By Saifur Rahman The number of mainland business license in Dubai jumped 26.8 percent to 217,788 companies in 2023, according to Dubai Chambers. “[The year] 2023 has been another year of landmark achievements for Dubai Chambers in which we furthered our commitment to serving our members’ interests. The record growth in the number of new member companies is a testament to our success in enhancing the competitiveness […]
Saifur Rahman Emirates Airline, the world’s largest international airline, placed firm orders for 95 additional wide-body aircraft worth US$52 billion (Dh190 billion) at list price, taking its total order book to 295 aircraft. Emirates has also updated its previous order of 30 Boeing 787-9s, increasing its commitment to a total of 35 Dreamliners comprising: 15 Boeing 787-10s, and 20 Boeing 787-8s. “Already the world’s biggest operator of wide-body passenger […]
Saifur Rahman The Dubai-based state-owned budget carrier, Flydubai signed an agreement with Boeing Commercial Airplanes to purchase 30 Boeing 787-9 Dreamliners, worth US$11 (billion Dh41 billion) at list price, as the airline diversifies its fleet with the introduction of wide-body aircraft. This is the first order for wide-bodied aircraft by Flydubai. Inducting wide-bodied aircraft will help Flydubai to carry more passengers per flight and could offer better […]
Saifur Rahman, Executive Editor State-owned Emirates Group — which includes Emirates Airline, the world’s biggest carrier of international passengers and its ticketing and ground handling subsidiary Dnata, reported a 138 percent jump in profits to a record Dh10.1 billion (US$2.7 billion), for the first half of the 2023-2024 financial starting from April 2023 till September 30, 2023, compared to Dh4.2 billion (US$1.2 billion) reported for the corresponding period […]
By Saifur Rahman The UAE Government revenue is expected to decline from Dh661.7 billion in 2022 to Dh623.8 billion this year, while the expenditure is slated to rise from Dh490.7 billion in 2022 to Dh524.6 billion this year, the International Monetary Fund (IMF) said in a latest report. The UAE economic growth rate is expected to decline to 3.6 percent this year, down from 6.9 percent in […]
By Saifur Rahman Investment Corporation of Dubai (ICD), an investment arm of Dubai Government whose portfolio includes Emirates Airline and Group, FlyDubai, Emirates NBD Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Ithra, Dubai Duty Free and other important assets, reported a 58 percent jump in revenue exceeding Dh267.4 billion (US$72.86 billion) in 2022, up from Dh98 billion (US26.7 billion) in 2021 with a record net profit […]
By Saifur Rahman Riyadh Air, the new Saudi Arabian carrier launched by the Public Investment Fund (PIF), said it will buy 72 Boeing 787 Dreamliners including 39 confirmed orders with 33 on options, just two days after the airline’s formal announcement. With an average price tag of US$240 million apiece, this announcement represents a value worth US$17.28 billion at list prices. Airlines, however extracts hefty discounts on […]
By Saifur Rahman A new airline, Riyadh Air, will soon take off to realise Saudi Arabia’s Vision 2030, it was announced by the Public Investment Fund, Saudi Arabia’s Sovereign Wealth Fund which is injecting US$100 billion in the Kingdom’s aviation and tourism industry that will help diversify the country’s economy and reduce its dependence on hydrocarbon. Riyadh Air will create a new passenger hub in the Kingdom’s […]
By Saifur Rahman More than half of the UAE’s active businesses are registered with various licensing authorities in Dubai, including Dubai Economy and Tourism as well as more than 20 free zones including Jebel Ali Free Zone, Dubai Airport Free Zone, Tecom, Dubai Multi-Commodities Centre (DMCC), etc. The number of active businesses has increased by 56,000 or 20 percent to 347,600 in 2022, according to a latest […]
By Saifur Rahman Dubai emirate’s state-owned utility, Dubai Electricity and Water Authority (DEWA), reported a Dh11.1 billion standalone net profit that includes the sales proceeds of its shares in district cooling subsidiary Empower. DEWA reported a 22 percent growth in consolidated net profit of Dh8 billion on Dh27.4 billion annual turnover, which was 15 percent higher when compared to 2021. This is the first time DEWA, which […]
By Saifur Rahman The International Monetary Fund (IMF) this week approved a 42-month credit line of US$4.7 billion including US$3.3 billion under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF), as well as US$1.4 billion under the newly created Resilience and Sustainability Facility (RSF). This approval enables the immediate disbursement of US$476 million. Bangladesh is the first Asian country to access the RSF. “The 42-month […]
By Saifur Rahman The total value of land and property sale and mortgage jumped 76.5 percent to US$143.86 billion (Dh528 billion) in 2022, from US$81.74 billion (Dh300 billion), in 2021, according to the Dubai Land Department, the emirate’s land and property registry. This is the first time the land and property transactions value crossed the Dh500 billion record and marks a new milestone in the history of […]
When Bangladesh came into being in December 16, 1971 after a nine-month bloody war, it was a nearly destroyed, looted and violated land filled with 75 million people cramped within 144,000 square kilometres with broken infrastructure, zero money in the exchequer and perhaps more devastating – no hope.
By Saifur Rahman Investment Corporation of Dubai (ICD), the investment arm of Dubai Government, reported a 1000 percent growth in net profits exceeding Dh14.8 billion in the first half of 2022, on Dh121.1 billion revenues reported in the same period that saw its assets value exceeding Dh1.14 trillion by the end of the first half of this year that reflects the strong growth witnessed by major businesses […]
By Saifur Rahman Saudi Arabia plans to build the world’s largest airport at a 57 square kilometre patch of land in the country’s capital city Riyadh that, once complete, will handle up to 185 million passenger annually. This will create the largest gateway to the Kingdom as it plans to attract greater number of international tourists to the new tourism and entertainment destinations currently being built in […]
By Saifur Rahman Abu Dhabi economy recorded 11.6 percent growth in the first half of 2022, compared to the corresponding period in 2021, according to a statement issued by the Statistics Centre – Abu Dhabi (SCAD), making it the fastest-growing economy in the world this year, as per available information. At the end of the first half of 2022, the real Gross Domestic Product (GDP) at constant prices exceeded […]
By Saifur Rahman Zimbabwe President Emmerson Mnangagwa on Wednesday broke ground to launch the US$500 million (Dh1.83 billion) Zim Cyber City – a state-of-the-art mixed-use hi-tech park at the outskirts of Zimbabwe’s capital city Harare – that is being developed by UAE-based diversified industrial conglomerate Mulk International. Sprawled across 2.5 million square feet, Zim Cyber City is currently under construction in Mount Hampden, New Harare. Mount Hampden’s master plan includes […]
OctaFX’s mobile trading platform was recognised as the best of its kind by public voting held by fxdailyinfo.com as part of its Forex Brokers Awards 2022. KUALA LUMPUR, MALAYSIA – Media OutReach – 26 May 2022 – The global broker OctaFX received the ‘Best Mobile Trading Platform’ award from the international Forex news portal fxdailyinfo.com. The winners in 27 nominations of the Forex Brokers Award 2022 were […]
By Saifur Rahman The UAE will invest more than US$6 billion in to Kazakhstan economy in the coming years, Askar Mamin, Prime Minister of Kazakhstan, said at a Kazakhstan Trade and Investment Forum held at the Expo 2020. Two sovereign wealth funds – UAE’s ADQ and Kazakhstan’s Samruk-Kazyna signed an agreement to develop a joint holding company on the sidelines of the day-long Kazakhstan Trade and Investment […]
By Saifur Rahman COVID-19 hit the Emirates Group, which includes world’s largest international airline Emirates and its ticketing and ground handling arm Dnata, with a US$6.0 billion (Dh22.1 billion) net loss in 2020-2021 financial year ending March 2021, compared with an Dh1.7 billion (US$456 million) profit for reported for 2019-2020 financial year. This is the airline’s first loss in more than three decades and the second annual […]
By Saifur Rahman Bilateral trade between Portugal and the UAE grew to US$394.20 million (€324 million) in 2020, up from US$358.3 million in 2019, according to a top official. This reflects the fact that the two-way trade between the two countries increased during COVID-19 pandemic. The volume of non-oil trade exchange between the two countries during the past 10 years amounted to about US$2.89 billion, while the […]
By Saifur Rahman Singapore’s Social Loan Company and Dubai-based Aafaq Islamic Finance announced a partnership to deliver mobile-first loan platform that could democratise and disrupt the US$90.91 billion (Dh333.88 billion) consumer credit market in the UAE. The partnership with The Social Loan Company (TSLC), a Singapore-based AI/ML-powered cutting-edge big data-driven credit enablement platform company, will help Aafaq Islamic Finance to set up a trend-setting non-bank, mobile-first loan platform to […]
By Saifur Rahman Dubai: Bilateral trade between Poland and the UAE has exceeded US$1 billion in recent years, making the UAE the top trading partner of Poland in the Middle East, according to a top government official. “Our total trade with the GCC countries exceeded US$4 billion in recent years (US$4.9 billion In 2019 and US$4.1 billion in 2020), making it the largest trading partner of Poland among […]
By Saifur Rahman Dubai Government has so far spent around Dh25 billion (US$6.81 billion) in developing the world’s first greenfield 5G-ready futuristic mini-city, Expo 2020 on a five square kilometre site, a top official said. This is about Dh5.84 billion (US$1.59 billion) or 19 percent lower than the original budget of Dh30.84 billion (US$8.4 billion) estimated at the planning stage in 2013. At the heart of the […]
By Saifur Rahman Emirates Group, which operates Emirates Airline — the world’s largest carrier of international passengers – reported a US$3.8 billion (Dh14.1 billion) loss in the first half of its 2020-21 financial year starting April 1 to September 30, 2020, with a 74 percent fall in revenues to US$3.7 billion (Dh13.7 billion), down from US$ 14.5 billion (Dh53.3 billion) during the same period last year, due to […]
By Saifur Rahman Finland, which is the world’s first country to develop a masterplan for sustainable zero-waste circular economy, will showcase the country’s expertise in this field at the World Expo 2020 that takes place in Dubai from October, 2020 till April 2021. A circular economy is an economic system that is aimed at eliminating waste and creates a carbo-neutral environment by the continual use of resources. Circular systems employ reuse, sharing, repair, […]
By Saifur Rahman Dubai: Emirates Group, which includes Emirates Airline and its ground handling and ticketing arm Dnata, reported an 8 percent growth in profits to Dh1.2 billion (US$320 million), despite a 2 percent decline in group revenues to Dh53.3 billion (US$14.5 billion) for the first six months of 2019-2020 financial year, starting April 1, 2019, compared to Dh54.4 billion (US$14.8 billion), during the same period last year, due to unfavourable […]
By Saifur Rahman Valletta, Malta: The Government of Malta is seeking greater ties with the Gulf countries and India, in order to accelerate its economic growth, highest among the European Union countries, a top official said. The country is also expected to make the best use of the World Expo 2020 in which it is preparing a three-pronged strategy to promote its culture, economy and heritage through […]
By Saifur Rahman Dubai Islamic Bank (DIB), the UAE’s first and largest Islamic lender, said, is set to acquire Noor Bank, enhancing Dubai’s position as the capital of Islamic economy and creating the region’s most powerful Shari’a banking group. The combined asset value is set to reach Dh275 billion post acquisition, it said. “The Board of Directors of Dubai Islamic Bank convened its meeting on 09/06/2019 and […]
