Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Business
Dubai Digital Assets Business Group formed to promote digital assets growth
Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, has announced the formation...
- The key objectives of the new business group include promoting the digital asset industry in Dubai, boost transparency through market intelligence and data.
- The group provides an ideal platform for companies operating in the digital asset sphere to unify their voices, said Omar bin Sultan Al Olama.
Geostrategy
GCC members call for peace in Gaza, condemn Israel
The Secretary-General of the Gulf Cooperation Council (GCC) Naif Falah Mubarak Al-Hajraf condemned aggression of Israeli forces on the Gaza...
- UAE expressed concern over escalation and called for restraint to prevent Gaza from violence and instability while Saudi Arabia condemned the attack on Gaza Strip
- The Secretary-General of the Gulf Cooperation Council condemned Israeli forces for the attack on Gaza Strip, which resulted in multiple deaths
Economy
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...
- The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
- Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Economy
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...
- The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
- The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Business
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....
- Mobile phone payments increased 107 percent in volume with 25 million transactions.
- Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...
- Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
- The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
Economy
Amman Chamber members’ exports rise by 57 percent in 7 months
Exports by member firms of the Amman Chamber of Industry (ACI) increased by 57 percent during the past seven months,...
- Media reports said exports spiked to JD4.159 billion ($5.86 billion) during the past seven months of the year, compared to JD2.656 billion in the same period of 2021.
- Jordanian industries can access more than 142 markets around the world through the export of 1,400 commodities.
Business
Sulaiman Group’s profit soars
The hospital operator's profit jumps to $210m in H1 of 2022
- The company's revenue posted 16 percent jump to $1.06 billion for the six months period ended 30th June 2022
- The hospital operator's board recommended distributing $80 million in dividends at SR0.86 per share during the second quarter of 2022
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Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
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UAE’s Rashid Rover to land on Moon on April 25
The Mohammed Bin Rashid Space Center in UAE said that Rashid Rover, onboard the HAKUTO-R Mission 1 Lunar Lander, is...
Science
Abu Dhabi QCC drives emirate’s infrastructure development in 2022: Report
Abu Dhabi, UAE - Abu Dhabi Quality and Conformity Council (QCC) has made strides in developing the quality infrastructure of...
Business
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Business
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...
- The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39 percent of Vietnamese trade with the region’s countries.
- The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry and energy.
Economy
IMF approves $5bn under flexible credit line for Morocco
Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under...
- Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about US$ 3 billion.
- The first PLL was approved on August 3, 2012, followed by three more approvals on July 28, 2014, July 22, 2016, and December 17, 2018.
Business
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
- The financial center's 300 wealth and asset management firms should help in providing a conducive environment for businesses in the region.
- DIFC's world-class legal and regulatory framework and access to competitive markets have bolstered the depth of its asset management ecosystem.