UAE shows support for Lebanon with landmark lights, large-scale relief campaign
Iconic UAE landmarks, including Burj Khalifa, have been illuminated in solidarity with Lebanon, while a large-scale humanitarian campaign collects relief aid.
International
Saudi Arabia invests heavily in Red Sea tourism with new mid-market projects
Saudi Arabia is diversifying its Red Sea tourism with new mid-market and budget projects, expanding beyond luxury.
Qatar writes off private-sector loans to fuel non-oil business growth
Qatar writes off SME loans to support non-oil economic growth, aiming to boost private sector viability and ease banking pressures.
UAE exempts crypto transfers, conversions from 5% VAT surcharge
The UAE exempts cryptocurrency transfers and conversions from VAT, effective from November 2024, with retroactive application from 2018.
Canada and India expel diplomats in escalating dispute over Khalistan activist assassination
Tensions between Canada and India escalate as both nations expel diplomats over the assassination of Sikh activist Hardeep Singh Nijjar, spawning questions over alleged Indian government links.
Dubai RTA’s auction raises 70 million dirhams with exclusive vehicle plates
Dubai's RTA raked in millions from its latest auction, with premium vehicle plates like AA17 fetching over AED8 million. The auction showcased rare plates, drawing bidders seeking symbols of prestige and individuality.
Al Maktoum International: Inside Dubai’s $35bn future-proof airport replacing DXB
Dubai’s Al Maktoum International Airport is set to become the world’s largest, replacing DXB within 10 years. With a $34.8 billion investment, it will handle up to 260 million passengers annually, transforming Dubai into a global aviation and logistics hub.
Saudi Arabia threatens $50 oil barrel market flood if Russia doesn’t cut production
Saudi Arabia has threatened to drop oil prices to $50 per barrel if Russia and other OPEC+ members fail to reduce production, potentially sparking a new oil price war.
Dubai Islamic Bank launches $500m sukuk with competitive 5.25% profit rate
Dubai Islamic Bank successfully issued a $500m Basel III-compliant AT1 sukuk at a 5.25% profit rate, marking the lowest global AT1 spread since 2009.
Saudi Arabia acquires 40% of Selfridges Group to drive European luxury retail interests
Saudi Arabia's Public Investment Fund (PIF) has acquired a 40% stake in Selfridges Group, partnering with Central Group, which holds the remaining 60%, to strengthen the luxury retailer's financial position and drive future growth.
