Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
Business
Geostrategy
UAE tops Bloomberg’s monthly Covid Resilience Ranking for Nov 2021
UAE has risen to the top spot on Bloomberg's Covid Resilience Ranking, dethroning Europe that has been dominating the top...
- A Bloomberg report said UAE one of the only seven countries that never fell into the bottom half of the Ranking.
- Iraq jumps 21 spots after community mobility surged and domestic life normalized.
Economy
Three laws introduced in UAE after the biggest-ever amendments
The UAE has introduced three new economic laws, with the government saying these laws underwent the largest legislative amendments of...
- The laws are the Commercial Companies Law, Commercial Registry Law and the Trademarks Law.
- Commercial Companies Law abolishes the maximum and minimum percentage of the founders’ contribution to the company’s capital at the time of the public offering
Business
China offers Kuwait help in developing its ports to boost maritime trade
China is willing to assist Kuwait to develop its ports given the significance of such facilities in the ##international maritime...
- Chinese port official stresses the significance of port facilities in international maritime trade.
- Kuwait's imports from China were worth $4.94 billion during 2020, according to the UN database on international trade.
Geostrategy
UAE signs air transport MoU with Colombia
The UAE’s General Civil Aviation Authority represented the country in the signing of the deal.
- This MoU is expected to enhance the air connectivity between the two countries
- It will let the national carriers of both countries initiate the operation of scheduled passenger and all-cargo flights
Business
Aramco taps L&T for Saudi facility
Spread over 120,000 square meters of area, the facility which is to construed by L&T aims to create crucial equipment...
- L&T is to build the region’s first Heavy Wall Pressure Vessels facility at Jubail Industrial City
- More than 20 MoUs were signed under the Namaat program of Aramco in September 2021
Business
Tecom to be listed on DFM
It is part of a strategy to help DFM reach the AED3-trillion mark
- Tecom is said to have 10 business communities that offer infrastructure, regulations, and a support network to help businesses set up operations
- These business communities include Dubai Internet City, Dubai Media City, Dubai Design District, and Dubai Industrial Park
Geostrategy
US imposes sanctions on Iran
The sanctions announced by the US Treasury and State Department targeted government officials and organizations.
- The US treasury hit sanctions on Iran, Uganda and Syria for increasing political repression and execution of its own citizens
- Iran agreed to sign nuclear accord in 2015 with the US, UK, France, China, Russia and Germany
Geostrategy
Saudi Arabia, UAE discuss ways to boost relations
UAE President Sheikh Khalifa bin Zayed Al Nahyan conferred the “Order of Zayed” on Saudi crown prince Mohammed bin Salman...
- Abu Dhabi crown prince Sheikh Mohamed welcomed and Saudi crown prince Mohammed bin Salman to the UAE
- Saudi crown prince is in Abu Dhabi as part of his tour of the GCC countries
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business
50% of top 10 automotive OEMs will design their own chips by 2025
“Automotive semiconductor supply chains are complex,” said Gaurav Gupta, research vice president at Gartner. “In most cases, chip makers are...
- The on-going chip shortage is primarily with mature semiconductor technology node devices that are fabricated on smaller 8-inch wafers
- Semiconductor chip foundries, such as TSMC and Samsung, have provided access to cutting-edge manufacturing processes
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
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
Business
Company News
Latest News
Villas, apartments worth $265 million sold in Dubai
Dubai, UAE--- Dubai real estate market recorded realty deals worth AED1.5 billion ($408 million) on Tuesday, Dubai Land Department said.
Business
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the...
Economy
Forum to discuss state of translation in Arab world at Cairo varsity
Riyadh, Saudi Arabia--The 10th Scientific Forum of translation themed “Time Differences between Composition and Translation in the Arab World” will...
Arts & Culture
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Business
Saudi Arabia announces bidders for gypsum ore exploration
Riyadh, Saudi Arabia— Saudi National Gypsum Co. and El-Khayyat Gypsum are among the eight qualified bidders to compete for an...
- The site, with an area of 600,00 sq.m, is located south of the Nabat Center in Al Madinah Al Munawwarah region
- Saudi Arabia is expecting its mineral wealth to exceed earlier estimates of $1.3 trillion as it triples spending on the exploration of metals over the next three years
Business
MEmob+, GeoDB partner to launch a Digital Wallet, Blockchain Protocol
The investment reinforces both companies’ shared vision of democratizing data, changing how data is shared and monetized by the users...
- The investment reinforces both companies’ shared vision of democratizing data, changing how data is shared and monetized by the users and brands
- The decentralized wallet will empower people to earn rewards for the data they share and gain control of the data they generate
Economy
China’s Central Bank, European Central Bank renew currency swap deal
The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of...
- The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market
- A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations