Business and economics news in UAE and around the world.
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, …
Read more
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 …
Read more
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, …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
Tecom Group’s incubator in5 has reported a significant 25 percent increase in funding raised by its startups since its inception, highlighting Dubai’s growing role as a hub for nurturing homegrown innovation. The surge, amounting to Dh3 billion last year, underscores the heightened interest in the city’s burgeoning enterprises, propelled by government strategies aimed at enhancing …
Read more
In a significant boost to the UAE’s trade sector, DP World Trade Finance, in alliance with Etihad Credit Insurance (ECI), has provided over Dh1 billion in finance support within 12 months of their partnership. This substantial financial backing has particularly benefitted local SMEs, which historically have faced challenges in accessing trade finance solutions for global …
Read more
Alat, a Saudi industrial electronics company, is taking a significant leap forward in technology enhancement by forging partnerships with four global technology giants: Softbank Group, Carrier Corporation, Dahua Technology, and Tahakom. This strategic move, announced in a press release on Tuesday, aligns with Saudi Vision 2030’s goal of reducing emissions and transitioning to zero-carbon manufacturing. …
Read more
Analysts are maintaining a bullish stance on gold and silver, though the future direction of these precious metals hinges on greater clarity regarding upcoming US rate cuts. This week, gold prices showed signs of stabilization following a dip below a crucial support level, triggered by higher-than-anticipated US inflation data. This development has led to speculation …
Read more