GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
Business
Aramco sets up digital industries
It has tied up with Cognite to bolster digitization in MENA.
- The alliance announced the launch of CNTXT, which will be headquartered in Riyadh
- CNTXT will support industrial digitalization in Saudi Arabia and the wider MENA region
Economy
UAE-India trade to rise 120% to US$100bn in 5 years
The agreement is the first of its kind that the UAE has signed with any country, and it is India's...
- The agreement is the first of its kind that the UAE has signed with any country, and it is India's first with any country in the Middle East and the Gulf region
- The UAE’s foreign trade in 2021 recorded nearly AED1.9 trillion, growing 27 percent compared to 2020, and 11 percent compared to 2019
Geostrategy
Jordan King holds trilateral meeting with Egypt president, Bahrain monarch
The leaders underscored the need to expand trilateral cooperation across all sectors and to enhance regional security and stability.
- The leaders underscored the need to expand trilateral cooperation across all sectors and to enhance regional security and stability
- They stressed the need to support the Palestinians as they seek their legitimate rights, leading to the establishment of an independent Palestinian state
Business
Ajman DoF adopts Oracle cloud-based management system
Ajman's Department of Finance (DoF) has teamed up with Oracle to adopt a cloud-based resource management system that enables more...
- The upgrade is part of the emirate's commitment to further improve operations and services and promote the digital transformation of the emirate
- Ajman’s DoF’s migration to Oracle Fusion Cloud Applications is expected to increase productivity, reduce costs, improve controls, optimize supply chain management
Economy
DCCC holds talks on UAE-India free trade agreement
Dubai Customs Consultative Council held a meeting on the historic UAE-India Comprehensive Economic Partnership Agreement, expected to increase trade between...
- The UAE-India Comprehensive Economic Partnership Agreement is expected to increase trade between the two countries by 120 percent
- Due to CEPA, trade between the two countries is expected to reach US$100 billion within five years compared to US$45 billion currently
Business
Qatar receives highest number of international visitors in May
The international arrivals in Qatar exceeded 166,000 people in May, making it the month with highest number of visitors in...
- The figures represent more than a quarter of all visitors in the first five months of 2022.
- The year-to-date total (580,000) is fast reaching the overall arrivals figure of 2021 (611,000).
Arts & Culture
Scientific session organized by Islamic Forum begins in Sharjah
The twenty-second scientific session organized by the Islamic Forum kicked off at Al Maghfirah Mosque, Sharjah. Dubbed "The Migration Route",...
- Dubbed "The Migration Route", the session is running between 18th and 30th June.
- More than 600 participants from inside and outside the country joined the program.
Videos
UAE set to lead MENA metaverse
Firms in the region are now offering better participation, levels of cooperation and communication to their staff through productive workspaces...
- At its broadest, metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.
- As the next big market opportunity, the metaverse could provide nearly US$800 billion in revenue by 2024, Bloomberg Intelligence estimates show.
Business
RTA’s revenue collection via digital channels up by 32 percent in 2021
Roads and Transport Authority’s revenues collected through digital platforms increased by 32 percent in 2021, said Mattar Mohammed Al Tayer,...
- RTA’s total digital revenues amounted to AED3.5 billion ($952 million), compared to approximately AED2.65 billion in 2020.
- The number of digital transactions reached 676 million last year, a 28 percent increase over 527 million in 2020.
Economy
Sheikh Hamdan lauds success of Barakah Nuclear Plant
The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change and...
- The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change
- The country will achieve the objectives to diversify energy sources and its ambitious strategic initiative for climate neutrality by 2050
Company News
Mubadala acquires stake in ACX
Business
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SASO, Chinese SAC renew technical cooperation program
The program aims to strengthen the strategic partnership between the two countries and contribute to ensuring the quality and safety...
Economy
Saudi Crown Prince: ‘Arabs will race for progress and renaissance once again. We will prove that every day’
China has established comprehensive strategic partnership relations with 12 Arab countries separately, says Xi Jinping during Arab-China Summit in Riyadh.
Geostrategy
Dubai records weeklong real estate transactions worth $2.48 billion
Dubai, UAE --Dubai recorded a total of 3,186 real estate transactions worth over AED 9.1 billion ($2.48bn) during the week...
Business
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Economy
UAE tax decree: Profits above $102,099 to be taxed at 9 percent
Abu Dhabi, UAE---The UAE has issued a decree on the Taxation of Corporations and Businesses, the Corporate Tax Law, under...
- Profits up to and including the $102,099 threshold will not be taxed "to support small businesses and start-ups".
- Free zone entities will be eligible to benefit from the zero percent Corporate Tax rate on qualifying income.
Geostrategy
IFC, UNHCR to jointly boost private sector engagement for refugees, host communities
GENEVA, SWITZERLAND - The International Finance Corporation (IFC) and UNHCR, the UN Refugee Agency, Friday announced a joint initiative to...
- The initiative aims to mobilize private sector projects over the next five years to demonstrate the viability of investments in forced displacement contexts.
- Forced displacement is a growing crisis that is too large and complex for governments and humanitarian agencies to solve alone.
Business
Aramco, Shandong Energy to collaborate on downstream projects in China
Dhahran, Saudi Arabia---Saudi Aramco and China's Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China....
- The companies have signed a Memorandum of Understanding (MoU), which includes a potential crude oil supply agreement and chemicals products offtake agreement.
- The scope of the MoU extends to cooperation across technologies related to hydrogen, renewables and carbon capture and storage.