Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Business
Saudi Port launches transshipment service linking Dammam with many ports
MAWANI also aims to attract a major share of the global transshipment operations to Saudi ports by implementing several projects...
- The service is launched in partnership with Saudi Global Ports Co and the international shipping line Orient Overseas Container Line.
- The Saudi Ports Authority seeks to raise the Kingdom's share in the transshipment market from the present 21 percent to 50 percent by 2030.
Business
UAE and Mauritius stress boosting economic, commercial relations
The UAE and Mauritius have stressed the importance of boosting economic and commercial relations between the two countries. A meeting...
- Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Renganaden Padayachy, Mauritius Minister of Finance at its Dubai headquarters.
- The meeting took place on the sidelines of the Mauritian delegation’s visit to Expo 2020 Dubai.
Business
Al Arabia of KSA sets up a joint stock firm in Egypt
Al Arabia also known Arabian Contracting Services Co., has set up a joint stock company in Egypt with United Media...
- The outdoor advertising company said in a statement to Tadawul that it aims to bring about “a qualitative leap” in the sector in Egypt
- The joint stock company will operate under a 25-year agreement and establish at least 120 advertising screens in Egypt
Business
UAE and Russia foreign trade reaches $4 billion in 2021
The total foreign trade between Russia and the UAE is set to reach around $4 billion by the end of...
- In 2020, the trade between the two countries amounted to $3.3 billion, said Sergey Cherimin, Minister of the Government of Moscow.
- Russian companies have opened offices in the UAE, and today there are more than 4,000 of them, the minister said.
Business
SEDCO of Saudi Arabia to hike REIT fund by $187m
SEDCO Capital of Saudi Arabia has launched an additional offering of its real estate investment trust fund to increase asset...
- The offering period will run for five days until Dec. 16, the company said in a statement
- SEDCO Capital wants to increase the total asset value of the fund, as well as raise additional equity up to SR575 million
Videos
Reasons behind shortening UAE’s workweek
This week's TRENDS Explainer video tries to find the rationale behind curtailing the number of days in the UAE's workweek...
- The Gulf country is transitioning to a 4.5-day workweek. Now, weekends will consist of Friday afternoon, Saturday and Sunday
- The move makes the UAE the first nation to formalize a workweek shorter than five days. It also brings the country more in line with Western schedules
Business
Emirates Health Services to upgrade executive regulations
The Emirates Health Services (EHS) is looking to upgrade executive and financial regulations and ways to develop the capabilities of...
- The EHS board of directors discussed various ideas at a meeting at its headquarters in Dubai
- The board members reviewed the agendas of the meeting as well as the latest developments and reports submitted by EHS departments to evaluate their performance
Economy
UAE makes color-coded nutritional labeling of food products voluntary
The UAE has made nutritional labeling of pre-packed products as traffic light colors voluntary, after amending a requirement that would...
- From Jan, manufacturers were required to provide a color-coded system of nutritional data in all pre-packed food products.
- An official says AED1.4 billion across the sector by removing the need to modify the labels currently in use or in storage.
Economy
Ruler establishes Dubai Council to deliver Emirate’s future vision
The council will focus especially on boosting the emirate’s leading-edge competitiveness and leadership regionally and internationally.
- The council is expected to formulate and develop Dubai’s future development agenda to support its global competitiveness
- It will apparently also enhance the emirate’s attractiveness by launching major qualitative projects and transformational initiatives
Economy
Dubai reduces carbon emissions by 33 percent in 2020
Dubai reduced its carbon emissions by 33 percent in 2020, which is more than double the target of the Dubai...
- The reduction in emissions is more than double the target of the Dubai Carbon Abatement Strategy 2021.
- The share of clean and renewable energy capacity is now 11.38 percent of Dubai’s energy mix.
Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
Business
Company News
Latest News
Dubai records 65% decline in crime reports during Q3
Dubai, UAE—Dubai Police has recorded a 65 percent drop in the number of criminal reports during the third quarter of...
Geostrategy
WFP calls for action to avoid another year of record hunger
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said that the crises facing the world today...
Economy
Saudi TASI plummets, UAE indices show mixed trends over the week
The UAE stock market followed the trend of other markets worldwide and ended the week on a high note but...
Market Report
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Business
Nasdaq Dubai lists physically backed Bitcoin ETP
21Shares’ ETPs are already listed across 12 exchanges, including SIX Swiss Exchange, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix etc.
- 21Shares’ ETPs are already listed across 12 exchanges, including SIX Swiss Exchange, Deutsche Börse, EuroNext, BXSwiss, Wiener Börse, Quotrix etc
- Following India's decision to tax crypto earnings at 30%, the MENA region has become a hub for crypto companies and major exchanges like FTX and Kraken
Business
Saudi Arabia grants 52 mining licenses in August
Riyadh, Saudi Arabia—Saudi Arabia’s Ministry of Industry and Mineral Resources has issued 52 new mining licenses in August 2022, according...
- Out of the total, 18 were to build material quarries, 21 were exploration licenses, three exploitation licenses, and five survey licenses
- In line with Saudi Vision 2030 and the National Industrial Development and Logistics Program, the ministry seeks to protect the mining sector and maximize its value
Business
Al Awali to raise US$133m
The Saudi developer will offer 20% of its shares on Nomu.
- the Saudi real estate developer will float its stake by the first quarter of 2023 as a step toward obtaining the funds that will be needed for the expansion plans
- The company has a capitalization of $53.33 million, and its shares are expected to be offered at between SR25 and SR32