Business News

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Starting Thursday, the Central Bank of the UAE (CBUAE) has raised the interest rate on its certificate of deposits. This follows the US Federal Reserve’s decision to lift the American benchmark lending rate. Additionally, repo rate applicable to borrowing short-term liquidity from the central bank against certificates of deposits has also been increased by 25 […]

British engineering company Rolls-Royce has announced plans to cut 4,600 jobs over two years in an effort to make the business more profitable and dynamic. “It’s a horrible decision, never easy,” Rolls-Royce boss Warren East said, adding that the job cuts were necessary “if we want to be around for the next 100 years”. The […]

Umrah pilgrims are set to benefit from 24 extra flights between Dubai and Jeddah until June 24. The additional services by Emirates Airline will add another 10,000 seats on the busy sector. They can be accessed by travellers holding a valid Umrah visa. The extra seats will be on board the airline’s Boeing 777-300ER aircraft, […]

The UAE’s economy is showing positive signs of growth. That’s according to preliminary estimates by the Federal Competitiveness and Statistics Authority, which said the country’s real GDP grew by 0.8 per cent last year.   They say non-oil GDP grew by 2.5 per cent in 2017 and that there’s a very positive outlook for this […]

The Middle East’s homegrown online marketplace, Noon, has partnered with California-based e-commerce player eBay to give shoppers access to US and international products. This means shoppers in the UAE and Saudi Arabia can buy international products using their local credit cards and get them delivered to their homes. “Our partnership now combines this selection with our outstanding delivery and customer service […]

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