Business and economics news in UAE and around the world.
In a significant move that underscores the growing acceptance of cryptocurrency in legislative circles, the U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), a piece of legislation that seeks to redefine the regulatory framework for digital currencies. The bill, which passed with strong bipartisan support in …
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Japanese e-commerce titan Mercari has broadened its cryptocurrency offerings by integrating Ethereum (ETH) trading into its popular marketplace app, marking a significant expansion in its crypto services. The service, which became available to Mercari users on May 21, aligns with the company’s strategic push into the digital currency space, reported by Japanese media outlet CoinPost. …
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In a significant move to boost the adoption of electric vehicles (EVs) in the United Arab Emirates, the Ministry of Energy and Infrastructure (MOEI) has partnered with Etihad Water and Electricity (Etihad WE) to develop a government-owned electric vehicle charging network. This initiative marks a pivotal development in the country’s push towards sustainable transportation. The …
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Sarwa Digital Wealth, an online investment and trading platform, has been fined Dh449,881 by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) for offering securities without the necessary regulatory approvals. This penalty underscores the strict regulatory environment in the UAE and the FSRA’s commitment to upholding the laws that govern …
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As the United Arab Emirates (UAE) solidifies its corporate tax framework, businesses across the country are gearing up to meet upcoming registration deadlines set by the Federal Tax Authority (FTA). Enacted on June 1, 2023, the Corporate Tax (CT) law represents a significant shift in the UAE’s tax regime, affecting entities on the mainland, within …
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Gold prices in the UAE are on the brink of surpassing Dh310 per gram as geopolitical uncertainties and anxieties around US Federal Reserve interest rate decisions intensify. Analysts urge investors to proceed with caution given the metal’s recent surge to near-record highs. On Tuesday evening, the price of 24K gold in the UAE stood at …
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Dubai International Airport (DXB) has raised its passenger forecast for 2024 to a historic high of 91 million, aiming to surpass its previous record of 89.1 million passengers set in 2018. The revision, announced by airport officials on Tuesday, comes amid burgeoning growth in the aviation sector and a successful first quarter that saw unprecedented …
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The Dubai Land Department (DLD) has launched an ambitious initiative aimed at transforming the city into a leading global hub for real estate technology. Dubbed the Real Estate Evolution Space Initiative (REES), this groundbreaking endeavor is set to revolutionize the urban landscape, aligning closely with Dubai’s Economic Agenda D33. The initiative was announced as part …
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As Dubai continues to cement its status as a premier business hub, the demand for high-quality Grade A office space is significantly outpacing supply, driven by a slew of business-friendly reforms and a strong influx of foreign investors. According to a recent report by Savills for the first quarter of 2024, rental growth for these …
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The United Arab Emirates is poised to see its e-commerce market size more than double, soaring from Dh27.5 billion in 2023 to an impressive Dh48.8 billion by 2028. This projection comes from the latest edition of the “E-Commerce Report in the MENA Region 2023,” released by EZDubai in collaboration with Euromonitor International, a global leader …
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In an era dominated by digital transformation, the UAE’s payment landscape reveals a surprising trend: nearly three-quarters of all transactions still occur offline. This reality underscores a significant opportunity for growth in the digital payments sector, according to Marwan Nader, Director of Global Partnerships at PayerMax. Speaking at the sidelines of Seamless Middle East 2024, …
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In a significant development for global financial transactions, TerraPay, a leading global money movement company, has formed a strategic partnership with Al Ansari Exchange, the largest remittance and foreign exchange service provider in the UAE. This collaboration was announced at Seamless Middle East 2024, emphasizing both entities’ commitment to revolutionizing the remittance ecosystem through advanced …
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Etihad Airways has announced a significant achievement in its operations, having transported approximately 5.7 million passengers in just the first four months of 2024. This impressive figure was disclosed during a statement released by the airline on Tuesday, May 14, highlighting its performance and expansion efforts. In April alone, Etihad Airways carried over 1.4 million …
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In a recent media briefing, Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, announced that the UAE’s banks have seen substantial profit growth in the first quarter of 2024, surpassing last year’s figures and showing a remarkable 23 percent increase quarter-on-quarter. This significant growth is attributed to the thriving economic environment in the UAE, …
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Students planning to study in the UAE, whether incoming internationals or current residents beginning their university education, have multiple visa options available. The UAE offers various residency visas sponsored by educational institutions, parents, and for high-achieving students, the possibility to self-sponsor under the Golden Visa scheme for durations of five or ten years. Visas Sponsored …
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