Abu Dhabi’s Mubadala Investment Company has taken the lead as the world’s biggest spender among sovereign wealth funds in 2024. The fund deployed $29.2 billion last year, a sharp increase from $17.5 billion in 2023, according to a report by Global SWF, an industry tracker. This marks a significant shift, as Saudi Arabia’s Public Investment...
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02.01.202502.01.2025Business
Dubai Duty Free Hits Record Sales of Dh7.901 Billion in 2024
Dubai Duty Free has announced a record-breaking sales figure of Dh7.901 billion for the year 2024, marking a new milestone for the retail giant. A significant boost came in December, which alone achieved sales of Dh821.944 million, a two percent rise compared to the same month in 2023. December’s strong performance was bolstered by the...
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01.01.202501.01.2025Business
Abu Dhabi’s DoH Wins Global Startup Ecosystem Stars Award
The Department of Health – Abu Dhabi (DoH) has earned the prestigious Startup Ecosystem Stars Award 2024. Presented by the International Chamber of Commerce (ICC) in collaboration with the OECD and the European Commission, the award highlights DoH’s success in building a dynamic healthcare innovation ecosystem. The award ceremony, held in Paris on December 4,...
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31.12.202431.12.2024Business
UAE and Italy Strengthen Strategic Partnership in Key Talks
H.H. Sheikh Abdullah bin Zayed Al Nahyan, UAE’s Deputy Prime Minister and Minister of Foreign Affairs, recently spoke with Antonio Tajani, Italy’s Minister of Foreign Affairs, over the phone. The discussion focused on the strong friendship and strategic partnership between the UAE and Italy. Both ministers explored ways to deepen cooperation in various fields. They...
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31.12.202431.12.2024Business, Government support
UAE’s Big Steps Towards Clean Energy, Housing, and Infrastructure
The UAE has made remarkable progress in clean energy, housing, and infrastructure sectors, according to the Ministry of Energy and Infrastructure (MoEI). The country’s commitment to sustainable development and innovation is driving these advancements, as highlighted by Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, in an update shared by Gulf Today. In the...
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30.12.202430.12.2024Business, Investments
Al Buraimi Industrial City Secures 16 Investment Deals Worth OMR7.9 Million
Al Buraimi Industrial City, a key part of the Public Establishment for Industrial Estates (Madayn), has signed 16 new investment contracts in the second half of 2024. These agreements bring a total investment value of OMR7.97 million and mark a significant development for the industrial hub. The newly secured projects span a combined area of...
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UAE to Lead GCC with Strongest Economic Growth in 2025
The UAE is set to retain its position as the fastest-growing economy in the GCC in 2025, with a projected growth rate of 6.7%, according to KPMG’s latest CEO Outlook report. As reported by Khaleej Times, this marks a significant rise from the 3.8% growth expected this year. The growth is being driven by the...
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29.12.202431.12.2024Business
UAE Introduces New Law to Regulate Medicines and Pharmacies
The UAE has introduced a comprehensive new law to regulate medicines, pharmacies, and pharmaceutical businesses, aiming to enhance oversight and ensure safe management of medical products. Announced on December 29, the law applies to a wide range of items, including medical devices, pharmaceutical and healthcare products, dietary supplements, cosmetics, and biological products. It also covers...
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28.12.202428.12.2024Business, Investments
Abu Dhabi’s Astra Tech Unit Secures $500 Million Funding from Citi
Abu Dhabi-based FinTech company Astra Tech, through its subsidiary Quantix Technology Projects, has secured $500 million in funding from Citi. This asset-backed securitisation financing is among the largest ever for a UAE FinTech firm. According to The National UAE, the announcement was made during the Abu Dhabi Finance Week, where the company shared its plans...