Jordan takes steps to raise position in Global Food Security Index, says minister
AMMAN, JORDAN - Agriculture Minister Khaled Al-Hneifat said the ministry has been working hard over the past year to create...
Geostrategy
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.
Business
Ajman Chamber certificates of origin rise by 29 percent in 2021
The total number of certificates of origin issued by the Ajman Chamber of Commerce and Industry (ACCI) during 2021 increased...
- The products of ships and boats ranked first in the exports from Ajman, while fish products came in the second rank.
- Ajman's exports to the top 10 countries during 2021 constituted about 65 percent of the total value of exported goods.
Business
MENA region saw $2.88bn startup investment in 2021: Report
The report also claimed that the value of early-stage deals for startups in the region doubled from 2020 to 2021.
- Startups based in the UAE attracted the highest value and number of investment deals in 2021
- Saudi Arabia continued to hold the second position in value of deals, followed by Egypt and Jordan
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Jordan to receive $845 million in aid from the US
The United States will provide Jordan with over US$845 million in annual financial support, officials in Amman said as the...
Geostrategy
Saudi Aramco only behind Apple in market cap
The world's largest producer of oil and world's most profitable company marginally overtook Apple with a market capitalization in excess...
Videos
Mohammed bin Rashid approves Dubai rural area development master plan
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the...
Economy
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Economy
Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday...
- The launch aims to strengthen the aquaculture industry, prevent aquatic diseases, support the production of aquatic organisms.
- It also aims to meet the growing demand for aquaculture and its products, reduce the spread of diseases, train veterinarians and specialists in aquatic health.
Business
SCCI, Moscow Chamber discuss trade, cooperation
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and...
- Sharjah has many strategic advantages for Russian companies which plan to expand in the region's markets.
- Sharjah is an ideal environment for industrial companies in various sectors, especially startups.
Business
DEWA commissions two new transmission substations
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned a new 132/11kV substations in Al Awir First with...
- DEWA inaugurated a new transmission 400/132kV substation in Jebel Ali First.
- DEWA inaugurated an overhead cables with a conversion transmission of 2,000 MVA, at a total cost of US$92 million.