Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
Economy
Iraqi Trade Center to be launched at ACC’s headquarters in Jordan
AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
Business
Business
EDB, NBF agree to provide credit guarantee and co-lending for SMEs in UAE
The Emirates Development Bank (EDB) has signed an MoU with the National Bank of Fujairah (NBF) to offer credit guarantees...
- NBF will offer up to AED10 million financing to an SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB.
- The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED1 million.
Pandemic brings global syringe shortage into sharp focus: WHO
The UN health agency said that a shortage of at least one billion syringes “could occur”, if manufacturing does not...
- The UN health agency said that a shortage of at least one billion syringes “could occur”, if manufacturing does not pick up.
- Lisa Hedman, WHO Senior Advisor, warned that a generation of children might miss immunization jabs unless manufacturers make more syringes
Business
Dubai Chamber identifies UAE-Indonesia trade opportunities
There appears to be plenty of scope for Indonesia to expand its cooperation with the UAE in the area of...
- The chamber, in a statement on its website, said the UAE was among the top 20 import-partner countries of Indonesia
- However, Indonesia is not even among the top 30 export and import markets for the UAE
Economy
ADX proposes region’s first SPAC regulatory framework
The ADX and ADDED, in conjunction with legal and investment specialists, have worked together to produce the proposed SPAC regulations,...
- The regulatory framework proposed by ADX and ADDED will facilitate initial public offerings of SPACs, providing investors worldwide with access to unique growth opportunities
- The proposed regulations will also allow sponsors outside of the UAE to apply for approval to list their SPACs on the ADX
Business
DP World launches e-commerce site Dubuy in Kenya
Dubuy.com aims to provide Kenya a secure and reliable way for its businesses to grow.
- Dubuy.com, an e-commerce platform of DP World, has launched in Kenya
- It has already seen over 500,000 website visits from African vendors since its launch in Rwanda six months ago
Business
AD Ports Group to develop multipurpose terminal at Egypt’s Safaga Port
A multipurpose terminal in Safaga Port of Egypt will be developed and operated by AD Ports Group. Under an MoU...
- AD Ports signed an MoU with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation.
- Under the pact, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to the project.
Economy
Dubai non-oil economy surges to two-year high in October
Dubai's non-oil economy continued to grow in October, courtesy of a sharp rebound in new orders and increased tourism activity...
- A sharp rebound in orders and Expo boost raise Purchasing Manager's Index.
- Despite the growth of businesses, job hiring remained marginal. Overall expectations of firms at their highest since March 2020.
Business
Mercer says UAE firms to hire more staff next year
UAE firms are expected to hire more staff and increase salaries next year to attract and retain talents as the...
- The expected average raise in the salary for companies in high-tech, life science and consumers goods would be around 4 percent
- The survey covered 599 companies across UAE with response indicating that salaries in 2021 incremented at an average of 3.6 percent
Business
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months...
- Total net profit for the period ending September 30, 2021 reached 265 million dirhams ($72.14 million), down by 24.7 percent from 352 million dirhams a year earlier
- Quarterly net profit stood at 180 million dirhams ($49 million), down by 1.6 percent from 183 million dirhams in the same period last year
Economy
Saudi Arabia’s real GDP grows by 6.8 percent in Q3 on rising global oil demand
Saudi Arabia's GDP has risen by 6.8 percent in the third quarter of 2021 compared to Q3 2020, according to...
- The growth attributed to an increase in oil activities by 9 percent due to the rising global demand for crude oil.
- Non-oil activities increased by 6.2 percent and government activities increased by 2.7 percent year-on-year.
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Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
Economy
Company News
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Emirates SkyCargo, United Cargo sign MoU
The two airlines will work on expanding cargo interline options.
Business
Two-day inaugural RAK Energy Summit to begin on Oct 4
The inaugural RAK Energy Summit, to be held on October 4-5, will feature experts from the energy sector in the...
Science
Dubai real estate market performance in Aug best in decade
A total of 9,720 real estate sales worth $6.62 billion were recorded during the month, an increase of 69.57 percent...
Business
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Business
Qatar launches Tatween platform for job localization in private sector
Qatar has launched a forum, Tatween Platform, on job localization in the private sector, with the participation of representatives of...
- Services, tourism and hospitality, IT technology, finance, health and education, finance, health and education are some of the sectors involved.
- Tawteen platform provides a space and a dialogue platform for actors to exchange ideas and best practices in the field of job localization, labor minister Dr. Ali bin Saeed said.
Business
ACWA’s investments surge
The Saudi utility now boasts of $67bn investment portfolio.
- The company, which builds power and desalinated water plants, currently has 60 percent of its projects in progress and 40 percent in development stages
- According to its CFO, Abdulhameed Al-Muhaidib, it has invested $10 billion in the UAE renewable energy, water desalination, and clean gas projects,
Business
Qatar hopes to make US$17bn in profit from World Cup
The 2022 World Cup may prove to be a big windfall for Qatar as it hopes to make some $17...
- The CEO said that between 3 and 4 billion people around the world will watch the Qatar World Cup 2022
- He said that Qatar is expecting nearly one million people, including 12,000 from the media, during the World Cup