Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Dubai Taxi Company net profit up 54%
The company will pay a dividend of $19.33 million for Q4.
Business
Economy
Abu Dhabi records $6.13bn of real estate transactions in H1 2022
Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion...
- Abu Dhabi's real estate market recorded 7,474 property transactions worth over US$6.13bn in H1 2022
- Department of Municipalities and Transport half-yearly report says all kinds of land, buildings and real estate were purchased, sold and mortgaged
Geostrategy
‘Bilateral ties strengthened with UAE President’s France visit’
The French Ambassador to the UAE, Xavier Chatel, described the first official visit to France of UAE President Sheikh Mohamed...
- The French Ambassador to the UAE described the first official visit to France of UAE President as successful
- Sheikh Mohamed bin Zayed Al Nahyan's visit underscores deep-rooted friendship between the two countries
Economy
Allotted industrial & commercial land rules in Dubai amended
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister has issued a decree regulating the grant of title...
- Sheikh Mohammed bin Rashid issued Decree No. (25) of 2022 amending some of the articles of Decree No. (4) of 2010
- Article (1) outlines the definitions in the decree, while Article (2) covers the ownership of granted land
Economy
UAE Federal Tax Authority carries out 9,500 inspections in H1 2022
The Federal Tax Authority expanded its efforts in collaboration with various government departments, ministries and authorities to protect consumers from...
- During the first half of this year, the FTA carried out 9,948 inspection visits in local markets across the country
- Inspections conducted H1 of 2022 increased by 104 percent compared to 4,878 inspections conducted H1 of 2021.
Geostrategy
Arab League Cairo ministerial session discusses Greater Arab Free Trade Area
The meeting is a preparatory session preceding the regular 31st session of the Arab League Summit, which will be hosted...
- The meeting is a preparatory session preceding the regular 31st session of the Arab League Summit, which will be hosted by Algeria in November
- The UAE launched a range of pioneering programmes to train qualified Arab cadres to lead the space sector and support Arab cooperation in space sciences
Business
Arada H1 property sales up
The developer sold homes valued at $405m in Sharjah.
- The first half results saw completion of the company's first public financing deal, a $350 million sukuk issuance.
- The results come against Sharjah's booming property market, which saw a 65 percent increase in the total value of property sold in 2021.
Economy
Dubai Health Authority, Visa sign MoU to enhance health tourism
The Dubai Health Authority recently signed a Memorandum of Understanding (MoU) with Visa with the aim of enhancing Dubai's competitiveness...
- Visa cardholders would be given exclusive discounts on medical services by by members of the Dubai Health Experience
- The cardholders will be able to choose a range of medical services, book appointments and plan their treatment itineraries
Geostrategy
Saudi Arabia, Jordan review border security cooperation
Saudi Arabia and Jordan explored enhancing security cooperation in border security, developing human resources and training, and exchanging experiences. Border...
- Border Guard officials of Saudi Arabia and Jordan discuss security cooperation in meeting
- The officials also share experiences and discuss developing human resources at meeting in Jeddah
Science
Testing of Barakah Nuclear Plant’s last unit successful
The Emirates Nuclear Energy Corporation has successfully completed the Hot Functional Testing on Unit Four, the last of its four...
- Emirates Nuclear Energy Corporation successfully completes Hot Functional Testing on the last of its four units of Barakah Nuclear Energy Plant
- Results demonstrate that all systems perform in accordance with the highest quality and safety standards under normal operating conditions
Economy
UAE, Korea discuss cooperation in food security, health, technology
Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million.
- Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million
- The value of non-oil trade between the two countries in H1 2022 amounted to US$1.3 billion, a 19 percent increase compared to the same quarter last year
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Company News
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UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to...
Geostrategy
UAE records fastest growth rate in 10 years, says economy minister
Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE...
Business
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Business
RAKEZ supports F&B industry investors to set up, expand in UAE
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) is participating in the Gulfood exhibition to showcase its...
- With an aim to promote the F&B industry, RAKEZ regularly participates in the annual Gulfood exhibitions.
- RAKEZ supports investors to gain a foothold in the local, regional and global markets through its business ecosystem.
Business
Amwaj merges with Shaqab, Atyab
Qatar-based Gulf International Service has successfully accomplished the merger.
- The merger is an all-share combination of Amwaj with in-kind contribution from two new incumbent strategic merging shareholders
- New strategic shareholders of Amwaj along with GIS have jointly agreed to make the Merger's effective date as the Jan. 1, 2023
Business
Emirates Steel Arkan 2022 profit $138.44m
Revenue in fourth quarter of 2022 was $630m.
- The Group’s net profit for the full year 2022 was AED508.5 million compared to a pro-forma loss of AED636.7 million in financial year (FY) 2021.
- The Group’s 4Q22 EBITDA was AED300 million, showing a continuing growth on the AED269 million achieved in the third quarter (3Q) of 2022.