Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
Business
OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
- Al Ghais said the investments are crucial for ensuring reliable energy supplies for current and future generations
- At the same time, the secretary general noted the organisation's active involvement in climate change negotiations
Economy
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
- The agreement looks to boost expertise exchange and cooperation between Bahrain and Saudi Arabia, focusing on joint efforts in infrastructure development and road safety
- The Bahraini minister noted the strong relations between the two countries, emphasising the keenness to enhancing ties, particularly in infrastructure development
Business
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
- The two sides discussed the potential establishment of a Thai Business Council, under the auspices of the Sharjah Chamber, to stimulate joint investments
- The Thai delegation during its meeting with the SCCI underlined their desire to facilitate the Emirati jewellery designers’ participation in the Bangkok Fair
Geostrategy
UAE and Egypt presidents hold discussions in Cairo to boost ties
Cairo, Egypt-- UAE's President Sheikh Mohamed bin Zayed Al Nahyan and his counterpart from Egypt Abdel Fattah El-Sisi met in...
- The two presidents explored opportunities for further collaboration within the framework of the strategic partnership that unites the two countries
- The two leaders also reviewed the ongoing efforts to address the humanitarian situation in the Gaza Strip and alleviate the suffering of its people
Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
- The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
- According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024
Science
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
- The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
- ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects
Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
- Albudaiwi said the free trade talks exemplify the strategic partnership between the GCC countries and Turkey, as well as the regional cooperation in various sectors
- He said the GCC countries are actively engaged in free trade negotiations with other nations to expand trade opportunities, promote economic cooperation
Science
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
- Countries across the world have been under pressure to keep this warming limit alive by pledging to accelerate their efforts to slash greenhouse gas emissions
- The United Nations climate chief last week stressed that the new round of commitments were essential to keep the world from blowing past 1.5 Celsius
Economy
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
- As per reports, the sub-index for mining and quarrying activity, which accounts for 61.4% of the index weight, grew by 0.1% to reach 98.2 points in January 2024
- The report added that the sub-index for manufacturing activity, which accounts for 35% of the index weight, grew by 1.1% to reach 113.8 points in January 2024
Economy
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
- Both central banks' decisions come after Fed's vote to maintain interest rates at a 23-year high
- The decision is a careful balancing act by the UAE and Qatar aimed at fostering stability and growth
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
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Omantel approves cash dividend
Business
Amanat FY 2023 revenue $195m
Business
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...
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Business
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
- The two entities will ensure the growth of investments in the region and across the world to promote Abu Dhabi as an investment destination
- They will work together to assess growth opportunities in strategic priority markets, provide consultations, and share studies and information
Business
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
- Nanda before his new appointment was the head of Operations and head of Investment Structuring and Business Support, Asia, at Investcorp
- He is a chartered accountant, holding a master's degree in science with a specialization in finance from the London School of Economics
Business
Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
- The company saw a noticeable uplift in interest in corporate customers, wedding bookings, and leisure bookings across 2023
- It also hosted over 35 wedding ceremonies and receptions as well as birthdays, with the resort providing the perfect backdrop