South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
Economy
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
Business
In its pivot to East, GCC solidifies trade ties with China
As the Gulf nations look to deepen economic partnership with China, the US, the region's dominant security force, watches with...
- China became the largest trading partner of the GCC in 2020
- Its trade volume with the GCC reached about US$180 billion, accounting for more than 11% of the GCC's total foreign trade
Business
Arada awards contracts worth US$256m to build 986 homes
Sharjah, UAE-- Arada has awarded two major contracts totalling $256 million to build 986 new homes across two residential districts...
- The contract to build 421 villas and town-houses in Masaar’s second residential phase was won by Pivot Engineering & General Contracting
- Masaar was officially inaugurated in September by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah
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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
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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
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
Economy
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...
Geostrategy
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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
Business
Ooredoo net profit up
Its revenue rose to US$4.72bn in the first 9 months of 2023.
- The company posted a 28 percent rise in net profit to $741 million, compared to $576 million last year
- It made strategic investments in Oman, Iraq, Tunisia and Maldives to drive growth in these markets
Business
Burjeel Holdings profit surges
Its revenue spiked to US$898m in the first 9 months of 2023.
- The company posted a162.6 percent increase to $37.30 million during the third quarter of 2023
- It plans to set up two medical centres in Dubai and Abu Dhabi and one Burjeel Day Surgery Centre in Al Dhafra