Business
Saudi PIF joins tripartite pact to produce green hydrogen for export
Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, POSCO and Samsung C&T signed here today a tripartite memorandum of...
- PIF, POSCO and Samsung C&T have signed an MoU on the sidelines of the Saudi-Korean Investment Forum.
- The MoU included the implementation of feasibility studies to develop a green hydrogen production project in Saudi Arabia for export purposes.
Science
Abu Dhabi and South Korea to boost cooperation in life sciences
Abu Dhabi and South Korea have signed a partnership agreement to boost cooperation in the field of logistics and industries...
- The move is part of Abu Dhabi’s endeavors to strengthen its collaborations with partners from around the world to cement its position as a global logistics center for life sciences
- This collaboration focuses on several fields including clinical research, public health promotion, disease prevention, innovation in life sciences among many other
Business
Most UAE consumers believe natural is healthier, says a survey
UAE consumers show a growing interest in natural foods, backed by the understanding that natural produce is the healthier choice,...
- Nearly 60 percent of the participants agreed that the naturalness of the product influences their grocery choices, the highest of all markets.
- 84 percent of UAE consumers confirmed making an effort to limit their consumption of artificial additives in the last 12 months.
Geostrategy
Two day long Water-Food-Energy Summit concludes in Dubai
In order to explore solutions for water, food, and energy challenges, the UAE, Jordan, and the Netherlands wrapped up the...
- The UAE, Jordan, and the Netherlands issued a trilateral declaration affirming their commitment to supporting a nexus approach that optimizes resource use
- The joint statement encouraged governments to incorporate practical solutions to water, food, and energy challenges into policy-making
Business
Dubai issues 72,152 new business licenses in 2021, 59 percent professional
Dubai issued 72,152 new business licenses in 2021, a growth of 69 percent compared to 2020 when 42,729 licenses were...
- Bur Dubai accounted for the largest share (48,562) of new licences issued followed by Deira (23,513).
- A total of 430,921 business registration and licensing transactions were completed in 2021, a growth of 24 percent compared to 2020.
Business
Dubai Airport Show 2022 to showcase digital innovation
Dubai Airport Show 2022, to be held in May, will showcase a diverse range of innovative products and will provide...
- The latest IATA Global Passenger Survey, conducted across 153 countries, revealed passengers expect technology to give them more "personal control over their travel experience"
- Digital queuing and biometric has been viewed as a priority to be implemented to modernize every component of the journey at airports
Business
Aramco signs 10 Korea deals
The signings took place at the Saudi-Korean Investment Forum.
- The deals aim to advance Aramco’s downstream strategy and support the development of low-carbon energy solutions
- They are also expected to create new financing options for the world’s largest oil and gas company
Business
OPEC Fund extends $35m loan to support Vietnam SMEs
The amount will reportedly be given to the Vietnam-based Southeast Asia Commercial Joint Stock Bank (SeABank) for on-lending.
- The money will be used to facilitate access to finance for SMEs and women-owned businesses in Vietnam
- It will also be used to promote climate funding for a sustainable economic recovery in the country
Geostrategy
UAE demands UNSC meeting after Houthi attacks
Several countries — ranging from regional ones like Qatar, Bahrain, Kuwait, Iraq, and Egypt, to Russia and the US —...
- The UAE has called on the UNSC to unequivocally condemn the Houthi attacks with one voice
- UN Secretary-General Antonio Guterres has already condemned the attack, besides calling for restraint
Business
Ferrari World and Warner Bros. break Guinness Records titles
Ferrari World Abu Dhabi and Warner Bros. World Abu Dhabi broke two Guinness World Records titles in celebration of the...
- Warner Bros. World Abu Dhabi broke the record title with 20,482 contributions during the festive season
- The Park broke the record title with 4,826 contributions breaking the previous world record of 2,462
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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
Company News
Al-Ittefaq plans an IPO
Business
Latest News
CMA approves 18 listings on Tadawul
Tadawul is also developing a market marker for the bourse.
Business
Inditex sells Russian business to Middle Eastern Daher Group
Inditex closed its over 500 stores in Russia in March.
Business
Mashreq posts net profit of US$708m
The embrace of digital services by it customers drove growth.
Business
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Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Economy
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion...
- Social contributions in the UAE also rose from US$3.5 billion (AED12.9 billion) in 2020 to $3.6 billion (AED13.5 billion) in 2021.
- The value of other revenues increased by 24 percent from $55.4 billion in 2020 to $68.5 billion in 2021.
Business
ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.
- Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
- This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.