Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Economy
Qatar’s trade balance surplus touches US$6 billion in April
Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s...
- Qatar's value of imports in April dropped 6.3 percent from the previous year and 9.3 percent from the last month to touch $2.39 billion
- The country's prime minister said this month that non-oil sector has grown 9.9 percent in Q4 of 2022, and oil activities also saw a 4.8 percent rise
Economy
UAE and Czech Republic look to boost trade and investment ties
Prague, Czech Republic-- The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common...
- The discussions were held during the visit of Ahmed Ali Al Sayegh, Minister of State of the UAE, to the Czech Republic with the aim of boosting bilateral cooperation
- The UAE minister said that non-oil exchange surpassed US$1 billion in 2022 and that there was marked growth in Czech investment in the UAE
Economy
Sharjah set to hold second UAE-China Tyre & Auto Parts Expo
Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE...
- According to Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, the exhibition is expected to become the most sought after platform for auto-industry stakeholders
- The expo will showcase the latest arrivals in auto parts and accessories, tire and battery products, automotive electronics and maintenance equipment
Geostrategy
Several Western states seeking division between OPEC members: Raisi
Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several...
- Raisi, citing the history of good relations with OPEC, expressed his country's desire to continue strengthening the cooperation with it
- Haitham al-Ghais applauded the Islamic Republic's effort, both at ministerial and technical level, to strengthen the cohesion and unity of OPEC members
Economy
Global investment in clean energy to rise to US$1.7trn: IEA
Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set...
- According to the IEA report, investment across the globe in clean energy technologies is vastly outpacing spending on fossil fuels
- With solar in the forefront, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation
Business
More than 1,800 new companies set up businesses in RAKEZ in Q1
Ras Al Khaimah, UAE--More than 1,800 new companies have set up their businesses in Ras Al Khaimah Economic Zone (RAKEZ)...
- Ramy Jallad, CEO of RAKEZ, said that the emirate has positioned itself as a preferred hub for international traders due to its business-friendly ecosystem
- A large chunk of investors setting up businesses in the economic zone come from India, Pakistan, UK, Russia and Egypt, demonstrating its global appeal
Business
Dubai Municipality unveils new online system for building permits
Dubai, UAE-- Seeking to enhance the emirate's position as a global pioneering city in adopting the latest technology in the...
- Aligned with the updated Dubai Building Code, the new system will provide smart and integrated services and solutions while implementing automated checks
- Complying with the latest BIM standards and geographic information systems, it will facilitate user registration through digital ID and instant recognition
Business
SPC Free Zone signs contracts with publishers from Sweden, Egypt and Algeria
Sharjah, UAE--The Sharjah Publishing City Free Zone (SPC Free Zone) has signed more than 10 partnership agreements with publishers from...
- The free zone since its founding in 2017 has hosted companies and institutions working in the publishing, printing, and distribution fields
- It held meetings with more than 50 publishers from around the world, underscoring the emirate's efforts to support the publishing and creative industries
Economy
UAE-India partnership a driver for economic growth: Al Marri
Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the...
- The minister said that the two countries were speeding up efforts to develop both economies and adopt plans that support vision for expansion
- Al Marri noted that the UAE is interested to support Indian government's plan to lift the country's GDP to US$5 trillion by the year 2025
Geostrategy
Iran shows off new ballistic missile designed to carry 1,500 kg warhead
Tehran, Iran--Iran has displayed a new long-range missile capable of carrying 1,500 kg warhead with the capacity to hit targets...
- The ballistic missile designed by the country's Aerospace Organization is seen as one of the most advanced missiles with a range of 2,000 km
- Iran claims the missile has a liquid-fuel engine fitted in the fuel tank, which reduces the length of the missile to about 13 meters
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
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AD Ports net profit up
Business
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Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn
Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the...
Business
Expo City Dubai and Japan’s UMI sign MoU to support startups
Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and...
COP28 UAE
Inter Miami to play two ‘friendlies’ in Saudi Arabia next year
Miami, United States--Inter Miami on Monday confirmed details of two upcoming friendlies in Saudi Arabia next year which will include a...
Economy
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Business
Silal and MBZUAI sign MoU
The agreement will bring AI innovation to food production.
- The two sides will create a framework for the transfer and commercialisation of research, including support for startups and business spinouts
- The agreement corresponds with the National Strategy for Food Security 2051 to develop a national system based on enabling sustainable food production
COP28 UAE
Protecting nature may avert $2.7trn global economic losses: World Bank
Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually,...
- Hickey said low-income countries may lose nearly 10 percent of their GDP annually by 2030 if select ecosystem services, such as forests, fisheries collapse
- She said that the loss of nature is at the core of central development challenges, mainly health, inequality, climate change, food security and energy
Business
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
- The chairman of the SCA board applauded the UAE for its commitment to sustainability
- He highlighted the SCA's decision to exempt companies wishing to list from registration fees