July 2023 — Topical news of the United Arab Emirates

July 31, 2023 no comments 483
The DFM General Index posted impressive growth of 14 per cent, closing at 3,972 points while market capitalisation soared to Dhs652bn Dubai Financial Market (DFM) said its half-year profit surged by 77 per cent from a year earlier, driven by Al Ansari Financial Services’ (Al Ansari...

July 30, 2023 no comments 365
The UAE’s ministry of finance outlines new procedures and penalties related to the Corporate Tax law The UAE Ministry of Finance has made new announcements related to its corporate tax framework, outlining new procedures and penalties that aim to boost compliance and provide clear...

July 29, 2023 no comments 393
Dubai’s Roads and Transport Authority issues weekend traffic warning Dubai authorities have warned motorists to expect delays on a key road in the city over the weekend. The Roads and Transport Authority (RTA) took to social media to share traffic advice. It said delays...

July 29, 2023 no comments 346
The New Horizons initiative assists in driving the international growth of member companies and will play a vital role in achieving Dubai’s goal of increasing non-oil foreign trade to Dhs2tn by 2026 Dubai International Chamber, one of the three chambers operating under Dubai Chambers,...

July 28, 2023 no comments 328
The US Federal Reserve raised its benchmark interest rates by 25 points to the highest level in 22 years The Central Bank of UAE (CBUAE) announced an increase in its interest rates in response to a hike in the US Federal Bank’s benchmark rate on July 26, reported state news agency WAM...

July 28, 2023 no comments 316
The lender has reported a net profit as interest income surged amid continued economic momentum in the country Emirates NBD, Dubai’s biggest bank by assets, reported its second-quarter earnings for 2023. The lender has reported a net profit as net interest income surged amid continued...

July 28, 2023 no comments 456
A total of 20 startups will be onboarded during the ninth edition of the programmen Dubai International Financial Centre (DIFC) launched the ninth edition of DIFC Innovation Hub’s FinTech Accelerator Programme. The 2023 edition focuses on open banking and AI, automation,...

July 27, 2023 no comments 400
The wind farm will have an anticipated annual production capacity of 1.9 terawatt-hours, enough to power 475,000 homes Abu Dhabi renewable energy firm Masdar and Iberdrola have agreed to co-invest in the 476-megawatt (MW) Baltic Eagle offshore wind farm in the German Baltic Sea....

July 27, 2023 no comments 346
Nine real estate projects worth Dhs4.06bn were completed in H1 2023, according to the Dubai Land Department The Dubai Land Department (DLD) shared that nine real estate projects worth Dhs4.06bn were completed in H1 2023. Furthermore, 392 real estate projects are currently being...

July 26, 2023 no comments 368
The Dubai Sustainable Tourism Stamp by DET to showcase the hotel’s adherence to sustainable practices and environmental stewardship Dubai’s Department of Economy and Tourism (DET) has launched the ‘Dubai Sustainable Tourism Stamp’, a green initiative to recognise hotels adhering to...

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