WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
UAE residents plead for lifestyle changes to save planet
Dubai, UAE-- As many as 81% of people in the UAE say that they owe it to future generations to...
Economy
Geostrategy
UAE and Morocco to shore up cooperation to combat terrorism
Rabat, Morocco-- The UAE and Morocco are looking at ways to bolster cooperation and exchange experiences in order to combat...
- The meeting looked to bolster cooperation and exchange experiences in the field of implementing targeted financial sanctions
- They also discussed mechanisms and procedures to ensure optimal implementation of the obligations of persons subject to these measures from the financial sector
Economy
World Bank predicts decline in Egypt’s economic growth
Riyadh, Saudi Arabia-- Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6...
- According to the report, the growth is forecast to inch up after that as the country continues to push ahead with macroeconomic stabilization and structural reforms
- During the fiscal year 2022-23, inflation is projected to surpass the Central Bank of Egypt’s target range between 5 and 9 percent and remain in double digits
Economy
UAE orders arrest of company director for fake emiratisation quota
Abu Dhabi, UAE-- The UAE Public Prosecution has ordered the arrest of a private company director who was proven to...
- The suspect allegedly forged e-documents, faked employment contracts, and falsely stated that his company had hired Emirati citizens
- The UAE Attorney-General, received a report about the incident from the Ministry of Human Resources and Emiratisation and ordered the launch of an urgent investigation
Business
FAB, Magnati, PayRow join hands
The move will help Dubai in becoming a cashless economy.
- Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified and secure manner.
- The new payment ecosystem is set to transform the existing gateway.
Economy
UAE’s ‘Beyond2020’ provides water source to thousands of Sudanese
Abu Dhabi, UAE--The UAE-led ‘Beyond2020’ humanitarian initiative has provided a safe source of water for about 20,000 residents of the...
- Two small solar-powered water basins were erected in accordance with a groundwater pumping system to provide 20 liters of water per day to residents of the two villages
- Beyond2020 offers critical, life-transforming solutions to a broader number of beneficiaries worldwide
Economy
Egypt central bank raises key interest rates by 300 bps
Cairo, Egypt-- The Central Bank of Egypt has raised the overnight interest rates by 300 basis points, exceeding expectations. The...
- The MPC raised the overnight deposit rate, overnight lending rate, and the rate of the main operation to 16.25 percent, 17.25 percent, and 16.75 percent
- The latest decision comes a week after after the announcement of a new International Monetary Fund (IMF) $3 billion loan for Egypt
Business
Tabreed ups foreign ownership limit
The limit will increase from 49% to 100%.
- Tabreed shareholders, in September, gave a go-ahead to remove the limit of shares that foreigners can invest in.
- It reported a net profit of US$65.4 million for the first half of the year, an increase of 3 percent compared to a year ago
Business
Sonatrach signs deal with VNG AG to boost ties in hydrogen sector
Algiers, Algeria-- Sonatrach of Algeria and VNG AG of Germany have signed a memorandum of understanding for the construction of...
- According to the Algerian authorities, the proposed plant will have a production capacity of 50 MW
- Sonatrach said the agreement will explore opportunities for cooperation in the field of hydrogen and of green ammonia to be exported to Germany
Business
AstraZeneca partners with G42
The two will manufacture 'innovative' drugs in Abu Dhabi.
- The agreement focuses on collaboration in four key areas including localizing innovative industries, research and development, innovation and sustainability at a global scale
- It cements the emirate’s position as a hub for research and innovation in life sciences and is the latest in a series of longstanding partnerships with key players in the industry
Economy
MoHRE discusses ‘Emiratisation’ program with UAE recruitment agencies
Dubai, UAE--The Ministry of Human Resources and Emiratisation (MoHRE) has held a meeting with a number of recruitment agencies in...
- The meeting was held to implement the UAE resolution and avoid the penalties that will be imposed on companies that are not committed to achieving the required targets
- It discussed the benefits and support packages for establishments that comply with the legislation
WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
Company News
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ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...
Economy
DEWA discusses cooperation in renewable energy with German delegation
Dubai, UAE-- Dubai Electricity and Water Authority (DEWA) has held discussions with a delegation from Germany on how to boost...
Business
Iran ramps up oil production to 3.4m bpd, up from 2.9m bpd
Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9...
Business
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Geostrategy
UAE and Jordan sign MoU to boost investment cooperation
Abu Dhabi, UAE--The UAE and Jordan have signed a memorandum of understanding (MoU) to create a framework for investment cooperation...
- ADQ has entered into a strategic partnership agreement to create a joint investment fund with Jordan Investment Fund
- The agreement will enable the UAE and Jordan to explore opportunities to boost bilateral investments and enhance both nations’ GDP
Geostrategy
Bahrain and UK discuss boosting trade, investment ties
London, UK-- Bahrain and the UK have discussed way to boost bilateral cooperation in trade, investment and economic fields between...
- The foreign minister of Bahrain is on a visit to London to attend the first strategic dialogue between the two countries
- The two ministers then co-chaired the meeting of the Bahrain-UK joint committee, attended by representatives of the two countries
Business
Al Hilal ranks among world’s 50 wealthiest clubs
European clubs owned by Arabs continue to dominate the rankings, with Sheikh Mansour bin Zayed-owned Manchester City standing at the...
- Paris Saint-Germain, owned by Qatar Sports Investments, came in third with a market value of US$1.14 billion
- Newcastle United, owned by Public Investment Fund, is at 11th spot with a market value of $687.57 million