United Arab Emirates

UAE Cabinet approves new housing units worth over $544 million in H1 2024

Sheikh Mohammed recently announced that the UAE has allocated AED32 billion for 34,000 housing units for nationals within the next six years

UAE gold prices dip, global rates rise on larger rate cut optimism

U.S. dollar declined by 0.15 percent to 103.05, making greenback-priced bullion more affordable for other currency holders

Ajman emerges as sought-after destination, rental transactions surge 49 percent to $619.93 million in H1 2024

The emirate's strategic location and quality of life make it an attractive hub for both residents and businesses

DIFC Innovation Hub, Ripple partner to accelerate adoption of blockchain technology in UAE

Partnership to provide the means to drive blockchain and crypto adoption amongst early-stage companies and scale-ups

Ferrari World Abu Dhabi launches world’s first Ferrari Esports Arena in Yas Island

The arena features 20 Grand Turismo simulators of which 17 are adult seats and three are for younger guests

Abu Dhabi’s IHC reports 46 percent rise in revenues to $11.35 billion in H1 2024

IHC continued to expand its balance sheet with a 37 percent rise in its total asset position to AED362.9 billion

e& and du paid $963.78 million in federal royalty to UAE government in H1 2024

The aggregate amount of royalty payable by the e& group in the first half of 2024 reached $748.43 million

UAE gold prices extend decline, global rates up despite stronger dollar

Markets are pricing in a 65 percent chance of a 50 basis point rate cut in September, the CME FedWatch tool revealed

Dubai’s Empower posts $368 million in revenues in H1 2024 with 10.3 percent growth over H1 2023

The company earned $116.52 million in profit before tax, a 6.3 percent increase from the same period in 2023

Top trending travel destinations on TikTok in 2024

Dubai is the most popular city on TikTok, with over 29.7 million posts

Abu Dhabi’s G42 boosts Arabic natural language AI with JAIS 70B, 20 more advanced models

Inception 70B is for Arabic NLP and accelerates Generative AI in customer service, content, and data

ADNOC, Japan’s Osaka Gas sign long-term LNG supply agreement for Ruwais LNG project

Agreement marks ADNOC's first long-term LNG deal with Osaka Gas, underscoring the long-standing energy partnership between the UAE and Japan

UAE non-oil sector’s business activity rises in July on improved supply chain conditions: PMI

International demand saw improvement with exports rising at the second-strongest pace in nine months

UAE funds transfer system transactions up 17 percent to $2.15 trillion in first five months of 2024

The value of cheques cleared using the ICCS reached AED544.4 billion, distributed over 9.33 million cheques during the first five months of 2024

UAE gold prices down, global rates up on rising U.S. rate cut bets

Japanese stocks rebounded sharply on Tuesday after their biggest single-day decline since the 1987 Black Monday sell-off in the previous session

Abu Dhabi’s IHC forms Rorix Holdings for global finance, trade facilitation

Rorix Holdings aims to accelerate trade volumes, attract foreign investment, and foster economic partnerships

Abu Dhabi’s residential rental contracts surge 102 percent to 49,135 in H1 2024

Al Ain City also saw substantial growth, with a 77 percent rise in rental contracts reaching 4,819 in 2024

GCC markets account for 53.9 percent of Dubai Chamber of Commerce exports, re-exports at $21.4 billion in H1 2024

Non-GCC countries in the Middle East region ranked 2nd, accounting for 23.9 percent of exports and re-exports

ADNOC Drilling, Alpha Dhabi JV to fully acquire EV Holdings for $45 million

EV Holdings is Enersol’s third acquisition and comes following the company's agreement to acquire 51 percent of NTS Amega (NTS) last week