United Arab Emirates

The new accurate way to measure the world’s wealthiest countries

New World Wealth (NWW), a South Africa-based market research consultancy, released the lists of wealthiest countries, ranked by using its own new method.

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The Hyperloop is the closest thing to teleporting and it might soon come to life

Elon Musk, the brain behind Tesla, SolarCity, and SpaceX, has previously presented what he calls the fifth mode of transport - the Hyperloop.

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Middle East funds negative on Saudi after oil slides: Reuters survey

Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.

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China says Iran joins AIIB as founder member

Iran has been accepted as a founding member of the China-led Asian Infrastructure Investment Bank (AIIB), Chinese state news agency Xinhua reported late on Tuesday.

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Emirates airline urges U.S. to ignore subsidy claims

The head of Dubai's Emirates has hit back at U.S. airlines in an increasingly bitter subsidy spat and urged Washington to block their calls to renegotiate Open Skies agreements.

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Dubai World's debt restructuring gets 100 pct creditor backing

State-owned Dubai World has received backing from all its creditors for a $14.6 billion restructuring plan, a court heard on Sunday, paving the way for the deal to be formally approved by May.

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In oil price war, Gulf producers grab market share in Asia

Saudi Arabia's move to slash the price it charges in Asia for its oil this week to the lowest in more than a decade is the latest aggressive action by Gulf states to defend market share in the world's top oil consuming region.

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Retreat of Russian shoppers fails to dent Dubai retailers

Russian shoppers caught in a currency crunch are staying away from the Dubai Shopping Festival (DSF) this year, but visitors from elsewhere look set to make up the numbers at the annual retail bonanza.

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UAE's RAK Ceramics says to sell stake in Laticrete venture

United Arab Emirates-based RAK Ceramics RKCE.AD, one of the world's biggest makers of floor and wall tiles, said on Sunday that it would sell its stake in a joint venture with U.S. firm Laticrete for an undisclosed sum.

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Ten banks bid for Citigroup's Egyptian retail operations

Citigroup has received 10 bids for its consumer banking business in Egypt, three sources with knowledge of the matter said on Tuesday, with banks from the United Arab Emirates prominent among potential purchasers.

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Dubai's world-beating skyscraper now in Google Street View

Armchair travelers can visit the world's tallest skyscraper and inspect one of the largest shopping malls with the addition of Dubai to Google Street View, Google said on Tuesday.

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Swiss agency has more queries over Etihad plan to buy Darwin stake

Swiss authorities have given Darwin Airline until the end of January to answer more questions about Etihad Airways' plans to buy a third of the Swiss airline before it gives the deal the green light.

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France to buy 12 Airbus aerial tankers

France has confirmed the selection of 12 Airbus A330 refueling tankers for the French Air Force, Airbus Group said on Thursday.

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UAE's Aabar buys 5.1 percent stake in Egyptian developer Palm Hills

Aabar Investments INPTV.UL has acquired a 5.1 percent stake in Egypt's second-largest listed real estate developer Palm Hills (PHDC.CA), Palm Hills said in a statement on Sunday.

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Shareholders with 56 percent of Egypt's Bisco Misr agree to sell

Shareholders holding 56 percent of Egyptian snack maker Bisco Misr have agreed to sell their shares to United Arab Emirates-based Abraaj Investment Management, Bisco Misr said.

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