Business
Agreement signed for new payment channels and services on AjmanPay app
Ajman’s Department of Finance (DoF) signed a cooperation agreement with First Abu Dhabi Bank (FAB) and Magnati to support the...
- This agreement is in line with Ajman government’s strategy of fostering strategic partnerships between the public and private sectors.
- It also complies with DoF’s efforts to develop innovative financial services that offer customers the facility to save their financial data.
Business
UAE and India to expand ties in renewable power, sustainable finance
India was the second-largest trading partner of the UAE in 2021 as it accounted for 9 percent of the total...
- The UAE and India agreed to expand bilateral cooperation towards accelerated climate action and implementation of the Paris agreement.
- The UAE’s cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy.
Geostrategy
Saudi group at WEF calls for international cooperation
A Saudi delegation said Wednesday that the transformation march launched by it a few years ago contributed to enhancing the...
- The delegation participated in a panel discussion entitled "Kingdom of Saudi Arabia: A Future Vision".
- It highlighted kingdom's role in supporting the region's stability within the framework of promoting development.
Business
ACWA, OQ, Air Products sign pact
A green hydrogen-based ammonia production facility will be built in Oman.
- The Joint Development Agreement signing follows a memorandum of understanding signed in December 2021.
- The firms said in a statement that the project would be based on integration of renewable power from solar, wind and storage.
Business
ENBD REIT rental income down 19.7 percent
Occupancy of its portfolio up 80 percent in the year ending 31 March 2022.
- The firm's property portfolio value stood at $356 million, down 1.1 percent year-on-year whilst Net Asset Value was $167 million.
- The firm has proposed a final dividend of $5 million or $0.02 per share for the six-month period ending 31st March 2022, a 13.6 percent increase from the same period of 2021.
Economy
Global economy to gain $8.3 trillion if countries invest in skills: WEF
The Reskilling Revolution initiative, a coalition of 50 CEOs, 25 ministers and 350 organizations committed to realizing these gains for...
- The initiative, launched at WEF in January 2020, is working to provide 1 billion people with better education, skills and economic opportunity by 2030.
- Two years into its work, the initiative will expand beyond adult reskilling and upskilling and integrate a focus on education for children and youth.
Business
April Dubai real estate sales highest monthly on record in 10 years
Dubai real estate market recorded 445 sales transactions worth AED 1.06 billion and 76 mortgage deals of AED 1.09 billion...
- On Wednesday, real estate market recorded 445 sales transactions worth AED 1.06 billion and 76 mortgage deals of AED 1.09 billion.
- In April, the market recorded 6,983 sales transactions, an increase of 45.5 percent over April 2021.
Business
UAE and China to set up New Energy Vehicle Project
Emirates Transport (ET) and China's NEV Investment LLC have teamed up to develop New Energy Vehicle Project in the UAE.
- The joint venture represents a milestone in the efforts aimed at accelerating the New Energy Vehicles Project in the UAE
- EVIS is considered a launchpad for NEV Investment and potential Chinese New Energy Vehicles which can be introduced to the UAE
Economy
Egypt to unveil development projects worth $860m
Executive regulations governing public-private partnership will be issued soon, an official of the Finance Ministry said.
- Executive regulations governing public-private partnership will be issued soon, an official of the Finance Ministry said
- The contracts with the private sector will be long term and subject to clear-cut mechanisms, he added.
Economy
Non-oil exports of Saudi Arabia surge 12.8% in March
Saudi Arabia's non-oil exports surged to $7.52 billion in March 2022, according to the General Authority for Statistics, also known...
- Non-oil exports excluding re-exports rose by 22.4 percent year-on-year
- On a month-on-month basis, Saudi Arabia's exports of crude and refined oil jumped 35.7 percent, having set a record high increase at least since February 2017
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Company News
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Flydubai scales up flights
Business
Saudi Arabia inks MOU with Spanish company to build combat ships
The agreement was signed in presence of Saudi Defence Minister Prince Khalid bin Salman and Spanish Minister of Industry, Trade...
Geostrategy
Muslim World League, Columbia University launch International Religions Lab
The lab will be a global platform for research and training in protecting societies from all forms of hatred.
Arts & Culture
DMCC signs agreement with Poland’s KSEZ to boost business ties
Dubai, UAE— Dubai Multi Commodities Centre (DMCC) has signed an agreement with the Katowice Special Economic Zone (KSEZ) to create...
Business
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Business
Cameroon has great potential for investment in prospective sectors, says UAE minister Al Zeyoudi
Some companies are already discussing investment opportunities with Cameroon, including DP World that aims to manage some ports in Cameroon...
- The UAE is one of the most significant investors in Africa, especially in sectors such as infrastructure, food security, renewable energies and communications
- The UAE's Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi is leading an Emirati delegation of business and investment leaders in Cameroon
Economy
US economy rose 2.9% in Q3, more than early report
The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting...
- It has been the first GDP expansion this year, after two quarters of negative growth that deepened fears of a recession in the world's biggest economy
- The pick-up came days before midterm elections in the United States, in welcome news for President Joe Biden, but analysts have cautioned of a less rosy path ahead
Economy
ZATCA extends period of exemption of penalties for Saudi taxpayers
Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative...
- Saudi Arabia's Zakat, Tax and Customs Authority has extended the period of Cancellation of Fines and Exemption of Penalties Initiative for taxpayers
- Penalties included in the ZATCA initiative cover exempting taxpayers from late registration in all tax systems, late payment of fines, etc