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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

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ADIB’s Q1 net profit $517 million

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Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Abu Dhabi to build museums in a $6 billion spending spree on culture

By TRENDS Desk
June 8, 2021 1:27 pm

    • Abu Dhabi to construct museums and patronize sectors like media, gaming in $6 billion spending plan

    • The plan is part of the vision to diversify economy away from oil

     

    Abu Dhabi will spend $6 billion over the next five years to construct museums, as well as sectors such as media, gaming, music and cultural heritage, according to the Financial Times.

    It is part of the UAE capital’s efforts to diversify its economy away from oil. The investment will go towards building museums, as well as sectors such as media, gaming, music and cultural heritage, the FT said. Abu Dhabi has already committed $2.3 billion to projects in the sector, it said.

    Preparatory work for the Guggenheim Abu Dhabi had been awarded, and the main contract for the museum is expected soon, Abu Dhabi Department of Culture and Tourism Chairman, Mohamed Al-Mubarak, told the FT.

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