ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...
- Except for real estate investment trusts, the new conditions require investment funds to be chiefly involved in investment business activities
- The cabinet decision also requires a single investor and its related paties not to hold more than 30% or 50% of the ownership interests in a fund
Qatar National Bank foresees recession in US economy
Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out...
- The bank notes that the US economy continues to be resilient in spite of headwinds from high inflation, tighter financial conditions
- In QNB's analysis while economic momentum should prevent a downturn for the US in 2023, a recession is not unlikely yet for 2024
Economy
GAFTA imports from Jordan shoot up 16.6% to US$1.60bn
Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared...
- The value of Jordan's imports from GAFTA recorded a 13.8 percent drop during the January-May period of 2023 to $2.69 billion
- The kingdom's trade balance deficit with the GAFTA countries dopped at the end of May this year to about US$1.08 billion
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Economy
COP28 president urges G20 to take lead role on climate action
Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent...
- He urged all to demonstrate commitment to the UN Secretary General’s Climate Solidarity Pact and Acceleration Agenda
- The upcoming COP28 will be the first edition of the conference to explicitly link climate impacts to global health
Business
Black Cobra signs MoU with OSTIM
The Abu Dhabi firm will push for growth in the defense sector.
- The MoU will seek to create opportunities for growth and innovation in the aerospace and defense sectors
- The agreement between the two corresponds with the UAE's vision to boost bilateral relations with Turkey
Geostrategy
Saudi fighter jet crashes in training, killing crew
The air force jet was on a training exercise when it crashed on Wednesday in the south of the country,...
- The site of the crash borders Yemen, where Saudi Arabia has led a military coalition against Houthi rebels
- The jet is part of Saudi's fleet of F-15SAs, seen as a cornerstone of the ties between the kingdom and the US
Business
Fawry to expand into Saudi Arabia
The money transfer firm plans to set up base across the GCC.
- The talks with Saudi Payments, according to Fawry, are likely to conclude by the end of the year
- In Saudi Arabia, the number of users in the digital commerce market is expected to amount to 36.38m by 2027
Economy
Bahrain’s RERA revokes real estate firm’s license for ‘breach of regulations’
Manama, Bahrain-- for "exceeding the scope of the permit."Â The owner had exceeded the scope of the permit which was issued...
- According to RERA, the owner of the real estate firm had violated the scope of the permit issued to him by the authority
- The real estate agency, according to the regulatory authority, had also breached Central Bank of Bahrain's regulations
Economy
UAE’s digital platform, U.AE, attracts 9.1m visitors in H1
Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until...
- The rise in the average number of pages viewed was 3.52%, compared to the same period last year, according to TDRA
- TDRA recently launched the generative AI-supported version of the digital platform, allowing users to obtain government services
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
Company News
ADX signs MoU with SZSE
Business
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Silal and MBZUAI sign MoU
Business
UAE and Azerbaijan presidents pledge to boost ties
Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and...
Geostrategy
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
Business
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Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles