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After losing his job as a cleaner in Dubai, Godfrey Mugunga, 33, found himself at the crossroads. With his back against the wall, the Rwandan took a leap of faith and entrusted his entire US$2,500 (Dh9,175) savings to Sky Media, an ‘earning app’ that promised a way out. The offer seemed straightforward: Watch a YouTube […]
UAE consumers and businesses have got a break from paying extra on their loans with the US Federal Reserve not raising the interest at its meeting today (June 14). This puts a pause on rate hikes after 10 increases since March 2022 – and which have been matched by the UAE Central Bank given the […]
The Ministry of Human Resources and Emiratisation (MohRE)Â has extended the deadline for imposing fines on non- subscribers to the Unemployment Insurance Scheme from July 1 to October 1. According to the ministry, employees have to mandatorily subscribe to the scheme, and failure to do so will result in a Dh400 fine. It is mandatory that […]
Dubai, 17 April 2023- In the past five years, global financial markets have been increasingly volatile, fueling traders’ fears and hindering their trading decisions as they gradually refrain from taking unnecessary risks. More recently, and starting 2023, the investment world has witnessed multiple shocks, leading to further turbulent markets. Market stakeholders,
– Purvi Munot, Co-founder & CEO, Sav Ramadan is one of the most generous, charitable, and holiest months of the year. And although we all want to be as giving as possible during this time, It is also the perfect time to reflect on our spending behavior and make a conscious shift towards more sustainable […]
Dubai, UAE, 28 March 2023 – Al Tamimi Investments (ATI), one of the UAE’s leading venture capital firms, recently lauded the government’s new decree establishing the Family Business Centre in the emirate of Dubai, saying the move underscores further the role of family-owned businesses in driving national economic growth and development. The company noted that […]
Abu Dhabi’s Economic Development Chairman Says A New Strategy Is Near : On Thursday, Mohamed Ali Al Shorafa, chairman of Abu Dhabi’s Department of Economic Development, said that the emirate is almost ready to reveal its new economic strategy as a whole. Abu Dhabi is “close to unveiling Abu Dhabi’s new economic strategy,” which will […]
Saudi Arabia is Set to Allocate $266 Million to Supply Chain Investors: The Kingdom of Saudi Arabia has made another significant move to up its economic game by introducing the Supply Chain Initiative. This move aims to place the country on a new level of financial and commercial development, reinforcing its place as one of […]
Saudi Arabia recently announced its intent to provide $400 in humanitarian aid to Ukraine to mitigate the effects of the ongoing war. This support follows significant accusations in Saudi Arabia for politicizing oil production after the proposed reduction by OPEC+ members. Why Did Saudi Arabia See the Need to Provide Humanitarian Support in Ukraine The […]
Days ago, the Saudi Arabian and Qatari governments reviewed a joint business strategy targeted at the private sector. Khalid Al-Falih, Saudi Arabia’s Minister of Investment, engaged members of the Saudi-Qatari Business Council on the progress made regarding establishing strong private-sector ties in both countries. The meeting was held in the headquarters of the
Bahrain Attracts $921 Million FDI in the First Nine Months of 2022 : Bahrain recently announced that it attracted $921 million in Foreign Direct Investment over the first nine months of this year. The Bahraini Economic Development Board (EDB) made a detailed announcement last week. This development comes after Bahrain recorded an $88 million revenue surplus in the […]
Saudi Arabia’s futuristic megacity, Neom, has announced its $1 billion ($3 billion) investment in the metaverse. The megacity’s subsidiary, Neom Tech & Digital (which has now rebranded to Tonomus), executed the investment. According to the company’s CEO, Joseph Bradley, a significant proportion of Neom would be dominated by robots and elements of the
Saudi Arabia has announced plans to invest heavily in the gaming industry. The investment will reportedly be funded through the Savvy Games Group, a company wholly owned by the Saudi Arabian Public Investment Fund (PIF). Earlier this year, the Saudi Arabian government launched the Savvy Games company as a strategy to boost the country’s presence in the […]
The UAE’s Ministry of Economy recently announced the launch of its third address after its Dubai and Abu Dhabi branches. However, this launch is particularly interesting because, unlike the other two addresses, the most recent one is a virtual branch based in the Metaverse. The Ministry announced this development at the recently concluded Dubai Metaverse Assembly.
The Central Bank of Bahrain (CBB) has announced its plans to test out a bitcoin payment solution with OpenNode, a crypto payment processor. The test is expected to be carried out through the bank’s regulatory sandbox. The Central Bank created the regulatory sandbox in 2017 with the aim that the sandbox will help the country’s fintech firms […]
Top officials from Saudi Arabia and India recently discussed establishing a Riyal-Rupee trade between India and Saudi Arabia. India’s Minister of Commerce and Industry, Shri Piyush Goyal, and Saudi Arabia’s Minister of Commerce, Majid bin Abdullah al-Qasabi, held the discussion. Both stakeholders held the meeting during Goyal’s two-day visit to the
Pure Health, an Alpha Dhabi subsidiary and one of the largest health platforms in the UAE, is set to make a $500 million minority equity investment in Ardent Health Services. The agreement’s details have been finalized, and conditions guiding both parties are subject to the US law where Ardent health services are based. What are the Specifications […]
Qatar Establishes Public Consultations for National Blockchain Blueprint : Qatar Establishes Public Consultations for National Blockchain Blueprint Like other countries across the globe, Qatar is making moves to strengthen its blockchain adoption. Last week, the Qatar Communications Regulatory Authority (CRA) launched a consultation to get public opinions and contributions
Bahrain Records a Ground-breaking $88 Million Revenue Surplus in the First Half of 2022 : Bahrain Records a Ground-breaking $88 Million Revenue Surplus in the First Half of 2022 Bahrain has recorded impressive records in the past year. Earlier this month, the Bahrainian government announced that it had surpassed its financial records for 2021. Bahrain […]
