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
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Economy
UAE’s Ministry of Climate Change and EDB partner to help SMEs
The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB) have joined hands to set up a...
- The partnership will contribute to the UAE’s sustainable economic development and food security
- The MoU aligns with ministry's endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security
Business
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...
- Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
- Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Business
Three-day Liwa Ajman Dates and Honey Festival to begin Friday
The 7th edition of Liwa Ajman Dates and Honey Festival begins Friday at the Emirates Hospitality Centre in Ajman. Showcasing...
- Organized by Ajman Department of Tourism Development, the festival targets more than 400 participants.
- The festival also includes events that aim to revive the old Emirati customs and traditions.
Economy
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...
- The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
- UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
Business
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...
- They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
- Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Geostrategy
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...
- Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
- The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
Economy
Krush Brands first firm to join UAE’s NextGen FDI initiative
Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI...
- Krush Brands will relocate its global headquarters to the UAE to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
- The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
Business
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021
- The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
- The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
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
Latest News
Dubai records $450 million in real estate transactions: DLD
Dubai, UAE - Dubai's real estate market recorded real estate deals worth AED1.8 billion on Monday, Dubai Land Department said....
Business
Cementing ties: Iran invites Saudi Arabia’s king to visit Tehran
The two countries had severed ties seven years ago after Saudi Arabia executed a revered Saudi shia cleric Sheikh Nimr...
Geostrategy
Delegation highlights investment opportunities in Ras Al Khaimah
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ) has concluded its visit to Russia...
Business
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Economy
Ajman Bank, EIH ink deal
The bank will act as a strategic partner during listing of EIH.
- Ali El Gebely, Managing Director and CEO of EIH, said the partnership aims to build real value for the future of investment through strategic partnerships.
- Established in 2007, Ajman Bank is an Islamic commercial bank that listed on the Dubai Financial Market in 2008.
Science
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...
- During the landing sequence, the Lander will perform a braking burn, firing its main propulsion system to decelerate from orbit.
- Utilizing a series of pre-set commands, the Lander will adjust its altitude and reduce velocity to make a soft landing.
Business
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...
- In 2022, the Council approved 26 new technical documents, reviewed 22 draft specifications and technical regulations.
- The report said that the council has conducted over 5 million laboratory examinations since 2014, 606 main services and over 2,394 sub-examinations.