Category: Latest Updates

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Cordish Gaming Group has named John J. Chaszar as the Executive Vice President and General Manager of its upcoming Live! Casino & Hotel Louisiana, a $270 million development set to reshape the gaming and entertainment landscape in Bossier City. Slated to open in early 2025, the project marks a significant milestone as

The UAE’s first regulated stablecoin has officially received the final green light from authorities, setting the stage for its anticipated launch across the country. This milestone marks a significant development in the UAE’s push to establish itself as a leading player in the global cryptocurrency market. With this approval, the stablecoin is poised to offer greater security and transparency in digital transactions, contributing to

Saudi Arabia and Kuwait have concluded a significant agreement aimed at eliminating double taxation on income, marking a notable advancement in bilateral economic cooperation between the two Gulf nations. This treaty, announced after extensive negotiations, underscores a mutual commitment to fostering trade, investment, and economic collaboration in the region.

The agreement, officially signed in Riyadh, addresses taxation challenges for individuals and entities operating in both countries. It is structured

The Al Dhafra Book Festival, hosted in the scenic Madinat Zayed Public Park from December 9 to 15, has become a vibrant celebration of literature and culture. Organized by the Abu Dhabi Arabic Language Centre under the Department of Culture and Tourism – Abu Dhabi, this year’s event promises an enriching experience with over 50,000 books on display and a curated lineup of 200 diverse events catering to

Three companies in the United Arab Emirates (UAE) have been granted official licenses to operate lotteries, a significant move as the country aims to regulate and expand its gaming sector. These operators are now the only entities legally permitted to offer lottery services, while other unauthorized operators face orders to cease their activities. This decision follows ongoing efforts by UAE authorities to ensure the integrity and transparency of

Saudi Arabia’s Savola Group, one of the country’s largest diversified holding companies, has announced plans to repurchase sukuk worth $229 million. This move is part of the company’s ongoing efforts to manage its financing costs effectively while optimizing its capital structure.

The company stated that the buyback would provide substantial benefits by lowering its debt-related expenses. Sukuk, which are Sharia-compliant bonds, have gained significant popularity in the Middle East

Dubai Police is offering an exciting and educational experience for teenagers this winter through its annual Winter Programme. Targeted at youth between the ages of 13 and 18, this initiative offers a diverse range of activities that aim to both entertain and educate the next generation of citizens. Starting December 11, 2023, the programme will continue until December 22, with 300 students enrolled from various emirates and nationalities.

Abu Dhabi’s Natural History Museum has unveiled an impressive collection of ancient treasures, including rare fossils that offer a glimpse into the planet’s distant past. The museum, which is fast becoming one of the UAE’s key cultural landmarks, showcases a wide range of specimens that span millions of years, including a fossil of a seven-million-year-old four-tusked Arabian elephant. This creature roamed the landscape of Abu Dhabi at a

Mubadala Investment Company’s assets have reached a staggering $330 billion, CEO Khaldoon Al Mubarak confirmed during the Milken Institute Middle East and Africa Summit. This significant figure underscores the firm's growing influence in the global investment landscape, highlighting its strategic expansion into various sectors worldwide.

As one of the largest sovereign wealth funds globally, Mubadala’s diversified portfolio spans sectors such as technology, healthcare, energy, and infrastructure. Al Mubarak emphasized

Saudi Arabia’s startup ecosystem is experiencing a significant surge in investments, with major moves in private equity, sportstech, and digital platforms. As the country continues to diversify its economy, efforts to boost innovation and entrepreneurial ventures have shown tangible results, with prominent regional funds securing notable commitments from key players.

One of the latest developments comes from Jada Fund of Funds, a prominent investment vehicle in Saudi Arabia, which

Autonomous vehicles are making strides in Abu Dhabi as driverless taxis, also known as robotaxis, operate on specific routes in the capital. The initiative, a collaboration between WeRide, a pioneering autonomous vehicle company, and ride-hailing platform Uber, has been launched on routes connecting Yas Island, Saadiyat Island, and Sheikh Zayed International Airport. Currently available for select bookings under UberX or Uber Comfort, this service represents a significant step

A group of 15 individuals has been charged in the UAE with orchestrating a sophisticated operation involving tax evasion and money laundering, amounting to an estimated Dh107 million. Authorities have uncovered the elaborate scheme, which spanned several years, and involved the deliberate manipulation of financial systems across multiple sectors. The accused face serious charges that include falsifying financial documents, illegal financial transactions, and laundering

Fortress Investment Group, a global investment firm backed by Mubadala Investment Company, has expressed strong interest in expanding its footprint in the Middle East. The firm, known for its private equity, credit, and real estate investments, is exploring new opportunities across the region as it seeks to capitalize on the growing economic diversification efforts of Middle Eastern countries. These efforts, led by a focus

The Louvre Museum, a cultural centerpiece in Paris, has announced that it will remain open every day until the end of December, including its usual closure day on Mondays. This adjustment is part of its celebration of the holiday season, accommodating the anticipated surge of visitors during this festive period.

Typically closed on Mondays and some public holidays, the Louvre has expanded its schedule to offer uninterrupted access. This

The Dubai Marathon is set to take place on January 12, 2025, offering a chance for elite athletes, casual runners, and families to take part in one of the region’s premier sporting events. Organized annually in the UAE's largest city, the marathon continues to attract competitors from all over the world, further establishing its reputation as a leading global race.

For 2025, participants will have the opportunity to select

The Liwa International Festival 2025 (LIWA 2025) will commence on December 13 in the Al Dhafra region of Abu Dhabi, running through January 4. The event, known for attracting motorsport enthusiasts from around the world, promises a captivating blend of high-octane motorsport competitions, cultural exhibitions, and family-friendly activities. With its strong focus on desert racing, LIWA 2025 is expected to offer unparalleled excitement for both competitors and spectators.

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The International Air Transport Association (IATA) reported a solid performance for global air travel in October 2024, with passenger demand rising by 7.1% year-over-year, as measured by revenue passenger kilometers (RPK). The increase in demand reflects the ongoing recovery in international and domestic markets, with significant improvements in passenger load factors and capacity utilization across several regions.

International air traffic saw a notable surge, up by 9.5% compared to

Dubai-based billionaire Hussain Sajwani’s Edgnex Data Centers has entered a joint venture with PPC Group, a major European utility, to build and operate a state-of-the-art data center in Greece. This collaboration comes with an initial investment of €150 million ($157 million), marking a significant step in Edgnex’s expansion strategy into the European data infrastructure market.

The partnership between Edgnex, a leading data center provider in the Middle East, and

Importers in the Gulf region can now easily access a wide range of products manufactured by India's Micro, Small, and Medium Enterprises (MSMEs) thanks to the launch of Post Office Export Centres (POECs). This new initiative, spearheaded by India's Ministry of Communications, aims to streamline the export process for MSMEs and provide global access to their products, specifically targeting markets like the Gulf, which

Aldar Properties has announced the acquisition of a Dh2.3 billion commercial tower located within Dubai International Financial Centre (DIFC). This development, which spans 40 floors, is set to be a significant addition to DIFC's vibrant commercial landscape. Slated for completion by 2028, the project will integrate office and retail spaces designed to attract both businesses and investors looking for prime real estate within one of the region's leading

Saudia, the Kingdom of Saudi Arabia's national carrier, has entered into a strategic Memorandum of Understanding (MoU) with Air France-KLM to expand its maintenance, repair, and overhaul (MRO) capabilities, marking a significant step in its aviation development goals. This partnership aligns with Saudi Vision 2030's emphasis on localization and technological advancement.

The agreement, signed in Riyadh, encompasses a range of collaborative efforts. Saudia will focus on localizing MRO services

Almoosa Health Company has announced the price range for its upcoming initial public offering (IPO) on the Saudi Exchange, setting the range between 123 riyals ($32.80) and 127 riyals per share. This strategic move positions the healthcare provider to potentially raise between SAR 1.63 billion ($434.5 million) and SAR 1.68 billion ($448.5 million), marking a significant moment for the kingdom's stock market. The company is pursuing a share

Aldar Properties, the prominent real estate developer from Abu Dhabi, has made a significant move to expand its footprint in Dubai by acquiring key commercial properties and planning landmark projects. These ventures underline Aldar's commitment to tapping into the growing demand for premium office spaces in one of the region’s most dynamic business hubs.

The acquisition of a commercial tower in Dubai International Financial Centre (DIFC), formerly owned by

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Brighton College Dubai has implemented strict limits on mobile phone use among its students, resulting in measurable improvements in their overall happiness. Over the past two years, the school reported a 15% increase in student satisfaction, attributing the shift to its policy of reducing screen time both during and after school hours.

This educational institution is part

QatarEnergy and Shell have finalized a major deal to supply liquefied natural gas (LNG) to China, further bolstering the energy ties between the two global powerhouses. The long-term sale and purchase agreement (SPA), which will see the delivery of three million tons per annum (MTPA) of LNG, is set to commence in January 2025. This deal, marking a significant step in energy cooperation, reflects

Qatar's Central Bank has introduced a groundbreaking framework to regulate digital banking, marking a significant step toward modernizing the nation's financial sector. This initiative aligns with the Qatar National Vision 2030 and is part of the broader Financial Sector Strategy for the 2024-2030 period. The framework is set to reshape digital banking operations, ensuring a balance between innovation and stringent regulatory oversight to foster financial stability and inclusion.

Koc Holding, one of Turkey’s leading conglomerates, has firmly denied reports suggesting it is in discussions regarding the sale of its stake in Yapi Kredi Bank to Qatar National Bank (QNB). The Turkish holding company, which controls a significant share of Yapi Kredi, clarified that no such negotiations have taken place, responding to growing speculation about a potential deal with the Qatari financial institution.

The

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Dubai will host the second edition of the Japan Kyoto Trade Exhibition in February 2025, showcasing Japan's innovative industries and fostering cross-border business opportunities. Organized by MAICO Enterprises Inc., a prominent Japanese trade organization, this event is set to bring together global businesses, investors, and policymakers in a celebration of economic collaboration and cultural exchange.

Scheduled from

Seef Properties has formalized its commitment to supporting female entrepreneurs through a strategic partnership with Ra’edat, a platform dedicated to empowering women in business. This collaboration aims to create avenues for aspiring and established female entrepreneurs by offering innovative retail opportunities within Seef Properties’ network. The agreement aligns with Bahrain’s broader efforts to nurture entrepreneurial talent and advance gender equality in the business sector.

The memorandum of understanding (MoU)

Saudi Arabia has unveiled the Jeddah Food Cluster, a groundbreaking initiative aimed at transforming Jeddah into a global hub for the food industry. Officially recognized by Guinness World Records as the largest food park in the world, this project spans 11 million square meters and is poised to attract SR20 billion ($5.3 billion) in investments.

Dubai’s event calendar this December is brimming with cultural activities, ranging from international musicals to world-class music festivals. The city’s vibrant arts scene continues to captivate audiences with a diverse lineup of performances that cater to a wide range of tastes. Notably, iconic shows like *Singin' in the Rain* and acclaimed international musicians are set to grace Dubai’s renowned venues, offering memorable experiences for locals and tourists alike.

The

Emirates, the largest airline in the MENA region, has voiced increasing frustration over ongoing delays and growing uncertainty surrounding the delivery of its Boeing 777-9X jets. The airline, which placed a substantial order for the aircraft, is concerned that the continued postponements could impact its long-term fleet strategy, and has called for clearer timelines and solutions from Boeing.

The 777-9X, an advanced version of the 777X series, was initially slated for delivery

Fuel prices in the UAE experienced a notable rise in November, with the price of Super 98, Special 95, and E-Plus 91 all increasing by 9 fils per liter compared to October. The increase has raised concerns among consumers, particularly in light of ongoing discussions about the global energy market and its impact on local economies.

The National Petroleum Marketing Company, which oversees fuel pricing

The Nationals Defaulted Debts Settlement Fund (NDDSF) has announced the exemption of 1,277 citizens from a combined debt of AED 401,791,000. This debt relief initiative is the result of a collaborative effort between the Fund and 18 banks, marking a significant milestone in the UAE's ongoing efforts to support citizens facing financial challenges. The initiative, which aims to alleviate the burden of unpaid debts,