Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
Business
Business
DEWA smart services receive wide praise from customers
Dubai Electricity and Water Authority (DEWA) smart services have helped customers raise the efficiency of their electricity and water consumption...
- The customers praised DEWA’s efforts to provide all means to promote a culture of sustainability and raise awareness about protection of natural resources
- They lauded the company's digital channels, including DEWA’s website and smart app, that help them to complete their transactions easily and smoothly
Economy
UAE aid ship in Mogadishu to deliver drought relief
This initiative comes as part of the directives of the UAE President to provide humanitarian support to the Somali people...
- The initiative comes as part of the directives of the UAE President to provide humanitarian support to the Somali people
- Authorities distributed relief aid to families and those displaced in their areas and camps
Business
OPEC sees demand for oil tanking this year
OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from...
- OPEC said that the cut in growth forecast is attributed to the economic impact due to Russia’s invasion of Ukraine and high inflation
- The global oil market, according to OPEC, is strongly rebounding to pre-COVID-19 levels
Business
Saudi Electricity borrows $568m
The money will be used to fund Egypt interconnection project.
- Saudi Arabia and Egypt signed contracts for a $1.8 billion electricity interconnection project to ensure an exchange of 3,000 MW of electricity between both nations
- The utility firm announced that it has also obtained a syndicated loan of $3 billion from a number of international banks
Economy
Saudi Arabia allows holders of all types of visas to perform Umrah
The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas
- The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas.
- The system allows people to obtain a tourist visa, valid for a period of 12 months, upon arrival at one of the Saudi airports
Economy
Egypt looks to borrow $2.5bn in loan to bolster economy
The country's struggling economy needs to urgently secure more foreign currency in its $400 billion economy to plug gaping deficits.
- The country is looking to garner $41 billion to pay for its current account deficit and maturing debt by the end of 2023
- Saudi Arabia, the UAE and Qatar have pledged more than $22 billion in deposits and investments in the struggling economy
Analysis
Dribbling cost of bringing forward the start of FIFA Cup
The sudden move to bring forward Qatar's match against Ecuador -- to make it the opening match – may put...
- The decision to bring forward Qatar's match against Ecuador -- to make it the opening match – may put pressure on Doha's public relations team, add to the costs and confuse fans
- The organising committee of the key sports event says "huge excitement" is building for the World Cup, which will now start on November 20
Business
RAK Chamber members’ exports in Q2 2022 totaled $447m
The Ras Al Khaimah Chamber of Commerce and Industry issued its statistics for the second quarter of 2022, which showed...
- The report also showed that the number of certificates of origin issued by the chamber totaled 5,871.
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
Business
Julphar Q2 sales $114m
Net profit for the period reached AED5.2m (AED73.4 million in Q2 2021)
- EBITDA reached AED 44.2 million in Q2 2022 and the quarter marks a return to a double digit margin of 10.5 percent of net sales.
- The drug manufacturer said the gross profit margin was 34 percent in Q2 2022.
Business
Dubai records $2.6bn real estate transactions in week
A total of 2,433 real estate transactions worth $2.6 billion (AED9.7 billion) were conducted during the week ending 12th August,...
- A total of 2,433 real estate transactions worth $2.6 billion were conducted during the week ending 12th August, 2022
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
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Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
Business
Company News
Dubai Islamic Bank lists sukuk
Business
Latest News
MoFAIC, Burjeel Holdings ink MoU on healthcare services
ABU DHABI, UAE - UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Burjeel Holdings have signed a Memorandum...
Business
UAE bank investments at all-time-high of $147 bn in February
Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level...
Business
UAE ministry hosts discussion on poultry industry, food security
DUBAI, UAE - UAE Ministry of Climate Change and the Environment (MOCCAE) on Tuesday organized the second National Dialogue for...
Business
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Business
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.
- The two entities aim to empower SMEs, entrepreneurs and freelancers in Abu Dhabi and the UAE with business banking tools and financial solutions.
- Wio Business will be extending a special promotion of a three-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
Business
DMCC to open office in Mumbai for Indian firms to expand through Dubai
Leveraging DMCC’s strong regulatory framework and reputation within Indian business circles, the office will provide a one-stop solution for Indian...
- DMCC aims to boost the relationship between the UAE and India in support of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
- Trade between the UAE and India surged 14 percent after the two countries signed CEPA in 2022.
Business
India Jewelry Exposition Center launches in Dubai
DUBAI, UAE - The Gem and Jewelry Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewelry Exposition Center (IJEX)...
- India Jewelry Exposition Center will provide a platform for the country's MSMEs to showcase their products to the Middle East market.
- The move is a reflection of the Middle East's importance to India's gem and jewelry sector which accounts for 30 percent of its exports.