business Featured Major Global Tech Outage Leads to Disruptions Across Multiple Sectors from Airlines to Banks… Major equities markets ended in the red last week, following a global tech outage that led to disruptions across multiple sectors from airlines to banks, raising questions about cybersecurity and interconnected / integrated ecosystems.
Dubai Featured UAE Golden Visa Eligibility Requirements Eased for Dubai Real Estate Investors UAE’s economy is forecast to grow by 5.7% YoY in 2024, according to the Undersecretary of the Ministry of Finance.
Dubai Featured UAE ‘Silver Visa’: 5-year Trade Licence and Visa Package… Dubbed a “silver visa” the start-up offer is available at a fraction of the price of golden visas, which can require significant financial investments.
SME News Featured Dubai’s Real Estate Sector to witness a price drop of 5-10% … Dubai’s real estate sector to witness a price drop of 5-10% in the next 12-18 months, given concerns of dampened buyer interest and lower demand alongside oversupply, in addition to increasing competition.
SME News The GCC’s interior ministers approved the unified GCC tourist visa … The GCC’s interior ministers approved the unified GCC tourist visa, which will enable and streamline travel across the GCC. This is expected to become operational between 2024-25.
SME News The Cairo Peace Summit condemned the Israel-Gaza conflict… The Cairo Peace Summit condemned the Israel-Gaza conflict but fell short of reaching an agreement calling for an end to the violence.
SME News Dubai launches major crackdown on economic crimes… Dubai has launched a new platform as it looks to crack down on money laundering, terror funding, bribery, forgery and embezzlement.
SME News Spinneys is planning an IPO in Q2 2024 … The company has 65 outlets in the UAE and operates 7 stores in Oman.
SME News Over 30,000 new businesses were registered at the Dubai Chamber of Commerce in H1 2023… Indian businesses account for more than 1/5th of the total (22%), followed by the UAE (4,445 firms) and Pakistan (3,395).
SME News BRICS Extended an Invite to Egypt, Iran, Saudi Arabia, and the UAE to Join the Group … This is the group’s first expansion in 13 years. Officially, the nations will join the group on January 1, 2024.
SME News DIFC added 661 New Firms and a Record 3,057 New Jobs in H1 2023… This brought the total number of firms in the Financial Free Zone to 4,949 and employees to 39,140 (+20% YoY).
SME News Sheikh Mohammed Announces Dubai Palm Jebel Ali Masterplan with 80 New Hotels, 110km of Coastline... Dubai has announced a master plan for Palm Jebel Ali, which will see 80 new hotels in development twice the size of Palm Jumeirah.
SME News Emirates and Etihad Major Ticket Change: Fly from either Dubai, Abu Dhabi on Single Booking This landmark agreement will provide travellers with additional itinerary options, thereby increasing tourism in the region.
SME News The Foreign Ministers of Saudi Arabia and Iran have Agreed to a Bilateral Meeting in the Month of Ramadan… The two ministers have spoken twice by phone and preparations will be underway to reopen embassies and consulates.
SME News The Earthquakes in Turkey Caused about USD 34.2bn in Direct Physical Damage… Additionally, physical damage amounted to about USD 5.1bn in Syria.
SME News UAE Accounted for 40% of VC Investments in the MENA Region… Venture capital funding in Saudi Arabia surged by 72% YoY in 2022 with investments touching USD 987mn across 144 deals, revealed MAGNiTT.
SME News Dubai Replaces UAE Visa Stamps with Emirates ID… The UAE visa will directly be linked to an individual’s Emirates ID with the sticker which details the residency and its validity.
SME News Dubai Suspended the 30% Municipality Tax on all Alcoholic Beverages … This has been described as on a 1-year trial basis and also announced that the personal liquor license fee has been scrapped.
SME News The UAE issued its Federal Corporate Tax Law… It will levy a headline 9 per cent rate on taxable income exceeding Dh375,000 ($102,000).
SME News The FIFA World Cup Arrives in the Middle East as a "Historic Milestone for All Arabs"… UAE launched its Tourism Strategy 2031 with an aim to raise the sector’s contribution to GDP to touch AED 450bn in 2031.
SME News Funding for Women-founded Startups in MENA Remains Difficult, Say Entrepreneurs… The gender bias continues unabated with all-male startup founding teams garnering 99% of the total $374 million investments raised in August.
SME News MENA Startups Witnessed a 260% MoM Increase in Funding in August… Most funded were fintech (68% of total), e-commerce and ad-tech firms.
SME News FIFA Estimates that Returns from the Qatar World Cup 2022 Could Reach USD 6bn… The best-selling match tickets were for Mexico-Argentina and Saudi Arabia-Argentina, both sold out.
SME News Female Entrepreneurship in the UAE Grew by 68% after Pandemic... Women entrepreneurship rose 54% in the educational sector, followed by wellness and fitness (50%), and healthcare (44%).
SME News UAE Increases Fuel Prices for the Fifth Time this Year... Fuel costs three times more than in Kuwait and is more than double the average in GCC members.
