Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
Business
Business
Dubai Chamber approves four-pronged strategy for next three years
Improving business environment in Dubai, attracting foreign investments and international companies to the emirate, supporting member companies with global expansion...
- Improving business environment in Dubai and attracting foreign investments and international companies to the emirate two of the four pillars of the strategy.
- Supporting member companies with global expansion and growing Dubai’s digital economy are the other elements of the strategy.
Business
Atlantic Council to host Global Energy Forum in Dubai
The Atlantic Council has announced that the 2022 Global Energy Forum will now be held alongside Expo 2020 in Dubai...
- The forum, which is part of Abu Dhabi Sustainability Week, will also be hosted in conjunction with the 2022 World Government Summit
- These program will include a high-level discussion on the outcomes from COP26 and the agendas for COP27 and COP28
Business
UAE’s Central Bank says M1 rose by 2.1 percent at the end of Nov 2021
The Central Bank said on Friday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 671.6 billion...
- The rise in M1 was due to AED 0.6 billion increase in Currency in Circulation Outside Banks and AED 13.8 billion increase in Monetary Deposits.
- The Money Supply aggregate M2 increased by 1.3 percent, from AED 1,498.3 billion at the end of October 2021 to AED 1,517.1 billion at the end of November 2021.
Science
UAE hosts a conference of Arab ministers of higher education
The UAE is hosting the 19th Conference of Arab Ministers of Higher Education and Scientific Research, which is organized by...
- The conference aims to enhance Arab cooperation in the field of higher education and scientific research, to achieve development, progress and sustainability of knowledge
- Dr. Hamad Al Yahyai, Assistant Undersecretary of Curriculum and Assessment Sector at the Ministry of Education, stressed that hosting the 19th conference enhances the UAE’s stature
Business
REEF, Americana Group to open cloud kitchens across MENA region
Cloud kitchens are kitchens built only for delivery orders, pioneered in the biggest US cities before they spread across the...
- The two companies said they have entered into a joint venture for the purpose
- The cloud kitchens will belong to not just REEF and Americana but third parties as well
Economy
Bahrain’s economy grows 2.09% in Q3 2021
The national accounts report shows that the growth is the outcome of the rise achieved by the non-oil sector by...
- The national accounts report shows that the growth is the outcome of the rise achieved by the non-oil sector by 3.76 percent in real terms and 5.94 percent at current prices
- The oil sector fell by 4.63 percent in real terms and increased by 39.95 percent at current prices compared to the same quarter of 2020.
Economy
Food prices rose 28.1% in 2021, may remain high in 2022: FAO
The FAO’s Food Price Index, which tracks monthly changes in international prices, averaged 125.7 points.
- FAO Senior Economist Abdolreza Abbassian explained that high prices are normally expected to ease as production increases to match demand
- This time, however, the global pandemic and ever climatic conditions ‘leave little room for optimism’ even in 2022, she said
Economy
UAE issues circular to ministries for remote working on Friday
The Federal Authority for Government Human Resources (FAHR) of the UAE issued a circular to all ministries and federal entities...
- Employees with residences far from workplaces would be prioritized as well as other humanitarian conditions in this aspect would also be considered.
- The step is taken to ensure continuity of service provision and the federal government’s proper functioning during the implementation of the remote working system
Business
SEWA implements development projects worth over $14.78m
The Central Region Department of the Sharjah Electricity, Water and Gas Authority (SEWA) implemented a number of development projects during...
- 80 projects have been implemented for network modifications and approximately 50 transformers are installed in the central region.
- Cables have been extended to implement these projects with up to 197,624 km of length, and the total cost of the projects is $14.78 million.
Business
MoHAP of UAE and Bayer to launch a new initiative “STEPS”
The Ministry of Health and Prevention (MoHAP) has signed a Memorandum of Understanding (MoU) with Bayer Middle East to launch...
- The new initiative aims to support the local health authorities by developing the capabilities of the various components of the medical system
- The launch of the STEPS program aims to enhance the capabilities of all parties to the health economics system in the UAE
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
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
Business
Company News
Mubadala to buy Fortress
Business
Latest News
BinDawood CEO resigns
Business
UAE-UK Business Council to promote trade, investment
The UAE-UK Business Council hosted its 20th Plenary Meeting in Abu Dhabi, co-chaired by Ahmed Al Sayegh, Minister of State,...
Business
Most Read
Business
EasyLease net profit $8.91m
The total revenue in Q3 ended Sept reached AED156.11 million
- The company will reach 30,000 motorbikes by the end of 2022, doubling the size of its fleet from a year earlier.
- Easy Lease said it will open local offices in Saudi Arabia and Bahrain before the end of this year, targeting a 10 percent share by the end of 2023 of the Saudi Arabian market.
Business
DXB to welcome 2.1m passengers over 10-day school holiday break
October 30 is expected to be the busiest day with daily traffic exceeding 259,000 passengers.
- October 30 is expected to be the busiest day with daily traffic exceeding 259,000 passengers
- Passenger numbers are rising rapidly towards 2019 levels on the back of strong recovery throughout 2022
Business
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.
- Finn company Nokia reported a 22-percent rise in profit to $419 million
- Nokia CEO Pekka Lundmark said the quarter demonstrated that he was delivering on the ambition to accelerate growth.