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
Economy
Dubai ruler issues law on Local Military Pensions and Social Security Fund
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a law on Local Military Pensions and Social Security...
- The fund seeks to improve the quality of services offered to its beneficiaries and ensure that all the rights and insurance needs of contributors, pensioners are met.
- All liabilities and assets of the Local Military Pensions and Social Security Division at the DoF will be transferred to the Fund, once the Law comes into effect.
Business
Hub71 startups secure $408m in investments since inception in 2019
Hub71, Abu Dhabi’s global tech ecosystem, said on Wednesday that its startup community secured AED 30 million ($8.1m) in 2021...
- Hub71 boasts startups from 25 nations across 18 diverse sectors, ranging from FinTech, Robotics, AI & Big Data to HealthTech, AgTech and Cybersecurity.
- About 1,000 jobs were created, while the aggregate valuation of the startups soared to AED5.87 billion, the hub said in a report.
Business
Dubai posts real estate transactions worth $413 million on Tuesday
Dubai’s real estate market recorded 474 sales transactions worth AED1.52 billion ($413 million) and mortgage deals of AED441.56 million, in...
- Mortgage deals amounted to AED441.56 million and 11 gift transactions to AED27.4 million, according to Dubai Land Department.
- During the week ending 18 March, the emirate recorded $2.53 billion worth of real estate and properties transactions.
Business
Saudi land bridge linking up east with west to cost $26bn
A land bridge linking up the western part of Saudi Arabia with its eastern region will cost some $26 billion...
- According to the minister of transport and logistics, Saleh Al-Jasser, the money will go into building infrastructure and trains
- The contracts will be signed within a year, and the implementation of the project will take 5 to 7 years, Al-Jasser said
Business
Shuaa Capital of Dubai sets up $250m venture debt fund
Shuaa Capital, the Dubai-based fund manager, has set up a $250 million venture debt fund in order to shore up...
- According to the company, the Shariah fund, to be listed in Abu Dhabi’s market, will focus on technology ventures “seeking alternative sources of capital”
- Early-stage businesses are dominating investments with VC funding to the Middle East and North Africa startups soaring to $2.6 billion in 2021
Business
UAE accounts for 77% of GCC investments in Latin America over 2016-2021
Saudi Arabia accounted for 22 percent of GCC investments to Latin America during 2016-2021, followed by Qatar with 1 percent.
- Saudi Arabia accounted for 22 percent of GCC investments to Latin America during 2016-2021, followed by Qatar with 1 percent
- The report, titled Cultivating Ties: Deepening trade and investment between Latin America and the GCC, was issued ahead of the Global Business Forum Latin America 2022
Business
Pandemic aided digital adoption by UAE businesses: PayPal survey
Survey analyses the impact of COVID-19 on small businesses, the key verticals of growth and the growing acceptance of digital...
- Survey analyses the impact of COVID-19 on small businesses, the key verticals of growth and the growing acceptance of digital payments
- With adoption of digitalization, 41 percent of the respondents have seen increased purchases through social media channels
Geostrategy
Leonardo to enhance naval surveillance of Qatar
The announcement was made at DIMDEX, the flagship regional event for the international maritime defence and security, going on in...
- The announcement was made at DIMDEX, the flagship regional event for the international maritime defence and security, going on in Doha until March 23
- Leonardo, a high-tech global company, is one of the top companies in the world in the sector of Aerospace
Geostrategy
Qatar to disburse cash assistance to families in Gaza Strip
Chairman of Qatar's Gaza Reconstruction Committee Ambassador Mohammed Al Emadi announced cash assistance to needy families in the Gaza Strip....
- Qatar Fund for Development will also cooperate with Qatar's Gaza Reconstruction Committee in the process.
- The distribution process will take place through the United Nations distribution centers located in Gaza.
alfanar invests $1.3bn in UK
The money will go in producing aviation fuel from waste.
- The Lighthouse Green Fuel project generates more than 180 million liters of sustainable aviation fuel annually in the UK
- This amount of sustainable aviation fuel is sufficient to power 15,000 flights per year, reducing harmful carbon emissions from conventional fuels by over 700,000 tons annually
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
Company News
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QIB’s profit shoots up 13%
Business
Deepening synergies to further strengthen bilateral economic and commercial ties between Sharjah, India
He was speaking at the Sharjah–India Business Roundtable -- organized by the Sharjah FDI Office (Invest in Sharjah), in collaboration...
Business
Abu Dhabi inks MoU with African Union in public health
ABU DHABI, UAE - Abu Dhabi Public Health Center (ADPHC) has signed an agreement with the Africa Centers for Disease...
Geostrategy
Educational Holding net profit $20.3m
The profits grew by 1,3 percent compared to 9M period last year.
Business
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Business
Mubadala acquires stake in ACX
ACX is setting up a carbon trading exchange in Abu Dhabi.
- ACX, based in Hub71, is a global environmental commodities exchange that uses distributed ledger technology leveraging blockchain architecture to create securitized carbon credits.
- In March, the Abu Dhabi Global Market teamed up with ACX to create the “world’s first fully regulated” carbon trading exchange in Abu Dhabi.
Geostrategy
Gunmen kill 9 in two separate shootings in protest-hit Iran cities
Tehran, Iran— Assailants on motorbikes shot dead nine people, including a woman and two children, during protests in two separate attacks...
- A senior judicial official in Khuzestan province said that three suspects were arrested and the hunt was on for others after first attack on protesters and security forces in Izeh
- It is the second attack that the Iranian authorities have blamed on "terrorists" since nationwide protests flared over Amini's death
Business
HSBC Oman, Sohar International Bank decide to merge
The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to...
- The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to Sohar International
- Earlier in 2012 HSBC Bank Middle East’s operations in Oman merged with Oman International Bank to create a HSBC Bank Oman