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...
Economy
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Business
Multiply Group profit soars
Its Q3 revenue posted a 24 percent jump to US$96 million.
- The group posted a 337 percent increase in net profit, excluding fair value changes, to $90.12 million for Q3 2023
- It acquired a 55% majority stake in Media 247, a leading UAE outdoor advertising firm, at an investment of $61.26 million
Economy
Kazakhstan aims to expand trade ties with UAE to the tune of US$1bn
Abu Dhabi, UAE--Kazakhstan is keen to expand trade ties with the UAE, setting a target of $1 billion in mutual...
- He noted how new trade roads from the Caspian Sea to Abu Dhabi and Dubai ports in the UAE can connect the region
- The minister said that Kazakhstan is committed to using its agricultural potential to address global food shortages
Economy
UAE president and Vietnam PM explore ways to boost ties
Riyadh, Saudi Arabia-- UAE President Sheikh Mohamed bin Zayed and Vietnamese Prime Minister Pham Minh Chinh have explored opportunities to...
- They looked at ways to boost ties to serve mutual interests and realise the aspirations for further development and prosperity
- The two leaders met on the sidelines of the joint summit between the GCC and ASEAN, which commenced in Riyadh, Saudi Arabia
Business
Palms Sports posts Q3 profit
Its revenues rose 77% to US$92m in the same period.
- The company's revenue from contracts climbed 77% in Q3, surging from $58.43 million to $92 million
- Its CEO and MD Fouad Darwish said they expect Q4 to "a healthy growth year for Palms Sports"
Business
ACWA Power signs deals
It entered into seven solar, hydrogen agreements in China.
- It signed the agreements, in solar energy, green hydrogen and water desalination, with Chinese firms during the third Belt and Road Forum held in Beijing
- Chairman of ACWA Power said the agreements further advance the company's common interest of developing projects that support positive climate ambitions.
Business
Bahrain EDB attracts $295m in IT sector as part of total investments worth $1.4bn
Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology...
- The direct investments from 14 local and international projects for the ICT sector are expected to generate over 1,600 jobs within three years
- A top EDB executive said the growth of the ICT sector is a priority for Bahrain and remains a contributor to the diversification of the national economy
Business
G42 and OpenAI partner to provide UAE with AI solutions
Dubai, UAE-- G42 has announced a partnership with OpenAI to deliver cutting-edge AI solutions to the UAE and regional markets....
- The collaboration will leverage OpenAI’s generative AI models in domains where G42 already has deep expertise, like financial services, energy, healthcare and public services
- Owing to the solutions created by G42, organisations in the UAE will be able to simplify the process of integrating AI capabilities into their existing enterprise landscapes
Economy
World must add or replace 80 million km of grids by 2040: IEA
Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines...
- The IEA said that unless policymakers act to improve and expand the world's electricity grids it could put reliable sources of electricity at risk
- The report also identifies a large and growing queue of renewables projects waiting for the green light to be connected to the grid
Business
Masdar City and Huawei sign MoU to power UAE’s transition to net zero
Dubai, UAE--Masdar City and Huawei have signed a memorandum of understanding (MoU) to enable the UAE to power its way...
- The agreement will enable capacity-building in net-zero development, help reduce the carbon footprint of Masdar City’s information and communications technology infrastructure
- The net zero framework will encourage organisations to reduce the energy demand of information and communications technology systems and operations while switching to clean energy
Business
Moro Hub and DDA sign MoU to safeguard Dubai’s information assets
Dubai, UAE--Moro Hub, the digital arm of DEWA, has signed a memorandum of understanding (MoU) with Digital Dubai Authority (DDA)...
- According to the terms of the agreement, Moro Hub will extend its cyber security services to safeguard Dubai's government entities' information assets and systems
- The collaboration between Moro Hub and DDA will play a pivotal role in ensuring that Dubai remains at the forefront of secure and sustainable smart city initiatives
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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...
Economy
Company News
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Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
Business
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
Business
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Business
Nissan profit drops to US$195m
Its sales in China slumped 35% from April to December.
- The automaker said its profit was $195 million in the last quarter, down from $341 million a year earlier
- Its quarterly sales jumped nearly 10% to 3.1 trillion yen ($21 billion) for the maker of the Leaf electric car
Economy
Arab countries public expenditure climbs to US$957.5bn in 2022: AMF
Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to...
- According to the AMF, the combined public budgets of Arab countries posted a surplus of about $119.6bn in 2022, compared to a deficit of $62.5bn in 2021
- The AMF report said Arab countries' GDP at constant prices climbed by about 6% in 2022, after reaching 3.6% in 2021, while it grew by 24.6% in 2022
Business
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
- This event aims to enhance financial, industrial and commercial partnerships among Iraq, Jordan and other countries in the region.
- The event will spotlight the myriad of investment, commercial and industrial opportunities available in Jordan and Iraq.