Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
Geostrategy
Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
Business
Business
Emirates, Jafza sign MoU
They will explore ways to offer travel incentives to SMEs.
- The MoU was signed by Dina Al Herais, Emirates’ Vice President, Commercial Products, B2B Corporate & Leisure, and Ebtesam Ahmad Alkaabi, Head of Sales, Jafza Sales.
- Emirates currently has over 20,000 SMEs enrolled in its Business Rewards program.
Business
Abu Dhabi’s global tech ecosystem Hub71 accepts 16 startups
Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its community. By launching operations in Abu Dhabi,...
- The accepted cohort includes early-stage startups with diverse representation from leading international tech hubs including the UK, USA and South Korea.
- Accepted in the cohort is UAE-founded Letswork, an app that allows members to book workspaces and work remotely.
Business
SABIC posts 33% rise in profit
The chemical giant of KSA has posted SR6.47bn profit in Q4.
- The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent
- The company CEO said SABIC will remain focused on delivering its growth strategy
Economy
UK gives visa waiver to Saudi Arabia, Bahrain
The UK Home Office affirmed that “an electronic visa waiver allows the holder to travel to the UK without obtaining...
- The UK Home Office affirmed that “an electronic visa waiver allows the holder to travel to the UK without obtaining a visa provided they complete an online waiver for each visit
- UK Home Secretary Priti Patel said that the visa waiver for Bahrain and Saudi Arabia will better connect the people of our countries and boost economic prosperity
Business
Air Arabia Q1 profit at $79.24m
The profits were up 756% compared to $9.26 million in 2021.
- More than 2.4 million passengers flew with Air Arabia between January and March this year, across the carrier’s five hubs
- This marked an 86-percent increase compared to a total of 1.3 million passengers carried in the first quarter of last year
Economy
Oman-India Joint Commission to discuss Free Trade Agreement with GCC
A meeting of the Oman-India Joint Business Council, under the umbrella of the Federation of Indian Chambers of Commerce and...
- A meeting of the Oman-India Joint Business Council, under the umbrella of the Federation of Indian Chambers of Commerce and Industry and the Oman Chamber will be held Friday
- At this meeting, ministers from both sides will interact with the business communities, the Indian Ministry of Commerce and Industry said
Business
DEWA develops terminals for nanosatellite DEWA-SAT1
The terminals provides hybrid connectivity with both the Long-Range (LoRa) IoT terrestrial network operated by InfraX, and DEWA's nanosatellites.
- DEWA launched it as part of its Space-D program and became the first utility worldwide to use nanosatellites to improve operations.
- DEWA Research Center developed the satellite IoT terminals to connect DEWA's assets to the satellite directly and be suitable for grid applications.
Emirates shares could be placed for IPO, says chairman
The flagship carrier’s chairman, Ahmed Al Maktoum was reported to have announced plans by Emirates to repay 15 billion dirhams...
- The chairman noted that the decision to sell shares to the public is up to the government of Dubai
- The potential IPO will be an extension of an ongoing share-sale spree of government-owned entities
Business
IHC doubles its profit in Q1
The Abu Dhabi company has posted $970m profit.
- In comparison, the profit in Q1 2021 was reported to be AED 1.5 billion ($410 million)
- Also, with a revenue of AED 10.49 billion; the total assets stood at AED 96.04 billion
Economy
Abu Dhabi’s non-oil foreign trade in Q1 grows by 15 percent to $16.74 billion
Abu Dhabi’s non-oil foreign trade in the first quarter (Q1) of 2022 amounted to AED61.522 billion ($16.74 billion), a 15...
- Exports grew by 35 percent in the first three months of the year compared to the same period of last year to reach AED24.449 billion.
- Saudi Arabia accounted for the largest share of total trade of 23 percent, valued at AED13.921 billion.
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Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
Geostrategy
Company News
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ADIB enables digital solutions to support UAE IPOs’ push
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB) announced that its retail customers were able to conveniently participate in...
Business
Third Saudi Cruise Season begins as MSC Splendida arrives in Yanbu Port
Riyadh, Saudi Arabia--- Yanbu Commercial Port has officially kickstarted the third edition of the Saudi cruise season by berthing MSC...
Business
Abu Dhabi Airports announces 4.7m passenger traffic in Q3 2022
ABU DHABI, UAE - Abu Dhabi Airports Monday said that in Q3 2022 passenger traffic totaled 4.7 million passengers, a...
Business
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Economy
Qatar’s records trade balance surplus of $6.8 billion in Oct 2022
Doha, Qatar---Qatar's merchandise trade balance recorded a surplus of QR 25.1 billion ($6.8 billion) in October this year, an increase...
- The trade balance, which is the difference between total exports and imports, however, decreased by 6 billion riyals, or 19.2 percent, compared to September 2022.
- Merchandise imports increased to about QR 12.9 billion, an increase of 45 percent compared to October 2021, and an increase of 14.3 percent compared to September.
Geostrategy
Tehran protests after US football body posts modified Iran flag
Iran has seen more than two months of demonstrations sparked by the death in custody of 22-year-old Kurdish-Iranian woman Mahsa...
- Iran will face the United States in their final Group B game on Tuesday, when a win would put them through to the last 16
- Iran's supreme leader Ayatollah Ali Khamenei said Saturday that negotiating with the United States would not put an end to the "troubles"
Geostrategy
Turkish, Egyptian ministers to meet to build ties: Erdogan
Erdogan and Egypt's President Abdel Fattah al-Sisi shook hands last week in Qatar, signalling a fresh beginning in their ties.
- Erdogan and Egypt's President Abdel Fattah al-Sisi shook hands last week in Qatar, signalling a fresh beginning in their ties
- Relations between Ankara and Cairo have been strained ever since Mohamed Mursi of the Muslim Brotherhood, who was firmly backed by Erdogan