Erad, a financing platform based in Riyadh, has successfully raised $16 million (equivalent to SAR 60 million) in a Pre-Series A funding round. This investment will be used to accelerate the company’s growth and expand its operations in Saudi Arabia, as well as other regional markets. The funding round was supported by a number of...
As reported by MSN, Ahmad Jamal, the Regional Director of Artificial Intelligence Solutions at NVIDIA, stated that the UAE has made significant progress in establishing itself as a global and regional hub for artificial intelligence (AI). He highlighted that the nation has moved beyond merely investing in infrastructure and technologies to a phase where it...
Gold prices hit an all-time high today, driven by a weakened US dollar, rising trade tensions, and concerns over global economic growth, which have increased demand for the precious metal known as a safe haven. The price of gold in spot transactions rose by 1.3 percent to $3,270.12 per ounce at 03:19 GMT. Earlier in...
The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, has approved the launch of the first integrated regulatory intelligence ecosystem within the UAE Government. This initiative is designed to enhance legislative processes through advanced artificial intelligence, with the goal of creating a comprehensive legislative plan that integrates federal and local laws,...
The UAE Ministry of Finance has announced new tax regulations designed to stimulate economic growth by attracting more investments. These changes specifically target Qualifying Investment Funds (QIFs) and Qualifying Limited Partnerships, offering favorable tax conditions to encourage investor participation. Under the new framework, investors involved in QIFs will enjoy a preferential tax regime. Income generated...
Turkey’s exports to the Gulf Cooperation Council (GCC) region saw a notable increase in February, primarily due to a substantial rise in shipments to the United Arab Emirates (UAE). Exports to the UAE surged by 81 percent year-on-year, reaching nearly $600 million. This growth has pushed Turkish shipments to the Emirates in 2025 to approximately...
Absa Group Ltd., South Africa’s third-largest bank by assets, is set to open a representative office in Dubai next year. This move aims to capitalize on the increasing trade and investment between the Middle East and Africa. Yasmin Masithela, the chief executive officer of Absa Group Ltd.’s corporate and investment banking unit, announced, “We’re setting...
India’s manufacturing sector showed significant growth in March, reaching its highest expansion rate in eight months, driven by robust domestic demand. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 58.1 in March, up from 56.3 in February. This figure exceeded a preliminary estimate of 57.6 and remained well above...
The United Arab Emirates (UAE) has set a significant goal to enhance its non-oil foreign trade to AED4 trillion ($1.09 trillion) by 2031. This objective is a key element of the “We the UAE 2031” vision, which aims to diversify the country’s economy away from oil dependency. As part of this initiative, the UAE launched...
Indians working abroad transferred a remarkable total of $129.4 billion back to India in 2024, marking a significant milestone in remittance inflows. The October to December quarter alone saw the highest-ever inflows, amounting to $36 billion, according to recent data from the Reserve Bank of India (RBI). India remains the leading country in receiving remittances,...