The United Arab Emirates, home to the financial hub of Dubai, has been dropped from a global watchdog’s list of countries at risk of illicit money flows, a win for the nation that could bolster its international standing. The Financial Action Task Force (FATF), a body that groups countries from the United States to China…
Flydubai on Thursday said its 2023 profits jumped 75 per cent to a record Dh2.1 billion on the back of strong organic growth amidst strong growth in the aviation industry. The Dubai-based carrier reported total annual revenue of Dh11.2 billion in 2023 as compared to Dh9.1 billion in 2022; an increase of 23 per cent. Flydubai’s…
For UAE residents, rents are one of the biggest costs that they bear every month. For some of the residents, it accounts for the highest expense of their monthly or yearly budgets. Rents have been consistently on the rise across the UAE over the past three years due to the massive influx of foreign workers into the…
Dubai Islamic Bank, the UAE’s largest Shariah-compliant lender, has discontinued its popular ‘salary in advance’ facility for customers. The bank said in a statement to Khaleej Times that the decision has been taken after a “thorough evaluation” of its financial products and it’s “actively exploring alternative solutions.” “This decision to discontinue our Salary in Advance…
The rise of advanced artificial intelligence (AI) systems, such as ChatGPT, holds the potential to completely transform our world. However, the majority of these platforms primarily operate in English, leaving languages like Arabic to face setbacks due to limited online data. In a world increasingly reliant on AI, Nizar Habash, a computer scientist specialising in…
From plant-based meat and non-alcoholic drinks to packaging made of bamboo and the flavours of chilli crisp, the future of food is going to be very different. That is according to experts at the 29th edition of Gulfood. Daniel Levine, a well-known trends expert and director of the Avant-Guide Institute said in a keynote speech…
With the relocation of thousands of millionaires into Dubai in 2023 and 2024, demand will increase for ultra-luxury cars in the country Some of the world’s rarest supercars from top-notch brands will be auctioned in Dubai next month, including a pre-World War II recreation 1935 Bugatti. RM Sotheby’s, the world’s largest collector car auction house…
Motorists have been advised to drive carefully and maintain their safety An accident took place on a street in Dubai, according to an alert by Dubai Police. Taking to X, the authority informed motorists of the incident on Ras Al Khor Street in the direction of Al Khail Road and the traffic obstruction due to…
Banks lending to individuals and sole proprietors need to take “sufficient” security for loans In January 2023, the UAE implemented new federal consumer protection laws, with the aim of enhancing responsible lending practices and reduce “name-only” lending in the banking sector. However, one element of these laws – referred to as Article 121 bis –…
The airline serves more than 77 million customers a year, which takes about 1,400 chefs Did you know Emirates serves as much as 149 meals every minute? That is about 215,000 meals served every day at 40,000 feet for its 490 daily flights at different time zones across the world. Offering an insight into its…
