IMF, UAE, other countries meet on anti-money laundering, counter terrorism financing
ABU DHABI, UAE - International Monetary Fund (IMF), in collaboration with the UAE Executive Office of Anti-Money Laundering and Counter...
Geostrategy
Business
Dubai SMEs bag contracts worth $250m under procurement program
Emirati entrepreneurs and national enterprises in Dubai won contracts worth AED 921.6 million ($250 million) from various local and federal...
- Since 2002, GPP has facilitated contracts worth over AED 8.4 billion for Dubai SME members from 69 supporting entities across the government, semi-government and private sectors.
- Expo 2020 Dubai topped the list of local government support agencies of GPP last year with contracts worth AED 161.7 million.
Business
Vietnam experts see Middle East as promising market for country’s exporters
Vietnam has signed economic, trade and scientific-technological cooperation agreements with five GCC countries.
- Vietnam has mostly traded with six member nations of the Gulf Cooperation Council in the Middle East region.
- Trade between Vietnam and the GCC countries has surged from US$2.7 billion in 2012 to US$12.5 billion in 2021.
Business
Sharjah approves $17.18m to settle citizens’ debts
The Sharjah Debt Settlement Committee (SDSC) approved an amount of AED63.11 million ($17.18m), to settle 120 cases of citizens' debts.
- Rashid Ahmed bin Al Sheikh, Chief of the Sharjah Emiri Court and Head of the Committee, confirmed this
- Payment of debts of people in Sharjah from various categories within the 22nd batch, was cleared
Geostrategy
UN Population Fund hails Jordan’s health sector achievements
UNFPA reviewed key areas of cooperation with Jordan in the health sector, particularly during the COVID-19 pandemic.
- Jordan’s Minister of Health Feras Hawwari has discussed areas of cooperation with UN Assistant Secretary-General and UNFPA Deputy Executive Director/Programs, Diene Keita.
- The UNFPA agreed to maintain coordination and collaboration with the ministry on specified objectives.
Business
Warner Music Group buys out Qanawat Music
Warner Music Group has bought out Qanawat Music, the Middle East and North Africa’s leading music distributor, for an undisclosed...
- This comes as part of the multinational entertainment and record label conglomerate's plans
- Qanawat Music will act as WMG's key domestic distributor and source of upstreaming opportunities
Business
ADNOC to collaborate with Germany for clean hydrogen
Abu Dhabi National Oil Company (ADNOC) has entered into a partnership with German counterparts to speed up collaboration in clean...
- The agreements were announced during the visit of Dr. Robert Habeck, German Federal Minister for Economic Affairs and Climate Action, to the UAE
- As part of its ambitious decarbonisation drive, the German government’s National Hydrogen Strategy expects clean hydrogen demand of up to 3 million tonnes per annum (Mtpa) by 2030
Economy
90 percent of Arab transactions made in six currencies: AMF director general
Six currencies account for 90 percent of transactions in the Arab world, said Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General...
- The currencies are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro.
- Buna Payment Platform is the first regional cross-border and multi-currency payment system that supports Arab transactions in investment: AMF
Business
Aramco to launch new projects
Aramco will start 140 new projects in the next three years.
- Murad Al-Sayed said the registration mechanism will be presented to contractors interested in becoming a part of Aramco’s list of qualified contractors
- It has so far contributed to raising the local content in the company’s different projects from 35 to 60 percent, he added
Business
Qatar Airways rebuffs Airbus $220m compensation claim
Qatar Airways has denied that it owes Airbus $220 million in compensation for the rejected A350 aircraft. The Gulf carrier...
- It argues that Airbus has not provided clear guidelines on how it has arrived at the figure
- In response to this, Airbus has canceled orders for two A350s and a separate order of 50 smaller planes, A321s
Business
Mubadala, Aris Gold sign agreement
The pact is meant for operation of Soto Norte Gold Project in Colombia.
- Through a joint venture company, Aris Gold will acquire a 20 percent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia.
- On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company.
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QatarEnergy, Chevron Phillips to build US$8.5bn Texas plastic plant
Doha, Qatar— QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an...
Business
Floating success: Marine industry helps Qatar cruise towards economic diversification at a greater pace
The floating hotel "MSC World Europa", which arrived at Doha Port last week, is one of three floating hotels designated...
Business
GCC growth may slow down in 2023 and 2024
The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4...
Economy
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Business
Masar, BTC Network sign agreement for info center, infrastructure
Makkah, Saudi Arabia---Umm Al-Qura for Development and Construction, owner and developer of Masar, the SR100-billion ($26 billion) destination in Makkah,...
- Masar, the SR100-billion ($26 billion) destination in Makkah, aims to enhance the quality of life of the residents and visitors of the Holy city.
- BTC Networks has three decades of experience that will support Masar’s smart infrastructure, in line with the Kingdom’s Vision 2030 goals.
Business
QatarEnergy, Qatargas celebrate loading of 30,000th ship from Ras Laffan
Doha, Qatar---Qatar’s state-owned QatarEnergy and Qatargas, the world's largest liquefied natural gas (LNG) company, celebrated the loading of the 30,000th...
- The LNG cargo was loaded on board the Qatargas-chartered Q-Max LNG carrier "Mekaines."
- Qatargas Terminals are entrusted to handle approximately three million barrels of oil equivalent of both LNG and non-LNG products every single day.
Business
FSRA grants Binance permission to provide crypto custody services
Abu Dhabi, UAE---Binance, world's biggest cryptocurrency exchange, announced that it has received a Financial Services Permission (FSP) from the Financial...
- Binance received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
- ADGM, the International Financial Centre in the capital of the UAE, introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018.