Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
Business
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
Market Report
Geostrategy
The UAE joins SESAME as a member with observer status
Minister Al Kaabi indicated that the achievement will enhance the nation’s scientific capabilities and enable its scientific and industrial organizations...
- The move will enable scientists, researchers and industrial entities in the UAE to use the center’s specialized laboratories to conduct research and develop local industries.
- SESAME was conceived as an international facility for the benefit of the MENA region to help the region retain and attract scientific and engineering talent.
Geostrategy
Saudi media says the kingdom supports Yemen’s legitimate government
The General Authority for Statistics (GASTAT) released the Labor Market Publication, confirming that the unemployment rate of Saudis remained stable...
- Al-Bilad newspaper reported in its editorial that the Kingdom of Saudi Arabia exerts unprecedented efforts in supporting the legitimate government in Yemen.
- Al-Riyadh newspaper reported in its editorial that the addressing of unemployment rate is among the key goals of the Kingdom of Saudi Arabia's vision 2030.
Business
Indian Minister says UAE most popular tourist destination for his countrymen
The UAE is the most popular destination in the world for Indian tourists, according to figures submitted to Indian Parliament...
- The second and third most popular destinations for Indians were Thailand and Bangladesh, but their figures were way below those of the UAE.
- The Minister confirmed that 314,495 Indians left on tourist visas for the UAE in the first quarter of this year.
Business
Dubai records $212 million worth of realty transactions on Monday
Dubai’s real estate market recorded 246 sales transactions worth AED610.89 million ($166 million) and mortgage deals of AED151.82 million in...
- The sales included 223 villas and apartments worth AED 503.64 million, and 23 land plots worth AED107.25 million.
- The mortgages included 38 villas and apartments worth AED110.84 million and 18 land plots valued at AED40.99 million.
Business
UAE keen to expand economic and investment relations with India: Al Zeyoudi
UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has said the trade partnership with India...
- India is the UAE’s second-largest trade partner, accounting for nine percent of the UAE’s overall global trade and 13 percent of the UAE's non-oil exports.
- Some 13 percent of India’s exports are re-exported through the UAE to the Gulf Cooperation Council, Iran, Iraq and some Central Asian countries.
Business
How can GCC companies respond to Global Minimum Tax rules?
The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023.
- The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023
- The Pillar Two model rules provide governments a template to address the tax challenges arising from digitalisation of the economy
Science
NYU Abu Dhabi’s Water Research Center partners with EWEC
The center serves as an interdisciplinary innovation hub for research in water desalination and membrane technology innovation.
- The center serves as an interdisciplinary innovation hub for research in water desalination and membrane technology innovation
- The new partnership will engage NYUAD students to contribute to the continued advancement of water research, and educate them on water management
Business
CBUAE enhances framework for real estate exposure of banks
The new methodology also introduces measurement of these exposures, based on credit risk-weighted assets using the CBUAE’s capital adequacy standards.
- The comprehensive standards require banks to review and improve their internal policies to enhance sound underwriting, valuation and general risk management.
- Banks with higher risk-weighted real estate exposure in their portfolios will be subject to a more extensive supervisory review of their underwriting and risk management .
Business
$44.92m EDB, FAB loan for Lamprell
The facility is in line with EDB's strategy to support large corporates.
- The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI).
- The facility will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction.
Business
IHC acquires stake in Al Qudra
The acquisition is part of Al Qudra's diversification strategy.
- Al Qudra Holding, founded in 2005, has a large portfolio of customers including Manarah Bay, a multi-usage project covering about 52,000 square meters in Abu Dhabi.
- The frim operates as an investment holding company and focuses its investments and strategic partnerships in sectors such as oil and gas.
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Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
Business
Company News
Latest News
Sharjah Chamber joins Egyptian Chamber’s centenary event
The Sharjah Chamber of Commerce and Industry participated in the international conference to mark the 100th anniversary of the Egyptian...
Business
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Business
Reliable Engineering opens plant
The production unit was inaugurated at Hamriyah Free Zone in Sharjah.
- The new facility, which covers an area of more than 150,000 sq feet, caters to the needs of the oil and gas, marine, and oil and wind farming sectors.
- The production lines manufacture up to 500 metric tons of steel per month, by more than 160 employees and specialized technicians.
Economy
Dubai Customs issues authorization certificates to free zone companies
Dubai Customs provides the services and facilities to licensed companies in the free zones of the Emirate to boost investments...
- Dubai Customs facilitates procedures to determine the value of the goods imported by the free zone companies.
- It provides services and facilities to licensed companies in free zones to boost investments and attract more investors.
Economy
Abu Dhabi Foreign Experts Court examines 200 cases
The Foreign Experts Court of the Abu Dhabi Judicial Department (ADJD) has managed to maintain high adjudication rates in the...
- The Foreign Experts Court has achieved a 90 percent disposition rate out of a total number of about 200 commercial cases.
- The panel of the Foreign Experts Court consists of a single judge and two foreign experts.