DEWA, Huawei ink deal to bolster digital change, decarbonization
Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences...
Business
UAE, Australia discuss economic relations
UAE Minister of State Ahmed Ali Al Sayegh recently met with Australian Minister for Trade, Tourism and Investment Dan Tehan...
- The volume of non-oil trade exchange between the two countries during 2016-2020 amounted to about $15.7 billion
- The value of mutual investments between the two countries since 2003 exceeded $5 billion
Economy
Saudi Arabia contactless payments highest in MENA region
Saudi Arabia had achieved contactless payment adoption of 94 percent, which is higher than even the EU.
- This is part of the Saudi Central Bank’s strategy to build on the goals of the Financial Sector Development Program
- The program aims to reduce cash transactions while raising electronic payments to 70 percent of all transactions by 2025
Business
Fertiglobe plans IPO in Abu Dhabi
Fertiglobe is a fertilizer partnership of Adnoc and OCI.
- This offering is open to UAE citizens and residents, as well as domestic and international institutional investors
- The offer will open on October 13, subject to regulatory approvals and other relevant considerations
Economy
Regional divergences mark global trade rebound: WTO
Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...
- The forecast projects export volume growth in 2021 will be 9.3% in the Middle East
- The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021
Business
FB family of apps return online after seven hours
Users of Facebook, Instagram and WhatsApp across the world, including the Gulf countries, remained heavily affected for hours.
- The outage was first reported at around 1545 GMT or 7.45pm UAE time
- Washington, Paris, Dubai and Delhi were few major cities that remained affected
Infographics
UAE, Saudi Arabia lead regional innovations
The Arab countries have their own share in terms of investment in innovations with the UAE and Saudi Arabia leading...
- Despite human and economic toll of the COVID-19 pandemic, investments in innovation have increased in parts of the world
- The UAE ranks first among the top 12 most innovative Arab countries in 2021 and 33rd in the world, according to the Global Innovation Index
Economy
DMCC registers best nine-month performance
The DMCC welcomed around 1,800 companies to Dubai from Q1 to Q3 this year.
- DMCC last month welcomed 215 new businesses to its free zone and business district in the best September performance since inception
- This year also saw its best H1 performance since 2013; its best June and August performances on record are also from this year
Business
Alturki Holding oil arm buys out US drilling firm Newsco for undisclosed sum
Alturki Holding oil arm, the Saudi Sawafi company, has bought out Newsco, the US drilling services company, for an undisclosed...
- Newsco is one of the most important directional drilling companies in the petroleum industry in the world
- Sawafi, the global leader in upstream technologies, will now control about 9 patents in directional drilling
Economy
Jordan discusses economic recovery with World Bank
Jordan’s King Abdullah II on Sunday received World Bank Group President David Malpass at the Basman Palace.
- Jordan commended the World Bank’s prompt response to the priorities it raised in July
- Thar included working with the government on its 2022-2023 plan, which seeks to enhance the economy’s resilience and recovery
Business
Central Bank of UAE penalizes six exchanges for flouting rules on money laundering
The Central Bank of the United Arab Emirates has penalized six exchange houses for flouting rules to combat money laundering...
- The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions Compliance Frameworks by end-2019
- The UAE has in recent months beefed up regulations targeted at banks and financial institutions to combat and prevent money laundering
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Arab Bank H1 profit $252m
Business
Latest News
UAE, Uruguay discuss cooperation in various fields
Speaker of the UAE Federal National Council (FNC) Saqr Ghobash discussed with Uruguay's Minister of Livestock, Agriculture and Fisheries Fernando...
Geostrategy
US to provide US$1.45bn per year in assistance to Jordan
The US will provide $1.45 billion per year in bilateral foreign assistance to Jordan, from 2023 to 2029.
Business
World Bank warns of risk of global recession in 2023
A major factor in bringing the world to this pass is the simultaneously hike in interest rates by central banks...
Economy
Most Read
Geostrategy
UAE FM meets Israeli Finance Minister, discusses economic cooperation
Sheikh Abdullah said that the UAE and Israel, since the signing of the Abraham Accords Peace Agreement, have established a...
- Sheikh Abdullah said that the UAE and Israel, since the signing of the Abraham Accords Peace Agreement, have established a model for constructive cooperation
- Lieberman welcomed the visit of Sheikh Abdullah and his accompanying delegation, stressing the importance of this visit in strengthening bilateral relations
Business
Lazard hires Citi Saudi CEO
Al-Khatib will support the firm’s operations in MENA.
- Citigroup confirmed Al-Khatib's resignation and said that Carmen Haddad will be taking over as acting CEO
- The Saudi national was a leading figure in Saudi Aramco's initial public offering in 2019, the biggest ever share sale that raised almost $30 billion
Geostrategy
Abdullah bin Zayed meets Benjamin Netanyahu
UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Israeli Opposition Leader and former...
- With the signing of the Abraham Accords Peace Agreement in 2020, relations between Israel and the UAE have improved.
- The UAE top diplomat met with the former Israeli premier as part of his current official visit to the Israel..