Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
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Business
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...
- CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
- During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
Economy
UAE and Mozambique sign MoU to improve ‘work cycle’ for workers
Dubai, UAE--The UAE and Mozambique have signed a memorandum of understanding (MoU) in the field of workforce to improve the...
- The UAE minister said the MoU establishes an institutional partnership between the two ministries to maximize mutual benefits
- He said the UAE government is keen to build partnerships around the world, which, he feels, builds trust in the country's labor market
Economy
Dubai Customs and Japan’s consulate discuss expansion of trade ties
Dubai, UAE-- Officials from Dubai Customs and Japan's consulate have discussed ways to boost trade cooperation between the two countries...
- The officials noted how collaboration with Dubai was enabling Japan's traders and investors to expand their businesses in Dubai
- The consulate officials conveyed their appreciation for Dubai Customs' role in combating drug smuggling across borders
Economy
Abu Dhabi crown prince reviews progress of government projects in emirate
Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin...
- The crown prince stressed the need for investing in early education and how it is integral to building a "future-ready generation"
- In the meeting he noted the importance of achieving a fully integrated and sustainable roadmap, involving all stakeholders
Economy
SCA and UBF sign MoU to strengthen UAE’s asset management industry
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation...
- The MoU looks to set up the UAE as a major attraction for asset and wealth management corresponding with the government's aspirations for the next 50 years
- Both the parties, under the terms of the MoU, resolved to cooperate and share expertise and studies aimed at improving the local asset management sector
Economy
Bahrain secures 9th spot in survey for best expat destinations in world
Manama, Bahrain--Bahrain has climbed up to ninth position in the top destinations in the world for expatriates, according to report...
- Respondents perceived Bahrain to be the country where a visa could be secured easily, and a bank account could be opened without a hassle
- The survey is one of the world's biggest expat polls based on data from more than 12,000 expats from 171 countries, scattered across the world
Economy
Jordan and Japan review economic, strategic relationship
Amman, Jordan-- Jordan and Japan have discussed ways to boost economic cooperation and further strengthen strategic ties between the two...
- The Jordanian minister noted the "importance" of Japanese investments and their role in transfering advanced technology to the kingdom
- Jordan's exports to Japan, according to the Department of Statistics, amounted to $87 million, while imports from Japan touched $348 million
Economy
GCC, API sign MoU to establish framework for cooperation
Riyadh, Saudi Arabia-- Seeking to establish a broad framework for cooperation in several areas, the GCC and the Arab Planning...
- The MoU is expected to contribute to the development of the local working force in the GCC through cooperation in several areas
- GCC secretary general applauded API for supporting Arab organizations and institutions in all their forms with projects and ideas
Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
Business
Multiply Group buys stake
A minority stake in Breakwater Energy cost it US$100m.
- The group by virtue of its new acquisition will become part owner of a profitable and cash-generative, diversified global upstream portfolio
- It poured some US$2.72 billion last year into Abu Dhabi National Energy Company (TAQA), an integrated utility champion in the EMEA region
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
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Masdar eyes Europe for growth
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UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
Business
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
Business
Qatari exports to clients surge in 2023 to US$412m: Tasdeer
Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
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Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022. Bitcoin touched a 21-month peak of...
- It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
- Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
Business
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
- The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
- The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
- Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
- The completion of the second well is expected by mid-January to raise production to targeted levels