Business and economics news in UAE and around the world.
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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National Bonds, spearheaded by its Group Chief Executive Officer Mohammed Qasim Al Ali, today unveiled a dynamic three-pronged strategy aimed at boosting savings across the nation in 2024. This visionary plan is centered around simplifying the savings process, enhancing financial literacy, and harnessing the power of digital innovation and tools. Al Ali elaborated on the …
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Union Properties, a renowned developer in Dubai, has confirmed its strong comeback with impressive financial results, indicating a significant turnaround in its business operations. The company’s commitment to enhancing corporate governance and transparency has been pivotal in achieving a substantial increase in its net profit for 2023. The developer’s financial results for the year are …
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In a noble act of philanthropy, Emirati businessman Gheyath Mohammad Gheyath, owner of the GINCO Group, has generously contributed Dh5 million to the Mothers’ Endowment campaign. This campaign, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is a remarkable initiative with a mission …
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The United Arab Emirates is mourning the loss of a prominent business figure, Saeed Juma Al Naboodah, who passed away on Wednesday. Al Naboodah, the revered Chairman of the Saeed and Mohammed Al Naboodah Group, was not just a leading businessman but also an influential figure in the UAE’s economic landscape. His contributions were particularly …
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In a dazzling display of economic growth, DMCC (Dubai Multi Commodities Centre) has announced a significant increase in Dubai’s diamond trade for the year 2023. The total value of both rough and polished diamonds traded reached an impressive $38.3 billion, marking a 2% year-on-year growth. This remarkable figure also represents a compound annual growth rate …
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Dubai CommerCity, the pioneering free zone focused exclusively on e-commerce, has reported extraordinary growth in its digital trade operations in 2023, underscoring its emerging prominence as a global hub for the digital economy. As a joint venture between the Dubai Integrated Economic Zones Authority (DIEZ) and Wasl Properties, Dubai CommerCity has witnessed significant advancements, especially …
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In an age where technological advancements and data proliferation are at an all-time high, the importance of data protection has never been more pronounced. With the rise of data breaches, the safeguarding of confidential information has become a paramount concern, particularly in the healthcare sector. The Dubai International Financial Centre (DIFC) has responded to this …
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Europe is on the brink of making history in the field of artificial intelligence (AI) regulation. On Wednesday, the continent edged closer to adopting the world’s inaugural AI-specific rules, a significant step considering the rapid proliferation of AI technologies in various sectors and daily life. This momentous development followed the EU lawmakers’ endorsement of a …
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Vijay’s Digital Leap: Launching TVK’s Membership App to Empower Tamil Nadu Politics In Chennai, Tamil Nadu, renowned Kollywood actor and leader of the Tamilaga Vettri Kazhagam (TVK) party, Vijay, made headlines with the launch of a mobile application designed for registering TVK party members. This initiative, introduced on Friday, marks a pivotal advancement in TVK’s …
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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 culinary landscape of the United Arab Emirates is set to receive a much-welcomed boost as onion prices are anticipated to plummet by as much as 20 percent. This price drop follows India’s decision to resume onion exports to the UAE after a three-month hiatus. On December 8, 2023, India, recognized as the world’s premier …
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In a significant leap towards modernizing its legal framework for digital commerce, the United Arab Emirates has introduced a comprehensive new law encompassing all forms of online payment and digital transactions. This pioneering legislation, detailed by David Yates, partner and head of digital and data at Al Tamimi & Company, marks a notable shift in …
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