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2 weeks ago
The UAE, Saudi Arabia and Qatar are planning a joint bid to host the Rugby World Cup in 2035, according to a report in The Times newspaper. In an interview with the London-based newspaper president of Asia Rugby Qaid Al Dhalai said the Gulf nations are considering a joint bid to create “the most successful event in the history of rugby” in either 2035 or 2039. Although no official bid has been launched, The Times report said the sports governing bodies would consider a multi-country host offering as seen in the football World Cup. UAE, Saudi and Qatar mull joint Rugby World Cup bid Al Dhalai told The Times: “As our leaders in the Gulf believe, nothing is impossible. I foresee this as something that might happen in 2035. “I don’t want to underestimate other bids, and I believe South Africa and other European countries might be interested as well, but if World Rugby worked hard on this with a solid plan it might happen in 2035. “I’m in favour of a multi-city hosting model, not a single host. That’s proven to work in soccer. They have done it since 2002 when Japan and Korea hosted, and are doing it again in Mexico, USA and […]
2 weeks ago
Shipments of popular perfume brands from the UAE and Saudi Arabia are getting caught up in the new US tariff rules imposed on imports into that country. It comes at a most inopportune time for these Gulf perfume businesses as ‘Arabic fragrances’ have been building a fairly niche share of the US market. But it’s starting to get a bit difficult this week. “Our latest shipments to the US are held up at the Memphis airport,” said Jimmy Chacko, CEO of Dubai-based Hekayat Attar & Jimmy Aventus. “The US customs said they were awaiting instructions for the new tariffs, announced by President Trump on Wednesday. “But the shipments – totaling around 2,000 kilos – are yet to be cleared.” Some of the other leading UAE and Gulf fragrance brands confirmed that things are changing with the 10% tariff the US has announced on UAE and Saudi Arabia. Where possible, they plan to place only a minimal increase on their US retail prices. “As with the ‘Dubai chocolate’ phenomenon, the ‘Dubai fragrance’ too has been getting a lot of interest from US shoppers, especially for the premium- and super-premium labels,” said a Dubai-based perfume brand. “Hopefully, the 10% import duty will only have a minimal […]
2 weeks ago
Seven UAE-based entities, including Capital Tap Holding LLC and Horizon Advanced Solutions General Trading LLC, were hit with US sanctions related to Sudan on January 7. The sanctioned companies are: Following the announcement, the UAE launched its own investigation into the entities and associated individuals, requesting further information from US authorities to support the probe. Authorities have also requested additional information from the US to support the ongoing inquiry. The Ministry of Justice affirms that none of these seven companies hold a valid commercial license in the UAE, nor do they conduct any business activities within the country. The relevant authorities continue to monitor all potential suspicious activities in accordance with the laws of the UAE.
2 weeks ago
Abu Dhabi Municipality completed major development projects worth over Dh 4 billion in 2024, contributing to its goal of becoming the Middle East and North Africa’s most livable city, according to global indicators. The Department of Municipalities and Transport (DMT) announced these achievements, highlighting a year of significant progress and innovation. The Department of Municipalities and Transport (DMT) highlighted its key achievements for the year, marking significant progress and innovation in Abu Dhabi. The department successfully delivered a variety of strategic projects, with a total value of AED 4 billion, aimed at benefiting all segments of society as part of its comprehensive development plan, supported by a total budget exceeding Dh 75 billion. DMT also reinforced its role as a key driver of growth, stability, and safety in the emirate. This was further emphasized by Abu Dhabi being ranked as the most livable city in the MENA region by the Economist Intelligence Unit’s Global Liveability Index and one of the safest cities worldwide according to Numbeo’s Crime and Safety Indices. Additionally, Abu Dhabi City was recognized as one of the top ten smartest cities globally by the International Institute for Management Development. Mohamed Ali Al Shorafa, Chairman of DMT, stated, […]
2 weeks ago
The Central Bank of the United Arab Emirates has revoked the operating licence of Dynamics Insurance Brokers following regulatory breaches, officials announced today. According to the CBUAE, the decision was made pursuant to Article 22(2) of the Insurance Authority Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations. The licence revocation stems from an examination conducted by Central Bank officials, which uncovered that Dynamics Insurance Brokers “failed to comply with the licensing terms and requirements issued by the Central Bank and with the further requirements stipulated in the regulation.” The CBUAE further stated that through its “supervisory and regulatory mandates,” it works to ensure all insurance companies and related professions adhere to UAE laws and Central Bank regulations. This enforcement action reflects the regulator’s commitment to “safeguard the transparency and integrity of the insurance industry and the UAE financial system.” Also Read: Dubai to host MENA Capital Market Summit 2025 in May
2 weeks ago
Dubai will host the MENA Capital Market Summit 2025 in May as it looks to further establish its position as a global financial hub and sector leader. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, affirmed that the MENA Capital Market Summit, taking place in Dubai from May 6 to 7, forms part of the emirate’s strategy to solidify its position as a leading global financial hub and establish it as a top-four global financial centre. Sheikh Maktoum added that the summit provides a strategic platform for dialogue and collaboration among global financial leaders, policymakers, investors, and innovators to support the growth and future readiness of capital markets. MENA Capital Markit Summit 2025 in Dubai Hosted by the Dubai Financial Market (DFM), the highly anticipated third MENA Capital Market Summit at Madinat Jumeirah, Dubai, is set to bring together 1,500 businesses, decision-makers and global financial leaders. As a premier global forum, the Summit has become a pivotal platform for strengthening market resilience and deepening regional and international investment ties. As with last year’s edition, this year’s Summit will be supported by prestigious Platinum Sponsors, including Bank of America, Citi Group, Emirates […]
2 weeks ago
Dubai’s stock index tumbled on Thursday, poised for its biggest daily decline this year, and other Gulf bourses slid after US president Donald Trump announced wide-ranging tariffs on importers. Losers outnumbered gainers 34 to 10 on Dubai’s benchmark, which was down as 1.8 per cent, mainly due to Emaar Properties’ steep 8.9 per cent drop, while Abu Dhabi’s index slipped 0.8 per cent, signaling a regional downturn. Saudi Arabia’s main index fell 0.4 per cent after Eid, driven by losses from heavyweight firms like Saudi National Bank and oil giant Aramco. Qatar’s stock exchange remains closed for the Eid holidays, delaying their market response. Additionally, a 3 per cent decline in oil prices is adding to the region’s financial strain, tied to anxiety over slow economic growth and waning fuel demand. Analysts and veteran investors reiterated that this is a crucial time for investors to closely monitor these developments, as global trade tensions could affect various sectors. A key focus will be on whether oil prices stabilize or continue to decline, which could influence the region’s economic health, they added.
2 weeks ago
Dubai’s Roads and Transport Authority (RTA) has launched a new competition aimed at university and postgraduate filmmakers, encouraging them to create short films that address the causes and risks of traffic accidents. The initiative, called the Road Safety Film Festival, is designed to raise awareness about road safety among young people. Categories The competition features three categories, with first-place winners in each receiving certificates of achievement, recognition, and cash prizes. The categories focus on key traffic challenges: sudden lane departures, driving distractions, and unsafe behaviours involving bicycles and electric scooters. Submissions will open on 7 April 2025 and close on 14 July 2025. Participants can submit their entries through the competition portal on the RTA website at rta.ae/roadsafetyfilmfestival, where they can find detailed information on eligibility, evaluation criteria, and submission guidelines. Multiple entries alowed The competition is open to university students aged 18 to 35, with entries accepted individually or in teams of up to three members. Multiple entries are allowed, provided that all films are original and made by the students or teams. The goal is to create films that contribute meaningfully to road safety awareness. Ahmed Al Khzaimy, Director of Traffic at RTA’s Traffic and Roads Agency, explained: […]
2 weeks ago
Saudi Arabia, Russia and six other OPEC+ countries, agreed on Thursday to boost oil supply in May 2025. The OPEC+ countries, which also include Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise production by 411,000 barrels per day (bpd) in May. The OPEC+ countries had been scheduled to raise output by 135,000 bpd in May as part of a plan to gradually unwind their most recent layer of output cuts. But after a meeting of the eight countries held virtually on Thursday, the group announced it would boost output by 411,000 bpd in May. OPEC attributed this to continuing healthy market fundamentals and the positive market outlook. The alliance emphasized that these gradual increases could be paused or reversed depending on market conditions, with the flexibility intended to help stabilize oil prices. “This comprises the increment originally planned for May in addition to two monthly increments,” OPEC said in a statement referring to the volume. “The gradual increases may be paused or reversed subject to evolving market conditions,” it said. The OPEC+ meeting on Thursday reviewed global market conditions and outlook. “In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision […]
2 weeks ago
Dubai will launch self-driving taxi trials next year as it targets 25 per cent of all journeys in the city to be autonomous by 2030. The Roads and Transport Authority (RTA) has expanded its global partnerships with leading autonomous driving technology providers to deploy autonomous taxis in Dubai . The collaboration includes a strategic partnership with Uber Technologies and WeRide, who will launch AVs in Dubai through the Uber platform. Dubai self-driving taxis Alongside China’s Baidu, through its autonomous mobility arm, Apollo Go—one of the world’s foremost providers of self-driving solutions and autonomous ride hailing services. This initiative forms part of RTA’s broader strategy to establish Dubai as a global pioneer in autonomous mobility and support its vision to become the smartest city and the best place to live and work worldwide. Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA, said: “These two partnerships with Uber, starting with WeRide as the technology partner and Baidu (Apollo Go) represent a crucial step in advancing Dubai’s Self-Driving Transport Strategy, which aims to transform 25 per cent of all journeys in the city into autonomous trips across various transport modes by 2030. “These collaborations highlight RTA’s commitment to engaging with […]
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