DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Dubai partners with 9 developers to bolster Real Estate Program
Dubai, UAE -- The Dubai Land Department (DLD) has embarked on the first phase of a series of strategic partnerships...
Business
Business
71 varieties displayed during Onaizah International Dates Season
More than 71 varieties of dates were on display in the auction arena of the Food City during the Onaizah...
- The most common and sought-after types are Khalas, Barhi, Majdoul, Khodari, and Sukkari. Al-Hamra, Aseelah.
- The health of dates is checked in the municipal laboratory and ascertained through control tours.
Business
DP World H1 net profit $721m
Growth was supported by higher revenue from acquisitions.
- The global port operator said this was a 51 percent year-on-year and added that it expects growth rates to moderate for the rest of the year.
- The company said its H1 revenue was $7.93 billion, a rise of 60 percent, supported by acquisitions, strong performance of feedering services and growth in high margin cargo.
Business
Al-Othaim posts $37m profit
The retailer said the profit soared due to growth in sales.
- The retailer said that its share in the profit of its associate Gulf Flour Milling Co. boosted this period’s results, as it was not recorded in the prior year
- The company incurred higher costs from opening new stores and enhancing competencies in senior positions
Business
G42 launches $10bn technology growth fund
The fund, to be managed by a subsidiary of G42, will invest in late-stage growth companies with disruptive technologies and...
- The fund will invest in late-stage growth companies with disruptive technologies and strong business fundamentals
- It will operate as a private equity investor, with a significant share of investment earmarked for high growth regions
Economy
OPEC not responsible for soaring inflation: Secretary-General
“OPEC is not behind this price increase,” said the secretary-general of the the influential group of producers Haitham Al-Ghais. “There...
- Al-Ghais’ comments follow the OPEC’s decision to add only 100,000 barrels per day from next month
- He said the factors behind the spike in gas and oil prices are beyond OPEC and identified underinvestment as the main problem
Business
Saudi jewelry sector records 36 percent sales jump in Q2
The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows...
- The kingdom has also seen an upsurge in consumer spending in the second quarter exceeding $33 billion with an annual growth rate of 7 percent
- Referring to data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent
Economy
UAE scores high in 11 best expatriate destination parameters: Survey
The UAE has exceeded international figures in 11 indexes on the best expatriate destinations based on various factors, which include...
- German research firm InterNations said UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.
- About 94 percent of those surveyed felt safe in the UAE while the global rate was under 81 percent.
Business
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for...
- Twenty-six percent of the total private sector workforce registered with the Ministry are in the construction sector, followed by 21 percent in the trade and repair services.
- Agriculture sector marked the highest (70 percent) growth in the number of new work permits issued, followed by social and personal services.
Business
UAE, Saudi achieve above 60 percent pre-Covid travel recovery
Travel recovery witnessed in the UAE and Saudi Arabia has been very strong, according to a survey of nearly 2,000...
- A total of 98 percent of respondents in Saudi Arabia and 95 percent in the United Arab Emirates have used airport lounges in the past. .
- Passengers from the UAE made an average of four return trips in 2021, which is a 67 percent recovery from the pre-pandemic average number of six return trips.
Arts & Culture
Funding crunch cripples Lebanon film industry
Before the Covid-19 pandemic and the country's worst-ever economic crisis, 20 to 30 films were produced in Lebanon. Today, it...
- Film producer Myriam Sassine told Kuwaiti News Agency (KUNA) that in 2000 only a couple of feature-length films were produced annually in the country.
- With EU’s help, a one-time $76,000 fund has been set up to support production of films in the country. Its efforts are likely to bear fruit in November.
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Company News
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UAE, Turkish presidents discuss bilateral, economic relations in Istanbul
ISTANBUL, TURKEY - UAE President Sheikh Mohamed bin Zayed Al Nahyan arrived here on Saturday for a working visit and...
Geostrategy
SPC Free Zone to provide licenses within 45 minutes
SHARJAH, UAE - Sharjah Publishing City Free Zone (SPC Free Zone) has announced an expedited business setup process, allowing businesses...
Business
UAE convenes Security Council meet, urges UN, League of Arab States to cooperate
NEW YORK, US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United...
Geostrategy
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Business
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...
- UAE investments in Peru over the last five years exceeded US$700 million, while intra-trade reached US$4.4 billion in the same period.
- UAE official said the deal will contribute to the growth of trade exchange in a manner that supports development in both the countries.
Geostrategy
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
- The strategic partnerships between the two sides aim at focusing mainly on peace, security, stability, integration, and economic prosperity in the Middle East.
- Beside supporting Yemeni peace efforts and humanitarian needs, the US and GCC also make a commitment to freedom of navigation and maritime security in the Gulf region.
Business
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
- A Bybit contribution of $2,72,257 marks the first collaboration between American University of Sharjah and the crypto exchange.
- Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.