Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Economy
UAE banks provide US$9.61bn in credit facilities to industrial sector
Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY...
- The cumulative balance of credit extended by national banks to the sector grew to $196 bn by the end of January 2023 from $186.52 billion in the month of January 2022
- Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at $97.20 bn and $94.07 billion respectively
Economy
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year.According...
- Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
- The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
e&’s board declares dividend
The dividend for H2 of 2022 will be at AED 0.4 per share.
- The chairman said the group's core businesses have posted solid performance even as mergers and acquisitons have contributed to the company's success
- The consolidated revenue at $14.26 billion and a record net profit of $2.72 billion strengthened the company's financial performance during the year
Economy
UAE and Malta sign MoUs to deepen ties in maritime, sports fields
Abu Dhabi, UAE-- The UAE and Malta have signed three memoranda of understanding in areas of maritime affairs, youth, and...
- The two ministers discussed ways of deepening cooperation and partnership between the two countries
- The foreign minister of Malta expressed hope to build bilateral relations with the UAE in various field while applauding the UAE's achievements
Economy
Egypt sees growth in financial inclusion, touches 65% of adult population
Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4...
- The country's financial inclusion rose 147 percent between 2016 and 2022 to 42.3 million citizens who own and use transactional accounts
- Mobile wallets and prepaid cards primarily led to the increase, growing by 54 percent and 31 percent respectively
Business
Dubai Customs to collaborate with Global Innovation Institute to boost services
Dubai, UAE--Dubai Customs has discussed with the Global Innovation Institute (GInI) how they can further enhance their customs services and...
- Dr. Hussam Jumaa said Dubai Customs' strove to achieve the best results in creativity and innovation, stating that innovation has become a solid corporate culture for them
- By obtaining the Innovative Organization certification, Dubai Customs has become the first customs institution in the UAE and the Middle East to obtain the recognition
Business
Ras Al Khaimah Economic Zone attracts 1,839 companies in Q1
Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023,...
- RAKEZ CEO said the reason companies choose the zone was because of its innovative business solutions and aiding enterprises of diverse types
- The economic zone also posted high growth in sectors like services, e-commerce, and media companies, highlighting its diverse business landscape
Science
DEWA to launch second nanosatellite for remote sensing this month
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in...
- The satellite will blast off from Vandenberg Air Force Base in California and will be launched by SpaceX Falcon 9 rocket
- DEWA's Research and Development Centre designed and developed the nanosatellite in cooperation with NanoAvionics in Lithuania
Economy
Qatar foreign reserves post 12% jump to US$65bn in March
Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65...
- At the end of March 2023, balances in foreign banks increased by about $3.29 billion to reach $7.41 billion
- Qatar's shares of SDR deposits at the IMF decreased by the end of March 2023 with a value of $38 million
Economy
Four Saudi cities find top slots on IMD Smart City Index for 2023
Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the...
- The holy city of Makkah found its way in the index for the first time this year, achieving the 4th rank in the Arab world
- In the global pecking order of cities, Riyadh was ranked 30th, Makkah 52nd, Jeddah 56th, and Madinah ranked 85th in the world
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy
Company News
ADCB profit up 22 percent
Business
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Investcorp to float IPO
Business
NMDC posts bumper profits
Business
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
Economy
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...
Business
Iran’s exports to African countries register 185 percent growth
Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
Economy
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Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
- The event will explore the theme "New Era of Business" featuring conversations on major geopolitical, economic, and technological developments
- The forum, being held a few days before the start of COP28, will provide a platform for business leaders and CEOs to elaborate on their global footprints.