Business

The UAE and Mexico are working to boost trade and investment relations, with a focus on fostering partnerships between their private sectors.

Ethiopia was set to launch a stock exchange on Friday, the latest step in Prime Minister Abiy Ahmed's attempts to liberalise the struggling economy.

Facing a looming ban in the United States, TikTok's fate will be in the hands of the Supreme Court in a case being argued on Friday that pits free speech rights against national security concerns over the widely used short-video app owned by Chinese company ByteDance.

Nvidia criticized a reported plan by the Joe Biden administration to impose new restrictions on AI chip exports, saying that the outgoing US leader should not "preempt incoming President Trump" by enacting a last-minute policy.

During his participation at CES 2025 in Las Vegas, a premier global technology event held in Las Vegas, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has met with senior US officials and business leaders, as the UAE and the US continue to explore ways to strengthen their strategic cooperation in advanced technology and innovation.

ADNOC Logistics and Services plc on Wednesday announced the completion of its acquisition of an 80 per cent stake in Navig8 for $1.04 billion (AED3.8 billion), with a contractual commitment to acquire the remaining 20 per cent in mid-2027.

Donald Trump has announced a $20 billion (AED 73.4 billion) investment from Damac Properties to build data centres across the United States.

Meta Platforms has elected three new directors to its board, including Dana White, CEO of Ultimate Fighting Championship (UFC) and close friend of President-elect Donald Trump.

Abu Dhabi launched Abu Dhabi Registration and Licensing Authority (ADRA) on Monday, aiming to further enhance and regulate the business sector across the emirate.

The 2025 edition of Abu Dhabi Sustainability Week (ADSW) is set to take place from January 12 to 18 in Abu Dhabi, bringing together global leaders to accelerate sustainable development and advance socioeconomic progress.

For the second year in a row, Dubai has been ranked first regionally and eighth globally in the Global Power City Index 2024 issued by the Mori Memorial Foundation’s Institute for Urban Strategies in Japan.

Emirates marked a significant milestone on Friday as its first Airbus A350 entered commercial service, operating its inaugural flight from Dubai to Edinburgh.

President Joe Biden is set to ban new offshore oil and gas development across 625 million acres (250 million hectares) of US coastal territory, Bloomberg News reported on Friday.

Dubai welcomed 16.79 million international tourists during the first 11 months 2024 between January and November, an increase of nine per cent compared to the same period last year when the number of international tourists reached 15.37 million.

Dubai International (DXB) is on track to welcome 4.3 million guests in the first 15 days of the year, setting the stage for its busiest January yet.

US President Joe Biden has decided to officially block Nippon Steel's proposed $14.9-billion purchase of US Steel, a person familiar with the decision said on Friday, dealing a probably fatal blow to the contentious merger plan.

Abu Dhabi Global Market (ADGM) has announced a 50 per cent reduction of company registration fees for non-financial and retail companies within its jurisdiction, including Al Maryah and Reem Islands, while increasing fees for financial and tech companies.

Dubai’s real estate market had a record-breaking year, with new milestones being set throughout 2024, culminating in an all-time peak of 180,900 transactions worth AED522.1 billion, according to a report issued on Thursday by fäm Properties.

Abu Dhabi's Mubadala Investment Company accounted for about 20 per cent of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia's wealth fund amid a surge in spending from Gulf countries.

Dubai Duty Free completed 2024 with a record annual turnover of AED 7.901 billion ($2.16 billion) as sales surged towards the end of the year. 

The UAE's stock markets experienced substantial growth in 2024, driven by a robust economy, foreign investments, and IPOs.

Russian natural gas exports via pipelines running through Ukraine to Europe were halted in the early hours of New Year's Day as a transit deal expired and warring Moscow and Kyiv have failed to reach an agreement to continue the flows.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, reaffirmed on Tuesday the UAE will continue to increase its Comprehensive Economic Partnership Agreements (CEPAs) in 2025, targeting additional countries to maximise benefits for the UAE and its global trade partners.

Chinese stocks dipped on Tuesday, the final trading day of 2024, but were on track for their first annual gain following an unprecedented three-year decline, while Hong Kong shares also ended the year higher.

The UAE's GDP reached AED 879.6 billion in the first half of 2024, recording a 3.6 per cent increase, according to the Federal Competitiveness and Statistics Centre. 

The Department of Health – Abu Dhabi (DoH) has received the Startup Ecosystem Stars Award 2024, a global accolade run by the International Chamber of Commerce (ICC) Mind the Bridge in collaboration with the OECD and the European Commission.

Ukraine's leading mobile operator Kyivstar has signed an agreement with Elon Musk's Starlink to introduce direct-to-cell satellite connectivity, Kyivstar's parent company VEON said on Monday.

The General Civil Aviation Authority (GCAA) has launched the region's first digital platform dedicated to implementing the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

The 117th open auction for exclusive vehicle number plates in Dubai achieved total revenues of AED81.178 million, marking the highest proceeds in the history of Dubai's Roads and Transport Authority (RTA) auctions since their inception.

The UAE Government has issued a Federal Decree-Law to regulate medical products, the pharmacy profession, and pharmaceutical establishments.

President-elect Donald Trump has urged the US Supreme Court to pause implementation of a law that would ban popular social media app TikTok or force its sale, arguing he should have time after taking office to pursue a "political resolution" to the issue. 

The Department of Health – Abu Dhabi (DoH), in partnership with the Authority of Social Contribution - Ma’an, has awarded over AED19 million in grants to support advancements in groundbreaking fields such as cell and gene therapies, precision medicine, and advanced cancer treatments.

The UAE General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (GS-NAMLCFTC) and the Italian Guardia di Finanza on Friday signed a Memorandum of Understanding for a strategic partnership in the fight against the emerging financial crime threats.

President Vladimir Putin said on Thursday there was no time left this year to sign a new Ukrainian gas transit deal, and laid the blame firmly on Ukraine for refusing to extend the agreement that brings gas to Slovakia, the Czech Republic and Austria.

Dubai Finance (DOF) and PwC Academy, the talent and skills development arm of PwC Middle East, have announced a strategic partnership to introduce a new Tax Professional Certificate aimed at tax professionals working within Dubai’s government entities.

Chinese workers found at a construction site for a factory owned by China's electric vehicle producer BYD in Brazil's Bahia state are victims of human trafficking, Brazilian labor authorities said on Thursday.

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

The Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million ($40 million) to complete the financing of the Velana International Airport development project in the Maldives.

Iranian authorities have lifted a ban on Meta's instant messaging platform WhatsApp and Google Play as a first step to scale back internet restrictions, Iranian state media reported on Tuesday.

Kuwait's Council of Ministers has approved a new tax measure that will impose a 15% tax on multinational entities, effective January 1 of next year.

Indian-owned businesses are continuing to lead the list of non-Emirati entities joining the Dubai Chamber of Commerce.

Japan's environment and industry ministries on Tuesday finalised a plan to cut greenhouse gas (GHG) emissions by 60 per cent from 2013 levels by 2035, up from its 2030 goal of a 46 per cent cut.

Toyota plans to build an electric vehicle factory in Shanghai for its luxury Lexus brand, media reports said on Tuesday, at a time when many foreign automakers are struggling in China.

The Ministry of Finance (MoF) has issued updated Ministerial Decisions No. (301) and No. (302) of 2024, introducing significant amendments to Tax Groups and Participation Exemptions under Federal Decree-Law No. 47 of 2022 on Corporate Tax.

The Dubai Electronic Security Centre (DESC), in partnership with the World Bank Group, will host the Global Government Cloud Forum on January 21, 2025, at the Museum of the Future.

Honda and Nissan are in talks to merge by 2026, they said on Monday, a historic pivot for Japan's auto industry that underlines the threat Chinese EV makers now pose to the world's long-dominant legacy car makers.

A new hub dedicated to empowering young Emirati entrepreneurs has opened its doors at Dubai International Airport (DXB), as the UAE aims to bolster its youths' international presence. 

ADNOC Drilling has enhanced its operational capabilities by receiving two new jack-up rigs, set to become operational in the first quarter of 2025.

News Corp has agreed to sell its Australian cable TV unit Foxtel to British-owned sports network for A$3.4 billion ($2 billion) including debt, cutting the Murdoch-controlled media empire's exposure to a business up-ended by streaming platforms. 

Starbucks workers have expanded their strike to four more US cities, including New York, the union representing over 10,000 baristas said late on Saturday.

The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, has announced the 10 finalists for its One Billion Award, a $1 million prize considered the largest and most valuable award for content creators globally.

The Dubai Press Club has marked the successful completion of the first week of the "Economic Content Creators" programme, organised with the support of the UAE Ministry of Economy.

Dubai Electricity and Water Authority (DEWA) announced on Sunday that its nanosatellite, DEWA-SAT 1, has transmitted 2,690 megabytes (MB) of data related to DEWA’s work to the ground station since launch in January 2022.

Expo 2020 Dubai has reaffirmed its commitment to gender equality and women’s empowerment.

Expo 2020 Dubai and the United Nations Global Compact are joining forces to hold a Sustainable Development Goals Business Forum.

More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai.

A spectacular line-up of sights, sounds and tastes await visitors at Expo 2020 Dubai, through a series of specially curated itineraries.

Apple on Tuesday launched the iPhone 12 with faster 5G connectivity, which the company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.