Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
Geostrategy
Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
Business
Business
QatarEnergy partners for UK project
This is QatarEnergy and Shell’s first hydrogen agreement.
- QatarEnergy and Shell have signed an agreement to pursue joint investments in blue and green hydrogen projects in the UK
- It apparently establishes a framework for collaboration and joint investment to develop hydrogen solutions in the UK
Business
TAQA lands Aramco water project
The project will be used to make power and desalinate water.
- The Abu Dhabi National Energy Company or TAQA will develop a greenfield cogeneration power and water desalination project in Saudi Arabia
- TAQA will do this along with the Marubeni Corporation for Saudi Aramco
Economy
GCC cooperation sought to enhance region’s industrial sector
Dr. Sultan Al Jaber said that the national effort to develop the UAE’s industrial sector through the UAE Industry 4.0...
- The minister's remarks came during the 48th meeting of the GCC Industrial Cooperation Committee in the Kingdom of Bahrain
- He pointed out that the Covid-19 pandemic accelerated efforts to improve collaboration across the GCC
Business
Zain Group unveils unit to help boost regional telecom infrastructure
ZainTech will provide solutions for Cloud, Cybersecurity, Big Data, IoT, AI, Smart Cities and Emerging Technologies while incorporating NXN and...
- Solutions for Cloud, Cybersecurity, Big Data, IoT, AI, Smart Cities and Emerging Technologies remain key focus
- Andrew Hanna has been appointed CEO of the newly launched ZainTech
Geostrategy
UAE leader chats with Syrian President to improve relations
Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan reviewed developments in Syria and the Middle East in a phone...
- the two leaders spoke about the relations between ‘the two fraternal nations’ and prospects of advancing cooperation across various fields
- Many countries from the Middle East have stepped up economic and diplomatic ties with Assad
Business
Lloyds Bank, the British lender, to shut down 48 branches
Lloyds Banking Group will close a further 48 branches across England and Wales, the British lender said on Wednesday, as...
- The closures are the latest in a string of such moves by the bank, which in June announced the closure of 44 different branches
- Lloyds said it is responding to customers using branches less frequently
Business
EDB, ADIO join hands to boost business in Abu Dhabi
The two parties have signed an MoU to promote business establishments and Foreign Direct Investments.
- The main aim of the MoU is the expansion of the private sector in Abu Dhabi and inclusive economic growth
- The collaboration is expected to enable investment in Abu Dhabi from SMEs, big firms, and startups
Business
Sharjah Islamic Bank board okays 40 percent foreign ownership ceiling
Sharjah Islamic Bank has announced that its board of directors agreed to raise the percentage of foreign ownership in the...
- The board's nod will now be submitted to the bank’s general assembly for a discussion and final decision.
- In its recent financial results, the bank had announced an increase in its net profit by 29.6 percent for the nine months ended Sept. 2021.
Business
DP World launches digital platform CARGOES Logistics
The platform is apparently aimed to address complexities and inefficiencies that exist in global supply chains.
- The first phase of the launch is expected to immediately offer customers access to book cargo from UAE to India
- They can also book cargo from India to multiple destinations across the Middle East, Subcontinent, Southeast Asia, the Far East, and North Africa
Business
Dubai records $4.4 billion realty sales in September, highest since 2013
The months leading up to the launch of Expo 2020 Dubai witnessed a surge in realty transactions, with September recording...
- A total of 5,762 sales transactions in September bring the year-to-date total value to over AED100 billion.
- In September 2021, 56 percent of all sales transactions were for secondary/ready properties and 44 percent were for off-plan properties.
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
Geostrategy
Company News
Latest News
Dubai emerges as a driving force for a green economy
Dubai is consolidating its position as a pioneer in transitioning to a green economy to support the efforts of the...
Economy
Algeria’s export of natural gas to Italy to soar 20% in 2022
Last April, Italy entered into an agreement with Algeria to increase imports through the Trans-Med pipeline.
Business
Saudi Arabia celebrates 92nd National Day with military parades, other festivities
Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the...
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Business
UAE starts third unit of Barakah Nuclear Energy Plant
UAE has successfully started Unit 3 of the Barakah Nuclear Energy Plant, located in Abu Dhabi's Al Dhafra Region, its...
- The launch has been achieved a year after the start-up of Unit 2, with the next key milestone being the connection of Unit 3 to the national electricity grid in the coming weeks
- Once operational, Unit 3 will add another 1,400 MW of zero-carbon emission electricity capacity to the national grid
Economy
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
- A total of 243 plots were sold for $351 million (AED1.29 billion) in Dubai.
- A total of 1,659 apartments and villas were purchased for $955 million (AED3.51 billion).
Market Report
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks...
- In the eurozone, recession fears deepened as data showed its economic activity fell once again in September.
- Traders were keeping a close eye also on developments following the Japanese finance ministry's intervention to support the yen.