Business and economics news in UAE and around the world.
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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As the Eid Al Fitr holiday approaches, Dubai’s leading airline, Emirates, has announced the addition of 19 extra flights to cater to the anticipated travel surge. This expansion is a strategic move to accommodate more than 150,000 travelers expected to fly with Emirates during the festive period, enhancing connectivity across the region. Recognizing the significant …
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The United Arab Emirates is rapidly establishing itself as a leading destination for the global cryptocurrency market, despite a worldwide ‘regulatory winter’. Amid a period of explosive growth in the digital currency sector, with Bitcoin and other cryptocurrencies like Solana, Telegram’s Ton, and Cardano’s Ada significantly outperforming traditional markets, the UAE is attracting attention for …
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During the holy month of Ramadan in 2024, the United Arab Emirates has witnessed a significant surge in online shopping, with the average Ramadan online shopping basket leading the Middle East and North Africa (MENA) region. According to a report released on Thursday, the average order value (AOV) in the UAE stands at $102, the …
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The United Arab Emirates has made a significant leap in Kearney’s 2024 Foreign Direct Investment (FDI) Confidence Index, advancing from the 18th to the 8th position, as it continues to diversify its economy beyond oil. This rise positions the UAE as the Arab world’s second-largest economy and places it second in Kearney’s emerging market index, …
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National Bonds, a leading savings and investment firm, has announced an unprecedented return of up to 5.84% on saving bonds for the year 2023, marking the highest return in the company’s history. This significant announcement was made during a press conference on Tuesday, underlining the firm’s success and robust growth in the savings sector. The …
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AD Ports Group, a leading ports and logistics company in the United Arab Emirates, has signed a preliminary agreement with the General Company for Ports of Iraq to develop a significant port and economic zone in Iraq. This collaboration marks a major step in strengthening maritime and economic ties between the UAE and Iraq. The …
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Lunate, a global investment firm, has made a significant move in the energy sector by acquiring a 40% stake in ADNOC Oil Pipelines llc. This stake was procured from leading institutional investors BlackRock and KKR, marking a notable shift in the ownership of the prominent oil pipeline operator. ADNOC Oil Pipelines, a subsidiary of the …
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Aster DM Healthcare GCC, after its strategic separation from the India business, is setting its sights on becoming a healthcare leader in the Gulf Cooperation Council (GCC) region. Alisha Moopen, the managing director and group CEO, outlined the company’s ambitious goals in an interview with Khaleej Times on Wednesday. The decision to separate the GCC …
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In a critical move amidst fluctuating global oil prices, senior ministers from Opec+ have decided to maintain their current oil output policy. The decision was made during an online meeting of the Joint Ministerial Monitoring Committee (JMMC), a panel within the Organisation of Petroleum Exporting Countries and allies led by Russia, collectively known as Opec+. …
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Statevolt, an American battery manufacturer, has announced plans to establish a significant $3 billion manufacturing facility in Ras Al Khaimah. Named Statevolt Emirates, this venture is set to create up to 2,500 jobs at its expansive 60-hectare site located in the Al Hamra Industrial Zone, part of the Ras Al Khaimah Economic Zone (Rakez). Founded …
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The cryptocurrency Injective (INJ) is showing signs of recovery after recently dropping below the crucial $35 support level, reaching a monthly low. This turnaround in Injective’s trajectory can be attributed significantly to the involvement of crypto whales, who have recently demonstrated substantial interest in the asset. Currently, Injective is trading around $34, experiencing a correction …
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