Business and economics news in UAE and around the world.
Adnoc Distribution, a key player in the global energy sector, has recently confirmed a new five-year dividend policy, ensuring robust returns for its shareholders. This strategic move, along with the appointment of new board members, was approved by shareholders and aligns with the company’s commitment to a forward-thinking growth strategy, heavily underpinned by artificial intelligence …
Read more
In the ever-evolving world of cryptocurrency, a new trend has emerged with US spot Bitcoin Exchange-Traded Funds (ETFs) experiencing a dramatic surge in demand. This Tuesday marked a pivotal moment as the demand for these ETFs outstripped the daily new supply of Bitcoin created by miners by a staggering 614%. This data, revealed by Gayatri …
Read more
Fly Jinnah, Pakistan’s burgeoning low-cost airline, has taken another significant step in its expansion by inaugurating its second international route. This new service, linking Lahore in Pakistan with Sharjah in the United Arab Emirates, commenced operations yesterday, adding a new chapter to the airline’s growing network. This development comes shortly after Fly Jinnah initiated its …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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, …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more
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 …
Read more