Uae Financial News

The European Union’s executive commission has lowered growth its expectations for this year and next, saying the economy “has lost momentum” as inflation discourages consumers and higher interest rates deter borrowing for purchases and investment

The leader of the United Arab Emirates has toured the Dubai Air Show as a sanctioned Russian arms supplier displayed an attack helicopter used in its war on Ukraine

India has signed contracts to export about 500,000 metric tons of new season basmati rice to cash in on robust demand from top buyers in Europe and the Middle East, traders said on Wednesday. India annually exports more than 4 million tons of basmati — a premium long-grain variety famed for its aroma — to Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates and the United States, among others. Europe is another big market for the rice. After imposing a ban on non-basmati white rice exports in June to stabilize domestic prices, India set a floor price, or minimum export price (MEP), of $1,200 a ton for overseas sales of basmati in August. However, as the floor price hampered exports of the premium variety and saddled farmers with large stocks of new-season rice, the government last month cut the floor price for basmati exports to $950 per ton. Trade came to a standstill after the August decision, but the lowering of the floor price has breathed new life into basmati rice trade, the traders said. «There's been a great deal of interest in India's new basmati rice crop and so far we have signed export contracts for around 500,000 tonnes,» said Prem Garg, president of the Indian Rice Exporters Federation. «Normally we start getting orders for the new crop in September and October but the MEP of $1,200 a metric ton made it difficult for us to sign any deals,» he said. Indian traders have signed basmati export deals between $1,000 and $1,500 a metric ton, two exporters including Garg said. Turkey, Iraq and Saudi Arabia are top buyers of the rice so far this year, aid Vijay Setia, a leading exporter from Haryana, a top basmati rice producing state in the north. «Despite the MEP of $950 a metric ton, it looks like

Dubai International Airport this year will eclipse the pre-pandemic passenger figures in 2019, showing the strong rebound in travel after the coronavirus pandemic and lockdowns that grounded aircraft worldwide, a top official said Wednesday. The airport, the world's busiest for international travel and home of the long-haul carrier Emirates, has had 64.5 million passengers pass through its cavernous concourses through the third quarter of this year. That puts it on track to reach 86.8 million passengers for the full year, which would exceed its 2019 figure of 86.3 million passengers.

Loco and Rooter, are expanding operations beyond the domestic market as they prepare to take on the likes of YouTube and Amazon’s Twitch in foreign territories, people aware of the developments said. Loco, which is backed by investors like South Korean gaming giant Krafton and Indian gaming-focused venture firm Lumikai, quietly started testing its Arabic app in multiple West Asian countries a few months ago and, according to its cofounder Anirudh Pandita, plans to expand into Latin American countries next.

Aurelien Michel, the 25-year-old designer of “Mutant Ape Planet” NFTs, pled guilty to conspiring to commit wire fraud at the federal courthouse in Brooklyn, New York, on Tuesday.

One of the world’s biggest exporters of fossil fuels, the United Arab Emirates, is attempting to position itself as a leader in establishing global carbon markets as it prepares to host annual United Nations climate talks this month. Those efforts are coming under scrutiny as a company owned by one of the U.A.E.’s royal families prepares to secure rights to produce carbon credits from a giant expanse of African forest.

student housing market is booming, fuelling ample opportunities for growth and spurring expansion among existing players. Student housing operators including your-space, Zolostays and Curated Living are chalking up ambitious expansion plans as they target more than 50% growth in FY24, buoyed by robust demand from both domestic and international students. Curated Living intends to expand its current bed capacity by as much as 2.5 times by end-FY25 while Zolo Scholar, the student housing segment of Zolostays, is looking to double its portfolio by end-FY24. Your-space plans to close this fiscal with 15,000 beds, increasing it to 25,000 by the end of next year. Operators say a bevy of factors are driving the boom in purpose-built student accommodations (PBSAs): India’s young population, increasing enrolment in higher education, surge in students migrating to cities with a greater concentration of educational institutions, growing investor and developer interest, and students’ preference for quality, organised accommodation. Like in the case of 21-year-old Mohammed Ali who zeroed in on Ivy League House (Curated Living’s student housing brand) when he moved from UAE to Pune for studies.

Long-haul carrier Emirates has signaled it will hold off on a major purchase of Airbus A350 aircraft over concerns about their Rolls Royce engines, marking a major blow for the European manufacturer as it hopes to close the sale during the Dubai Air Show

As Israel unleashes one of the most-intense aerial bombing campaigns the Middle East has ever seen, leaders from the world’s top air forces are meeting in the United Arab Emirates to talk about almost anything that isn’t an airstrike

Long-haul carrier Emirates says it will buy Boeing Co. aircraft in a deal worth $52 billion

A Ripple executive has re-emphasized the need to adopt a technology-neutral approach for more effective and adaptable guardrails as global regulators grapple with cryptocurrency rules.

World’s Best Cities, Dubai retained its ranking among the top 10 cities, securing the sixth spot globally. In the midst of geo-political headwinds, trade protectionism, and supply chain disruptions, the UAE and Dubai have shown robust growth in economy, business and tourism. The report further states that Dubai does particularly well in wealth and prosperity measures that include business infra, number of startups, corporate HQs and regulatory access.

Singapore-based Crypto.com’s subsidiary has secured a Virtual Assets Service Provider (VASP) License from Dubai’s regulator for specified crypto service activities.

Crypto exchange Crypto.com’s Dubai entity was granted a Virtual Assets Service Provider (VASP) license by the city’s regulator, pending operational approval.

Bharat Mandapam (Pragati Maidan) is set to come alive as the India International Trade Fair (IITF) opens its doors on November 14, marking a significant annual event for the capital. Officials have revealed that this year's theme is «Vasudhaiva Kutumbakam — United by Trade,» emphasizing global unity through commerce. Trade Fair participants: With participation from 28 states and Union territories, IITF 2023 promises a vibrant display of diversity and business acumen until November 27.

UAE. The Singapore-headquartered transportation solutions enterprise, BoxcoWorld FZE, on November 1 inked a memorandum of understanding with Dubai-based global maritime major DP World to invest $28 million to construct a modern warehouse in the Jebel Ali Free Zone, a free trade zone in the UAE. The deal was signed by Abdulla Al Hashmi, COO of Parks & Zones, DP World, UAE Region, and Vir Kotak, Founder of BoxcoWorld. DP World is an multinational logistics company specialising in cargo logistics, port terminal operations, maritime services and free trade zones.

PTI reported. In an official statement, the DMRC said the entry tickets will be available at only 55 selected metro stations including Shaheed Sthal (New Bus Adda), Dilshad Garden, Shahdara, Inderlok, Netaji Subhash Place, Rohini West, Rithala, Noida City Centre, Mandi House, Kashmere Gate and Barakhamba station among others.

KuCoin, a global cryptocurrency exchange, has recently disclosed a survey report, “Into The Cryptoverse: Understanding Crypto Users in the UAE”, which is the 17th edition in its report series. The survey engaged 597 cryptocurrency investors from the UAE, providing vital insights into the indispensable need for trust, security, and crypto education. The findings also reinforce the UAE's emerging recognition as a cryptocurrency hub, with a remarkable 72% preference for Bitcoin among the respondents.

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While many participants in the crypto space continue to advocate for only a single blockchain, some believe that the future will be made up of multiple blockchains working with each other.