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...
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Economy
Dubai’s RTA reduces energy consumption by 18 percent
Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority said that RTA had achieved...
- RTA had managed to reduce the total emissions by 13 percent and energy costs by 10 percent compared with the average consumption from 2016 to 2019.
- RTA has a roadmap that aims to achieve zero-emission from public transport in Dubai by 2050.
Economy
WGES 2022 to encourage investment in green projects
The 8th World Green Economy Summit (WGES), to be held in Dubai, will focus on developing investment partnerships in green...
- In WGES 2022 several heads of states and governments, experts from government and non-government sectors would participate.
- The summit would enable finding innovative solutions and financial tools that promote clean and renewable energy projects and sustain growth
Geostrategy
Help developing nations purchase Ukrainian grain: Guterres to rich nations
UN Secretary-General António Guterres has called for wealthier countries to help developing nations purchase Ukrainian grain as supplies begin returning...
- The Secretary-General also called for more action to ensure full global access to Ukrainian food products, and Russian food and fertiliser, through the Black Sea Grain Initiative.
- Guterres explained that getting more food and fertiliser out of Ukraine and Russia is crucial to further calm commodity markets and lower prices.
Business
JODC posts increase in revenue
High pilgrim traffic caused revenue to go up to $104.34m.
- Its gross profit rose 152.9 percent to $19.06 million in H1, as against the loss of $36.05 million in the same period of last year
- The company expects the increased traffic of pilgrims to sustain for the rest of the year as there remains pent-up solid demand for pilgrims, both domestic and international
Business
Emaar to sell Namshi to Noon
The Dubai developer will sell its online retailer for $335.2m.
- The Department of Economic Development has revealed that e-commerce licenses issued by the emirate jumped 63 per cent in the first half of 2021
- During the last two years of the Covid Pandemic, online buying in the UAE has taken a big leap in growth, with Amazon alone recording net sales of about $500m in 2021
Business
Jordan and Algeria agree to boost trade, investment ties
Many Jordanian industrial sectors have the necessary requirements to enter the Algerian market, especially the pharmaceutical components, clothing, chemical and...
- The business groups also agreed to have more meetings and visits in order to assess investment opportunities
- According to official data, the kingdom's exports to Algeria in 2020 amounted to $94 million, compared to about $125 million in imports
Business
Aramco to complete $2.65bn buyout of Valvoline in 2023
Days after disclosing it had signed a $2.65 billion equity purchase agreement with Valvoline Global Products, Mohammed Y. Al-Qahtani, Aramco’s...
- Mohammed Y. Al-Qahtani said that Valvoline and Aramco will expand their existing partnership to ensure that 'Valvoline’s brand is managed in a consistent and holistic manner'
- He noted that VGP will acquire perpetual ownership of the Valvoline brand, trademarks and copyrights in the products sector
Research
Saudi Arabia advances in education competitiveness index
The Kingdom of Saudi Arabia has progressed in the education, research, and innovation indicators per the World Competitiveness Yearbook 2022...
- The Kingdom’s ranking jumped to the 24th position in the report, compared to 32 in 2021.
- The Kingdom advanced two steps in the scientific infrastructure indicator, garnering the 30th position this year compared to 32nd position in 2021.
Business
Jordanian, Algerian businesses aim for better trade relations
The Jordanian and Algerian business community agreed to a new vision for the two countries' economic relations, aiming to open...
- The Jordanian, Algerian sides stress on the need to develop action mechanisms to overcome difficulties that mutual trade faces.
- The two sides agree to intensify meetings and exchange delegations' visits to get acquainted with available economic opportunities.
Geostrategy
Two more grain ships leave Ukraine, says Turkey
Two more ships carrying grain have left Ukraine's Chornomorsk port, Turkey's Defense Ministry said on Saturday, bringing the number of...
- Ukraine's Sea Ports Authority said three seaports had begun loading food onto seven ships which would deliver 66,500 tonnes of wheat, corn and sunflower oil.
- The Authority said Ukrainian-origin food would be delivered to France, Sudan, Turkey and the Netherlands.
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...
Company News
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Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted...
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
Business
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Business
Qatar provides maritime radio station licensing for small ships in Al Khor, Al Ruwais cities  Â
DOHA, QATAR -Â The Communications Regulatory Authority (CRA) has announced the provision of maritime radio station licensing services for small...
- Qatar's Communications Regulatory Authority aims to process the requests of a large segment of the residents of the northern cities of the country.
- These services will facilitate the completion of their applications related to maritime radio station licensing for small ships.
Business
ECI, KazakhExport ink MoU
Aim is to enhance trade between the UAE and Kazakhstan.
- The MoU is in line with the We the UAE 2031 vision aimed at strengthening bilateral economic relations between the two countries.
- The aim is to enhance economic ties in renewable energy, waste management, between the UAE and Kazakhstan.
Business
Initiative by Digital Economy Chamber to help firms set up in Dubai
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a...
- The initiative will provide a comprehensive package of services designed to support tech, digital startups, SMEs, and MNCs.
- The chamber’s strategy (2022– 2024) is focused on improving the digital business environment, developing support for digital firms.