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
Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.
- The company made SR139 million ($37 million) in profit, compared to SR111 million for the same period a year earlier
- The Riyadh-based firm attributed the increase in profit mainly to the increase in its share of profits from its associate company by 34 percent
Business
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.
- Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
- Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business
DFM engages HSBC as General Clearing Member
Dubai Financial Market (DFM) announced today that HSBC has become the first international General Clearing Member (GCM) to join the...
- The introduction of GCM service on DFM by HSBC is part of a wider collaboration program between the two entities
- HSBC is expected to offer its GCM service on DFM Equity Market starting in May
Geostrategy
Environment Agency says 60 sq km of UAE’s marine critical habitats protected
Environmental assessment and permitting operations carried out by the Environment Agency – Abu Dhabi (EAD) in 2021 reveal that 60...
- This is in addition to a reduction of more than 2800cum of toxic waste from drilling operations, and a 99 percent reduction in air pollutants emissions from the fluorine industry.
- EAD has also completed permitting the commissioning of clean energy projects that save about 11 million tons of carbon emissions per year.
Economy
UAE launches Dirham-denominated Treasury Bonds worth $400 million
The UAE has launched conventional AED denominated Treasury Bonds (T-Bonds) with benchmark auction size of AED1.5 billion ($400 million). The...
- The bonds were launched by the Ministry of Finance (MoF) as the Issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent.
- Subject to market conditions, the first auction date to be held in May 2022 is expected to be announced soon, followed by a series of periodical auctions.
Business
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...
- The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
- It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Economy
Gross bank assets up 0.8% to AED3,321.5bn at Dec 2021 end: CBUAE
The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of...
- The rise in M1 was due to AED 16.6 billion increase in Monetary Deposits
- The Money Supply aggregate M3 also increased by 1.5 percent, from AED 1,830.1 billion
Geostrategy
Extreme climate changes could disturb global development, warns WGS
The report said that the climate state is rapidly aggravating poverty and instability, and is likely to amplify the economic...
- A joint report has been published by World Government Summit Organization (WGS) and consultancy firm PricewaterhouseCoopers.
- The report said that the climate state is rapidly aggravating poverty and instability, and is likely to amplify the economic burden on governments struggling to manage COVID-19.
Business
Ras Al Khaimah Tourism Development Authority on Best Workplaces List
Ras Al Khaimah Tourism Development Authority (RAKTDA) has achieved sixth place on the Best Workplaces List of 2022 – Small...
- It was also named one of the Best Workplaces for Women and a Great Place to Work in 2021.
- RAKTDA was also recognized as the ‘Government Entity with the Happiest Work Environment' in the emirate.
Business
ECI signs MoU with Terminus Group to strengthen digital infra projects
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Terminus Group,...
- The ECI said that it will safeguard the Terminus Group’s receivables and mitigate potential risks while trading in the UAE market or entering new competitive business settings.
- Terminus Group is exploring with UAE strategic partners to bring its innovation and manufacturing capabilities to the UAE by setting up an innovation hub.
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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
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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Stc posts US$2.5bn profit in Q3
Business
FNC’s UAE-EU friendship groups meets with Czech parliament
PRAGUE, CZECH REPUBLIC - Members of the UAE-EU Parliamentary Friendship Group of the Federal National Council (FNC), headed by Sarah...
Geostrategy
DEWA to hold second General Assembly in December
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA), which is listed on the Dubai Financial Market (DFM), has announced...
Business
Poland opens Representative Office in UAE to boost trade relations
Abu Dhabi, UAE---Poland has opened a representative office in UAE capital Abu Dhabi to fuel the growth of bilateral trade...
Business
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Geostrategy
UAE takes part in IORA meetings in Bangladesh
DHAKA, BANGLADESH - The UAE participated in the Indian Ocean Rim Association's (IORA) 22nd Council of Ministers (COM) meeting and...
- The UAE affirmed its commitment to promoting inclusive growth and prosperity within the Indian Ocean region.
- The launch of the Sheikh Zayed IORA Scholarship for Humanitarian Action and Development was officially announced.
Business
Americana UAE IPO share price is $0.75
The company is the largest quick service restaurant operator in MENA.
- Americana is the largest out-of-home dining and quick service restaurant operator in the MENA region
- The concurrent book building process generated orders of approximately AED 386 billion
Economy
‘Dubai seeks to be among top digital economies’
Sheikh Hamdan bin Mohammed, who is also Dubai’s Higher Committee of Future Technology Development and Digital Economy Chairman, said this...
- Sheikh Hamdan has approved the new phase of the Dubai Metaverse Strategy, which aims to enhance the digital economy
- The new phase of the strategy aims to implement measures to empower the use of the metaverse and future technologies