Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
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
Economy
ADDED launches incubators program for entrepreneurs
The Competitiveness Office of Abu Dhabi, part of the Abu Dhabi Department of Economic Development, has officially launched the 'Abu...
- The program aims to support individuals who wish to turn their ideas into innovative commercial opportunities
- This incubator program is part of the 14 initiatives under the 'Abu Dhabi Innovates'.
Business
Dubai Airports win Gold Stevie Award for Great Employers 2022
Dubai Airports has been named the winner of a Gold Stevie Award in the Most Innovative Workplace Redesign During COVID-19...
- Dubai Airports wins Gold Stevie Award for initiatives during the pandemic to protect the health and wellbeing of employees, customers and guests.
- This included the redesign of the Dubai Airports workplace with the installation of onsite testing and vaccination facilities.
Economy
Saudi youth programs aim at raising manpower in economics, public policy
Saudi Arabia has launched new youth programs aimed at raising the number of qualified manpower in the field of economics,...
- The programs seek to reduce the gap between the skills required in the field of economy and the requirements of the labor market.
- This initiative included the launch of the "Scholarship Advantages" program for students who have been accepted for scholarships in economics, public policy and social sciences.
Economy
Abu Dhabi non-oil foreign trade $33.75 billion in first half of 2022
The value of the trade-in commodities from normal metals and their products increased to AED24.51 billion, with a growth rate...
- Exports during the first six months of this year increased to 26 percent, at a value of AED49 billion and 479 million, compared to AED39.19 billion in 2021.
- The trade with Saudi Arabia was the highest at AED28.63 billion, with a growth rate of three percent compared to AED27.90 billion recorded during the same period in 2021.
Economy
Ajman Chamber urges members to diversify investments
The ACCI witnessed the signing of a strategic partnership agreement to supply rosewater between Lavish Perfumes with Lecheq Farm Distillery...
- The Ajman Chamber of Commerce and Industry wants members to increase the volume of intra-trade.
- The Chamber also wants members to strengthen international relations between business owners in Ajman and their outside counterparts
Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Company News
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KEZAD, Al Eskan Al Jamae merge
Business
Dubai Islamic Bank lists sukuk
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
Business
Brazilian group seeks trade, investment boost with UAE
Sharjah, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) organized the UAE-Sao Paulo Business Forum on Thursday, marking...
Business
Upcoming Jewels of Emirates Show set to be largest in its history
Sharjah, UAE - The upcoming fourth edition of the Jewels of Emirates Show, the UAE’s first of its kind showcasing...
Business
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Science
Environment ministry reclassifies 64 air quality monitoring stations in UAE
DUBAI, UAE - As part of the Year of Sustainability initiative, UAE Ministry of Climate Change and Environment (MOCCAE) has...
- The reclassification is consistent with the UAE's commitment to upholding the highest environmental and climate standards.
- All government entities involved in managing and operating air quality monitoring stations cooperated in reclassifying 64 stations.
Economy
Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
- The study showed that Art Dubai 2023 attracted a staggering 23,500 hotel nights bookings to Dubai.
- The event had the strongest-ever participation of regional and international institutional representatives.
Arts & Culture
Dubai Police ink deal with UAE Hockey Federation
DUBAI, UAE - The Athletes Council at Dubai Police and the UAE Hockey Federation signed an agreement (MoU) to enhance...
- The MoU demonstrates the mutual keenness of Dubai Police and the UAE Hockey Federation to strengthen cooperation in sports.
- The Athletes Council of Dubai Police will collaborate with the UAE Hockey Federation to share ideas and initiatives.