Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
Business
30 tech startups attracted to Dubai in Q1: Chamber of Digital Economy
Dubai, UAE -- A total of 30 startups were attracted to Dubai by the Dubai Chamber of Digital Economy in...
- The chamber has also launched a series of 10 interactive workshops for the private sector focusing on specific areas of the digital economy.
- The chamber aims to attract 300 new digital startups in the coming years. As part of these efforts, the chamber will host the Expand North Star Summit in October.
Business
DMCC-Bybit partnership to boost adoption of crypto, Web3 in Dubai
Dubai, UAE -- Dubai Multi Commodities Centre (DMCC) Monday announced a partnership with Dubai-headquartered cryptocurrency exchange Bybit, in which the...
- Bybit will provide financial support totaling AED 500,000 for new crypto businesses looking to set up at the region’s community of Web3 and blockchain businesses – the DMCC Crypto.
- The partnership will bring Bybit Services to Crypto Centre members. Bybit is the world’s third most visited crypto exchange with over 15 million users.
Business
TRENDS poll: Technology most booming GCC sector
Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were...
- While 33 percent were between 30 and 39 years, 14.5 were between 40 and 49 years, and only 13.7 percent were above 50 years old.
- Developing the region's digital job market has the potential to generate 1.3 million additional digital jobs in the GCC by 2025.
Business
SABIC Agri to pay $378m H1 dividends
The SAR 3 per share dividend will be paid on 31 July.
- The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
- The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
Business
TAQA Arabia’s shares listed on EGX
More than 1.35 billion shares of the energy distribution firm were listed.
- The shares, at a nominal value of Egyptian Pound 0.50 apiece, will be listed in Egypt Listed Securities.
- From Sunday, TAQA Arabia’s shares shall be added to EGX database under the ticker symbol TAQA.CA, and it will be allocated in the utilities sector.
Business
Workshops on suspicious transactions in gold, precious stone sector in UAE
ABU DHABI, UAE - UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of...
- The workshops made the traders and business owners aware of the necessity of reporting suspicious transactions to the Financial Intelligence Unit.
- This will contribute to enhance the competitiveness of the gold sector and its development in line with international best practices.
Geostrategy
Saudi Arabia rises three ranks in education impact on UN SDGs
Riyadh, Saudi Arabia -- Saudi Arabia has advanced three ranks in the Times Higher Education Impact Rankings in 2023, with...
- The number of Saudi universities was 22 in 2022 within the international ranking, which sorts universities that impact achieving the United Nations Sustainable Development Goals.
- The 17 goals adopted by all United Nations member states in 2015 aim to end poverty, protect the planet, and ensure prosperity for all by 2030.
Economy
UAE economy to grow 4.2% in 2023, says Arab Monetary Fund
Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024,...
- The AMF's "Arab Economic Outlook Report" forecasts a 4.2 growth rate in 2023, accompanied by a decline in the consumer price index to 2.9 percent in 2023 and 2.57 percent in 2024.
- With stable oil and gas prices and lower prices for basic goods, such as agricultural products, the report projected a 3.4 percent growth for Arab economies.
Economy
Saudi-Russian discord clouds OPEC+ output policy meeting
Analysts are now divided over whether Saudi Arabia and Russia will keep the group on course with its current output...
- Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.
- In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day.
Business
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
- Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
- The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
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ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
Business
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Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
- More than 300 local, regional and international companies from 29 countries presented the latest healthcare innovations and technologies at the event.
- The exhibition, in its sixth edition, offered health practitioners 30-credit-hour of Continuing Medical Education (CME) programs.
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.
Business
e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.