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Category: Economy
The United Arab Emirates (UAE) is set to enhance its renewable energy capacity to 14.2 gigawatts (GW) by the year 2030, as stated by Ahmed Al Kaabi, the Assistant Undersecretary for the Electricity, Water, and Future Energy Sector at the Ministry of Energy and Infrastructure (MoEI). He emphasized the UAE’s leadership role in the global...
Gold and jewellery shoppers in the UAE will not experience any additional costs due to the new VAT regulations issued by the Ministry of Finance last week. Customers will continue to pay the existing 5% VAT on their purchases, a rate that has been in effect since early 2018. This means that the recent changes...
On January 12, 2025, Dr. Amna bint Abdullah Al Dahak, the UAE Minister of Climate Change and Environment, participated in the 15th IRENA Assembly held in Abu Dhabi. During her address, she emphasised the UAE’s commitment to accelerating the global energy transition through collaboration, inclusivity, and strategic partnerships. In her remarks, Dr. Al Dahak reiterated...
The industrial sector in the UAE has experienced a notable increase in financing, bolstered by strong support from both government and private entities. This collaborative effort is essential for driving industrial growth and achieving the ambitious goals set forth in the “Operation 300 Billion” initiative. The financial support is crucial, as a well-funded industrial sector...
Abu Dhabi is preparing to host the third round of the UAE Formula 4 Powerboat Championship on January 18-19, 2025. This exciting event is organized by the Abu Dhabi Marine Sports Club and will take place on the picturesque waters of the Abu Dhabi Corniche. The championship will feature high-speed powerboats, showcasing both speed and...
Big Ticket is set to kick off 2025 with a thrilling range of prizes and promotions aimed at transforming lives. The highlight of this campaign is a grand prize of Dh25 million, along with weekly millionaire draws throughout January. As reported by Gulf News, this initiative is designed to create impressive opportunities for participants, making...
The Roads and Transport Authority (RTA) in Dubai has officially opened a new two-lane bridge on Sheikh Rashid Road. This bridge spans 605 meters and is designed to accommodate up to 3,200 vehicles per hour. The RTA aims to enhance traffic flow and improve connectivity in the area with this new infrastructure development. The bridge...
Egypt’s annual inflation rate dropped to 23.4% in December 2024, down from 25% the previous month, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). This decline was mainly driven by a 1.7% dip in food and non-alcoholic beverage prices, with vegetables showing the most significant drop of 14%. Other food items like...
Uzbekistan and the UAE have taken their partnership to new heights, forming a strategic alliance rooted in trust between their leaders, President Shavkat Mirziyoyev and the UAE’s leadership. This collaboration has sparked growth in trade, economic, industrial, technological, and cultural sectors. Investments from the UAE in Uzbekistan have been rising steadily, with $1.08 billion invested...
The UAE has introduced new value-added tax (VAT) rules for businesses dealing in gold, diamonds, and other precious materials. The Ministry of Finance (MoF) announced the update on Friday, which expands the ‘reverse charge mechanism’ to include traders in these sectors. Under this updated system, suppliers are no longer responsible for charging and collecting VAT...