Business and economics news in UAE and around the world.
US-based crypto exchange Bittrex discontinues operations in response to increasing regulatory pressure. In a move reflecting the growing regulatory pressures faced by the cryptocurrency industry in the United States, Bittrex, a leading crypto exchange founded in 2014 by three former Amazon employees, has announced the closure of its US operations. The decision comes as the …
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FAB Boosts UAE’s Net-Zero Ambitions with Targeted Green Financing First Abu Dhabi Bank (FAB), the UAE’s largest banking institution, has announced its plans to provide green financing to high carbon-emitting sectors in order to support the country’s net-zero goals by 2050. The bank initially aims to finance sustainability-linked projects in three sectors – aviation, oil …
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Used car sellers in the UAE are experiencing higher selling prices and profits as demand for preowned vehicles continues to surge. The secondhand car market in the UAE is experiencing a remarkable trend as used car selling prices appear to outpace depreciation rates, driven by the continued surge in demand. This development implies that sellers …
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True Global Ventures invests over $24 million in Ledger, supporting the company’s global expansion and drive to become a leading consumer technology brand. True Global Ventures (TGV) has invested over $24 million in Ledger, the world’s leading digital assets and Web3 platform, enabling the company to pursue its global ambitions and enhance its position as …
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The UAE ranks first in the Middle East and third globally for foreign direct investment (FDI) confidence, according to Kearney’s 2023 FDICI Emerging Markets ranking. The United Arab Emirates (UAE) has been ranked as the leading emerging market for foreign direct investment (FDI) confidence in the Middle East and North Africa (MENA) region, according to …
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Abu Dhabi Global Market’s Registration Authority imposed a $3.8 million penalty on Half Moon Investments and its directors for failing to meet annual filing deadlines. Abu Dhabi Global Market’s (ADGM) Registration Authority (RA) has imposed a $3.8 million penalty on Half Moon Investments Limited and its three directors for failing to meet filing deadlines. The …
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In a surprising turn of events, the hacker responsible for Euler Finance’s $200 million exploit earlier this month has returned a majority of the stolen funds to the protocol. Following the return of the funds, Euler’s native EUL tokens saw a significant surge, with a 25% increase in value in the past 24 hours. The …
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In a bid to attract investment from local and international oil companies, Oman has announced the availability of three oil and gas concession areas, according to a statement from the Ministry of Energy and Minerals. The offering will be open between March 26 and June 25, as mentioned in the statement published on Twitter. The …
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In a stunning debut on the Abu Dhabi Securities Exchange (ADX), Presight AI’s shares skyrocketed to Dh3.5 within the first five minutes, a significant increase from the initial offer price of Dh1.34. This impressive performance echoes that of its sister company, Bayanat AI, which experienced a 277% gain on its first trading day and a …
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Gold prices in Dubai experienced a slight increase on Thursday morning, following the US Federal Reserve’s decision to raise interest rates by 25 basis points. The Fed also indicated that it might pause future rate hikes due to recent instability in the financial sector. As of 9:30 am UAE time, spot gold rose by 0.34 …
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Al Ansari Exchange, a leading currency exchange and remittance provider, is anticipated to list with a significant uplift on the secondary market, according to Mohammed Ali Yasin, a capital markets expert and adviser. In an interview with Khaleej Times, Yasin described Al Ansari Exchange as a strong growth story, highlighting the company’s impressive market share …
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Crude oil prices face the possibility of plummeting to $40 per barrel as financial market volatility exposes uncertainties in global supply and demand dynamics. Despite strong demand from China, the oil market is feeling the effects of a market selloff, which could lead to reduced consumer spending and a significant drop in oil demand. Some …
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Bitcoin’s recent price rally has been driven by Americans seeking a safe haven in the cryptocurrency, according to an analysis by Matrixport. The recent failures of several banks in the US have exposed the limitations of the fractional reserve banking system, leading investors to consider alternative options like Bitcoin. The analysis showed that American buyers …
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According to a recent report by Alpen Capital, healthcare spending by UAE residents is expected to grow by nearly one-third in the coming years. This is due to the rise in the aging population and an increase in lifestyle diseases. The per capita healthcare spending in the UAE was the second-highest in the GCC, standing …
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The European Central Bank (ECB) has gone ahead with its plan to raise interest rates by 50 basis points, in spite of the recent market turmoil caused by the collapse of Silicon Valley Bank (SVB) in the United States. The bank, which serves 20 countries that share the euro, has been increasing rates at a …
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