Rising global temperatures in focus as COP28 kicks off in Dubai
Dubai, UAE--Rising sea levels, vanishing Arctic landscapes, fading coral reefs, acidic oceans, and raging forest fires are common occurrences today....
COP28 UAE
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Economy
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
- OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
- Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Business
Fintech opens center in Riyadh
It is a first-of-its-kind center in King Abdullah Financial District.
- This follows an increased number of fintech companies in the region
- Saudi had witnessed a massive jump in venture capital investments in the fintech sector
Business
Saudi Electricity Co. posts 375% jump in net profit to $3.84bn
The Saudi Electricity Co. has posted a 375 percent increase in net profit to $3.84 billion in 2021, according to...
- The increase has been attributed to continuous “implementation of regulatory and financial reforms in the electricity sector"
- the company’s board has proposed an annual dividend payout of SR0.7 per share
Construction of 230 MW Masdar solar plant in Azerbaijan begins
Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan,...
- Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year.
- The project will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses.
Business
Etisalat to up stake in Mobily
This comes as Etisalat aims to expand its footprint in Saudi Arabia.
- Etisalat Group currently holds a 28-percent stake in Saudi-listed Mobily and it plans to see this going up to 50 percent
- The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5)
Business
ADNIC to pay $62m in dividends
The year 2022 marks the 50th anniversary of the company.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said the distribution of 40 percent cash dividends demonstrated the company’s robust financial performance.
- Futoon Hamdan Mohammed Al Mazroui was welcomed as the first woman to join the company's Board of Directors.
Economy
Saudi economy grows 3.2% in 2021, the highest rate in 6 years
Saudi Arabia has reported a robust growth in its economy, posting a 3.2 percent increase in the gross domestic product,...
- The economy expanded in 2021 by the highest annual rate since 2015
- The economy grew thanks to the rise in non-oil sector by 6.1 percent, while oil activities showed a modest growth of 0.2 percent
Economy
UAE citizens can travel visa-free to Israel
Israel has announced that all UAE citizens can now travel visa-free to Israel. The move is part of a wider...
- Both vaccinated and unvaccinated tourists of all ages are permitted to enter Israel upon presenting a negative PCR test before departure and after arriving in Israel
- The announcement follows a recent agreement between the UAE and Israel extending visa-free entry to all UAE nationals as part of the ongoing strategic partnership between them
Economy
Jordan to provide facilities to its businessmen in China
Secretary-General of the Ministry of Investment, Zaher Qatarneh held a virtual meeting with a group of Jordanian businessmen in China.
- Secretary-General of the Ministry of Investment, Zaher Qatarneh held a virtual meeting with a group of Jordanian businessmen in China
- He added that the work is underway to develop a strategy to draw foreign investments in priority sectors, especially in industry, tourism, information technology and health sectors
Interview
Skills gap challenge for GCC digitization, says du CEO
GCC companies should work closely with digital and software companies to expedite digital transformation, says Fahad Al Hassawi, CEO of...
- du is the second largest telecom service provider in the UAE, and its 2021 revenues grew by 5.4% to $3.19 billion
- Agility will be key to the telecommunications industry and requires telecom operators to look beyond connectivity, says al Hassawi
Most Read
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
Rising global temperatures in focus as COP28 kicks off in Dubai
Dubai, UAE--Rising sea levels, vanishing Arctic landscapes, fading coral reefs, acidic oceans, and raging forest fires are common occurrences today....
COP28 UAE
Company News
ADNOC awards $980m contract
Business
Latest News
UAE, Indonesian Presidents to enhance bilateral relations
SOLO, INDONESIA - President Sheikh Mohamed bin Zayed Al Nahyan and President Joko Widodo of Indonesia held talks aimed at...
Geostrategy
Etihad Credit Insurance issues $1.71 bn in trade guarantees in nine months
Dubai, UAE---Etihad Credit Insurance (ECI) has issued AED6.3 billion ($1.71 billion) in trade guarantees in the first nine months of...
Economy
Most Read
Business
UAE to launch feature-rich, faster EmaraTax platform on Dec.5
Abu Dhabi, UAE --UAE's Federal Tax Authority said Sunday it will launch EmaraTax platform on Dec.5, 2022. The migration to...
- Migration to EmaraTax will begin from end of 30 Nov. and it will be available for use from 5 Dec.
- EmaraTax significantly enhances taxpayer access to the FTA’s services, payment of taxes and obtaining refunds.
Science
Sustainable food cold chains reduce waste, fight climate change, says UN report
Greater investment in sustainable food cold chains is needed to reduce hunger, provide livelihoods to communities and adapt to climate...
- These systems are critical to maintaining the quality, nutritional value and safety of food.
- An estimated 14 percent of all food produced for human consumption is lost before it even reaches consumers.
Videos
Post-Covid UAE real estate upswing to continue
A high number of residential and commercial units delivered in 2022 means tenant retention will become more critical, and rental...
- In a report, real estate advisory firm JLL said that the residential sector was the highest performer “within construction asset awards”.
- The influx of high net worth individuals to the UAE, especially Dubai, and Golden Visa have also boosted the real estate market.