Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Geostrategy
UAE, France commit to expand collaboration across all fields
In a joint statement, French President Emmanuel Macron and UAE President Sheikh Mohamed bin Zayed Al Nahyan who visited France...
- They agree to establish a France-UAE Comprehensive Strategic Energy Partnership in a major step to foster energy security and affordability
- The UAE supports global action on food security, and will work with France to find ways to mitigate ongoing pressure on global supply chains
Economy
New business licenses in Dubai grow 25% in H1 of 2022
Dubai issued 45,653 new business licenses in the first half (H1) of 2022, registering a growth of 25 percent compared...
- Dubai issued 45,653 new business licenses in the first half (H1) of 2022, a growth of 25 percent compared to the same period last year
- The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments
Business
Dubai Metaverse Assembly in Sept to host 300 global experts
The assembly will host more than 300 global experts, policymakers, thought leaders, and decision-makers from more than 40 organizations.
- The global event brings together regional and international experts in Dubai to shape the future of the metaverse.
- It explores how technology can be deployed across vital sectors to create better future and quality of life for humanity.
Business
Zain Group Q2 net profit $165m
The Group will pay a half-year dividend of 10 fils per share.
- Data Revenue grew 3 percent to represent 40 percent of Group Revenue for H1. Kuwait, KSA and Sudan record double-digit growth in revenue and net profit.
- The Group said it recorded 21 percent revenue growth in Enterprise business, as ZainTech enters many strategic partnerships.
Business
Investments in Saudi startups grow by 244 percent in H1 2022
Investments in Saudi startups grew by 244 percent to a record high of SAR 2.19 billion ($584 million) in the...
- In fact, the investments in the first half of 2022 surpassed the total investments in 2021, according to a report by the venture data platform, MAGNiTT.
- The report said the kingdom advanced to become the second-most active VC market in MENA by number of deals, which rose by 36 percent to 79 deals in H1 2022.
Geostrategy
Egypt President says world must jointly deal with energy crisis
Egypt's President Abdul Fattah Al-Sisi underscored the importance of coordination and cooperation among all countries of the world to confront...
- Egypt's President Abdul Fattah Al-Sisi said global coordination and cooperation is necessary to deal with the energy crisis
- He said Egypt is determined to coordinate with friendly countries to tackle tension in its neighborhood
Business
Delta orders Airbus jets
The airline ordered a dozen single-aisle passenger jets worth $1.1 bn.
- Delta grabbed the headlines on the first day of Farnborough show on Monday with a $13.5-billion order for 100 medium-haul MAX jets built by Airbus rival Boeing.
- The Airbus announcement brings Delta's total firm A220 order to 107 of the aircraft.
22 die in a bus crash in southern Egypt
At least 22 people were killed and 33 injured in southern Egypt on Tuesday when the bus they were traveling...
- The bus carrying around 45 passengers crashed into the stationary truck near the village of al-Barsha, some 300 kilometers (185 miles) south of the capital Cairo
- Crashes are relatively common in Egypt, where many roads are in disrepair and traffic regulations frequently ignored
Business
Dubai energy demand shoots up by 6.3% in H1 of 2022
Demand for energy in Dubai has shot up 6.3 percent to 23,096 GWh in the first half of the current...
- He said that the increase in energy demand in Dubai reflects the economic recovery and the return of key activities
- Dubai has benefited from the Fourth Industrial Revolution technologies and implemented robust precautionary measures to ensure business continuity
Business
SAMI, Lockheed Martin sign pact
A center for manufacturing composite materials will be set up in Riyadh.
- The center will be established with support from the General Authority for Military Industries, in an effort to enhance aircraft manufacturing capabilities in the kingdom.
- SAMI Composite Materials Limited and Lockheed Martin will evaluate and develop the center in several phases, in addition to developing national cadres.
Company News
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CBUAE unveils FIT program to promote digital transactions
Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in...
Business
International Defense Conference 2023 to begin in Abu Dhabi
Abu Dhabi, UAE - The International Defense Conference 2023 will be held on 19th February at the ADNOC Business Centre...
Business
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Science
DEWA cleans beach, plants mangrove as  part of 26th National Environment Day
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) participated in a campaign to clean the beach and plant mangroves...
- DEWA organized virtual environmental lectures in Arabic and English, in cooperation with Dubai Municipality.
- More than 250 DEWA employees and their families participated in the event.
Economy
Dubai Customs, Dubai Chambers discuss support for private sector
DUBAI, UAE - Dubai Customs and Dubai Chambers discussed supporting businesses and the private sector and enhance the emirate’s competitiveness...
- Dubai Customs, Dubai Chambers discussed their shared plans and strategies, including the electronic integration of services.
- They also discussed the development of new services to consolidate Dubai’s position as a major global economic hub in the next 10 years.
Geostrategy
UAE, France, India to join hands in energy, climate change sector
The United Arab Emirates, France and India have issued a joint statement announcing the establishment of a trilateral cooperation initiative...
- The three countries affirmed that the trilateral initiative will serve to promote the design and execution of cooperation projects in various fields
- The initiative will also serve as a platform to expand cooperation between the three countries’ development agencies on sustainable projects