Saudi Arabia economic outlook

Saudi Arabia’s oil production cuts to slowdown growth, says IMF outlook

The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia

HONOR pad XR image Honor

UAE: Honor 90 5G, Pad X9 now available, free gifts on offer

From July 17 to October 31, Honor 90 Series users can get a range of exclusive gifts from Honor Game Center, Themes and Game Manager

World Tourism Day 2023

Saudi Arabia’s PIF sets up company to boost tourism sector

The new company will invest in new tourism projects and develop attractive destinations in cities across the kingdom

Samsung Galaxy Z Flip5, Fold5 available for pre-orders in the UAE

Pre-orders now open for Samsung Galaxy Z Flip5, Fold5 in the UAE

The Galaxy Z Flip5 512GB is available for Dhs4,349 while the 256GB is priced at Dhs3,899

Oman Investment Authority

Saudi Arabia’s PIF to expand investment in Oman

The fund has signed an agreement with Oman Investment Authority aiming to invest in a wide range of asset classes and target industries

Amaala

Red Sea Global partners with Equinox for Amaala hotel

The hotel will comprise 128 keys, with a focus on sports, fitness, and lifestyle

UAE President’s brother Sheikh Saeed bin Zayed

UAE President’s brother Sheikh Saeed bin Zayed passes away

The Presidential Court declared a three-day official mourning period for Sheikh Saeed bin Zayed with flags flown at half-mast

Dubai properties DLD registers transactions worth $77bn in H1 2023 Image Dubai Media Office

Dubai properties: Transactions hit Dhs283bn in H1 2023; DLD reveals top 10 areas

Nine real estate projects worth Dhs4.06bn were completed in H1 2023, according to the Dubai Land Department

GCC central banks raise interest rates tracking US Fed move

GCC central banks raise interest rates in lockstep with the US Fed

GCC central banks normally change their interest rates in lockstep with the US Fed as Gulf countries’ currencies are pegged to the dollar

CBUAE revokes licence of an exchange firm

CBUAE raises interest rates after US Fed resumes rate hike

The US Federal Reserve raised its benchmark interest rates by 25 points to the highest level in 22 years

Masdar to co-invest in Germany’s EUR1.6bn Baltic Eagle wind farm

Masdar, Iberdrola to invest in Germany’s $1.8bn Baltic Eagle wind farm

The wind farm will have an anticipated annual production capacity of 1.9 terawatt-hours, enough to power 475,000 homes

Galaxy Z Flip5, Z Fold5

Samsung unveils new Galaxy Z Flip5, Fold5

From content creation on Galaxy Z Flip5 to seamless multitasking on Galaxy Z Fold5, this series of Galaxy foldables meets and exceeds the distinctive needs of today’s users

IHG to open Regent Jeddah in Saudi Arabia Imagew IHG

IHG to debut premium Regent Hotels & Resorts in Saudi Arabia

Set to open by mid-2024 in Jeddah, the property will be one of the first new generation Regent Hotels to open globally

Oman holiday

Oman announces changes to labour law: Highlights

The changes to Oman’s labour law have been brought about to further the country’s objectives set out in the Vision 2040 national agenda

DIB’s quarterly net profit jumps by 15% to $844m

DIB’s Q2 net profit surges to $844m on higher revenue

The Shariah-compliant bank’s total income reached Dhs9.3bn during the quarter, up 49 per cent from Dhs6.22bn the same period a year ago

Mudon development

Dubai Properties launches final phase of Mudon Al Ranim

The Mudon community is made up of villas and townhouses, along with retail amenities such as restaurants, shops, and health clinics

Dubai Government mulls implementation of Common Law in Free Zones Dubai Airport Free Zones Image Dubai Media Office

Dubai explores implementation of common law in free zones

This potential adoption aims to bolster the emirate’s appeal for investors and Dubai’s global competitiveness

Dubai Ferry to resume services to Sharjah Image RTA Twitter

Dubai Ferry to resume services to Sharjah

The marine transport service will run eight trips a day from Monday-Thursday, and six trips from Friday-Sunday

Dubai to host generative AI assembly in Oct GettyImages-1194176305

Dubai to host key generative AI assembly in October

The assembly will bring together public and private enterprises to engage in conversations on emerging technology and its potential

affordable luxury

Summer tourism trends: UAE travellers embracing affordable luxury, says report

The luxury travel market is experiencing significant growth, characterised by a preference for 5-star stays, premium economy or business class flights, and exclusive private tours

UAE traffic fine

UAE government revenue at $31bn in Q1 2023

The World Bank projects the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023 driven by robust domestic demand

SNB’s Q2 2023 net profit up 9% to $1.33bn

SNB’s Q2 net profit up 9% to $1.33bn

The bank’s net profit surged by 9 per cent to reach $1.33bn (SAR5bn) in the three months to June 30

Mubadala Energy, Pertamina to explore CCS

Mubadala Energy partners with Pertamina to explore CCUS

The deal facilitates knowledge sharing between the two entities while exploring potential joint investments in upstream projects

Dubai Sustainable Tourism Stamp 2023

Dubai Sustainable Tourism Stamp to recognise eco-friendly hotels in the emirate

The Dubai Sustainable Tourism Stamp by DET to showcase the hotel’s adherence to sustainable practices and environmental stewardship

Ooredoo mulls tower assets merger with Zain and TASC

Qatar’s Ooredoo, Zain, TASC in talks to merge tower assets

The three entities are proceeding with negotiations with the aim to sign definitive agreements in Q3 2023

Ellington Properties and Dutco to develop several residential projects in Dubai Image DUTCO Ellington Properties

Dutco, Ellington Properties to develop high-end residential projects in Dubai

The first phase of the collaboration will see the launch of two new waterfront projects in Dubai

Aldar hikes retail portfolio investment to $272m

Aldar increases investment in retail portfolio to $272m

The investment follows the completion of Yas Mall’s Dhs500m redevelopment plan

Man tests positive for MERS virus in UAE,

Man tests positive for MERS virus in UAE, WHO confirms

Abu Dhabi has increased monitoring for the virus to try to identify potential cases and raise awareness by hosting workshops