, projecting substantial growth in revenue, earnings, and operational expansion. The company anticipates its total revenue to reach between $3.60 billion and $3.80 billion in the coming years, signifying a promising future for the organization. The expected Earnings Before …
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Maison Sartoro, a distinguished global jewelry brand with its roots in Geneva, has opened its doors at the Dubai Mall, introducing a new realm of luxury and artistry. This expansion marks a significant milestone for the brand, known for its unique blend of tradition and innovation, and its commitment to ethical principles and exceptional craftsmanship. …
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