UAE voted to Category-B membership in International Maritime Organization
LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category...
Geostrategy
Business
Iraq’s February oil exports highest in last two years
The rate of Iraq's exports during February amounted to 3.314 million barrels per day.
- The rate of Iraq's exports during the month amounted to 3.314 million barrels per day
- The revenues for March will be higher than the last month, based on the current market data
Dubai sees weeklong real-estate transactions worth $1.91bn
The total number of real-estate transactions in Dubai stood at 2,131 for the week ended March 4.
Economy
Bahrain signs pact with Cisco
The company will build the government’s data network.
- The agreement was signed on the sidelines of the visit of Crown Prince Salman bin Hamad Al Khalifa to the United States
- The CEO of the Bahrain Information and eGovernment Authority, Mohammed Ali Al Qaed, said that the pact reflects the Kingdom’s commitment to adopt latest technological trends
Business
Dubai Gold & Commodities Exchange Feb trades total $13.68 bn
Dubai Gold & Commodities Exchange (DGCX) registered trades with a total value of $13.681 billion in February 2022, as global...
- The exchange registered a monthly Average Open Interest (AOI) of 125,206 contracts during February and saw its precious metals' portfolio lead trading activity.
- DGCX's West Texas Intermediary (WTI) Futures gained traction following increased volatility in oil markets.
Business
Dubai International Boat Show to feature 800 brands from 54 countries
Dubai International Boat Show (DIBS), which will be held from March 9 to March 13, will witness 34 launches and...
- This is MENA yachting industry's first international in-person event since the COVID-19 pandemic. It will run at Dubai Harbour.
- The region home to 12.6 percent of global superyachts, the world's second-highest fleet-to-billionaire ratio.
Business
Telecom Egypt reports $535m profit
Telecom Egypt has posted a net profit of $535 million for 2021, a seventy four percent jump compared to the...
- The rise in profit came in line with a 16 percent surge in revenues year-on-year, reaching 37 billion Egyptian pounds
- The Egypt-based company also contributes to national digitization projects
Economy
Saudi exports to touch $354bn by 2030: Standard Chartered
Saudi exports to the world are estimated to grow 7.6 percent to $354 billion by 2030, according to Standard Chartered.
- According to a report prepared by Standard Chartered, 18 percent of global corporations already manufacture or source in Saudi Arabia
- The Future of Trade 2030 report named India as the fastest-growing export corridor for Saudi Arabia with an average annual growth rate of 10.9 percent from 2020 to 2030
Business
Al Arabia posts $55m profit
Al Arabia, an advertising firm, has posted a net profit of $55 million in 2021, a 718 percent jump compared...
- Profits of the Riyadh-based firm, partly owned by media giant MBC group, soared as the advertising industry rebounded from pandemic-hit 2020
- The economic recovery, along with a continued digitization push in the Kingdom, led to a 45 percent increase in revenues year-on-year to SR720 million
Economy
Money-laundering, terror financing penalties fetch UAE $1bn
UAE authorities have collected AED3.848 billion ($1 billion) in penalties from anti-money laundering and terrorism financing offenders in 2021. The...
- UAE is currently amending the anti-money laundering law’s executive regulation.
- The Office for Anti-Money Laundering and Counter-Terrorist Financing was established in Feb 2021.
Business
AMEA Power awarded $100m
Under the agreement, a 100MW solar plant will be built in Tunisia.
- In December 2019, a consortium formed by AMEA Power and TBEA Xinjiang New Energy was awarded the 100MW solar power plant located in Kairouan in Tunisia.
- The solar power plant construction is expected to begin by the end of this year.
Company News
ADNEC, MICCO sign agreement
Business
Latest News
TotalEnergies CEO heckled by climate activists at COP27
Sharm el Sheikh, Egypt—French giant TotalEnergies' chief executive was confronted by climate activists Friday at the COP27 summit in Egypt, where...
Economy
Bahrainis vote to elect members to Council of Representatives
People are choosing their candidates for the 40-member Council of Representatives, one of the two chambers of the bicameral parliament.
Geostrategy
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Economy
UAE launches National Net Zero by 2050 Pathway
The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050...
- The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050 Strategic Initiative, introduced in October 2021
- The UAE will adopt several measures to mitigate climate change such as increasing the share of clean energy in its energy mix and scaling up the use of clean electricity
Geostrategy
Tel Aviv-Doha World Cup flights draws criticism from Qatari activists
While Qatar's Gulf neighbours Bahrain and the United Arab Emirates established relations with Israel through agreements mediated by the United...
- The protest led by Qatar Youth Against Normalization was small but noticeable in a state where citizens very rarely speak out against authorities
- Qatar has stated that normalisation with Israel is contingent to the establishment of a Palestinian state
Economy
Companies have 50 days to achieve Emiratisation targets: Ministry
Dubai, UAE--- UAE's Ministry of Human Resources and Emiratisation (MoHRE) has said it was keen to support and empower private...
- Ministry of Human Resources and Emiratisation has said it was keen to support and empower private sector companies in the country and help them achieve their targets.
- Companies with 50 or more employees are targeted to raise their Emiratisation rate by 2 percent of their overall skilled jobs.