UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
Business
Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
Business
Saudi China’s largest oil supplier in Q1 despite Beijing’s Russia imports
Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four...
- Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd).
- The Kingdom remained the biggest supplier to China this year, shipping 58.31 million tons of oil till Aug.
Geostrategy
UAE, France, India share vision on sustainable growth: Sheikh Abdullah
New York, USA - UAE, France and India have discussed the need for enhancing global cooperation to counter energy and...
- Foreign ministers of the three countries reviewed it as they met on the sidelines of UNGA's 77th session.
- The three ministers discussed enhancing global cooperation in facing issues like energy and food security.
Business
Binance gets MVP license from Dubai virtual assets authority
Dubai, UAE--Binance, the leading global blockchain services provider, said Tuesday it has received the Minimal Viable Product (MVP) license from...
- The transition to an MVP License from a provisional license means Binance can open a client money account with a domestic bank and benefit from new services.
- It can offer services to qualified retail and institutional investors in Dubai within its internationally benchmarked legislative framework for virtual asset service providers.
Business
Dubai realty market records realty deals worth $435m Tuesday
Dubai, UAE--- Dubai real estate market recorded realty deals worth AED 1.6 billion ($435 million) on Tuesday, according to Dubai...
- These included 439 sales transactions worth AED1.25 billion, in addition to 66 mortgage deals of AED240.64 million, and 72 gift deals amounting to AED175.81 million.
- On Monday the market recorded 392 sales transactions worth AED900.8 million, in addition to 84 mortgage deals of AED741.14 million.
Business
DEWA, Desolenator ink pact
Dutch firm will provide water desalination technology
- The innovative design is intended to be 100 percent reliant on solar energy.
- As per the agreement, a pilot water desalination plant has been installed at the Jebel Ali Power Plant and Desalination Complex.
Infographics
Arab democratization slides further in 2021
Tunisia, the only democracy to remain a democracy after the Arab Spring, may turn authoritarian if a draft constitution published...
- According to the Economist Intelligence Unit Democracy Index, the Middle East and North Africa is the lowest ranked of all regions covered in the index.
- Many Arabs surveyed say they would prefer a strong leader 'who would bend the rules to get things done'.
Economy
‘Standardization key to enhancing quality of local products’
UAE Minister of Industry and Advanced Technology (MoIAT) Dr. Sultan bin Ahmed Al Jaber said that hosting the International Organization...
- The UAE minister said the ISO annual meeting is in tune with MoIAT's efforts to benefit from international expertise.
- Sultan Al Jaber added that such events showcase the UAE's quality infrastructure and deepen partnerships with relevant national and global entities.
Business
Mubadala discovers gas reservoir offshore Malaysia
Abu Dhabi, UAE---Mubadala Energy has discovered a good quality gas reservoir penetrated by the Cengkih-1 exploration well in Block SK320,...
- The company said preliminary analysis shows a significant gas column of more than 110 metres within the pinnacle carbonate reef reservoir.
- Mubadala Energy is the Operator of Block SK320, with 55 percent participating interest in the Production Sharing Contract.
Geostrategy
OIC Secretary General meets US Ambassador-at-large for religious freedom
The two discussed ties between OIC and the United States in view of the strategic dialogue meetings which took place...
- The two discussed ties between OIC and the United States in view of the strategic dialogue meetings which took place in Washington last May were reviewed.
- The meeting also exchanged viewpoints regarding the situations of Muslim societies and minorities in non-OIC countries and the phenomenon of Islamphobia.
Business
Al Sagr, Gulf Union may merge
The two insurance firms will have discussions on the merger.
- After the proposed merger is completed, Gulf Union Alahlia will issue new shares to Al Sagr Insurance shareholders in exchange for all issued shares of Al Sagr
- After the two will have conducted all necessary due diligence, Gulf Union Alahlia and Al Sagr will determine the share-for-share exchange ratio
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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
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
Business
Company News
Latest News
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
Business
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
Geostrategy
Saudi Arabia’s first social network Jaco attracts 1m users in 2 months
RIYADH, SAUDI ARABIA: The supervisor of the Kingdom's first social network Jaco - Saudi entrepreneur Fahd Al-Shidi announced that the...
Business
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Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
- The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
- He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Business
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
- The collaboration focuses on initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers.
- The agreement promises customized business services for Indian companies that are tailored to their aspiration of expanding into the MENA region.
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.