Business and economics news in UAE and around the world.
Azizi Developments, a prominent Dubai-based private developer, has embarked on an ambitious project to construct what will become the city’s second tallest tower. With an estimated cost of $1.5 billion (approximately Dh5.5 billion), this new addition is poised to further enhance Dubai’s reputation as a city of architectural marvels. Slated for completion in 2028, the …
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A new study by global management consulting firm Oliver Wyman has revealed a significant trend among GCC consumers: 87% of them prefer a mix of online and offline channels for their shopping needs. This blend of digital and physical shopping experiences reflects the evolving landscape of the retail industry in the Middle East and North …
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Zoho, a renowned global technology company, has made a significant mark in the United Arab Emirates (UAE) with a 43 percent revenue growth and a 29 percent increase in its partner network in 2023. The company’s notable progression is marked by an upmarket shift, attracting an increasing number of mid-to-large scale enterprises to its extensive …
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Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has reported a remarkable 45% increase in its net profit for 2023, achieving a record figure of Dh5.25 billion. This significant growth, up from Dh3.62 billion in 2022, is attributed to robust performance across all business segments and products. The bank’s net profit for the fourth …
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Dubai Islamic Bank, the largest Islamic bank in the UAE, has reported a remarkable 26 percent increase in its net profit for the year 2023, reaching a record Dh7.01 billion. This significant rise in earnings, up from Dh5.55 billion the previous year, has been primarily driven by a surge in non-funded income and a substantial …
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Dubai International Airport (DXB) has achieved a remarkable feat at the start of 2024 by ascending to the position of the world’s busiest airport in January, according to recent data from aviation consultancy OAG. This marks a significant climb for DXB, which recorded a total of 5 million seats in the month, surpassing the long-standing …
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Salik Company, the renowned toll gate operator in Dubai, has seen its shares reach unprecedented heights, marking a significant milestone in its financial journey. On January 19, the company’s shares hit an all-time high of Dh3.72 per share, buoyed by the announcement of two new toll gates in the city. This surge in share value …
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In a striking contrast to the global downturn in Foreign Direct Investment (FDI), the United Arab Emirates (UAE) has reported a significant surge in new foreign investment projects, according to the latest United Nations Conference on Trade and Development report. Despite an 18% global decrease in FDI inflows in 2023, the UAE has achieved an …
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In what is shaping up to be a landmark legal battle, Coinbase, the world’s largest publicly traded cryptocurrency exchange, is set to confront the U.S. Securities and Exchange Commission (SEC) in federal court on Wednesday. The core of the dispute revolves around whether the tokens traded on Coinbase’s platform are securities, subject to the SEC’s …
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The Billionaires’ Club: A Glimpse into the Fortunes of the Top 10 Richest in 2023 The year 2023 has been a rollercoaster in the realm of global wealth, showcasing a dynamic reshuffle among the richest individuals on Earth. As of October 2023, the top 10 wealthiest people present a fascinating mix of familiar titans and …
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In a recent statement on the sidelines of the World Economic Forum in Davos, Hussain Sajwani, the CEO of Damac Properties, one of Dubai’s leading property developers, forecasted a 5-10 percent increase in Dubai’s real estate prices this year. This projection reflects the continued strength and resilience of the city’s property market. Sajwani expressed his …
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Abu Dhabi National Oil Company (Adnoc), telecommunications leader etisalat by e&, and Dubai’s premier airline Emirates have made significant strides in the global brand arena, as reported by Brand Finance in their latest 2024 data. These three UAE entities have not only emerged as the most valuable brands in the UAE but have also seen …
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The Central Bank of the UAE recently disclosed its financial statistics, revealing a mixed yet stable economic landscape for the country. In November 2023, the money supply aggregate M1 witnessed a slight decrease of 0.2%, dropping from Dh799.3 billion at the end of October to Dh797.4 billion. This decline was attributed to a Dh4.9 billion …
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Apple, the tech giant known for its innovative solutions, has recently made a quiet yet significant update to its popular ‘Find My’ app. In a move that enhances the app’s functionality, Apple has increased the number of items users can track, doubling the limit from 16 to 32 devices as part of its iOS 16 …
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The Dubai Outlet Mall, situated on the Dubai-Al Ain highway, is gearing up for the bustling Ramadan and Eid retail season with a significant expansion of 3.8 million square feet. This timely expansion includes the addition of a cinema, a farmer’s market, and a LuLu hypermarket, enhancing the shopping experience for visitors. Completed in the …
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