UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
46,223 structures destroyed, 18,478 severely damaged in Gaza: UNOSAT
Geneva, Switzerland - The United Nations Satellite Centre (UNOSAT) has identified 46,223 destroyed structures, 18,478 severely damaged structures, 55,954 moderately...
Geostrategy
Business
Iraq loses 7500MW as Iran slashes gas exports to Baghdad
Baghdad, Iraq - Iraq's Minister of Electricity, Ziyad Ali Fadel said the national grid has lost 7,500 megawatts in the...
- Minister of Electricity Ziyad Ali Fadel said the MoU signed with Siemens will lead to the establishment of a station with a capacity of 400MW in Karbala.
- He said the supply will improve by 30 percent in 12 days as gas supplies return to nomral.
Business
Qatar, Morocco stress cooperation at free trade agreement talks
The second round is a continuation of the first round negotiations, which were organized in Rabat, Morocco, in November 2022
- During the meeting, the two sides stressed the importance of concluding the agreement,
- The Moroccan delegation was headed by Director General of Trade at the Moroccan Ministry of Industry and Trade Abdelouahed Rahal.
Business
dnata invests $10 million in Zanzibar
The company has started ops at Abeid Amani Karume International Airport
- dnata has hired and trained over 340 local talent and deployed a fleet of more than 120 pieces of ground support equipment at ZNZ
- The company by 2024 expects to handle more than 4,000 flights annually with a team of over 400 aviation professionals
Business
7 UAE banks report $9bn profit in 2022
Emirates NBD's profits climbed by 40% to $3.53 billion.
- The highest share of the overall profits was claimed by the country's main lender, First Abu Dhabi Bank which generated net profits of roughly $3.64 billion
- Dubai Islamic Bank's net earnings increased by a record 26 percent Year-on-Year to $1.4 billion from $1.1 billion in 2021
Science
1st Arab long-duration astronaut mission to launch on Feb 26
Key mission information, such as the launch time and launch opportunities, was announced during the NASA Crew-6 mission overview media...
- Key mission information, such as the launch time, was announced during the NASA Crew-6 mission overview media briefing
- Sultan Al Neyadi said he would love to see a UAE flag on the lunar surface, carried on the shoulder of a UAE astronaut
Business
DIC buys 9% equity in Monument Bank
Equity will help DIC enter one of the most regulated markets
- Monument Bank targets UK’s 'mass affluent' and aims to provide core banking and other related services to clients.
- Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions
Market Report
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...
- The DGCX is the largest and most diversified derivatives exchange in the Middle East.
- DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Iran minister urges tolerance for women over headscarves
Zarghami said he advised a "man who behaves harshly" towards a woman not wearing headscarf to "close his eyes if...
- Ezzatollah Zarghami referred to the fact that increasing numbers of women were being seen without a hijab since the death of Amini
- Amini, a 22-year-old Iranian Kurd, died in custody after being arrested by morality police for allegedly breaching the country's strict dress code
Business
QIIB profit surges by 7%
The board of directors has proposed a cash dividend of 40%
- The earnings per share (EPS) amounted to QR 0.64 as of December 31, 2022 versus EPS of QR 0.59 in 2021
- The board of directors has proposed a cash dividend of 40% of paid-up share capital after the approval of QCB
Business
UAE banks’ investments totalled $139bn in Nov 2022, highest in 13 months
According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8...
- According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8 percent, compared to $129 billion in 2021
- Securities that are debts to third parties, or bonds, accounted for the largest share of banks’ investments by over 49.1 percent, reaching $68 billion up to November 2022
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
Company News
Latest News
Saudi Foreign Minister seeks British role in Gaza truce in meeting with Cameron
London, Britain - Saudi foreign minister on Thursday Prince Faisal bin Farhan bin Abdullah called on the international community, especially...
Geostrategy
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...
Business
NEOM unveils Utamo, a $500bn project to showcase world’s mega artists
NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...
Business
Most Read
Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
- Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
- Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
- The G42’s move follows concerns raised by US national security personnel regarding potential espionage risks from Chinese firms
- The ripple effect of G42's decision could extend to other tech companies in the Gulf Cooperation Council (GCC) region
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc