SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
Business
Business
Middle East startups raise $1.8 billion in first half of 2022
During the first half of the current year, startups in the Middle East have succeeded in raising $1.8 billion, according...
- The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets
- Transport and logistics and e-commerce came in second and third, each raising respectively $1 billion and $501 million
Aramco expected to post $44bn profit in Q2: report
Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1...
- Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1 2022, amid rising oil prices
- The profit of the chemical giant Saudi Basic Industries Corp’s (SABIC) is forecast to slightly slip by 1 percent to SR7.6 billion
Analysis
Digital health sector to cross $230bn in five years
Healthcare will play a significant role in building and empowering the new generation of governments, said Mohamed Yousef AlSharhan, Deputy...
- Increased adoption of digital-health technologies is expected to unlock an estimated US$230 billion globally - including US$10 billion in the Middle East - over the next five years
- Healthcare will play a significant role in building and empowering the new generation of govts, says Mohamed Yousef AlSharhan, Deputy Managing Director of WGS Organization
Business
New multilateralism likely to define global trade in 2022: DMCC report
Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also...
- Geopolitics will shape the trade landscape in the 2020s, building on new developments in regionalism, bilateral trade, and global investment flows.
- Pent-up demand from the COVID-19 shock is already driving trade in goods; a rebound in trade in services is set to follow.
Business
Emerge, Miral to install solar energy at Abu Dhabi theme park
Emerge and Miral signed an agreement to deploy on-site solar energy systems at the SeaWorld Abu Dhabi theme park on...
- The project will have a capacity of 8.2 megawatts (MW) with rooftop solar photovoltaic (PV) systems installed at the theme park.
- Emerge will provide a full solution including design, procurement, and construction, as well as operation and maintenance services.
Business
Tabadul: GCC region’s first digital exchange hub launched
Based on the mutual market access model, Tabadul will allow investments across Bahrain Bourse and Abu Dhabi and enable investors...
- Tabadul will be accessible to all investors registered with eligible local brokers and who have filled out the requisite KYC documents required by exchange in their countries.
- Securities on Tabadul are traded in respective exchange’s local currency, and in specified currency of the traded asset for some cases, with no minimum amount required for orders.
Business
AD Ports Group, SEG sign MoUs
A logistics and freight business and food trading hub will be built in Uzbekistan.
- The logistics venture will deploy new technology and specialised processes to address the challenges caused by Uzbekistan's double-landlocked geographical location.
- Based upon the 'Regional Food Hub – Abu Dhabi' currently under development in KIZAD, AD Ports Group will share their expertise towards the food trading hub.
Economy
Saudi non-oil economy shows improvement in June: S&P Global
Saudi Arabia's non-oil economy has recorded a strong improvement in business conditions in June, according to the latest Purchasing Managers...
- Business has grown at the sharpest rate for eight months, despite evidence that intensifying cost pressures had led companies to mark up their prices
- At the same time, the report conveyed Saudi Arabia’s rapidly rising costs, an increase in the prices of raw materials and fuel
Business
EPG, Hub71 to help tech startups advance Abu Dhabi logistics sector
Emirates Post Group (EPG) and Hub71, Abu Dhabi’s global tech ecosystem, will partner to provide tech startups in the Emirate...
- As part of the agreement, EPG will also provide mentorship for startup founders and support the development of Proof of Concepts.
- EPG-backed startups will also gain the ability to join Hub71’s vibrant community.
Economy
UAE Minister discusses development of fisheries sector
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri held a meeting with the heads of fishermen's...
- The minister met with groups of fishermen and heads of fishermen's associations
- She discussed challenges, opportunities and development in the UAE's fisheries sector
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
Saudi fund launches program to assist real estate finance companies
Riyadh, Saudi Arabia---Saudi Arabia’s Real Estate Development Fund has launched a program to provide short and medium term financial facilities...
Business
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.
Business
Governments of UAE, Egypt launch ‘Egypt Services Center’
ASWAN, EGYPT - The governments of the UAE and Egypt inaugurated the Egypt Services Center in the Aswan Governorate, which...
Geostrategy
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Geostrategy
Saudi Crown Prince meets Jordanian PM in Riyadh
Earlier on Monday, Jordanian-Saudi ministerial meetings were held to discuss bilateral cooperation in various fields.
- Earlier on Monday, Jordanian-Saudi ministerial meetings were held to discuss bilateral cooperation in various fields
- The two sides also reaffirmed their joint keenness to leverage available and joint opportunities in various fields
Economy
Turkey discovers 150m barrels of oil reserves worth $12bn: Erdogan
Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye.
- Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye
- The newly discovered oil reserves have been named after Gendarmerie Esma Cevik, who was killed clearing mines on Gabar Mountain
Business
Dubai races ahead to be global epicenter for crypto
While the crypto ecosystem still reels from the collapse of FTX, and investor apprehension about the future of the digital...
- The UAE is the third largest cryptocurrency market in the Middle East, behind Turkey and Lebanon, with a transaction volume of roughly $26 billion
- The emirate demonstrated its willingness with VARA to be the first country to have the regulation to oversee the crypto sector rather than curbing it