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UAE digital bank Liv, launched by Emirates NBD, has introduced cryptocurrency trading within its Liv X mobile app, in partnership with Aquanow. This service enables users to buy, sell, and trade cryptocurrencies while managing their finances, supported by robust security measures and custody services from Zodia Custody. Marwan Hadi emphasized Liv's commitment to innovation, aiming to capitalize on the UAE's high crypto adoption rate.
The UAE's real GDP grew by 3.8% in the first nine months of 2024, reaching Dh1.32 trillion, largely driven by a 4.5% increase in non-oil sectors, which accounted for 74.6% of the GDP. Dubai's economy also expanded by 3.1% during this period, with significant contributions from wholesale and retail trade, transportation and storage, and financial and insurance activities.
Lebanon's private sector showed steady growth in February, with a PMI of 50.5, supported by increased new business, particularly from abroad. Optimism surged following the election of a pro-reform president, despite ongoing security concerns due to Israel's presence in strategic areas.In the UAE, the non-oil private sector maintained growth with a PMI of 55, reflecting improved business conditions and rising new orders. However, firms expressed caution over intense competition and limited job creation, which could impact future growth.
Apple CEO Tim Cook has teased the upcoming MacBook Air, expected to feature the M4 chip. Meanwhile, Dubai's startup ecosystem thrives, with over 37,800 companies and significant funding, bolstered by incubators like in5 and DTEC, attracting global talent and investment, particularly from Indian entrepreneurs. The emirate is positioning itself as a leading hub for innovation and entrepreneurship, fostering collaborations and scalable growth.
Dubai Electricity and Water Authority (DEWA) will install new electric vehicle charging stations in partnership with Parkin Company PJSC in early 2025. These 22 kW AC stations will be located in high-density residential areas, allowing users to pay for charging and parking through Parkin’s app. This initiative aims to expand DEWA’s network from 740 to 1,000 charging stations by year-end, supporting the UAE’s climate goals and enhancing EV adoption.
Dubai's Salik has announced that it will distribute 100% of its net profit for 2024 as dividends, amounting to a total of Dh1.16 billion. This decision reflects the company's commitment to returning value to its shareholders.
The Middle East sports market, valued at $600 billion, is rapidly evolving into a global hub, with over $65 billion invested by the UAE and Saudi Arabia. Major events like the 2022 FIFA World Cup and the Abu Dhabi Grand Prix significantly boost local economies, while innovative sponsorships enhance fan engagement. This growth not only drives tourism and job creation but also aligns with broader economic and social goals, showcasing the region's commitment to sports as a catalyst for development.
Dubai's energy demand increased by 5.4% in 2024, reaching 59,594 GWh, up from 56,516 GWh the previous year. Saeed Mohammed Al Tayer, CEO of Dubai Electricity and Water Authority (DEWA), highlighted ongoing investments in transmission and distribution networks to support the emirate's growing population and economy.
Startups in the MENA region are experiencing a surge in funding, particularly in fintech, cybersecurity, and AI. Notable investments include CQR's $3 million for AI-driven cybersecurity solutions, Flow48's $69 million for SME financing, and Fawry's $1.6 million in three Egyptian fintech firms. The region's economic growth is further supported by initiatives like Al Madinah Angels and Disrupt.com's $100 million commitment to AI-first startups.
Elon Musk has named the "future president" of the US on X, sparking reactions online. Meanwhile, Dubai's financial landscape is thriving, with the Dubai International Financial Centre (DIFC) reporting a 25% increase in registered businesses, now hosting 75 hedge funds. The city is also a magnet for family offices, managing $1.2 trillion in assets, as it becomes a preferred destination for high-net-worth individuals seeking investment opportunities and succession planning.
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