UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE -- Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
Business
Economy
Egypt to grant ‘golden license’ in order to boost investment
The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities...
- Egyptian President Abdel Fattah Al-Sisi has issued a directive during the inauguration of the first International Forum and Exhibition for Industry
- The decision came following Egypt’s agreement with the International Monetary Fund, allowing the country to obtain an extended credit facility of $3 billion
Business
Savola Group posts 36% increase in profit
It recorded $173m profit in the first nine months of 2022.
- The food company said in a bourse filing that it had also posted a 20 percent revenue jump to $5.60 billion
- For the third quarter of 2022, net profit jumped 34 percent to $44 million, from $33 million in the same period last year
Geostrategy
Upcoming climate events to boost UAE-Egypt ties
The bilateral relations between the two countries are based on mutual respect and appreciation. The significant advancement in the bilateral...
- The upcoming events will witness further cooperation between the two countries, especially with Egypt hosting COP27 in Sharm El-Sheikh and the UAE hosting COP28 in 2023
- The UAE is the largest investor in Egypt, with over 1,250 Emirati firms operating in the country. Egypt, meanwhile, was among the first nations to recognize the formation of UAE
Business
QLM profits fall by 33 percent in first nine months of 2022
The company had reported a net profit of $12.27mn for H1.
- The gross written premium for the six-month period that ended on June 30, 2022 had increased by 33 percent to QR742mn.
- QLM Life & Medical Insurance Company was established in 2018, and was listed on Qatar Stock Exchange last year, with a capital of QR 350 million.
Business
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.
- The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
- The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Business
DEWA commissions 389 11kV substations in Q3 of 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
- DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
- These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.
Geostrategy
Investment to tackle climate change falls in 2022, says UNCTAD
Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global...
- Mitigation projects accounted for 94 percent of international climate investments, whereas adaptation ones continued to lag far behind.
- Developed economies made up two thirds of international project finance deals and greenfield investments in renewables.
Business
Ma’aden, Barrick Gold alliance get license to explore mining site in Saudi Arabia
Saudi Arabia's Ministry of Industry and Mineral Resources announced that Saudi Arabian Mining Company Ma'aden and Barrick Gold Ltd alliance...
- The site attracted the interest of more than 20 local and international mining companies for an exploration license.
- Ma'aden and Baric alliance have committed on spending over US$12 million to accelerate exploration at the Umm Al-Damar site.
Economy
Indonesia needs 17 million technologically literate workers: Minister
Jakarta, Indonesia--- Indonesia would need 17 million technologically literate workers, or workers who are able to use and manage technology,...
- State-Owned Enterprises (SOEs) Minister Erick Thohir said Indonesia's digital economy will grow to Rp4,500 trillion by 2030.
- The SOEs are committed to supporting the development of the digital ecosystem, he said.
Business
Sharjah Taxi to scale up its fleet of hybrid cars by 65 percent
Sharjah, UAE— Sharjah Taxi intends to increase the number of its hybrid cars running on both fuel and electricity. The...
- The decision is in line with the Emirate’s vision to rationalize the use of energy, in accordance with its development goals and agenda
- Sharjah Taxi had previously completed hybrid vehicle conversions towards 65% of its vehicle fleet in the Eastern Region, which now enjoys environmentally-friendly hybrid vehicles
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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ADNOC L&S boosts barge fleet
Business
Earth to warm up to 2.9C even with current climate pledges, says UN
PARIS, FRANCE - Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
Geostrategy
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
Business
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Economy
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
- The upswing aligns with the targets of Dubai’s economic agenda D33, which seeks to double foreign trade.
- By the end of the third quarter of 2023, Dubai Customs had processed approximately 18.8 million customs declarations.
Geostrategy
Israel police claim Hamas was not aware of a music festival on October 7
DUBAI - An investigation carried out by Israeli police has concluded that Hamas, involved in the October 7 attack, had...
- The police probe revealed that an Israeli military helicopter arrived at the scene and opened heavy fire.
- The development comes as Israel revised the official death toll of the October 7 attacks, lowering the figure to around 1,200 people.
Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
- The move aims to boost the company's capital expansions and working capital, the company said in a statement.
- The sukuk issue was amended from a private placement to a public offering, the company said.