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Dubai Multi Commodities Centre News

Crypto miners have been drawn to the Gulf for its low electricity costs and comparatively unrestricted land use rules

Crypto miners see ‘enormous potential’ in the Gulf

With cryptocurrencies edging up again after last weekend’s “halving” – in which the rewards Bitcoin miners get for solving problems is cut in two to maintain scarcity – these are heady days for holders of Bitcoin and other virtual currencies. Bitcoin miners have been attracted to the Gulf by cheap electricity and established infrastructure.   “GCC […]

Sylvain P. Gaillard, director of the Opera Gallery in Dubai

Art trumps diamonds when it comes to luxury investment

For Middle East investors, works of art are worth hanging on to. Artworks have more than doubled in value over the past decade, the latest edition of the Knight Frank Global Wealth Report reveals. It was a mixed year for luxury investments last year. Whisky, cars, handbags, furniture and wine lost value. Diamonds, coins and […]

The value of polished diamonds traded in the UAE grew 32 percent year on year to $16.9 billion

Dubai’s diamond trade grows 2% to $38bn in 2023

Dubai’s trade in rough and polished diamonds rose 2 percent year on year to $38 billion, making the emirate one of the world’s largest trading centres for the precious gems. The free zone registered a five-year compound annual growth rate of 11 percent, Dubai Media Office reported, citing a statement from the Dubai Multi-Commodities Centre […]

US UAE exports New York harbour

Rising US exports to the UAE support 125,000 jobs

Exports from the United States to the UAE rose by nearly a fifth last year as bilateral trade increased to more than $31 billion. Figures released by the US Department of Commerce Census Bureau show that US exports to the UAE totalled nearly $25 billion in 2023. For the 15th year in a row the UAE was […]

Dimitris Papastergiou and Mohamed Hassan Alsuwaidi signed a deal to create a framework for investments in digital infrastructure, including data centres in Greece

Digital economy central to UAE-Greece partnership

The UAE’s Ministry of Investment and Greece’s Ministry of Digital Governance have signed an agreement to create a framework for investments in digital infrastructure.  The UAE government is keen to invest in data centres and become a technological leader in south-east Europe. Data centres to be developed under the deal will reach a total capacity […]

UK Middle East revenue London Stock Exchange

Middle East revenues hit record high for top UK firms

Middle East revenues as a proportion of global sales for top UK companies have climbed to a new high, analysts have announced. Companies listed on the FTSE 100 and FTSE 250 indexes (the top 100 and the top 101st to 350th companies by market cap on the London Stock Exchange) saw their Middle East revenues […]

The Archer Aviation Midnight. Archer has reached an agreement with the Abu Dhabi Investment Office to launch air taxis – a sign of the strong relationship between the US and the UAE

UAE-US trade relations defy region’s pivot to the east

The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […]

Adult, MSaudi Crown Prince Mohammed bin Salman meets with Turkey's President Tayyip Erdoğan as Turkish trade with Gulf states grows

Turkey sets bold targets for trade with the Gulf

Turkish e-commerce marketplace Trendyol has announced a plan to lift sales across the GCC – one of the latest developments as Turkey seeks to increase trade with the Gulf. The fashion and lifestyle platform will be rebranded for Gulf markets under a deal with Saudi retail group Cenomi. The pair hope to increase annual orders […]