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11 July 03:31 PM GCC, UK in talks to sign free trade deal by 2024-end
Mubasher: The Gulf Cooperation Council (GCC) is negotiating a free trade agreement (FTA) with the UK that could be signed by the end of 2024. The bloc’s Secretary-General Jasem Albudaiwi held a meeting with UK Trade Minister Jonathan Reynolds in …
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10 July 12:27 PM Saudi Arabia tops MENA's VC funding in H1-24 – Report
Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …
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10 July 10:34 AM Dubai Chambers, VFS Global sign MoU to improve access to global markets
UAE – Mubasher: Dubai Chambers has entered into a Memorandum of Understanding (MoU) with VFS Global, visa outsourcing and technology service provider for governments and their diplomatic missions, to boost trade and investment growth for …
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9 July 04:29 PM GCC’s project awards drop 20% YoY in Q2-24 – Report
Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …
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9 July 10:31 AM Ajman’s economic licenses grow 15% YoY in H1-24
UAE – Mubasher: The number of economic licences in Ajman rose by 15% year-on-year (YoY) to 37,755 during the first half (H1) of 2024. In H1-24, 3,000 new licences were issued, up 5% YoY, according to a report by the Department of Economic …
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8 July 04:31 PM Saudi Arabia, UAE make 82% of GCC’s oil exports to Japan in May 2024
Mubasher: Saudi Arabia and the UAE accounted for 82% of the GCC countries' total oil exports to Japan in May 2024, with their exports totalling about 53.69 million barrels. The GCC countries exported about 61.85 million barrels of crude oil to …
Blagoje Antić, Founder and Chairman of DHG Holding
8 July 12:45 PM Dubai real estate market records $2.1bn in 2024 sales
UAE – Mubasher: DHG Properties, a leading real estate development company operating within DHG Holding, noted that price growth in Dubai’s residential market accelerated with a notable increase from 20.30% in February 2024 to 20.70% last March. …
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8 July 11:46 AM Saudi Arabia ranks 3rd in EMEA 5G download speeds – Opensignal
Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …
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8 July 10:42 AM Riyadh ranks among world’s top 15 fastest-growing cities by 2033 – Report
Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …
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7 July 03:43 PM Ajman Bank integrates with Aani Instant Payment to foster innovation
Dubai – Mubasher: Ajman Bank collaborated with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), to integrate with the Aani Instant Payment Platform. This significant partnership reinforces Ajman Bank’s position as one …
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7 July 03:23 PM Abu Dhabi’s non-oil GDP up 59% in 10 years
UAE – Mubasher: The Abu Dhabi Department of Economic Development (ADDED) partnered with the Abu Dhabi Investment Office (ADIO) to organise the third edition of Al Multaqa quarterly meetings. The gathering provided the business community with …
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4 July 03:51 PM Egypt's construction industry to expand 8% annually until 2029 – JLL
Cairo – Mubasher: Egypt's construction industry, the largest in Africa and third largest in the MENA region, is projected to grow at a compound annual growth rate (CAGR) of more than 8% until 2029, according to JLL’s construction market …
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4 July 12:52 PM Abu Dhabi airports welcome over 22m travellers in 2023
UAE – Mubasher: Around 22.40 million travellers passed through Abu Dhabi's airports in 2023, including 11.10 million arriving and 11.30 million departing. The Indian subcontinent topped origins with about 3.20 million travellers, followed by …
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4 July 11:25 AM UAE’s PMI down to 54.5 in June
UAE - Mubasher: The UAE’s seasonally adjusted Purchasing Managers' Index (PMI) declined to 54.6 in June 2024 from 55.3 registered during May, according to the latest S&P Global PMI data. Non-oil private sector continued to retreat at the mid-point …
George Davis, Co-Founder and CEO of Fuse
2 July 03:04 PM UAE expected to achieve $30bn in FDI during 2024
UAE – Mubasher: The UAE is set to become a global business hub after recording the second-highest number of new foreign investments globally in 2023, according to Fuse Financial Technologies, a cross-border payments business in the Middle East for …
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2 July 11:19 AM Ajman’s GDP grows 6.25% in 2023
UAE – Mubasher: The gross domestic product (GDP) at current prices of the emirate of Ajman rose 6.25% to AED 36 billion in 2023 from AED 33.90 billion a year earlier. Ajman’s GDP at constant prices grew by 4.70% to around AED 32 billion last year …
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1 July 11:58 AM DIFC starts construction in 113,500 square feet development
UAE – Mubasher: Dubai International Financial Centre (DIFC) has commenced construction on DIFC Square, a major development project featuring three interconnected buildings with offices and retail units. DIFC Square will provide 600,000 square feet …
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1 July 10:41 AM Dubai unveils AED 25bn FDI incentive programme
UAE – Mubasher: Dubai announced a series of economic initiatives aiming to position Dubai as a top three global economic hub, including an AED 25 billion foreign direct investment (FDI) incentive programme over 10 years. The programme targets AED …
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30 June 03:57 PM TSFE partners with Fertiglobe, Scatec, Orascom Construction for green hydrogen project
Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) and Orascom Construction have signed an agreement with Norway’s Scatec and UAE-based Chemical industry company Fertiglobe to launch a green hydrogen project in at the port of Sokhna with a …
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30 June 03:34 PM Egyptian, French, Emirati consortium to launch EUR 7bn green energy project in Hurghada
Cairo – Mubasher: The Egyptian Red Sea Ports Authority (RSPA) and the New and Renewable Energy Authority (NREA) have signed an agreement with a consortium of France’s EDF Renewable and the Egyptian-Emirati company to produce green hydrogen and …
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27 June 01:34 PM Saudi Arabia participates in GCC-US trade, investment discussions
Riyadh – Mubasher: Saudi Arabia has participated in the GCC-US Trade and Investment Dialogue and the SelectUSA Investment Summit in Washington. The events focused on enhancing trade and investment cooperation between GCC countries and the US, …
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27 June 10:33 AM GCC asset management industry thrives amid reforms, technology adoption – Report
Mubasher: The asset management industry in the GCC has significantly improved due to positive regulatory reforms and government support, according to a report by Marmore MENA Intelligence, a subsidiary of Kuwait Financial Centre (MARKAZ). Over the …
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26 June 01:47 PM UAE participates in BRICS tourism ministers' Moscow meeting
UAE – Mubasher: The Minister of Economy of the UAE Abdullah bin Touq Al Marri has recently led the delegation to the gathering chaired by Russia, which holds the 2024 BRICS chairmanship focusing on multilateralism and inclusive development. The …
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24 June 10:04 AM Moody’s maintains Dubai Insurance’s ‘A3’ rating; outlook upgraded
Dubai – Mubasher: Moody’s Ratings has affirmed Dubai Insurance Company’s ‘A3’ insurance financial strength rating (IFSR). The rating agency changed the company’s outlook to positive from stable, according to a press release. DIN's outlook has …
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23 June 01:33 PM UAE’s economy to grow 6.2% in 2025 – CBUAE
UAE – Mubasher: The Central Bank of the UAE (CBUAE) expects the country's GDP to grow 3.90% in 2024 before accelerating to 6.20% in 2025. Non-oil GDP growth is projected to remain robust at 5.40% in 2024 and 5.30% in 2025, with hydrocarbon …