UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023....
Business
Business
Arab Development Establishment looks for JV partnerships in oil, gas sector
Abu Dhabi, UAE-- The Arab Development Establishment (ARDECO) has revealed that it is in talks with several international companies in...
- The CEO of ARDECO said the partnerships with global companies will strengthen the government's approach to making the emirate a global hub for the oil and gas sector
- He went on to add that his company represents more than 200 global firms in gas, oilfield services, and it intends to transform its relationship with these companies
Business
Endava to widen UAE operations
It will join the UAE's FDI program to expand footprint.
- It has a global workforce of more than 12,000 scattered all over the world in Europe, North and South America, Asia and the Middle East
- Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the UAE's partnership with Endava is a milestone for the NextGen FDI initiative
Business
Masdar City, ADAFZ sign MoU
The two free zones will collaborate to grow businesses.
- Masdar City Free Zone companies that establish operations within ADAFZ will have the opportunity to lease warehouse and manufacturing space
- The collaboration will help improve synergies and strategic partnerships between Abu Dhabi Free Zones and grow the free zone ecosystem in the emirate
Geostrategy
UAE and Brazil discuss boosting trade, energy, strategic ties
Brasilia, Brazil-- The UAE and Brazil have explored opportunities to develop cooperation in trade, energy and climate issues in a...
- The two ministers touched on bilateral relations and ways to promote them as part of the strategic partnership between the two countries
- They also discussed the cooperation between the UAE and Brazil within the framework of BRICS following the UAE joining the bloc
Economy
Jordan takes measures to cut effect of global crises on food security
Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its...
- The kingdom's agriculture minister said the measures directly contributed to improving the resilience and sustainability of food security in Jordan
- He noted that the kingdom, through a national strategy, established the food security council and launched an initiative to stop the wastage of food
Business
Adnoc and Occidental sign deal
They will conduct a study to build a direct air-capture facility.
- The deal was signed after the two companies had signed a collaboration agreement to explore carbon capture, utilisation and storage (CCUS) projects in the UAE and the US
- The one-million-tonnes-per-annum facility will be be connected to ADNOC’s CO2 infrastructure for injection and permanent storage into saline reservoirs
Business
Kazakhstan’s BSG Technology to set up business in UAE next year
Abu Dhabi, UAE-- Kazakhstan's BSG Technology is looking to expand its operations into the Middle East, and begin operations in...
- BSG Technology intends to launch its operations in the UAE market in 2024 and in this regard it has partnered with a local company
- Baimukhanbetov said the energy sector in the Middle East is large, offering many opportunities to companies for expansion in the field
Business
Adnoc Gas awards contract
Nearly US$615m will be paid to build carbon-capture units.
- Adnoc Gas said the large-scale project reaffirms its steadfast commitment to maximising energy output while minimising emissions
- The project expected to be started in 2026 will inject CO2 for permanent storage in ADNOC Onshore's Bab Far North Field
Economy
UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei
Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...
- The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
- He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges
Business
Abu Dhabi Oil Company to hike investment in UAE oil sector
Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior...
- Talking to the media at ADIPEC 2023, Shingai said the company was planning to expand production facilities and increasing extraction rates
- He noted that ADOC played a key role in advancing ties between the UAE and Japan through its investment projects in the UAE oil sector
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Company News
Latest News
IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
UAE and Jordan leaders discuss boosting economic, investment ties
Amman, Jordan-- The UAE and Jordan have explored opportunities for collaboration in the fields of economy, investment, food security, renewable...
Geostrategy
Irbid chamber industrial exports up
The value of certificates of origin issued stood at US$65m.
Business
Most Read
Business
Exxon Mobil posts bumper profit
The company profit vaulted to US$36bn during the year 2023.
- The company's earnings in the latest quarter still beat estimates and its Chief Executive Darren Woods signaled optimism about the coming year
- The oil giant's results included a $2.5 billion impairment charge for California properties that it has been trying to sell for more than a year
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
Business
GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...
- The UAE and Saudi banking systems are expected to lead the region and credit growth and profitability will remain robust
- The ratings agency however warned that potential risks, including geopolitical tensions and real estate exposure, remain