Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Economy
World Bank applauds UAE for improving gender balance
Abu Dhabi, UAE--Commending the UAE for being in the forefront of the drive to improve gender balance in the country,...
- Iva Hamel of the World Bank said that the UAE has introduced legal provisions to ensure women receive equal pay and to prohibit gender-based discrimination in the workplace
- She lauded the UAE for becoming the first country in the Middle East and North Africa to implement parental leave for fathers
Business
Saudi Arabia and South Korea sign several MoUs to deepen ties
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling...
- The two minister discussed ways to attract South Korean SMEs to the kingdom as they examined potential investment cooperation opportunities
- The Korean minister said improved ties with Saudi Arabia would encourage businesses in South Korea to tap into the global market
Economy
Egypt’s exports to China shoot up 21% to US$1.7bn in 2022
Cairo, Egypt--Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared...
- Trade between the two countries shot up by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion from $14.5 billion, according to the official data
- The North African country's imports from China totaled $13.2 billion from January to November 2022, up from $13.1 billion in the same period in 2021
Economy
After SVB fall, US regulators shut down crypto-focused Signature Bank
Signature Bank was reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked...
- Signature Bank's collapse is the third in under a week after Silvergate Bank's voluntary liquidation and Silicon Valley Bank's shutdown
- The closure of the bank comes months after Signature said it would be reducing its exposure to the crypto sector
Geostrategy
UAE FM welcomes China-brokered Saudi-Iran pact to resume ties
Abu Dhabi, UAE--Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation has made a phone call...
- Al Nahyan highlighted the importance of the agreement and its role in achieving stability in the region and meeting the aspirations of their peoples for development and prosperity
- The UAE minister applauded the role of China in bringing about the resumption of Saudi-Iranian diplomatic relations that had remained broken for about seven years
Business
Indonesia holds two-day event in Dubai to lure investment
Dubai, UAE--The Indonesian Investment Forum kicked off in Dubai to lure businesses and investments.The two-day event aimed to explore opportunities...
- The Dubai event will explore opportunities to lure foreign direct investment and widen markets for export products
- Bank Indonesia in collaboration with KJRI Dubai, the Indonesian Embassy in Abu Dhabi and many others hosted the event
Business
TAQA Morocco to invest US$1.6bn in renewable energy solutions
Dubai, UAE--TAQA Morocco is looking to invest $1.6 billion in renewable energy solutions in Morocco in order to lift up...
- The company, owned by Abu Dhabi National Energy Co., is looking to diversify its activities in clean energy and water desalination as part of its new strategy.
- The firm aiming to increase its production capacity of electricity from renewable sources by 1,000 megawatts will cut the carbon footprint by 25 percent
Business
Serco unveils Saudi space unit
Saudi Arabia aims to gain a leadership role in space.
- Serco will look to hire in Saudi Arabia, offering training and career development programs, besides building capacity
- Amar Vora, according to the company press release, has been appointed to lead the space team in the kingdom
Business
Fraudsters prowl digital world, robbing unwary people in Middle East
Dubai, UAE-- Making payments digitally for every purchase may have become a universal thing, but it is not always the...
- According to the survey, the majority of users (92%) lost up to $1,000 as a result of these incidents, while (8%)of the respondents reported a loss of more than $1,000
- In the Middle East alone, the company blocked more than 1.8 million financial threats and out of them 256,708 in the United Arab Emirates
Economy
QFFD, EAA sign pacts to back education drive in Asia, Africa
Doha, Qatar-- In order to ensure education for children in the least developed countries of Asia and Africa, Qatar Fund...
- The agreements will ensure quality education for more than 709,060 out-of-school primary children between now and March 2027 through EAA's "Educate A Child" program
- The funding will enable access, enrollment, and learning skills, including teacher training, capacity buildings, refining educational techniques and methods
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Company News
Gulf Navigation posts profit
Business
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Nakilat profit jumps 4.8%
Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
Business
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
Economy
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Business
Oman LNG signs sale-and-purchase agreement with BP to deliver gas
Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...
- The new agreement comes on the back of many SPAs signed between the two companies in the recent past to supply energy from Oman
- Oman LNG said the company is not just a reliable gas supplier but it contributes to global energy security and adds value to the local economy
Business
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
- The agreement will allow companies to advance critical carbon capture and storage (CCS) technologies required to speed up the decarbonisation
- They will look to ramp up the carbon management technologies of the future in order to safely transport, capture and store carbon, helping markets to decarbonise
Economy
UAE a key player in global financial landscape: NYSE vice-chairman
Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic...
- He believes the UAE’s financial markets have significant potential and flexibility, combined with its continuous commitment to innovation and development
- He said the UAE's commitment to developing its financial infrastructure and attracting foreign investments makes it a significant market in the MENA region