China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By...
Economy
Business
Sunreef Yachts partners with RAK Maritime City to build new facility
Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development...
- The new facility, developed on a 65,000 square metres land reserve, will incorporate the latest technologies in luxury yacht building
- The venture is part of Sunreef Yachts’ global expansion strategy designed to strengthen the company’s presence in the Middle East
Business
ACWA Power logs 411m profit
The company's operating profit rose 13.5% to $696 million.
- The company’s fourth-quarter net profit after tax surged 94 percent to $175 million, compared to $90.40 million in Q4 2021
- ACWA Power last month signed an agreement for a new giga-scale green hydrogen project to expand its Indonesian portfolio
Business
Wall Street Journal’s report UAE considering leaving OPEC not true: sources
Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources...
- The WSJ reported that the UAE is having an internal debate about leaving the OPEC following differences with Saudi Arabia
- Oil fell as much as $2 a barrel after the WSJ story, with analysts citing concerns that this might impact the OPEC+ production cut deal
Economy
Qatar’s industrial investments in 2022 vault to US$81 billion
Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state...
- Sheikh Khalifa also affirmed the Chamber's interest to enhance the national industry and help investors in this sector to promote their products
- Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani inaugurated the Engineering Factory for Carpets in its new headquarters in the New Industrial Area
Business
Aramco, Renault, Geely ink deal
The new firm will focus on internal combustion.
- Geely and Renault are expected to retain equal equity stakes in the new independent entity, according to a statement
- Earlier, reports said that the car makers were working to finalize a deal with Aramco to develop and supply gasoline engines
Business
Users feel more people should adopt ChatGPT, TRENDS poll finds
Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers...
- The top respondents for the poll question were from Bahrain (25.6 percent), followed by Qatar (25 percent), Lebanon (24.1 percent), and UAE (22.7 percent)
- Respondents were mainly from the age 20 to 29 years old (46.4 percent), followed by the age range 30 to 39 years (38.6 percent), and 40 to 49 years (10.3 percent)
Economy
UAE Banks Federation holds workshop on money laundering
Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday. The workshop comes...
- The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance
- UAE Banks Federation is taking numerous steps and initiatives to make banks and financial institutions more resilient to risks and educate the customers and public
Economy
Lebanon to raise import tariffs for second time in three months
Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost...
- Youssef Khalil, caretaker finance minister, requested to change the rate at which customs fees are calculated from 15,000 pounds per USD to 45,000 pounds
- Cabinet responded with a letter saying it had no objections given the move would "secure additional revenues to help revive the public sector."
Economy
Dubai’s RERA signs MoU with Al Ameen Service
Dubai, UAE -Dubai Land Department (DLD), represented by the Real Estate Regulatory Authority (RERA), has signed a memorandum of understanding...
- DLD is ramping up its efforts by providing an innovative and sustainable global real estate model
- The agreement aims to enhance confidence in Dubai’s real estate sector by providing a safe and distinctive investment environment
Economy
Qatar and Egypt sign deal to prevent double taxation on income
Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance,...
- The agreement includes terms related to international maritime and air transportation, joint ventures, dividends, interests and royalties
- It comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields
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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
Company News
Phoenix set for IPO on ADX
Business
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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...
Business
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...
Economy
Dubai Financial Market, Nasdaq Dubai, Shanghai Stock Exchange sign MoU
Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU)...
Business
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Geostrategy
Elon Musk’s X supports US student in trouble over posts
Dubai, UAE--Elon Musk’s X has made good on its promise to back users who are being punished for statements they...
- The student, Juan David Campolargo, was found to be violating the university's student code of conduct, according to Campolargo's lawyers
- Musk voiced his support for the college student in a brief post on X, "We will do whatever it takes to support your right to free speech!"
Economy
UAE unveils ‘roadmap’ to reduce food waste by 50 percent
Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and...
- The initiative was unveiled at the fourth national dialogue on Food Security organized by the Ministry of Climate Change and Environment with ne’ma
- The minister said the roadmap will be a collective effort to bring down food waste by setting up new social norms, policies across the food ecosystem
Business
UAE holds 19% of global sustainable bonds, says Fitch Ratings
DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues...
- Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues in the region.
- Environmental, social and governance bonds in UAE constitute over 19 percent of the global ESG bond market.