Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
Business
Emirati, Iraqi private sectors to benefit from Ma’an initiative
Sharjah, UAE -- The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have...
- It was launched by the Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched Ma'an (Together).
- The name "Ma’an" signifies the deep historical ties between the UAE and Iraq, especially in trade and business, the Chambers said.
Business
Rulebook to ease access to UAE central bank’s reference system
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its...
- Rulebook is a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications.
- The new Rulebook provides financial sector stakeholders with further access to the CBUAE’s regulatory publications from any device, in Arabic and English.
Business
Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the...
- In 2022, the UAE's banking sector had assets of over $1.5 trillion, and Saudi Arabia's banking sector had assets of over $1 trillion.
- The UAE and Saudi Arabia dominate the Gulf Cooperation Council banking sector as both have large and growing domestic markets.
Business
NEOM and Volocopter conduct successful flight trials of air taxis
Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL),...
- The project is the result of an 18-month partnership between NEOM, the General Civil Aviation Authority (GCAA), and Volocopter.
- The flight trials mark the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city.
Business
Sanad expands MRO services
Signs agreement with GE Aerospace and Safran Aircraft.
- With this agreement, Sanad becomes the first certified LEAP MRO service provider in the SAMENA region, supporting the global LEAP MRO supply chain from its facility in Abu Dhabi.
- LEAP-1A and LEAP-1B engines are effectively designed to meet the challenge of decarbonizing air transport with enhanced performance in terms of improved fuel consumption.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Economy
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...
- The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
- The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
Business
ADIB, ADIO to fund businesses
ADIB will facilitate the opening of Shariah-compliant bank accounts.
- This strategic move ensures that businesses have access to banking solutions that align with Islamic principles, ADIB said in a statement.
- ADIB will also provide financing options based on collateral in the form of on-ground operating assets such as real estate, equipment, and machinery, the bank said.
Business
PIF to set up pharma firm Lifera
Lifera is a development and manufacturing company.
- Lifera will primarily focus on producing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics.
- PIF has also invested in the National Unified Procurement Company (Nupco), a prominent provider of medical procurement, storage, and distribution services for medicines.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
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Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
Company News
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Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
Economy
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
Business
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Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.