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...
Business
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...
Science
COP28 UAE
Masdar ties up with RWE in US$14bn investment to develop wind projects in UK
Dubai, UAE--Abu Dhabi Future Energy Company, also known as Masdar, is part of a $14 billion investment into the UK’s...
- The $14 billion investment is expected to shore up the UK economy and also demonstrate the UAE’s long-term commitment to supporting net-zero goals in Britain
- The new project will generate enough power to light up to three million UK homes and is expected to create 2,000 jobs during construction, and a thousand more later
COP28 UAE
World Bank allots 45% of its financing to climate projects
The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously...
- The bank said that it is helping people to hold off the devastation of climate change
- It has earmarked the financing for the fiscal year that runs from July 1, 2024, to June 30, 2025
Business
Dubai Taxi IPO raises US$315m
It received more than US$41 billion in investor orders.
- The IPO will result in total gross proceeds of approximately US$ 315 million being paid to the Department of Finance, representing the Dubai government
- DTC said the previously announced offering size consists of a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital
Economy
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
- The meeting also covered the UN Climate Change Conference (COP28), starting today at Expo City Dubai
- The two leaders exchanged views on regional and international developments and a number of other issues
Business
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...
- The partnership is the first step in ENOC’s plan to supply blended SAF to all its customers across its entire network by 2030
- The fuel taken from renewable raw materials has the potential to reduce air travel related carbon emissions by up to 80%
Economy
Iran’s exports to African countries register 185 percent growth
Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
- The Islamic Republic's exports to Africa from March 21 to October 22, 2023 showed a more than 185 percent growth
- According to an Iranian official, the country would witness $5bn worth of trade with Africa in the next few years
Business
CBUAE and People’s Bank of China renew currency-swap agreement
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to...
- The agreement is expected to boost the strategic partnership between the UAE and China as well as expand the ties in the financial and economic fields
- With a nominal value of $4.90 billion, the renewal of the agreement aims to promote financial ties by facilitating the provision of liquidity in local currency to financial markets
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
- The event will explore the theme "New Era of Business" featuring conversations on major geopolitical, economic, and technological developments
- The forum, being held a few days before the start of COP28, will provide a platform for business leaders and CEOs to elaborate on their global footprints.
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...
Business
Company News
ADNOC L&S profit spikes 138%
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ADNOC Drilling profit soars 29%
Business
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
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Business
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
- The sector in the UAE generated $16.4bn in retail sales, including fresh food and packaged food
- Last year, consumers across the country spent some $1.1bn on food ordered on e-commerce platform
Business
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.
- The bank said customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities
- Its chief digital officer, Fernando Plaza Lopez, said the bank is focused on driving digital-first solutions throughout the bank’s operations
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
- Some 150 exhibitors from more than 20 countries and 7,500 visitors from over 30 countries will take part in the event
- The aviation market in the Middle East valued at US$60 billion in 2023 has seen a 26% growth in air connectivity in 2022