Business and economics news in UAE and around the world.
The Dubai Financial Market (DFM) announced a significant boost in its financial performance for the first quarter of 2024, with a net profit of Dh95.6 million before tax, marking a substantial 171% increase compared to the same period last year. This impressive financial growth reflects the robust activity and investor confidence within the market. The …
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GMG, a prominent player in the retail and distribution sector, announced on Tuesday its ambitious plans for significant expansion in partnership with VF Corporation, a global leader in branded lifestyle apparel, footwear, and accessories. This strategic move builds upon a successful 12-year collaboration between the two companies and aims to extend VF’s brand reach across …
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The cryptocurrency world is witnessing an intriguing development, as expert Charles Edwards, co-founder of Capriole Invest, points out the potential role of Ethena Labs (ENA) in influencing Bitcoin’s (BTC) ongoing bull market. Despite Bitcoin’s recent volatility and its challenge in maintaining a steady position above the $70,000 threshold, Edwards believes that Ethena could be a …
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The investment world is abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) prepares to announce its decision on several applications for spot Ethereum Exchange-Traded Funds (ETFs). Amidst this uncertainty, industry leaders and financial experts are weighing in, offering both skepticism and hope for the future of Ethereum ETFs. A report from Barron’s …
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The Fantom Foundation has made a significant leap in blockchain scalability with the launch of its first validator using Sonic technology. This development marks a key advancement for the Layer-1 scalable network, promising to address longstanding issues related to blockchain scalability. The Sonic technology, built upon the foundation of the initial Opera network released in …
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BCB Group, known for providing business accounts and trading services in the crypto industry, has announced a strategic partnership with Metaco, a company owned by Ripple specializing in digital asset infrastructure technology. This collaboration aims to boost compliance, security, and operational efficiency in BCB Group’s digital asset custody operations. In a significant move, BCB Group …
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XRP, a major player in the cryptocurrency market, has recently seen a notable price surge, reigniting discussions about the potential of a long-awaited bull run. Trading at $0.6301, XRP has witnessed a significant increase in its market cap, now standing at $34.67 billion. This recent uplift in the digital currency’s value, marked by a 4% …
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In a significant financial milestone, banks operating within the United Arab Emirates have collectively reached an aggregate capital and reserves sum of Dh500 billion as of January 2024. This figure, released by the Central Bank of the UAE (CBUAE), indicates a substantial 13.3% year-over-year growth from Dh438.6 billion in January 2023, highlighting the robust health …
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As the high-profile trial of Terraform Labs and its founder Do Kwon nears its conclusion, attorneys are set to deliver their final arguments on Friday. The trial, a pivotal moment in the realm of cryptocurrency regulation, sees the U.S. Securities and Exchange Commission (SEC) accusing Terraform and Kwon of misleading investors before the dramatic collapse …
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In a remarkable week for the UAE stock market, an impressive inflow of nearly Dh6.5 billion boosted investor confidence, particularly in the real estate, financial, and banking sectors. This surge in market liquidity saw significant trading in both the Abu Dhabi and Dubai markets, with a total of about 2.3 billion shares exchanged over 113,600 …
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Tesla, the electric vehicle giant, has made a significant shift in its business strategy by canceling its plans for a lower-cost electric car, a move that deviates from its longstanding goal of making electric vehicles accessible to the masses. Three sources familiar with the matter and internal company communications, as reported by Reuters, confirm that …
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The world of multinational enterprises (MNEs) is undergoing a significant shift with the introduction of Pillar II, a regulatory framework designed to ensure a minimum tax rate of 15% on excess profits in each jurisdiction. This new regime targets MNEs with aggregated revenues exceeding €750 million and brings into play a complex set of rules …
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First Abu Dhabi Bank (FAB), the UAE’s largest lender, is actively exploring opportunities to expand its global presence, with Turkey’s banking sector being a key focus. According to a report by Bloomberg, FAB has shown interest in acquiring stakes in several Turkish banks, including Yapi Ve Kredi Bankasi, Turkey’s seventh-largest lender by assets. The potential …
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The HUAWEI nova 12s, a recent addition to Huawei’s renowned nova series, is capturing the attention of the smartphone market with its exceptional features. Designed for the ‘nova stars’ – a generation that thrives on social media and self-expression – this device showcases Huawei’s commitment to providing high-end technology to its users. The HUAWEI nova …
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The United Arab Emirates has made a significant leap in logistics and supply chain management with the launch of its first 5G Smart Warehouse, a joint venture between Huawei and a local carrier. This groundbreaking project, located in the Dubai South Freezone, represents a major step forward in the digital transformation of the UAE’s logistics …
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