UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
Business
DMCC sells a rough 118-carat diamond for record $5.2 million
Dubai Multi Commodities Centre (DMCC) has sold a 100+ carat rough diamond for $5.218 million (US$ 44,004 per carat) in...
- The 118.58-carat type IIa stone was viewed by top diamond trading companies from Asia and Europe.
- During one tender event in Dec. 2020, $87 million worth of rough diamonds were sold at Dubai Diamond Exchange.
Business
CBD and Infinios announce pact
Both will work to support the growing fintech market in UAE.
- Achieving the financial inclusion objective of the UAE one of the aims behind partnership.
- The partnership will help Infinios to expand its regionally unique banking-as-a-service solution (BaaS).
Business
UAE discusses trade partnership with South Korea
The UAE and South Korea have discussed the prospect of pursuing a Comprehensive Economic Partnership Agreement to strengthen economic ties,...
- The negotiation process for this agreement is set to begin soon
- It is expected to cover issues like market access to goods and services, ecommerce, and carbon neutrality
Economy
Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13...
- Moody’s said the change ‘reflects the significant easing of pressures on government liquidity and external financing’
- This is said to have come as a result of the ongoing implementation of the Medium-Term Fiscal Plan and a relative rise in oil prices
Business
ADQ to buy remaining 20 percent stake of Daman
ADQ has entered into a definitive agreement to acquire the remaining 20 percent equity stake of The National Health Insurance...
- Since 2006, Daman has grown to become the nation’s largest health insurance provider
- As a partner to ADQ, Munich Re will continue to be Daman’s reinsurer
Business
Egypt ties up with Japan, France to build 500 MW wind farm
A consortium of companies has signed a 20-year deal with the Egyptian Electricity Transmission Company (EETC) to develop, construct and...
- The Nasdaq Dubai and Egypt stock exchange listed company did not disclose a value for the project
- The project is subject to financial close, after which the wind farm will be implemented in 30 months
Business
A deposit to fund green projects in Middle East
HSBC UAE has managed to secure the first green deposit from Saudi British Bank (SABB) through its new program dedicated...
- The deposit will be used solely to finance green initiatives
- HSBC launched in June its Green Deposits offering for commercial and institutional clients in the UAE
Business
Mubadala Capital buys Taco Bell franchisee
Mubadala Capital, the financial investment arm of Abu Dhabi’s sovereign investor Mubadala, has acquired one of the largest Taco Bell...
- Mubadala Capital bought K-Mac Holdings Corp from Lee Equity Partners Opportunities Fund
- Mubadala Capital has invested about $1.8 billion in the F&B sector in the past seven years
Business
Savills says GCC real estate to benefit from global migration
The Middle East’s real estate sector may benefit from the return of global population movement to pre-pandemic levels in 2024.
- Improvement in global migration has pushed the real estate sector to “new heights”
- This also comes as governments in the regions have gradually lifted pandemic-related restrictions on consumer activities
Economy
Inflation spikes in Saudi Arabia, fueled by high food prices
The rate of inflation in Saudi Arabia spiked in September after being at the lowest level in August, according to...
- It was 0.6 percent in September, up from 0.3 percent in August, the General Authority of Statistics said today
- The spike was fueled by a faster growth in prices for food and beverages
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UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
Company News
Latest News
‘Standardization key to enhancing quality of local products’
UAE Minister of Industry and Advanced Technology (MoIAT) Dr. Sultan bin Ahmed Al Jaber said that hosting the International Organization...
Economy
Mubadala discovers gas reservoir offshore Malaysia
Abu Dhabi, UAE---Mubadala Energy has discovered a good quality gas reservoir penetrated by the Cengkih-1 exploration well in Block SK320,...
Business
OIC Secretary General meets US Ambassador-at-large for religious freedom
The two discussed ties between OIC and the United States in view of the strategic dialogue meetings which took place...
Geostrategy
Most Read
Videos
Abu Dhabi leads GCC in integrated waste management
Abu Dhabi Waste Management Centre, aka Tadweer, processed more than 1,860,000 tons of waste, including 88,382 tons of medical and...
- Abu Dhabi Waste Management Centre, aka Tadweer, processed more than 1,860,000 tons of waste, including 88,382 tons of medical and hazardous waste during the first half of 2022
- During the first half of 2022, Tadweer successfully diverted 34% of all waste in Abu Dhabi away from landfills, and diverted 50% of waste resulting from demolition and construction
Geostrategy
Kuwait renews support for peace initiative in Yemen
Kuwait has reiterated its support for a peaceful solution to the Yemeni conflict that can bring about peace and stability...
- The sentiment was conveyed by Kuwait's Foreign Minister Sheikh Dr. Ahmad Nasser Al-Mohammad Al-Sabah to US Special Envoy to Yemen Tim Lenderking in a meeting
- The US envoy informed the Kuwaiti top diplomat about the outcome of his recent trips to the region and the latest developments related to the situation in Yemen
Geostrategy
OIC calls on UNSC to approve full UN membership of Palestine
The Secretary-General called for mobilizing all political and legal efforts to implement a long-term international consensus on a lasting solution...
- The Secretary-General called for mobilizing all political and legal efforts to implement a long-term international consensus on a lasting solution to the Palestinian issue.
- The OIC Secretary-General stressed the need to continue pressure on the UN Security Council to take practical measures to implement its resolutions on Palestine