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
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
- The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
- The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion
Business
Qatari exports to clients surge in 2023 to US$412m: Tasdeer
Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
- According to the agency, some 260 Qatari exporters and 130 companies took part in eight international exhibitions during the past year
- The trade missions undertaken by Qatari companies to Iraq and India generated deals worth approximately $57.41m and $31.31m respectively
Business
Dragon Oil starts oil production
The Al Wasl field is its first oil discovery in Egypt.
- Dragon Oil discovered the Al Wasl field, “North Safa” in 2021, making it the largest oil discovery in the Gulf of Suez region during the last twenty years
- The oil company will begin setting up a new offshore production platform, extending a production line and an electricity line to operate oil pumps
Business
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532,...
- It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
- Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
Business
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
- The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
- The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
- Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
- The completion of the second well is expected by mid-January to raise production to targeted levels
Business
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...
- The expansion in the growth resulted from the listing of the government and semi-government companies and also rising popularity of online trading
- The brokerage firms numbering 29 on the bourse executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million
Business
Iran-Azerbaijan trade registers 46 percent jump in 2022
Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime...
- The deputy PM was speaking at the inauguration ceremony of the new Astara-Astara border bridge
- He said the two countries would see significant growth in the transit sector in the coming years
Geostrategy
New Year celebrations in GCC tempered by Gaza war
In Dubai and Abu Dhabi, lights and fireworks illuminated the skies as international tourists soaked up the celebratory scenes. The...
- Sheikh Zayed Festival put on display the region's largest firework lasting 40 minutes
- Across Dubai, the hotels reported occupancy rates soaring above 90 percent
Business
Visitors flock to Sheikh Zayed Festival, boosting exhibitors’ sales
Abu Dhabi, UAE--Sheikh Zayed Festival is witnessing a large public turnout from citizens, residents and tourists from all over the...
- The Heritage Village saw a huge crowd of visitors buying products made by Emirati families, boosting the businesses and industries
- Visitors can avail discounts on a wide range of products across all pavilions and sections, in addition to having new food experiences
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
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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...
Economy
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Economy
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
- The $13.89 billion joint investment with RWE is expected to provide a huge boost to the UK economy
- The investment builds on the $12.63bn UAE-UK Sovereign Investment Partnership to invest in energy transition
Geostrategy
UAE and Russia look to deepen parliamentary cooperation
Abu Dhabi, UAE-- The UAE and Russia have held talks to enhance the parliamentary cooperation between the two countries.In this...
- The meeting between the two addressed the role of parliamentary diplomacy in supporting efforts to promote security and peace in the region
- The officials also discussed the 10th BRICS Parliamentary Forum, to be held in the city of St. Petersburg, Russia, from 10th to 11th July, 2024
Business
Emaar unveils new projects
The new projects are estimated to value US$26.14 billion.
- The first development valued at $15 billion is poised to set a new standard in premium high-end living
- The second valued at $11.16bn is designed to house wellness facilities, a new standard in luxury hospitality