Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
UAE bolsters air cargo industry with launch of ‘CARDS’ data platform
Abu Dhabi, UAE--The General Civil Aviation Authority (GCAA) has launched the Cargo Data Reporting System (CARDS), which provides a range...
Business
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
- The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
- The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
- In November 2023, the total traffic rose 29.7 percent compared to November 2022
- Middle Eastern airlines saw an 18.6 percent traffic rise in November
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
- Trade between the UAE and India touched $84.5 billion between April 2022 and March 2023, and is expected to reach $100 billion by 2027
- The MoU in the renewable energy focuses on forging effective collaboration by building relationships between public and private organizations
Geostrategy
UAE and Azerbaijan presidents pledge to boost ties
Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and...
- The two countries resolved to ramp up ties in economics, development, renewable energy, environmental protection, culture, education, and other areas
- The meeting between the two presidents also addressed the upcoming UN Climate Change Conference (COP29) to be hosted by Azerbaijan this year
Business
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
- The bank has been authorized by DLD to oversee real estate development escrow accounts and offer associated services
- The chief aim of the escrow account is to streamline the construction process for off-plan units, safeguarding the interests of investors
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm
Geostrategy
GCC head and EU top diplomat review relations in Riyadh
Riyadh, Saudi Arabia--Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Josep Borrell, High Representative of...
- The two discussed the latest developments in regional and international arenas, including the Israeli war on the Gaza Strip
- Al Budaiwi noted the importance of collaboration and unity in efforts to halt the continuous Israeli attacks against Gaza
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Company News
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Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries.In this...
Business
Iran and Russia to sign new contracts to develop oil, gas fields
Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the...
Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
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Business
GAS, SPPC ink two contracts
The duration of each contract is of 22 months.
- The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
- The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).
Business
Ooredoo, Nokia sign MoU
It will commit the two to sustainable innovation.
- The partnership between the two companies stems from their collaborative vision to foster a more environmentally-conscious industry
- The CEO of Ooredoo said that the MoU is a cornerstone in their journey towards achieving the goals of Qatar’s National Vision 2030
Economy
Qatar and China entrepreneurs explore partnerships, JVs in tech and energy
Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships...
- The talks between the two sides focused on enhancing bilateral economic relations and exploring the investment climate and opportunities
- The volume of trade between Qatar and China has grown significantly in recent years, increasing by 62 percent and reaching $22bn last year