Business and economics news in UAE and around the world.
In a significant expansion of its flight schedule, Emirates airline is set to increase the frequency of its Dubai-Seoul route, adding three additional weekly flights to the South Korean capital. Starting February 19, the total number of weekly flights on this route will rise to ten, effectively augmenting the overall capacity by over 1,000 seats. …
Read more
Dubai Duty Free has achieved a remarkable milestone in 2023, recording its highest-ever annual sales of Dh7.88 billion ($2.15 billion). This impressive figure represents a 24% increase over 2022 and surpasses pre-pandemic sales in 2019 by 6%. The surge in sales is a direct reflection of the increased passenger traffic at Dubai International Airport throughout …
Read more
In a decisive regulatory action, the Dubai Financial Services Authority (DFSA), Dubai’s premier regulatory body for financial services and products, has imposed a significant fine of Dh5,023,375 ($1.36 million) on R.J. O’Brien (MENA) Capital Limited. The penalty was issued due to multiple violations of DFSA’s legislation, primarily centered around inadequate compliance systems and controls within …
Read more
The UAE’s insurance industry is demonstrating remarkable growth, as seen in the significant 9.6% increase in total assets within the first nine months of 2023. This surge has elevated the sector’s total assets to Dh131.6 billion by the end of the third quarter, marking an impressive Dh11.5 billion rise from the previous year’s figure of …
Read more
In a significant shift, Dubai’s property market in 2024 is seeing the emergence of the ‘1% monthly’ payment plan, increasingly becoming a popular option for buyers, especially in villa projects. This trend marks a departure from the traditional lump-sum payments of 10-20% every few months and is aimed at easing the financial burden on buyers …
Read more
Xiaomi unveils its first EV (SU7 Model), with ambition to be China’s Porsche or Tesla Xiaomi, the renowned Chinese consumer electronics giant, is set to make a grand entry into the electric vehicle (EV) sector. The company announced its plans to compete with industry leaders like Tesla and Porsche with its innovative car model, the …
Read more
Phoenix Group, a renowned technology conglomerate in the blockchain and cryptocurrency space, has announced its plans for an Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX). This marks a significant milestone as Phoenix Group will be the first privately owned crypto and blockchain entity to list on a Middle Eastern stock market. …
Read more
Galadari Automobiles, the exclusive distributor of Mazda in the UAE, recently hosted a unique service campaign for Mazda owners, offering complimentary vehicle inspections. This five-day event, conducted at three service centers across the country, was designed for Mazda vehicles purchased within the last two years. The campaign saw the participation of three Mazda experts from …
Read more
In a significant move towards sustainable transportation, Al Khoory Automobiles, a prominent distributor in the UAE, has formed a strategic alliance with Abu Dhabi’s Integrated Transport Centre (ITC). This collaboration marks a major step in introducing Yutong green buses into Abu Dhabi’s public transport network, aligning with the UAE’s ambitious Net Zero target by 2050. …
Read more
Dubai, the glittering city in the United Arab Emirates, is set to become a major beneficiary of the anticipated growth in global air travel, a recent study by Emirates NBD Research indicates. The city, known for its opulent lifestyle and towering skyscrapers, has steadily bolstered its aviation sector, emerging as a key driver of its …
Read more
In a significant stride towards enhancing its digital payment ecosystem, the United Arab Emirates has witnessed the launch of a groundbreaking instant payment platform, Aani. Developed by Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), Aani emerges as a pivotal element of the CBUAE’s Financial Infrastructure Transformation (FIT) program. …
Read more
The aviation industry, a vital global connector, is witnessing an impressive resurgence in the Middle East, as carriers in the region are projected to achieve a combined net profit of $3.1 billion in 2024. This marks a significant 4.8% increase from the estimated profits in 2023, according to the latest insights from the International Air …
Read more
In a fresh wave of enthusiasm, Bitcoin’s price recently jumped to $35,000, its peak since May 2022. A lot of the excitement is tied to the buzz about the possible green light for the very first spot Bitcoin ETFs in the US. But what’s all this talk about a “spot Bitcoin ETF”, and why does …
Read more
Abu Dhabi recently became a hub of technological immersion as Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) welcomed over 300 students from both UAE schools and MBZUAI into the captivating world of the metaverse. The occasion? The AI Armchair series, an innovative initiative aimed at demystifying artificial intelligence (AI) and making it more relatable …
Read more
In a remarkable testament to its growth and vision, Dubai’s private school sector has witnessed an unprecedented surge in enrolments for the 2023/24 academic year. With the enrolment rate climbing to a double-digit increase of 12%, this translates to an addition of over 39,000 students from the previous year. This impressive figure brings the total …
Read more