UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
Videos
Ways of digital banking in Middle East
The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market...
- Banking that is done through the digital platform without any paperwork is referred to as digital banking.
- Increased efficiency, cost reduction and increased accuracy are some of the advantages of digital banking.
Business
Pacts boost presence of Saudi-made products on market shelves
Saudi authorities have signed agreements with big retail stores in the kingdom to promote the ‘Made in Saudi Arabia’ program,...
- Under the agreements, signed by Saudi Exports Development Authority, large stores allocate platforms and outlets for Saudi-made goods.
- Saudi products displayed in some retail stores in the local markets amount to account for 70 percent of more than 128,000 items.
Business
Qatar records 19% jump in international tourist arrivals
Qatar has seen a nineteen percent increase in tourist arrivals with 729,000 visitors coming to the country in the first...
- In June alone some 149,000 visitors came to the country, marking the highest arrivals in the summer month in the last 5 years
- Qatar will unveil some 50 hotels by the end of the year, besides launching several tourism attractions such as kite beach resorts and Lusail Winter Wonderland
Business
Union Properties’ profit rises
The Dubai-based firm posted net profit of $77,603 in Q2.
- The developer merged three of its existing business units to improve efficiency and productivity across the business,
- Union Properties expects improvement in profitability through efficient resource and asset utilization, economies of scale and cost rationalization
Business
Dubai Chambers gets new CEO and President
Dubai Chambers has announced a leadership change, with Hamad Buamim, President and CEO, moving on after 16 years of service....
- He replaced Hamad Buamim, who was the President and CEO of Dubai Chambers for past 16 years.
- Under Buamim, the membership of Dubai Chambers by over four times from 80,000 to over 320,000.
Geostrategy
UN chief calls for global nuclear disarmament
It is totally unacceptable for states in possession of nuclear weapons to admit the possibility of a nuclear war, United...
- The UN Secretary-General warned that a new arms race is picking up speed and world leaders are enhancing stockpiles at a cost of hundreds of billions of dollars
- Guterres called the current Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons in New York a "sign of hope".
Science
Sustainable research centers in UAE being built on SDME designs
Several regions across the UAE are witnessing the implementation of the designs of some of the teams that participated in...
- In the UAE many sustainable research centers based on the designs of the teams participating in the first and second Solar Decathlon Middle East are being constructed
- SDMEs were organized by Dubai Electricity and Water Authority as part of its, Dubai Supreme Council of Energy and the US Department of Energy partnership
Economy
Major fall in global food prices in July, says FAO
Food prices dropped significantly in July, marking the fourth consecutive monthly decline since record highs earlier this year in the...
- Food prices dropped significantly in July, marking the fourth consecutive monthly decline since hitting record highs earlier this year in the wake of the developments in Ukraine
- The decline was led by double-digit percentage drops in the cost of vegetable oils and cereals
Khalifa Fund offers US$30 million to support SMEs in Kenya
The agreement aims to promote entrepreneurship and develop Small and Medium Enterprises (SMEs) in Kenya.
- The agreement aims to promote entrepreneurship and develop Small and Medium Enterprises (SMEs) in Kenya
- Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed nd are expected to generate nearly 13,000 job opportunities
Geostrategy
British delegation and SIRA explore security cooperation
A British Home Office security delegation has met with the officials from the Security Industry Regulatory Agency (SIRA) to discuss...
- The CEO of SIRA Khalifa Ibrahim Al Saleis received the delegation and the British Embassy officials
- The British delegation paid a visit to the Security Training Affairs Department that develops a variety of latest security training courses
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UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Company News
Latest News
UAE’s global merchandise trade crossed $1trn mark in 2022: WTO
Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22%...
Economy
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...
Business
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...
Economy
Most Read
Business
Abu Dhabi sees 40 percent drop in labor dispute cases
ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period...
- The companies and individuals' increased awareness of laws in force in the country played a key role in the results, official said.
- The Abu Dhabi Judicial Department ran multiple campaigns to enhance the knowledge of workers' rights under UAE's labor laws.
Business
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.
- This is DMCC's best performance in Q1 since its inauguration in 2002, marking a 8.4% increase year-on-year.
- The best performing sectors for DMCC was its traditional core markets, which showed strong results in businesses from various countries.
Arts & Culture
UAE highlights ways to enhance education system at UK meet
DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed...
- The UAE emphasized the significance of the event to explore the future of EdTech and ways to benefit from its applications.
- It has launched initiatives that attract international academic expertise to improve the integrated educational model.