GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
Sharjah Consultative Council approves heritage policy
Arts & Culture
Business
Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.
- It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors
- Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank
Business
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.
- Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
- Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom
Business
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.
- TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange
- The company has significant investments in power and water generation, transmission and distribution assets
Geostrategy
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of...
- The G-20 accounts for 85 percent of global GDP, 75 percent of international trade and two-thirds of the world population.
- This is the first of a series of announcements being made by India preparatory to its assumption of the G-20 Presidency on December 1, 2022.
Geostrategy
High-level UAE economic delegation visits Georgia
A UAE economic delegation led by Minister of State Ahmed Ali Al Sayegh visited Tbilisi, Georgia.
- UAE-Georgian economic relations have witnessed remarkable development in recent years.
- Total non-oil trade between UAE and Georgia in 2020 and 2021 grew by 52 percent to reach US$223 million.
Business
UAE’s TDRA becomes member of global body EFQM
UAE's Telecommunications and Digital Government Regulatory Authority (TDRA) has announced that it has become a member of the European Foundation...
- Telecommunications and Digital Government Regulatory Authority will support the implementation of EFQM's leading approach.
- TDRA will utilize the integrated services provided by the EFQM to better equip its own teams to drive excellence.
Business
Tabreed okays 100% foreign ownership
The previous cap on foreign ownership was 49 percent.
- Tabreed is majority-owned by Abu Dhabi's state-owned fund Mubadala.
- Khaled Abdulla Al Qubaisi, Chairman Tabreed, said the move is expected to “provide greater opportunities to benefit from foreign investment".
Economy
New PPP law will help UAE achieve competitive economy: Massimo Falcioni
PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- ECI, Falcioni added, has partnered with private companies and government institutions to enhance public infrastructures in and outside the UAE
Business
Dubai looks to raise $817m from IPO of Salik Company
Dubai is looking to raise $817 million in the initial public offering of Salik. It is selling 1.5 billion shares...
- All shares to be offered shall represent the sale of existing shares held by the Government of Dubai
- The CEO of Salik believes the growth of the city is in tandem with the growth of Salik, and this offering represents an exciting opportunity for investors
Geostrategy
GCC countries hail national reconciliation in Sri Lanka
Abdulmohsen bin Khuthaila in his speech on the sidelines of an official debate on human rights in Geneva, said that...
- Abdulmohsen bin Khuthaila in his speech on the sidelines of an official debate on human rights in Geneva, said that the GCC backs all open and effective dialogue in Sri Lanka
- Addressing the 51st session of the Human Rights Council, Khuthaila also stressed that enhancing human rights is a collective responsibility
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GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Company News
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Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
Business
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
Business
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Geostrategy
Caspian Sea water levels hit 30-year low
Estimates reveal a 9-meter decline in Caspian Sea water levels, shrinking the area by 24 percent, as the northern half...
- Estimates reveal a 9-meter decline in Caspian Sea water levels, shrinking the area by 24%, as the northern half witnesses a more significant drop than the southern part.
- The Caspian Sea supports a vital fishery, provides water for agriculture, and is home to several threatened species, including 90% of the world's last-remaining sturgeon.
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.
Business
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.
- For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
- There was an increase in debt for financing the firm’s acquisitions last year.