Business and economics news in UAE and around the world.
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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In a bold move marking its commitment to growth and talent development, Abu Dhabi-based Etihad Airways has announced plans to hire up to 2,000 pilots, cabin crew, and mechanics in the upcoming year. This recruitment drive is part of the airline’s strategy to prepare for a significant expansion in 2025, including the addition of 15 …
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The UAE’s economy is projected to witness a substantial 5% growth this year, largely propelled by the dynamic expansion of its non-oil sector and a surge in foreign direct investment (FDI), according to the Minister of Economy, Abdulla bin Touq. In an interview with state news agency Wam, the Minister highlighted this growth as a …
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UAE-based telecom and technology giant e&, previously known as Etisalat Group, has announced a significant investment of $6 billion to advance digital infrastructure across 16 countries. This ambitious initiative, slated for execution between 2024 and 2026, was revealed at the Mobile World Congress in Barcelona. The commitment, part of the International Telecommunication Union’s Partner2Connect Digital …
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The United Arab Emirates has taken a significant leap towards fulfilling a quarter of its electricity requirements with the successful start-up of the fourth reactor at the Barakah Nuclear Energy Plant. This milestone, announced by the Emirates Nuclear Energy Corporation (ENEC), brings the UAE closer to generating 25% of its electricity needs through nuclear power, …
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In a significant move to stabilize oil prices, the United Arab Emirates and Saudi Arabia have announced the extension of their oil supply cuts until mid-2024. This decision aligns with Russia’s recent announcement to further reduce its oil production and exports. The UAE’s Ministry of Energy confirmed that the nation would maintain its additional voluntary …
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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 foodservice market in the United Arab Emirates is gearing up for a remarkable expansion, with an expected compound annual growth rate of 17.09 percent. According to a whitepaper titled “A Flavourful Journey: A Comprehensive Look at the Evolution and Trends in the UAE’s Food and Beverages Sector” by JLL, and quoting figures from Mordor …
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Abu Dhabi National Oil Company (Adnoc) has officially completed its acquisition of a 24.9 percent stake in OMV AG, a prominent energy and chemicals group based in Vienna, Austria. This strategic move, resulting from a deal with Mubadala Investment Company (Mubadala), marks a significant advancement in Adnoc’s global chemicals growth strategy and reinforces its status …
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In a significant move to stabilize its domestic fuel market, Russia announced on Thursday a six-month ban on petrol exports, starting from March 1st. This decision comes as the country, despite being the world’s third-largest oil producer, faces sporadic fuel shortages. The government’s statement indicated that the export ban is intended to ensure an adequate …
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In a significant move within the travel and finance industries, Emirates Skywards, the acclaimed loyalty program of Dubai’s flagship carrier Emirates, announced on Monday a multi-year strategic partnership with Visa, a global leader in digital payments. This partnership is set to revolutionize the way members of the Emirates Skywards program experience rewards, personalization, and digital …
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In a landmark move, ADQ, an Abu Dhabi-based investment and holding company, announced on Friday its plans to invest a staggering $35 billion (Dh128.5 billion) in Egypt, marking a new era of development and economic growth in the country. This substantial investment will be pivotal in transforming Ras El-Hekma, a coastal region in Egypt, into …
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In a dramatic shift from the norm, a graphics processing unit (GPU) by Nvidia Corp., known as the H100, released in 2023, has become a transformative force in the world of business and technology. This chip has not only catapulted Nvidia’s value by over $1 trillion but has also positioned the company as a pivotal …
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In a dazzling event in Barcelona, Spain, Xiaomi took the tech world by storm with the global unveiling of its latest flagship, the Xiaomi 14 Series. This launch, just ahead of the prestigious Mobile World Congress 2024, not only showcases Xiaomi’s commitment to global technology leadership but also marks a significant milestone in the company’s …
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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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