Economic News - Economic Times UAE

TerraPay Joins Forces with Al Ansari Exchange to Enhance Global Money Transfers

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 Soars with 5.7 Million Passengers in Early 2024

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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UAE Banks Report Robust Profit Growth in Q1 2024, Chairman Al Ghurair Highlights Economic Opportunities

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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Exploring UAE Student Residency Visa Options: Detailed Guide on Costs and Procedures

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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Dubai Financial Market Triumphs with 171% Profit Surge in Q1 2024

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 and VF Corporation to Open Over 300 New Stores in MENA and Southeast Asia

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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Ethena’s Impact on Bitcoin’s Bull Market: A Closer Look at the Driving Factors

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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Ethereum ETF Approval: A Mixed Outlook as SEC’s Decision Day Approaches

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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Fantom Foundation’s Sonic Validator Launch Spurs FTM Price Surge

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 Partners with Metaco and Ripple for Enhanced Crypto Custody Services

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’s Surge Fuels Speculation of Bull Run: Analysts Eye High Targets

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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UAE Banks Show Robust Growth with Dh500 Billion in Capital and Reserves

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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Terraform Labs Confronts SEC Accusations in $40 Billion Crypto Fraud Case

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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UAE Stock Market Flourishes with Dh6.5 Billion Inflow, IHC and Emaar Lead Gains

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 Pivots Strategy, Shelves Affordable Car Amid Chinese EV Market Pressure

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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