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
Business
Morocco supervisory authority approves Takaful Insurance Company
Rabat, Morocco---A Takaful insurance company will be established in Morocco by Qatar Islamic Bank, Atlanta Insurance and Moroccan Tourism and...
- The Atlanta Insurance Company will hold 60% of the shares, Moroccan Tourism and Real Estate Loan Bank 20% and Qatar Islamic Insurance Company and QIIB 10% each.
- Takaful is Sharia-compliant Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.
Business
Aramco to build fabrication yards
The yards will more than triple Saudi offshore fabrication capacity.
- The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction Company (NPCC) and McDermott International.
- They are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines.
Economy
Saudi economy is the fastest growing among G-20 in 2022: report
The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.
- The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term
- The estimates of the OECD report for the Kingdom contradict the bleak and ambiguous outlook that stems from the Russian-Ukrainian crisis
Business
QIB’s profit shoots up 13%
It reported $783m profit in the first nine months of the year.
- The bank's data showed an increase in earnings per share for the period ending on Sep. 30, 2022, to reach QR1.21, compared to QR 1.07 for the same period last year
- QIB carries out all banking, finance, investment and banking services in accordance with the provisions of Islamic Sharia
Business
Abu Dhabi Chamber to launch new digital platform
Abu Dhabi Chamber of Commerce and Industry (ADCCI) will launch a new platform for Abu Dhabi's business community in order...
- The Business Matchmaking Platform, which is currently going through the development phase, will enhance the experience of Abu Dhabi’s business community
- Members of Abu Dhabi Chamber will also be able to have a comprehensive overview of upcoming events and register for them, as well as access the latest data and insights
Geostrategy
Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism...
- The UAE said that the OPEC+ decision was vote-based collective
- Toeing the UAE’s line, Bahrain has expressed solidarity with Saudi Arabia, rejecting statements pushing towards politicizing OPEC+ decision on oil production cuts
Economy
Visa-free travel between UAE, Japan starting Nov 1
Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of...
- Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of tourism or work
- The UAE is Japan's tenth largest trading partner in the world and is home to more than 340 Japanese companies operating in various sectors
Geostrategy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
- Under the agreement UAE and Chile will exchange information, knowledge and expertise, hold high-level meetings to discuss issues.
- The two sides will organise relevant academic research and enhance their cooperation in clean and renewable energy.
Business
ADQ submits shareholding offer to ADA
ADQ aims to establish a diversified aviation services and MRO business.
- The combined group would have assets of approximately AED 9.4 billion ($2.6 billion) with an extensive portfolio of aircraft, MRO centers and hangars.
- Following completion, ADQ would own approximately 59 percent of the entire issued share capital of ADA.
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
Company News
Empower H1 2023 revenue at $333m
Business
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Ooredoo Algeria gets new CEO
Business
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
Qatar’s business conditions continue to improve in October
DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of...
Business
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Geostrategy
Arab ministers meet in Jordan, seek resolution to Gaza conflict
AMMAN, JORDAN – Foreign ministers from key Arab nations – including Saudi Arabia, the United Arab Emirates, Egypt, Qatar, and...
- The summit with Arab diplomats reinforced their collective call for an end to the aggression against Gaza.
- It emphasized the international community's role in stopping military operations and the bloodshed of civilians.
Science
AI to contribute in enhancing low-emissions development
BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development. UN Climate Change’s Initiative on...
- UN Climate Change’s Initiative on Artificial Intelligence for Climate Action explores the role of AI as a tool for climate action in developing countries.
- It aims to deliver results both on policy and implementation, under the first joint work program of UN Climate Change’s Technology Mechanism.
Science
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
- The two-day forum showcased innovative technologies and transformative solutions to accelerate low-emission, climate-resilient development.
- The international event aimed to foster new partnerships to scale up investments and technology transfer to developing countries.