TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
Business
UAE, Kazakhstan sign MoU to combat financial crimes
ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
Geostrategy
Business
DP World gross volume up 1.9 percent
Qingdao (China) and Sokhna (Egypt) among strong performers.
- The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions.
- The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022.
Economy
DEWA starts online service to encourage use of electric vehicle
The EV Community Hub website covers the latest government strategies, targets, incentives, and relevant regulations for EVs
- DEWA is trying to encourage the use of sustainable transport and consolidate Dubai’s position as a global capital for a green economy
- DEWA provides a robust charging infrastructure for electric vehicles across Dubai with over 325 charging stations
Business
Emirates NBD profit up 18 percent
The bank said it was the highest quarterly profit since 2019.
- The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.
- The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
Business
UAE and South Korea sign agreement to boost ties
The UAE and South Korea have signed an agreement to boost ties between the two countries to develop entrepreneurship and...
- Under the terms of the MoU, the two parties will jointly design flexible partnership program during the next phase
- They will also cooperate in exchanging knowledge regarding the development of program, policies and legislation related to the entrepreneurship sector in the two countries
Economy
UAE’s central bank launches two new notes made of recyclable polymer
The Central Bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of...
- The new banknotes are the third issue of the national currency, following the success of the initial 50-dirham polymer note.
- The bank said the new notes are more durable and sustainable than traditional cotton paper banknotes, lasting two or more times longer in circulation.
Business
UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan
The holiday will last till the third day of the month of Shawwal, which is yet to be declared.
- The holidays will begin on Tuesday, the 29th day of Ramadan
- That date corresponds to April 30 on the Gregorian calendar
Business
ADNOC Drilling approves 2021 dividend
The company saw revenues increase by 8.2 percent.
- The company saw revenues increase by 8.2 percent, EBITDA of more than US$1 billion and 6 percent in net income growth
- The dividend will be paid to shareholders in accordance with Securities and Commodities Authority (SCA) regulations
Business
Red Sea Development Company to use biofuel for all tourist facilities
The company has chosen MAN Energy Solutions to provide 25 sets of biofuel generators for the sustainable tourism destination.
- The Red Sea destination will apparently use solar energy stations that include storage batteries with the system of MAN GenSets
- These generators will reportedly have engines that will let them use the climate-neutral B100 biofuel
Business
Tesla reports record profits
Tesla shares rose 5% to $1,026.99 in after-hours trading.
- Elon Musk's high-flying electric vehicle company notched a new record in quarterly profits of $3.3 billion
- This follows the unveiling of factories in Germany and the US state of Texas that have begun commercial deliveries
Business
UAE’s hospitality sector delivers strong results in Q1 2022
The uplift in overall performance was primarily driven by beachfront and luxury developments.
- The uplift in overall performance was primarily driven by beachfront and luxury developments
- The office market continued to perform well as rents in well-managed quality buildings rose
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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
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
Business
Company News
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ADFD to finance building, upgrade of water projects in Argentina
Abu Dhabi, UAE---Abu Dhabi Fund for Development (ADFD) will finance a water project in Cordoba province of Argentina under an...
Business
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to...
Geostrategy
Most Read
Economy
ADDED digitally links freezones in Abu Dhabi
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) has completed the e-link project with four freezones...
- The e-link with freezones helps in providing info and data of the beneficial owner of economic establishments in line with laws and regulations in the UAE.
- They will enhance the country status in following highest level of international standards of transparency and governance.
Economy
Saudi fund deposits $237m into accounts of housing beneficiaries
Riyadh, Saudi Arabia---Saudi Arabia has deposited 891 million riyals in subsidy to the beneficiaries of a housing program, Iskan, aimed...
- The subsidy for the month of November was deposited into the accounts of the Sakani beneficiaries by the Real Estate Development Fund.
- Since the launch of the program in June 2017, a total of 42.6 billion riyals has been provided to its beneficiaries.
Economy
Tourism recovery reaches 65% of pre-pandemic levels
An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month...
- An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month total
- Travel was boosted by strong pent-up demand, improved confidence levels and the lifting of restrictions in an increasing number of destinations