Business and economics news in UAE and around the world.
In a move poised to significantly transform the global banking landscape, SWIFT, the renowned global bank messaging network, is gearing up to launch a groundbreaking platform designed to integrate the burgeoning wave of central bank digital currencies (CBDCs) with the existing financial system. This ambitious project, as disclosed to Reuters, is scheduled for rollout within …
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Xiaomi, a prominent Chinese electronics maker, is making significant strides in the electric vehicle market with its first EV, the SU7, touted as the “best looking, easiest to drive and smartest car” under 500,000 yuan ($69,424). This announcement from CEO Lei Jun, shared on his official Weibo account on Monday, marks a pivotal moment as …
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Dubai’s premier airline, Emirates, has taken a significant leap towards sustainable aviation by initiating the use of sustainable aviation fuel (SAF) for its flights departing from Amsterdam’s Schiphol Airport. This pioneering step, announced on Wednesday, marks the activation of the airline’s agreement with Finnish oil refining giant Neste, a deal that promises to transform the …
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In a significant move that highlights the United Arab Emirates’ (UAE) growing influence in global financial markets, four UAE banks have played a pivotal role in helping the Africa Finance Corporation (AFC) secure a substantial syndicated loan. The AFC, recognized as a premier infrastructure solutions provider in Africa, has successfully raised a staggering $1.16 billion …
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In a remarkable display of resilience, gold continues to defy the typically negative impacts of a strong dollar and rising yields, as highlighted by experts in the field. The precious metal has maintained its position as a ‘buy-on-dip’ market, challenging the expectations set by economic trends. The yellow metal’s performance was particularly notable in March, …
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In a strategic financial maneuver, the Government of Ras Al Khaimah has substantially increased its stake in RAK Properties, the emirate’s leading real estate company. The announcement, made this Tuesday, marks a significant shift in the emirate’s involvement in the real estate sector, raising its stake from a modest five percent to a commanding 34 …
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Abu Dhabi, the capital of the United Arab Emirates, has always been a hub of architectural innovation and urban development. In a recent landmark decision, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, has endorsed the initiation of the Yas Canal residential project in Al Raha Beach. This ambitious …
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The real estate sector in the Middle East is undergoing a significant transformation with the increasing adoption of Environmental, Social, and Governance (ESG) principles. This shift is reshaping urban landscapes and setting a new direction for the industry’s future. The initiative to integrate ESG factors into investment decisions, initially proposed by United Nations Secretary-General Kofi …
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The United Arab Emirates (UAE) is at the forefront of adopting artificial intelligence (AI) in the Middle East, propelled by several government initiatives, as revealed in an IBM study. The IBM Global AI Adoption Index 2023 has highlighted that a significant 65% of IT professionals in the UAE reported a marked acceleration in AI implementation …
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Parkin Company, making its highly anticipated debut on the Dubai Financial Markets (DFM) on Thursday, saw its shares closing a robust 35 percent higher at Dh2.84 per share. This impressive performance marked the company as the first in the UAE to go public in 2024, signaling a buoyant start for the region’s stock market. The …
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Lulu Group International, a renowned global retail conglomerate, is gearing up for a significant initial public offering (IPO) in the latter half of the year, aiming to raise $2 billion. This development has placed the company at the forefront of major financial movements in the retail sector. The company has brought on board a cadre …
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The UAE has witnessed a significant growth in its industrial exports, amounting to Dh70 billion over the past three years, under the guidance of the Ministry of Industry and Advanced Technology (MoIAT). Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, emphasized the ministry’s pivotal role in this achievement since its establishment …
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In the dynamic real estate market of Dubai, the value of highly sought-after villas has more than doubled in the past three years, outpacing the growth of apartment prices, according to recent data. The ValuStrat Price Index (VPI) for February registered at 164.1 points, marking a 23.1 percent annual increase, with villas reaching 206.1 points …
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Dubai’s luxury real estate market has witnessed a remarkable achievement with AHS Properties successfully selling 80% of its Dh3.1 billion Casa Canal Interiors by Fendi Casa project within just a few days of its launch. This extraordinary accomplishment underscores the high demand and prestige associated with luxury developments in Dubai. Casa Canal, a premium tower …
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The UAE Ministry of Finance (MoF) has initiated a digital public consultation to collect viewpoints from relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or the Global Anti-Base Erosion Model Rules (GloBE Rules). This consultation, which is open from March 15 to April 10, is accessible via the ministry’s website or the …
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