Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
Business
Jafza and Al Masraf to help SMEs simplify financial processes
DP World said the agreement with Al Masraf strengthens its commitment to facilitate business activities of more than 8700 clients...
- SMEs and other licensed entities within the free zone will get assistance in account opening and financial documentation.
- More than 53 percent of UAE's non-oil GDP is contributed by SMEs, according to Ahmad Al Haddad, COO of Parks and Zones of DP World UAE.
Business
Dubai Customs launches smart lockers for passengers to store valuable cargo
On the inaugural day of GITEX Technology Week 2021, Dubai Customs launched I-Box smart lockers for storing commercial items or...
- Passengers can store goods in lockers at airport customs center without paying duty and collect them through self-clearance service on departure.
- The I-Box smart lockers project has cut down the process time for delivery from 30 minutes to 1 minute.
Business
Ministry of industry briefs 11 French startups about UAE business scene
As many as 11 French startups in the technology, infrastructure and services were briefed about the UAE's business environment by...
- The French firms, which work in the field of technology, infrastructure and services, are members of La French Fab Booster Middle East program.
- ADNOC, the Ministry of Economy, the Emirates Development Bank, Middle East Venture Partners (MEVP), DP World, Masdar, DEWA participate in the event.
Business
Oil-waste fire in Dubai under control
Dubai Civil Defense on Monday, October 18 brought under control a fire that had broken out at an oil waste...
- Official sources said the oil waste disposal site was located far away from factories in the Jebel Ali Industrial area
- This could have been one of the factors why no loss of life or injury was reported due to the fire
Business
Dubai to have a ‘crypto asset and blockchain hub’
Dubai World Trade Center Free Zone and CoinMENA have tied up to develop a “crypto asset and blockchain hub" in...
- The memorandum of understanding was signed by the DWTC and CoinMENA’s subsidiary
- The agreement will likewise see CoinMENA’s UAE headquarters relocate to the DWTC Free Zone
Economy
Bahrain national-origin exports grow to $3.12bn in Q3 2021
Bahrain’s imports grew 16 percent, but its export of national origin ballooned 76 percent in the third quarter of 2021.
- The value of exports of national origin increased by 76 percent to BD1.174 billion ($3.12 billion) during Q3 2021
- It was BD669 million ($1.78 billion) for the same quarter of the previous year
Business
Yansab of Saudi Arabia posts 8% drop in net profit to $47.7m
Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million...
- The drop in net profit was due to lower production and sales because of the temporary shutdown of its plants
- The result missed most analyst estimates. Riyadh-based Al Rajhi Capital had estimated 476 million riyals
Business
Mubadala Capital leads Huboo Fulfilment’s $82m funding round
Mubadala Capital led a Series B funding round in Huboo Fulfilment, the UK-based logistics start-up, closing at $82 million in...
- Huboo said in a statement it plans to roll out their first Spanish fulfillment centre in Madrid having already opened its first mainland European base in Eindhoven
- The round led by Mubadala Capital was joined by existing investors including Stride, Ada Ventures, Hearst Ventures, Episode 1 and Maersk Growth
Infographics
Nobel Prize eludes the Arab world
Egypt and Algeria have the largest number of Nobel winners in the Arab world, while Saudi Arabia, Qatar and the...
- Saudi Arabia, Qatar, and the United Arab Emirates are yet to produce a winner of the Nobel Prize
- Palestine, Lebanon, Tunsia, Yemen, Morocco, and Iraq have seen at least one resident awarded the prize
Business
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years,...
- The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,”
- Egypt's oil sector had received more than $7 billion in investments a year earlier
Company News
Latest News
QAMCO profit rises by 112%
Business
QIG’s H1 profit surges 71.5%
Business
Borouge to pay dividend of $325m
This is the first payment of the total $975m dividend for 2022.
Business
Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
Economy
UAE signs cooperation pact with Ethiopia on extradition, legal assistance
Abu Dhabi, UAE - The UAE signed agreements on extradition and mutual legal assistance in criminal matters with Ethiopia. The...
Geostrategy
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Business
Saudi-UAE non-oil trade increased by 92.5 percent in past decade
The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion,...
- By end of 2012, the value of non oil trade between the two countries was AED 64.8 billion ($17.65bn)
- The trade exchange between the two countries in the first half of 2022 totaled AED65.7 billion ($17.9bn)
Business
Dana Gas to pay $85m H1 dividend
The dividend of 4.5 fils per share will be paid by 21 Oct.
- The company posted a net profit of $111 million in the first six months of the year, an 82 percent increase compared to an adjusted net profit in H1 2021.
- The company’s profitability in the first half of 2022 was driven by elevated hydrocarbon prices,
Business
Dubai records realty transactions worth $299 million Thursday
Dubai, UAE-- Dubai real estate market recorded realty transactions worth AED1.1 billion ($299 million) on Thursday, Dubai Land Department said....
- The deals included 371 sales transactions worth AED825.36 million, in addition to 81 mortgage deals of AED231.57 million, and 18 gift deals amounting to AED48.1 million.
- The sales included 334 villas and apartments worth AED626.55 million, and 37 land plots worth AED198.81 million.