Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
Business
Ashok Leyland bags 1,400-bus order
This is the company's biggest UAE order for school buses.
- The 55-seater Falcon bus and 32-seater Oyster bus - will be supplied from Ashok Leyland’s $50 million manufacturing facility in Ras Al Khaimah.
- Most of the supplies will be made to Emirates Transport and STS Group, a statement from the company said.
Arts & Culture
Qatar’s Museum of Islamic Art to reopen on October 5
One of the world's premier institutions of Islamic art, the MIA will re-open in time for the influx of visitors...
- One of the world's premier institutions of Islamic art, the MIA will re-open in time for the influx of visitors to Doha for the FIFA World Cup Qatar 2022
- More than 1,000 objects many newly conserved or acquired will be displayed in the museum's permanent galleries
Economy
Palestinian economy facing formidable challenges: IMF team
The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda...
- The Palestinian Authority and Israel disagree on the amounts of revenue that the latter should transfer to the former, the statement said.
- The IMF team said that overcoming these challenges will require ambitious reforms spanning several years of cooperation between PA, Israel and donors.
Economy
CBUAE imposes sanctions on ‘exchange house’ for violations
The Central Bank of the UAE (CBUAE) has imposed sanctions on the owner and general manager of an exchange house...
- According to a CBUAE statement, the sanctions came as a result of the examination conducted by it, revealing that the exchange house had rented out its license
- The CBUAE also prohibited the general manager from undertaking any designated function at any licensed financial institution in the country
Business
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
- The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
- The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity
Business
Evorra secures extra $1m for data marketing at scale
Evorra CEO Aaron Ritoper said that the company has developed with regular input from a community of brands which believe...
- Evorra CEO Aaron Ritoper said that the company has developed with regular input from a community of brands which believe in the power of a decentralised data service
- Boston-based York IE is set to become lead investor to help the SaaS marketplace company turn marketers into data marketers
Business
Ajlan signs deals worth $7bn
Its collaboration with Malaysia will be in key sectors.
- The deals aim to develop effective programs to promote collaboration between the two countries to invest in key sectors: industrial manufacturing, healthcare, technology
- Ajlan will partner with Malaysian companies such as SilTerra, Cybersecurity Malaysia, Aerodyne, NADI Corp., Malaysian Genomics Resource Centre Berhad, MYEVENTS International
Economy
Realty, banking blue chips continue to power UAE markets
Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively.
- Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively
- Driven by Emaar, Dubai General Index (DFMGI) advanced 0.79 percent to 3,463.5927.16 pts, with the property blue chip closing higher at AED4.80
Arts & Culture
Sharjah Chamber set to organise ‘Al Maleh and Fishing’ Festival
The Sharjah Chamber of Commerce and Industry (SCCI) has announced it will be organizing "Al Maleh and Fishing" Festival in...
- The SCCI added that all preparations are in place, and the festival is scheduled to begin on September 8, 2022, in Dibba Al Hisn City.
- The four-day event will involve the participation of several government entities and private sector companies.
Economy
Saudi bank loans to public and private sectors grow 14% by July end
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of...
- The total loan granted by Saudi banks amounted to SAR 2.324 trillion ($620bn) by July end.
- Private-sector lending also increased by 14 percent year-on-year (YoY) to SAR 2.213 trillion ($590bn).
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Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
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DEWA wins top award by UK based institute
Arts & Culture
ADNOC Drilling to acquire rigs
Business
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
Economy
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Geostrategy
MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
- Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
- The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Economy
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
- The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
- The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.