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
Saudi Industrial Production Index shoots up 11.1% in January
Driven by high oil output, Saudi Arabia’s Industrial Production Index shot up 11.1 percent in January, official data indicated.
- This positive performance was mainly due to a 11.4 percent rise in mining and quarrying sector, which includes oil production as well
- The Kingdom pumped at a level of over 10 million barrels per day in January
Business
Masdar City, Mashreq Bank to provide financial services to SMEs, start-ups
Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized...
- An MoU signed between the two involves easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.
- Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups.
Business
Careem looks to raise $500m to fund expansion
Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.
- The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
- It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds
Economy
Saudi achieves 30 percent female labor force target 10 years early
Saudi Arabia has achieved its target of getting 30 percent female labor force participation nearly 10 years ahead of schedule,...
- The research, carried out by Roland Berger on behalf of Uber, shows that women made up 36 percent of workers in the Kingdom in 2021 — up from 22 percent just three years earlier.
- The increase was partly attributed to the success of the Wusool program, which made transport more accessible to working women.
Business
DP World of UAE posts 26% jump in revenue to $10.8bn
DP World of the UAE has posted a twenty six percent increase in revenue to $10.8 billion in 2021, despite...
- In a statement the company said that the revenue hike was “supported by acquisitions and new concessions including Angola, Unico, and Transworld”
- “We expect our portfolio to continue to deliver growth,” commented CEO, Sultan Ahmed Bin Sulayem
Business
Saudi ministry signs 23 deals worth $3.46 bn at first defense show
The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion)...
- The MoD signed five deals with the Saudi Arabian Military Industries (SAMI): two with Royal Saudi Land Forces and three with the Royal Saudi Naval Forces.
- The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems.
Business
ADNOC Distribution launches range of 100% plant-based engine oils
Plant-based base oils are made from sustainable feedstock sources, such as palm, soy, coconut, and rapeseed.
- Voyager PX Green is developed specifically for petrol engines and Voyager DX Green for diesel engines
- The technology is said to be the first approach in the region to be made entirely from plant-based oils
Business
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.
- DH had seen profits of AED217 million ($59.09 million) for the previous year
- The numbers point to an increase of nearly 1,150 percent in net profit for the company
Business
Sharjah Airport records 7 million passengers in 2021
In 2021, the Sharjah Airport served more than 7 million passengers with more than 57,000 aircraft movements and approximately 1.2...
- The volume of cargo in 2021 crossed 140,717 tons, while the volume of sea-air cargo reached 18,696 tons, a 22.27 percent increase from 2019.
- The airport renewed the ACI’s Airport Health Accreditation (AHA) for the second consecutive year.
Business
Dubai passes new law to regulate virtual assets like Bitcoin
Dubai has promulgated a new law in order to regulate virtual assets that are becoming popular with many investors in...
- “We established an independent authority to oversee the development of the best business environment in the world for virtual assets," Sheikh Mohammed tweeted
- Virtual assets exist digitally and can include cryptocurrencies like Bitcoin and Ethereum
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
Company News
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QNB posts 7% rise in profit
Business
Addressing climate change global responsibility
"Today's world is witnessing a scientific and technical boom, which is the fastest and most advanced through all the stages...
Economy
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...
Business
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...
Science
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Geostrategy
G20 health, finance ministers agree to launch US$1.4bn pandemic fund
The G20 health ministers have agreed to establish a pandemic fund.
- The fund will be commonly used to fix the health system and close the budget gap for the following five years.
- Up to 20 donor countries and three philanthropists have expressed willingness to contribute to the effort to raise "pandemic fund" totaling US$1.4 billion.
Science
COP27 focuses on ways and means to feed 8 billion people
The adaptation and agriculture thematic day at COP27 focused on how the world will feed eight billion people.
- A series of sessions and initiatives shed light on pathways forward on adaptation and climate resilient agriculture.
- The focus comes at a particularly challenging year for food security.
Business
Invictus 9M net profit $105m
The firm reported a 125 percent increase in its revenues.
- The company attributed the results to “a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines”.
- This year, the company introduced fertilizers which added over AED 140 million to revenues.