UAE launches first legally established financial ombudsman unitÂ
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Geostrategy
Egypt warns Ethiopia against filling up of Renaissance Dam
Egypt has warned Ethiopia against the filling of the Grand Ethiopian Renaissance Dam (GERD) reservoir, saying that it would not...
- Egyptian Foreign Minister Sameh Shoukry dismissed the unilateral filling of the dam reservoir as "a clear violation of the 2015 Declaration of Principles Agreement"
- The minister underlined that Egypt also reserves its legitimate right guaranteed in the Charter of the United Nations to take all necessary measures to ensure and protect its natio
Economy
Turkey’s June 2022 exports up 19% to US$23.4bn
The January-June figure hit $125.9 billion, the Turkish Statistical Institute (TurkStat) said in a statement
- The January-June figure hit $125.9 billion, the Turkish Statistical Institute (TurkStat) said in a statement
- As imports rose at a faster pace than exports, the country's foreign trade deficit widened 142.7 percent to hit $51.4 billion
Standard Chartered posts record profit in H1 of 2022
The bank's profit rises 28% to US$581 million in the first half.
- The bank witnessed double-digit income growth and high Operating Profit growth in major markets like the UAE, Pakistan, and Ghana
- The bank’s operating profits has also increased to with US$581 million, a 28% increase in operating profit compared to last year
Geostrategy
Islamic Development Bank approves $10.54bn food security package
The Islamic Development Bank (IsDB) Group has agreed on a $10.54 billion package for the Comprehensive Food Security Response Program...
- The package will support member countries in addressing the ongoing food crisis and strengthening its members' resilience to future food security issues.
- The package was announced after at an extraordinary joint meeting, chaired by IsDB President and Chairman of the Board of Directors of the IsDB Group Dr. Muhammad Al Jasser.
Business
QEWC finalizes buying 40 percent shares of Nebras
Qatar Electricity and Water Company (QEWC) said Raslaffan Operating Company WLL, a wholly-owned subsidiary of QEWC completed the purchase of...
- QEWC said that the completion of the purchase process came as a continuation of the statement issued by the company on January 4
- On January 4, QEWC said Raslaffan Operating Company WLL has completed purchase of 40 percent of the share capital of Nebras Power
Economy
Dubai’s real estate market sales transactions reach US$6.2bn
Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion approx (AED22.75 billion), the highest volume of sales transactions...
- Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion
- The transactions were the highest volume of sales transactions for June in the past nine years
Business
ADNOC announces second discovery of natural gas resources
Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
- The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
- The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business
Alpha Dhabi reports net profit of US$2.2bn in H1 2022
Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of...
- Alpha Dhabi reports net profit of US$2.2 billion in H1 2022 ending June 30, up from US$ 453 million in the corresponding period last year
- The firm is also starting to see the benefits of its expansion outside the UAE with overseas revenue accounting for US$ 572 million
Business
DFM H1 profit up up 63 percent
The second quarter profit increased by 134 percent.
- The net profit of the second quarter of 2022 increased by 134 percent to AED35.9 million compared to Q2- 2021's level of AED15.3 million.
- The Company's total consolidated revenue reached AED163.8 million in H1-2022 compared to AED136.6 million during H1-2021.
Business
GCC countries review cybersecurity policies in virtual meeting
The countries discussed working papers on global best practices on a number of issues related to the work of the...
- The countries discussed working papers on global best practices on a number of issues related to the work of the committee
- Saudi Arabia was represented by its National Cybersecurity Authority (NCA), a competent authority for cybersecurity in the Kingdom
Company News
Latest News
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.
Business
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...
Arts & Culture
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
Science
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Science
WTO 2023 to put spotlight on trade role in sustainable future
GENEVA, SWITZERLAND - The WTO’s annual Public Forum 2023 will focus this year on how trade can contribute to a...
- The Forum will examine in particular how the services sector, digitalization and inclusive trade policies can support global environmental goals.
- Sessions at the Public Forum are organized by representatives from civil society, academia, business, government and international organizations.
Business
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s...
- The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached $58.7 million in 2022
- The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.
Geostrategy
UAE launches National Genome Strategy for healthcare efficiency
Genome programs will also help create new economic opportunities in the UAE by attracting partnerships in fields such as artificial...
- The strategy will also support doctors in taking proactive steps to reduce the prevalence of certain diseases, enable early intervention.
- UAE aims to collect one million whole genome sequencing data samples nationwide, said Sara bint Yousef Al Amiri, Secretary-General of the Emirates Genome Council.