Business and economics news in UAE and around the world.
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 …
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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 …
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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. …
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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 …
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Reportage Properties, a prominent real estate developer in the UAE, is set to host a special sales day at the Sofitel Abu Dhabi Corniche Hotel on Sunday, February 18. This event is poised to offer exceptional deals on the company’s vast array of local and international projects. In 2023, Reportage Properties achieved a remarkable sales …
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The UAE’s Golden Visa program is experiencing surging demand from European property investors, according to industry executives in Dubai. Many Europeans are purchasing properties in the emirate, primarily to take advantage of the 10-year residency offered by the Golden Visa. This growing interest is driven by the tax-free income, safety, security, and high returns on …
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The Bitcoin exchange-traded funds (ETFs) market, which has recently marked its first month of spot trading, is likely to see consolidation by the end of 2024, according to Steven McClurg, Chief Investment Officer at Valkyrie Funds. In a recent interview with Decrypt, McClurg predicted a decrease in the number of Bitcoin ETF issuers from ten …
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Honda, the renowned automobile manufacturer, has issued a recall for more than 750,000 vehicles in the United States. This recall addresses a critical issue where a faulty sensor could inadvertently trigger the front passenger airbags. The recall encompasses a wide range of models across both the Honda and Acura brands. Affected Honda models include the …
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OpenAI, the company behind the revolutionary ChatGPT, is making headlines again with its astonishing daily output of 100 billion words, as revealed by Co-founder and CEO Sam Altman. This remarkable feat is part of OpenAI’s broader ambition to reshape the future of chips and artificial intelligence (AI), which could potentially require a staggering investment of …
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In the early hours of Thursday’s trading session, gold prices in Dubai experienced a marginal dip, reflecting shifts in market sentiment and global economic factors. Data from the Dubai Jewellery Group indicated a subtle decrease in the price of 24K gold, opening at Dh246.25 per gram compared to Dh246.5 per gram at Wednesday’s market close. …
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In a decisive move to uphold transparency and accuracy in the real estate sector, Dubai’s Real Estate Regulatory Agency (Rera), an arm of the Dubai Land Department (DLD), has imposed a hefty fine of Dh50,000 on each of 30 real estate companies. This action comes in response to these companies’ failure to comply with established …
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Adnoc Distribution, a prominent player in the fuel and retail sector, has marked 2023 as a year of significant expansion, transformation, and sustained growth. The company surpassed its annual target by opening 41 new service stations across the UAE, Saudi Arabia, and Egypt, expanding its total network to 840 stations, including 597 in the UAE …
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Samsung, the global technology leader, is set to usher in a new era of mobile technology by equipping more of its flagship devices, including the Fold and Flip series, with cutting-edge artificial intelligence (AI) capabilities. Expected to commence in the first half of this year, this initiative marks a significant leap in Samsung’s product evolution. …
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Etihad Rail, the United Arab Emirates’ national railway network, has taken a significant step forward in transforming the country’s transportation landscape. On January 25, the rail service successfully conducted its first passenger journey between Abu Dhabi and Al Dhannah, marking the beginning of a new era in travel across the UAE. This initial route is …
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In a significant move to boost entrepreneurship in the UAE, Sharjah Publishing City Free Zone (SPC Free Zone) has introduced a game-changing initiative – the “Instant Licence Service.” This innovative offering is set to revolutionize the process of establishing businesses in Sharjah, providing a swift and cost-effective solution for business owners. The Instant Licence Service, …
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