• TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

    ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they have entered into a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company (Saudi Aramco)...
  • ADGM’s Registration Authority fines two firms for audit failings

    ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited (Baker Tilly) and its registered audit principal Neil Andrew Sturgeon (Sturgeon), an ADGM media release said on Friday. The RA imposed a financial penalty of US$50,000 against Baker Tilly and...
  • EDGE Group, Fincantieri launch multi-billion dollar joint venture

    Abu Dhabi, UAE -- EDGE, an advanced technology and defense groups, and Fincantieri, one of the largest shipbuilding companies in the world, have agreed to create a joint venture (JV) to capitalize on global shipbuilding opportunities with a focus on the manufacturing of a broad range of sophisticated naval vessels....
  • e& 2023 net profit is US$2.8bn

    e& said the net profit is a growth of 3 percent year-over-year.
  • Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

    ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts. Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold...
  • KEZAD Group, Al Ghurair Group’s APT ink lease pact to set up manufacturing facility

    ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT) on Monday announced the signing of a lease agreement for an automotive aluminum component manufacturing facility. The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be strategically...
  • Saudi holdings of US Treasuries surge to $131.9b in December 2023

    ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed. The Kingdom maintained 16th place among the largest holders of US treasury securities for the month.  Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth...
  • HMG 2023 net profit $544m

    The rise was due to the hospitals and pharmacy segments.
  • Roadmap out for environmental education, sustainable development at WEEC2024

    ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and Education for Sustainable Development (ESD), was revealed on Day Four of the 12th World Environmental Education Congress (WEEC2024) here. A culmination of four days of vibrant discussions, workshops and events...
  • WTO chief insists global trade body still counts

    WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the final touches to a further fisheries deal. But other potential agreements seem stuck in the weeds as anxiety swells over the impact of current geopolitical tensions.
  • Abu Dhabi Judicial Department’s Auction App generated $925m in property sales

    Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction App has generated over AED3.4 billion ($925 million) in sales. In more detail, 333 properties worth AED3,401,835,871 ($926,361,975), have been sold in addition to 1013 vehicles valued at AED78,277,025 ($21,334,933),...
  • Tenaris sets up base in Abu Dhabi

    The global pipe maker invested US$60m in the business.
  • Americana Restaurants posts profit.

    The annual net profit in 2022 was US$470 million.
  • India PM inaugurates grand temple in Abu Dhabi

    According to the UAE authorities, the grand temple carved from pink stone spreads over an area of 55,000 square metres and is the largest traditional stone-built Hindu temple in the Middle East. Nearly 3.5 million Indian nationals, the largest expatriate community in the Gulf country, live in the UAE.
  • GPSSA issues circular on pensions, gratuity in UAE

    ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and private sector employers, detailing the regulations for pension deductions and end-of-service gratuity in line with Federal Decree Law No. 57 of 2023. The circular included limiting the procedure of deduction...
  • Several nations eager to join Charter of Cooperation, says OPEC Secretary-General

    ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in active talks with several nations eager to join the OPEC+ Charter of Cooperation, following the recent accession of Brazil. The names of these countries will be announced after the completion...
  • IMF chief forecasts higher economic growth for Arab region in 2024

    Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023. Speaking on the sidelines of the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasized...
  • ESG 2023 net profit at US$187m

    The firm posted a year-on-year net profit rise of 316 percent.
  • Aldar Properties awards contracts worth US$2.8bn

    ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a series of projects, including infrastructure, residential, commercial and mixed-use developments across Abu Dhabi in 2023. The contracts were awarded to 36 UAE-based companies with almost 50 percent of the value...
  • UAE, Russian Presidents discuss regional and global developments

    ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan spoke by telephone to President of the Russian Federation Vladimir Putin to discuss bilateral relations and opportunities to further strengthen UAE-Russia ties. During the telephonic conversation on Monday, Putin expressed his gratitude to Sheikh Mohamed for the UAE’s successful...
  • Ghitha Holding buys stake in MNG Airlines

    The acquisition of 44% stake is valued at US$211.20 million.
  • WEF24: Gulf cities spearhead global investment surge

    GCC cities such as Abu Dhabi, Dubai and Riyadh showcase dynamic growth, rivalling global metropolises, says Julien Hawari, CEO & Founder of Special Edition and Million.
  • AD Ports Group, KPT ink pact

    The pact deals with bulk and general cargo terminal.
  • UAE allocates US$5m for UN’s humanitarian efforts in Gaza

    ABU DHABI, UAE – As per the directives of President Sheikh Mohamed bin Zayed Al Nahyan, Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan announced that the UAE has allocated US$5 million to support the efforts of the United Nations Senior Humanitarian and Reconstruction Coordinator for Gaza. Sheikh...
  • UAE signs pact to develop digital infrastructure in Greece  

    ABU DHABI, UAE  - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic Republic have signed a Memorandum of Understanding (MoU) to create a framework for investments in digital infrastructure with a focus on data center projects in Greece. The agreement was signed...
  • ADU inks MoU with Italy-Czech Republic Chamber of Commerce

    ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of Commerce (CCIRC) to elevate research efforts in academia. The MoU - signed by Dr. Hamad Odhabi, Vice Chancellor of Financial and Administration Affairs at ADU, and Antonio Rotondo, Chairman of...
  • Spain urges WTO meet in UAE to address de-globalization

    ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next month to address the potential challenges of de-globalization and its impacts on global supply chains, Minister of State for Trade of Spain Xiana Mendez said. “The main challenges we may...
  • Abu Dhabi records real estate deals worth $1.36 billion in Jan

    Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36 billion) in the first month of 2024, comprising 1,386 transactions of sales and mortgages on various types of real estate units. According to the "DARI" platform, affiliated with the Department...
  • 25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report

    ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported annual growth of major indicators. The report emphasizes the business ecosystem's attractiveness and its ability to attract quality investments, supported by the Emirate's strong...
  • SMEs drive economic innovation and growth in UAE

    SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani, CEO of Pemo, tells TRENDS.
  • Ghitha 2023 revenue at $1.2bn

    Ghitha reported an operating profit of $69 million in 2023.
  • Hamad Al Marar is EDGE CEO

    EDGE has a local and global orderbook of over $5billion.
  • AD Ports launches Noatum Logistics Middle East

    The firm said the new brand will replace MiCCO Logistics.
  • Telegraph boss quits as UK investigates UAE-backed takeover

    London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the government probes its contentious proposed takeover by a United Arab Emirates-backed fund. TMG and parent company Press Acquisitions Limited said that chief executive officer Nick Hugh, in the post since...
  • UAE leads in cybersecurity for unmanned systems

    "The digital transformation, which relies on artificial intelligence technologies, has touched all sectors and contributes to improving the quality of life and supporting businesses. This transformation promotes sustainable development toward a more advanced and prosperous future," Al Kuwaiti adds.
  • UAE MoD ink deals worth $517m in first two days of UMEX and SimTEX 2024

    ABU DHABI, UAE - On the second day of the sixth edition of UMEX and SimTEX 2024, the accumulated value of deals signed on behalf of the Emirates Ministry of Defense (MoD) reached US$255 million (AED939 million). This was announced during a press conference held on Wednesday by Tawazun Council's...
  • Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council

    Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of Abu Dhabi, establishing the Artificial Intelligence and Advanced Technology Council (AIATC) for developing and implementing policies and strategies related to research, infrastructure and investments in artificial intelligence and advanced technology...
  • English player Henderson all set to leave Al-Ettifaq

    Riyadh, Saudi Arabia - Jordan Henderson has moved a step closer to ending his much-criticized spell with Saudi club Al-Ettifaq by undergoing a medical with Dutch side Ajax, a source close to the negotiations told AFP on Thursday. The 33-year-old England midfielder has been with the Saudi club for just six...
  • EDGE Group, São Paulo government partner on public security initiative

    Abu Dhabi, UAE -- EDGE, one of the world’s leading advanced technology and defense groups, has announced that it will conduct a six-month trial on a major public security initiative with the São Paulo state government. The partnership was announced during a high-level delegation visit by senior government members to...
  • PureHealth buys Circle Health

    The deal signifies PureHealth’s operational capabilities.
  • Record-breaking home sales in Dubai’s upscale market in 2023

    Dubai, UAE – Sales of properties worth more than $1.35 million and $2.70 million in Dubai hit record levels in 2023, reaching 10,296 and 3,806, up 54.5% and 68.4% from a year earlier, respectively, says CBRE in its study. Off-plan sales in both segments of the market have been the primary...
  • Abu Dhabi real estate deals hit $517 million since Jan 1: DARI

    Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the first two weeks of 2024, comprising 348 transactions of sales and mortgages on various types of real estate units. According to the "DARI" platform, affiliated with the Department of Municipalities...
  • Lunate Capital launches Shariah-compliant ETF tracking Indian equities

    ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid, and fully fungible exchange traded fund, that will list on the Abu Dhabi Securities Exchange (ADX). Lunate Capital is an Abu Dhabi-based management company licensed by the Securities and Commodities...
  • CBUAE cancels license of First Insurance Brokers Company

    ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company (First Insurance), an insurance company operating in the UAE. CBUAE struck First Insurance’s name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of...
  • FAB issues first Sukuk globally in 2024

    ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps, which resulted in an all-in yield of 4.779 percent. This marks the first Sukuk issued globally in 2024 and stands as the region's first offering for the year. The final...
  • UAE passport most powerful in MENA region, 11th in global index

    Abu Dhabi, UAE - The UAE passport has climbed two positions to secure the 11th spot in the 2024 Passport Index by Henley & Partners. This advancement allows UAE citizens visa-free access to 183 countries. The UAE has been the most improved nation on the Index over the past decade,...
  • Dubai leads MENA region in urban mobility readiness

    The emirate ranked 28th globally in the 2023 Urban Mobility Readiness Index, highlighting its efforts in creating a sustainable, future-ready transportation ecosystem.
  • Hizbollah commander killed as Blinken seeks Gaza de-escalation

    On his fourth regional trip since the war began, US Secretary of State Antony Blinken arrived in Saudi Arabia after talks in Abu Dhabi. Blinken "emphasized the importance of preventing further spread of the conflict", during talks with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, a US...
  • UAE announces its participation in Nasa’s Lunar Gateway Station

    Abu Dhabi, UAE - The UAE has announced its participation in developing a module on Nasa’s Lunar Gateway Station alongside the USA, Japan, Canada and the European Union, in addition to sending the first Emirati astronaut into lunar orbit as part of the project. During the event held at Qasr...
  • UAE market cap soars as top 16 companies hit $734bn

    Abu Dhabi, UAE - The aggregate market capitalization of the top 16 national companies listed on local exchanges stood at approximately $734 billion (AED2.7 trillion). Anticipated growth suggests this figure might reach around $1.63 trillion (AED6 trillion) in the coming years. The 16 listed companies accounted for about 74% of...
  • Penguin, SkyBlue ink MoU

    The aim is to redefine outdoor media advertising in Abu Dhabi.