Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported. Dar Global and...
Business
Business
ADNOC’s first shipment of low-carbon ammonia leaves for Germany
Abu Dhabi, UAE:Â Abu Dhabi National Oil Company (ADNOC) announced on Thursday that its first shipment of low-carbon ammonia has...
- The demonstration cargo will be delivered to Aurubis, a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide.
- Aurubis plans to utilise the low-carbon ammonia as a feedstock in its wire rod plant, testing its application as an additional, lower-carbon energy source for industrial use.
Business
Markets volatile, world economy likely to grow 3.2% in 2022
As the world economy struggles to recover from the after-effects of the pandemic, financial markets are more volatile than ever.
- Global investors need to factor in how demand and supply chains will impact trade around the world
- The ongoing stop-and-start recovery from COVID has also disrupted global supply chains, leading to more instability in economies all around the globe
Geostrategy
UAE calls for global solidarity at environment ministers meet
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the Joint Environment and Climate Ministers’...
- The UAE Minister spoke of forging regional and global partnerships to tackle environmental and climate challenges proactively
- She said that the outcomes of the meeting will be further pushed at the G20 Summit in October in Indonesia
Business
UBS partners with Qatar for green project in Gulf country
Qatar Financial Center Authority and UBS Asset Management will collaborate to set up a green sustainable private markets initiative in...
- The collaboration intends to develop a joint vision for the initiative with the objective of establishing Qatar as a center for environmentally sustainable investments
- To give a boost to the partnership Qatar will make an initial seed investment of up to $500 million
Business
Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of...
- The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030
- The Central Bank pointed out that the updated framework of the Regulatory Sandbox is open for both local and international applicants
Business
Taiba gives hotel contract to ACC
ACC won the $115m contract to build a hotel in Madinah.
- The hotel will feature two towers connected by a bridge at the upper level with public and dining areas
- Taiba posted a profit of $14.97 million during H1 of 2022, wiping out losses of $4.02 million for the same period of last year
CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by...
- The apex bank said that gross credit grew from $507.93 billion in May 2022 to $508.12 billion in June 2022
- Total bank deposits increased by 2.5%, climbing from $555.61 billion in May 2022 to $569.61 billion in June 2022
Science
New type of proton aurora around Mars observed by UAE mission
Dubai, UAE: The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, has made first observations of...
- The spatially variable ‘patchy’ proton aurora potentially triggers new insights into unexpected behaviors in the Martian atmosphere.
- This new patchy type of proton aurora is formed when the solar wind directly impacts Mars’ dayside upper atmosphere and emits ultraviolet light as it slows down.
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
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Company News
dnata begins building warehouse
Business
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UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
Business
Proton says will analyze VPN sign-ups to identify attacks on democracy
GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks...
Business
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Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.