UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
Economy
Business
Red Sea Global teams up with Bear Grylls Survival Academy
Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous...
- The collaboration between the two promises to offer outdoor enthusiasts the opportunity to learn key team building, wilderness education and survival skills
- Red Sea Global looks to recurit and train local outdoor enthusiasts in the art of survival and expedition leadership, creating hundreds of jobs for Saudis
Business
Iran exports goods worth US$9.1bn to BRICS nations from March to August
Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21,...
- Some 70.3 million tons of non-oil goods worth $43.5 billion were traded between Iran and the rest of the world during the same period
- The top five export destinations for Iran's non-oil goods were China ($5.6bn), the UAE ($2.3bn), India ($845m), Russia (361m) and S. Africa ($51.5m)
Business
QatarEnergy signs US$3.90bn deal with HD Hyundai to build LNG carriers
Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of...
- The agreement with the South Korean firm marks the start of the second phase of QatarEnergy's LNG ship acquisition program
- QatarEnergy's ship-building program is the largest of its kind and will play a pivotal role in meeting its future shipping requirements
Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
- The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
- The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Business
Vitronic signs contracts in MENA
The contracts to install traffic systems are worth US$211m.
- Vitronic Middle East will install over 2,000 "cutting-edge traffic enforcement systems in high-risk areas" over the next few months.
- It said In a statement that traffic management and enforcement systems provide benefits that go beyond the daily lives of individuals
Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows
Business
UAE explores partnership with China in labor and human resources
Dubai, UAE - UAE and China explored opportunities for the two countries to cooperate and exchange experiences in areas related...
- They also discussed the role that joint efforts play in promoting growth and encouraging entrepreneurship.
- The two sides presented their respective plans for developing priority business sectors.
Geostrategy
UAE and India look to boost ‘comprehensive strategic partnership’
New York, US-- The UAE Foreign Minister Sheikh Abdullah bin Zayed has held talks with Subrahmanyam Jaishankar, External Affairs Minister...
- The two ministers reviewed the issue of climate change and bilateral cooperation in this regard, and also discussed the UAE's hosting of COP28 this year
- The UAE's foreign minister emphasized that the two countries are keen to support multilateral international action to find effective solutions to all global challenges
Business
Iran’s exports of agriculture products climb up 10% to US$1.62bn
Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of...
- The United Arab Emirates, Iraq and the Russian Federation were the major destinations for Iran's exported crops
- During the first 5 months of 2023, a total of 2,169 million tons of agricultural products worth $1.62 billion were exported
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
Economy
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Top economists warn global economy will weaken in 2024
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ADQ, ADNEC to buy stake in TMG
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
Business
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Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries. In this regard,...
- Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
- According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.
- The company said customers will be able to leverage Noatum’s global network of 16 terminals and 143 international offices, presence across 67 ports
- The rebranded firm will embark on a rebranding campaign in the next few weeks, which will see its brand reflected across key assets and locations in the region.