As the second quarter of 2023 approaches its conclusion, companies across the Gulf region are preparing to release their financial results, which are expected to reveal a mixed picture of the economic impact stemming from the ongoing conflict in Iran. Particularly, many observers are indicating that banking institutions are likely to experience the most significant...
Mark Carney’s recent visit to Saudi Arabia underscores Canada’s strategic initiative to diversify its trade connections beyond its traditional reliance on the United States. As the global economy evolves, Canadian officials are increasingly recognizing the importance of nurturing relationships with emerging markets in the Middle East, particularly with Saudi Arabia, which stands as one of...
IBS Group has officially announced the launch of Naviq Technology, a new company focused on harnessing the power of artificial intelligence to radically transform the travel sector, including aviation, cruises, hospitality, logistics, and online travel services. This initiative, unveiled in Dubai on July 9, 2026, marks a significant step in the ongoing digital innovation journey...
In the fiscal year 2025-26, the total amount of workers’ remittances sent from the UAE increased by 8.6%, reaching an impressive $41.6 billion. This growth highlights the continued reliance and contribution of expatriate workers to their home countries, especially in a region where foreign labor is a significant part of the workforce. However, the monthly...
Dubai Taxi Company (DTC), a key player in the emirate’s transport sector, has announced its acquisition of National Taxi for AED1.45 billion (approximately $395 million). This strategic move is intended to consolidate DTC’s position in the competitive taxi industry of Dubai and enhance its operational capabilities. The entire acquisition is financed through newly arranged bank...
Bank of Baroda has reached a $600 million settlement pertaining to the high-profile case involving NMC Health, a major player in the UAE healthcare sector that faced a significant collapse. The agreement concludes a protracted legal dispute that has captivated stakeholders in the region, reflecting the bank’s strategic decision to mitigate further risks and potential...
In the second quarter of 2023, Saudi Arabia solidified its position as the busiest market for projects in the Gulf region, witnessing a remarkable surge in contract awards totaling $30 billion. This figure represents an extraordinary quarterly increase of 160.4%, underscoring the Kingdom’s aggressive economic initiatives and commitment to infrastructure development. The sharp rise in...
Keyper, a digital platform aimed at revolutionizing rental payments and real estate services in the UAE, has successfully raised $11 million in a Series A funding round. This financing was led by prominent investors including Speedinvest, Mashreq’s NeoVentures, MEVP, the Dubai Future District Fund, Property Finder, and several other notable entities in the region. The...
The global green hydrogen market is expected to show remarkable growth, with projections estimating the market will be worth approximately USD 188.9 billion by 2035. This growth trajectory represents a compound annual growth rate (CAGR) of 31.2% between 2026 and 2035, highlighting the increasing demand for sustainable energy solutions. According to a recent report by...
As the repercussions of the ongoing conflict involving Iran continue to permeate through the Gulf region, companies in several countries such as Saudi Arabia, Oman, the United Arab Emirates, and Qatar are preparing to report their financial results. Analysts predict a mixed bag of outcomes as businesses grapple with a multitude of challenges stemming from...