United Arab Emirates

A Dubai school has issued a notice to parents alerting them to the dangers of a video game that their children might be playing. The note sent by GEMS Wellington Academy Silicon Oasis (GEMS WSO) said the survival game Fortnite, which is available on most devices that children use, is …

The private equity industry in the Middle East and North Africa (Mena) region has been facing challenging times in fund raising in recent years and the recent developments relating to Abraaj is expected to impact investor perceptions. Fund raising remained challenging for the private equity and venture capital business in …

Saudi Arabia, the UAE and Kuwait will announce soon an integrated programme to support Bahrain’s economic reforms and its fiscal stability, a joint statement from the three Gulf states said on Tuesday. The three wealthy Gulf states said they are in talks with the authorities of Bahrain to enhance the financial stability of the …

The Department of Energy in Abu Dhabi is moving ahead with the construction of a reverse osmosis independent water project at Taweelah that will become commercially operational by 2022, officials said on Monday. The department shortlisted twenty-five companies in the initial phase, out of which one developer or a consortium of developers …

Energy giants Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco will jointly invest in the development of $44 billion (Dh161 billion) Ratnagiri refinery and petrochemicals complex that is coming up in the western Indian state of Maharashtra. The two firms signed a framework agreement in this regard in New …

Middle East businesses are confident in the economic growth prospects for the year ahead and executives are willing to invest further in their businesses, according to the 2018 Global Business & Spending Outlook, a survey released today by American Express Middle East. The vast majority of respondents from the region, …

The co-chief executives of Abraaj Investment Management Ltd (AIML) are stepping down from the board as the company begins liquidation and a part sale of its fund management business to Colony Capital. Omar Lodhi and Selcuk Yorgancioglu will no longer serve as directors of the board of AIML, however, they …

The UAE and Kuwait are among the most vulnerable for cyberattacks among the Gulf Cooperation Council Council countries in the first quarter, according to a report by cybersecurity firm Trend Micro. Both these countries are rated first and second in ransomware and malware attacks, URL victims and URLs detected. The …

Offering a peek into the future of flying, Emirates has released a video of its newly installed virtual windows aboard its Boeing 777 aircraft, and many social media users are popping with excitement. The short clip, which was also shared by Dubai Media Office on Sunday, shows what the views …

An ultra-high-speed train that travels like a jet would significantly cut travel time between Dubai and Abu Dhabi to just about 12 minutes, from the current 90 minutes. This innovation, using a futuristic mode of vacuum tube-based transport, would lead to an estimated savings of $800 million in lost working …

Private schools in Dubai earned Dh7.5 billion in tuition fees in the current 2017-18 academic year — Dh700 million more than the Dh6.8 billion collected last academic year — a new report shows. The Dubai Private Education Landscape 2017/18 report, released by the Knowledge and Human Development Authority (KHDA) in …

Dubai Properties, a member of Dubai Holding, said on Saturday that it is drawing high interest for its upscale projects from investors and potential buyers in China. Over the past two years Chinese buyers have consistently ranked among Dubai Properties’ top ten buyer nationalities in terms of value, the company …

Saeed Mohammad Al Tayer, MD & CEO of Dubai Electricity and Water Authority (Dewa), met with Satya Nadella, CEO of Microsoft, in Washington, and discussed ways to enhance cooperation in quantum computing. Dewa and Microsoft will work together to explore the use of quantum computing in areas such as energy …

The UAE is committed to maintaining and accelerating its cooperation and coordination with the United Nations and other international organisations to boost humanitarian relief and contingency planning in Yemen, said Ambassador Lana Zaki Nusseibeh, UAE’s Permanent Representative to the United Nations in New York. Ambassador Nusseibeh made the remarks while …

OPEC ministers and their allied partners meeting in Vienna have agreed on oil production levels starting from July. Sources confirmed to CNBC that a deal has been struck, and the group will aim to restore about 1 million barrels per day (bpd) to the market. However, industry sources familiar with …

The UAE economy, which faced a more than anticipated slowdown in economic growth in 2017, is expected to bounce back from this year thanks to the higher oil prices and the various fiscal reforms packages announced by the government, according to economists. “The announced stimulus and structural reform measures comfort …

The UAE will grant a three-month general amnesty to foreign violators of the country’s residency laws starting from August 1, a senior official said on Thursday. Brigadier Saeed Rakan Al Rashedi, Acting Director General of Foreigners Affairs and Ports Department at the Federal Authority for Identity and Citizenship, told Gulf …

Mubadala Petroleum announced on Wednesday that it completed the acquisition from Italy’s Eni of a 10 per cent stake in the offshore Shorouk concession in Egypt as the subsidiary of Mubadala Investment Company aims to increase production to boost growth. Shorouk concession contains the Zohr gasfield, which is the largest …

It’s going to be an exciting summer for bargain hunters soon, as two separate shopping festivals scheduled to hit the malls in Dubai and Abu Dhabi will be offering discounts of up to 75 per cent to 80 per cent for several weeks. For 59 days, from June 21 to …

A new policy promising free limited visas to transit passengers could potentially allow visitors to stay in the UAE for nearly a week, and it’s not just good for the tourism sector but for the local economy as a whole. The UAE cabinet approved last week a decision to exempt …

Dubai Cares, part of the Mohammad Bin Rashid Al Maktoum Global Initiatives, has launched a new programme in Zimbabwe titled ‘WASH UP! Girl Talk’, in partnership with Sesame Workshop. The Dh3.4-million ($952,000) programme aims to empower primary school-aged children to practise and promote healthy water, sanitation and hygiene (WASH) behaviour, …

A new bachelor’s degree (BBA) in sports management has been launched by Canadian University Dubai (CUD), focused on the business and management aspects of the sporting industry. It is aimed at providing students with knowledge and skills centred on accounting, finance, economics, management, operations, supply chain management, marketing and the …

The UAE is one of the most advanced digital economies in the world, landing in the top 20 globally and first in the Arab world, according to the latest report. The new edition of IMD World Digital Competitiveness Ranking 2018 released on Tuesday, showed the UAE moving up in the …

The past four months have seen a steady trickle of news that has broken in to a full flood of revelations in recent weeks, concerning Abraaj Group’s funds, and allegations of poor corporate governance. Last Thursday, the former golden child of the regional private equity scene filed for provisional liquidation …

Ahead of the 174th (Ordinary) Opec meeting on Friday, Suhail Mohammad Faraj Al Mazroui, UAE Minister of Energy and Industry, released the following statement We are fast approaching the midway point of an important year for Opec and its partners. And with it, comes not only our June meeting — …

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, member of the Board of Trustees of Dubai Future Foundation and deputy managing director and Dr Ali Sebaa Al Marri, executive president of Mohammed Bin Rashid School of Government, have signed a memorandum of understanding (MoU) to enhance cooperation and empower …

In a major decision, the UAE on Monday announced a one-year residency visa and exemption from accumulated fines to citizens of countries affected by wars and natural calamities. The decision was cleared in a Cabinet meeting chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister …

Gold and diamond fans in Dubai have more than two weeks left to score some bargains at the jewellery counters across the city. The month-long “My Jewellery Season,” which is happening now until July 8, 2018 is offering consumers a chance to buy new ornaments at more than Dh1,000 to …

Jumeirah will eventually add one more hotel brand to its stable, chief executive Jose Silva declared in an interview with Gulf News, speaking to the press for the first time since taking over the top position in January. As the company enters its next phase of expansion, targeting global markets whilst …

Last week’s announcement that private firms would no longer have to provide a Dh3,000 bank guarantee to recruit each new employee is just the latest of a series of measures aimed at transforming the UAE’s economy. The packages announced this year are an indication that the objectives announced in a …

The Abu Dhabi Fund for Development (ADFD) has allocated an economic aid package of Dh11 billion ($3 billion) for the Ethiopian government to support sustainable socioeconomic development in that country. The purpose of the funding from the UAE’s leading national entity for development aid is twofold, said a press release …

Following the success of its first branch in the Burjuman shopping mall, Filipino fast food restaurant Pancake House says it now plans to open in Dubai Mall sometime in June. “It’ll be our first brand in Dubai Mall, showcasing what Pancake House is all about, to all nationalities, doesn’t have …

The tourism industry is expected to receive a boost from the latest in a long line of government measures intended to bolster the economy, experts and industry officials say. On Wednesday evening, the UAE Cabinet approved a decision to exempt transit passengers from all entry fees for the first 48 …

Following are the major changes adopted by UAE Cabinet during a meeting on Wednesday night chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai: AT A GLANCE: Major changes adopted by UAE Cabinet • UAE Cabinet announces …

The Abu Dhabi government decision approving a new model of private school — with annual fees capped at Dh30,000 — was applauded by parents in the capital, with many saying that the schools would provide an affordable alternative. When opened, the reasonably priced schools will be a source of relief …

The Executive Committee of Abu Dhabi Executive Council has approved the reduction of tourism fees from 6 per cent to 3.5 per cent and municipality fees from 4 per cent to 2 per cent. The committee also endorsed the reduction of municipality fees for hotel rooms from Dh15 to Dh10 …

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

The UAE’s Securities and Commodities Authority (SCA) is investigating whether any local investors are affected due to the current financial problems being faced by the private equity firm Abraaj, according to a top executive. Dubai-based Abraaj is currently facing allegations that investment funds were misused, specially that it commingled about …

The UAE’s financial markets are solid and will take off again in terms of liquidity and volume of trading due to positive indications from the government and an improvement in the economy, the chief executive of the Securities & Commodities Authority (SCA) said. “I am optimistic because of the incentives …

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday arrived in Jeddah. He is heading a UAE delegation to the quartet meeting called for by King Salman Bin Abdul Aziz of Saudi Arabia, to discuss ways to support …

A time to buy? Or a time to stay well away? There are no easy answers for investors keeping a wary eye on Turkey’s real estate market. Sure, the Turkish lira’s been taking a pounding (along with some of the other emerging market currencies), but the country’s property market had …

In 2016, the UAE approved the final design of the Hope Probe – the Arab world’s first interplanetary mission to Mars. Fast forward to 2018, and the final designs of the Hope Probe have been unveiled, as well as details of the Mars 2117 plan that aims to create the …

Gulf Capital plans to invest over $500 million (Dh1.8 billion) over the next two years in some key markets as part of its investment strategy, its chief executive officer told Gulf News in an interview. The Abu Dhabi based firm plans to invest $350 million in private equity and $150 …

If it looks like a duck, swims like a duck, and quacks like a duck, it’s probably a duck. And right now, this duck is looking a lot like an oil shock. In Brazil, a strike by truckers protesting the price of fuel brought the economy to a halt over …