UN General Assembly approves US$3.59bn budget for 2024
NEW YORK, US - The United Nations General Assembly (UNGA) approved a US$3.59 billion budget for 2024, including establishing a...
Geostrategy
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
Economy
Business
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
- The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
- Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.
Economy
Hamdan bin Mohammed okays Dh370m ‘Venture Capital Fund for Startups’
With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as...
- With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as a global hub for financial technology
- The Fund is set to contribute around AED3 billion to the emirate’s GDP during the implementation period, which will run for eight years
Business
Dubai sets up $100m fund to support fintech startups
Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies....
- “We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement
- The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period
Business
JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.
- The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
- Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Business
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.
- The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
- EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Economy
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...
- DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
- The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Business
UAE and Turkey close to signing economic partnership agreement
The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...
- The new partnership is expected to double bilateral trade between both countries.
- Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
Business
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...
- The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
- The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Most Read
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
UN General Assembly approves US$3.59bn budget for 2024
NEW YORK, US - The United Nations General Assembly (UNGA) approved a US$3.59 billion budget for 2024, including establishing a...
Geostrategy
Company News
Latest News
UAE University’s agriculture college launches campaign to cut food waste
AL AIN, UAE - The College of Agriculture and Veterinary Medicine at the United Arab Emirates University launched an awareness...
Science
Qatar ready to provide up to $10 billion in funding to Turkey: sources
Turkish and Qatari official are in the final stages of talks to work out the modalities of extending the funding.
Economy
UNWTO says investments key to transform tourism
Marrakesh, Morocco—The UN World Tourism Organization (UNWTO) convened its 117th Executive Council in Marrakesh, Morocco, as the sector’s recovery continues...
Economy
Most Read
Ibn Khaneen: First Saudi driver to compete in FIA WTCR 2022 series
He will become the 91st driver to race in the WTCR. He will drive an Audi RS3 with Comtoyou Team...
- He will become the 91st driver to race in the WTCR. He will drive an Audi RS3 with Comtoyou Team Audi Sport
- After winning Bahrain's Championship for 2000 in 2018 and 2019, Khaneen won third place in the 2018-2019 season of the Jaguar I-Pace Championship
Business
Abu Dhabi’s GDP expands 11.2% in the first half of 2022: SCAD
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.
- The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022
- The growth is seen as a reflection of the Emirate's ability to sustain growth despite global economic challenges
Business
ADDED joins hands with Prototype to support technology innovation
Abu Dhabi, UAE— The Abu Dhabi Department of Economic Development (ADDED) has partnered with Prototype Interactive to support inventors in...
- Inventors, backed by ADDED’s Takamul programme, will utilise Prototype Interactive’s latest technologies and techniques to develop their ideas
- Since its inception until the end of October 2022, the Takamul programme has evaluated 1,013 patent applications, and supported 377 applications