Economic News

Business and economics news in UAE and around the world.

 

Public-Private Partnerships Drive DEWA to Dh43.6 Billion Investment Mark

Public-Private Partnerships Drive DEWA to Dh43.6 Billion Investment Mark

Dubai Electricity and Water Authority (DEWA) has successfully recorded investments worth Dh43.6 billion over the past decade through public-private partnerships and collaborations with international investors and developers. This significant milestone is credited to DEWA’s innovative Independent Power and Water Producer (IPWP) model. The IPWP model, developed by DEWA, serves as a pioneering framework for public-private …
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UAE's Trade Reaches Dh4.61 Trillion in 2023 Amid Services Sector Boom

UAE’s Trade Reaches Dh4.61 Trillion in 2023 Amid Services Sector Boom

The UAE’s merchandise and services trade reached a substantial $1.258 trillion (Dh4.61 trillion) in 2023, maintaining almost the same level as the previous year. This achievement, driven largely by the services sector, was highlighted in a report by the World Trade Organization (WTO). Merchandise exports from the UAE dropped by 5 percent to $488 billion …
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Arif Patel Continues his Leadership in Dubai’s Energy and Finance Industry

Arif Patel Continues his Leadership in Dubai’s Energy and Finance Industry

Arif Patel is a famous businessman from Dubai who has done outstanding work in the energy sector. He is now one of the most recognized business pioneers who worked with many companies and supported their growth. Preston Trading is a well-known business that does mining, engineering, oil and gas exploration, and oilfield services. He started …
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Amol Awasthi Promotes Innovation and long-term growth in Dubai Market

Amol Awasthi Promotes Innovation and Long-term Growth in Dubai Market

Amol Awasthi is a well-known businessman who currently resides in Dubai. He has established and led numerous successful businesses all over the world in his 21 years of professional experience. Due to his big achievements and smart plannings during his career, he has become a renowned leader in the business world. Amol has a remarkable …
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DIFC Square Begins Construction on Massive Office and Retail Space Development

DIFC Square Begins Construction on Massive Office and Retail Space Development

Dubai International Financial Centre (DIFC) has commenced construction on DIFC Square, a landmark commercial project featuring three interconnected buildings. This development aims to significantly enhance the Centre’s real estate offerings by providing Grade A office spaces and retail units, addressing the growing demand in Dubai’s financial district. Kazim, Governor of DIFC, highlighted the importance of …
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Dubai Mortgage Market Surges to 14-Month High Amid Strong Property Demand

Dubai Mortgage Market Surges to 14-Month High Amid Strong Property Demand

Mortgage transaction volumes in Dubai have surged to a 14-month high, reflecting the sustained strong demand for property despite relatively high interest rates in the UAE. According to Property Monitor, May witnessed a significant 57.9 percent increase in mortgage transactions, totaling 3,359 loans. This marks the second-highest level on record, trailing only March 2023. Data …
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Indian SUV Maker Mahindra to Invest $1.4 Billion in EV Unit

Indian SUV Maker Mahindra to Invest $1.4 Billion in EV Unit

Mahindra & Mahindra Ltd., renowned for its robust diesel SUVs, is making a significant leap towards cleaner transportation by investing 120 billion rupees ($1.4 billion) into its electric vehicle (EV) business over the next three years. This substantial investment underscores the automaker’s commitment to advancing electric mobility. In a recent post-earnings call, Rajesh Jejurikar, CEO …
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UAE’s National Bonds Partners with DIFC’s DEWS Plan to Boost Wealth Creation for Over 40,000 Employees

UAE’s National Bonds Partners with DIFC’s DEWS Plan to Boost Wealth Creation for Over 40,000 Employees

National Bonds, the UAE’s leading Sharia-compliant savings and investment company, has announced its inclusion as an investment option within the DIFC Employee Workplace Savings (DEWS) Plan. This strategic partnership marks a significant milestone, as National Bonds continues to enhance its portfolio and reach a broader audience. This announcement comes at a time of notable achievements …
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Junior DIAMUN Empowers Students with Skills in Diplomacy and Global Citizenship

Junior DIAMUN Empowers Students with Skills in Diplomacy and Global Citizenship

About 100 students from various nationalities and five schools in Dubai recently immersed themselves in the world of diplomacy and international relations through the first edition of Junior DIAMUN, a simulated United Nations (UN) conference. This event, hosted by Dubai International Academy (DIA) Emirates Hills, was themed ‘Innovating Towards a Sustainable Future’ and aimed at …
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UAE's Wio Becomes One of Fastest 'Neo-Banks' Globally to Hit a Profit

UAE’s Wio Becomes One of Fastest ‘Neo-Banks’ Globally to Hit a Profit

The UAE’s digital-only bank, Wio, has achieved a remarkable milestone, recording a profit of Dh2 million in 2023, marking its first full year of operations. This significant achievement underscores Wio’s rapid ascent in the banking sector, as it has become one of the fastest neo-banks globally to reach profitability. The bank reported revenues of Dh266.4 …
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Meta's WhatsApp Testing AI-Generated Profile Photos

Meta’s WhatsApp Testing AI-Generated Profile Photos

Meta’s popular messaging platform, WhatsApp, is on the verge of introducing a revolutionary feature that allows users to set AI-generated images as their profile photos. This development is aimed at providing a creative alternative for individuals who prefer not to use their personal photos. This new feature, which was first reported by WABetaInfo, has been …
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Record-Breaking Penthouse Sale in Burj Khalifa District

Record-Breaking Penthouse Sale in Burj Khalifa District

In a landmark deal, Omniyat, a renowned private luxury property developer, has announced the sale of a penthouse for Dh139 million ($37.8 million) in the prestigious Burj Khalifa district. This sale sets a new record for the most expensive property transaction in the area. The lavish four-bedroom penthouse is located at The Lana Residences, part …
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UAE Banks Achieve Record High Consumer Trust in 2023

UAE Banks Achieve Record High Consumer Trust in 2023

Consumer confidence in the UAE banking sector reached an all-time high of 90 percent in 2023, up from 84 percent the previous year, demonstrating the sector’s commitment to excellence, rapid digital transformation, and innovation. This remarkable trust score places the UAE above the global average and ahead of many leading international financial centers, highlighting its …
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Swarm Markets: Bridging the Gap Between DeFi and Traditional Finance

Swarm Markets: Bridging the Gap Between DeFi and Traditional Finance

Wall Street Meets Blockchain: How Swarm Markets Blurs the Lines Between DeFi and Traditional Finance Swarm Markets (SMT) is transforming the financial landscape by offering a unique platform that combines the innovation of Decentralized Finance (DeFi) with the regulatory framework of traditional finance. Here’s a closer look at what makes Swarm Markets stand out: A …
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