UAE minister calls for climate action by promoting nature-based solutions
NEW YORK, US – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri called upon the global...
Geostrategy
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
Geostrategy
Business
Investment Group signs share swap contract with Elegancia
Investment Holding Group Q.P.S.C. has signed a share swap contract with the sellers of the shares of Elegancia Group LLC...
- The contract, however, will not result in any legal effect until after obtaining the approval of the Qatar Financial Markets Authority
- The company will follow and implement all laws and instructions issued by the Qatar Financial Markets Authority
Economy
New service to help start business in Saudi Arabia in three steps
For new investors, the new service will require only three steps: visiting the Saudi Ministry of Foreign Affairs website and...
- Investors and companies wanting to do business in the Kingdom will benefit from the new reforms
- The ministry said there will be a broad marketing campaign to ensure that foreign investors and companies can benefit from the new service
Business
Dubai Airshow Day 2: UAE military inks $3bn deals
The deals were signed with one local company and four others from around the world.
- The total number of deals in these two days have been 10 contracts with a total value of AED16.52 billion ($4.5 billion)
- The deals of the first day amounted to AED5.24 billion ($1.43 billion), including one with Airbus Defense
Economy
Dubai sets up AED1bn fund to support startups
The Fund, an initiative of the Dubai Securities and Exchange Higher Committee, will focus on supporting efforts to implement the...
- The Fund seeks to fill a funding gap in the MENA venture capital (VC) market by investing in technology startups in the early stages of growth
- As part of its mandate, the Fund will invest in a range of key initiatives, including Dubai Future Accelerators, DIFC FinTech Hive and Venture Builder Studios
Business
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
- The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
- The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business
Emirates expands cargo capacity with AED3.6 bn investment
Emirates SkyCargo was the launch customer for the Boeing 777-F and the aircraft has been at the heart of the...
- Emirates SkyCargo has signed a purchase agreement with Boeing for two new Boeing 777-F aircraft,
- Over the years, the Boeing 777 freighter has been a critical pillar of Emirates SkyCargo operations
Business
UAE updates labor law for private sector
The new decree-law is expected to, among other things, regulate job contracts and give workers more rights.
- The new law, meant for workers in the private sector, will come into effect from February 2 next year
- It is said to embody a host of measures to ensure a safe, healthy, and business-conducive environment for all employees in the sector
Business
Pact signed to position Dubai Airshow as platform for space sector investors
Dubai Airshow and the UAE Space Agency will collaborate to position Dubai Airshow as a key platform for companies and...
- Dubai Airshow and UAE Space Agency sign MoU to coordinate strategies for enhancing space sector's presence in future events.
- This year’s Dubai Airshow is the biggest edition of the event since it began in 1989, with around 85,000 visitors attending across the week.Â
Expo 2020 DUBAI
Expo opportunity to boost UAE-Monaco cooperation: Prince Albert II
Prince of Monaco, Albert II has called Expo 2020 Dubai a "great opportunity" to enhance the cooperation between his country...
- The UAE and Monaco are centers of global exchanges, the prince said on the sidelines of Monaco's National Day celebration at Expo.
- Monaco’s pavilion at Expo 2020 is located in the Opportunities District and is inspired by the legendary Rock of Monaco.
Business
Middle East’s first waste-to-sustainable aviation fuel plant to come up in Abu Dhabi
Abu Dhabi Waste Management Centre (Tadweer) has signed an agreement with Etihad Airways to facilitate the development of the first...
- The plant can convert 4 million tons of municipal waste every year into 140 million gallons of fuel.
- The plant will help Abu Dhabi to divert 75 percent of municipal waste away from landfills.
UAE minister calls for climate action by promoting nature-based solutions
NEW YORK, US – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri called upon the global...
Geostrategy
Company News
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Al-Othaim posts $37m profit
Business
US to impose ‘further costs’ on Iran over protests crackdown
Widespread street demonstrations sparked by the death of Mahsa Amini, 22, who died following her detention by morality police for...
Geostrategy
World Bank okays $400m project to help Egypt decarbonise freight railway
The project will support Egypt's integration into global value chains and its efforts to become a regional trading hub.
Economy
GCC needs US$60-85bn for sustainable waste management: study
It will take $60-85 billion for the GCC to put in place a modern recycling system for waste management, according...
Business
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Infographics
Qatar wealthiest, UAE happiest in Arab world
The world's richest countries have the highest happiness scores, which probably explains why Lebanon, facing its worst-ever economic crisis, ranks...
- The World Happiness Report 2022 has ranked Finland as the happiest and Afghanistan as the unhappiest in the world.
- Happiness has now become a key metric to track the performance of countries and corporate offices as well.
Geostrategy
IMF, GCC agree Middle East reforms dialogue must continue: Georgieva
At the end of her two-day visit to Saudi Arabia, she hailed the kingdom's strong “economic performance and impressive progress...
- Georgieva also hailed the kingdom’s role in supporting countries in the region and “vulnerable countries more broadly that have been impacted by multiple shocks.
- The IMF chief said she held "inspiring discussions with impressive Saudi women who have played a leading role in reducing inequalities and supporting Saudi's economic growth".
Geostrategy
UAE takes part in G20 Finance Track in Indonesia
UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for...
- The meeting was held in Indonesia and sought to discuss key global economic issues.
- G20 members, invited non-G20 member countries, representatives of the World Bank, IMF, and OECD also attended the meeting.