Mashreq Bank has completed the sale of a majority stake in its digital payments platform, Neopay, for $385 million. A consortium formed by Turkey-based DgPays and Bahrain’s Arcapita Group Holdings Limited led the acquisition. While the majority stake is now owned by the consortium, Mashreq still holds a significant minority share. The bank emphasized its...
Dubai’s office property market is witnessing remarkable activity, with waiting lists for premium spaces growing rapidly. According to Gulf News, Indialand Group, led by founder Harish Fabiani, has made significant moves with a series of major acquisitions in the city. Just days after purchasing the Thuraya Telecommunications Tower in Barsha for Dh160 million, Fabiani acquired...
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, met with Muhammad Shehbaz Sharif, Prime Minister of Pakistan, on Sunday in Rahim Yar Khan, Pakistan. The two leaders discussed ways to enhance cooperation between their countries, particularly in economic, trade, and development sectors. The meeting emphasized the strong historical ties between the...
Dubai’s Roads and Transport Authority (RTA) is building 16.5 km of internal roads in Al Awir 1 as part of its efforts to enhance infrastructure in residential areas. The project aims to improve accessibility, reduce traffic congestion, and boost road safety while supporting Dubai’s urban growth. As part of the plan, a new entrance from...
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has announced a major housing initiative worth Dh5.4 billion aimed at supporting young Emiratis who are starting families. The project will see the construction of more than 3,000 new homes across Dubai, catering to both housing loan and grant beneficiaries. Under the plan, 1,181 homes...
Dubai has once again claimed the top regional position and ranked eighth globally in the Global Power City Index 2024, released by Japan’s Mori Memorial Foundation’s Institute for Urban Strategies. This marks the second consecutive year Dubai has achieved this milestone, making it the first city in the Middle East to earn such recognition. The...
Riyadh Metro has officially completed its six-line network with the launch of the orange line on Sunday. This milestone marks the end of a phased rollout that began in late November, according to the Royal Commission for Riyadh City. The orange line, running east to west, covers 41 kilometers between Jeddah Road and the Second...
Revibe, a UAE-based startup specializing in guarantee-backed refurbished electronics, has successfully raised $7m in its Series A funding round. The round was co-led by ISAI and Resonance, with additional backing from Kima Ventures and football star Edouard Mendy, Gulf Business reported. Launched less than two years ago, Revibe has quickly made a mark in the...
Tourism spending in Qatar saw a remarkable 38% increase in 2024, reaching QAR 40 billion, according to Qatar Tourism, as reported by the Qatar News Agency (QNA). The hospitality sector also achieved a significant milestone, exceeding 10 million hotel nights for the first time. The total number of visitors to Qatar climbed to 5,076,640 in...
Dubai International Airport (DXB) is gearing up for a record-breaking start to 2025, with an estimated 4.3 million travelers expected to pass through its terminals in the first 15 days of the year. January is set to be one of the airport’s busiest months ever, with daily traffic expected to peak on January 3rd, when...