UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
Economy
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
Business
Business
Home buyers in Middle East long for a villa in the countryside
Home buyers in the Middle East are looking to settle in rural areas and possess bigger homes than they have...
- Around 57 percent of respondents in the region said they would be most likely to buy a villa
- Half of the respondents cited the energy efficiency of their home being a “very important” issue
Business
TMG of Egypt looks to take advantage of demand for housing in Saudi Arabia and Iraq
Talaat Moustafa Group, the Egyptian real estate company, is looking to expand into Saudi Arabia and Iraq to take advantage...
- TMG has formed a committee to study investment opportunities in Saudi Arabia and Iraq
- The company recently proposed the Nour City project, east of the capital Cairo
Science
TRSDC of Saudi Arabia partners with an Austrian biotech firm to produce seafood
The Red Sea Development Company (TRSDC) of Saudi Arabia has partnered with an Austrian biotechnology firm, Blue Planet Ecosystems (BPE),...
- "The initiative is in response to “growing consumer demand for sustainable protein”
- BPE will specifically provide the Land-based Automated Recirculating Aquaculture (LARA) system, which mimics a natural aquatic ecosystem
Business
Outdoor ad firm Al Arabiya announces IPO
The company expects to sell 30 percent of its shares in the offering.
- The IPO is expected from Oct. 22 to Oct. 26 and a book-building process will determine offer price per share.
- In June, the Capital Market Authority had approved the company's request for the IPO.
Business
Emirates and Qantas extend partnership
Together, the airlines are making millions of reward seats available for frequent flyers to access more than 100 destinations.
- For Emirates customers, the deal provides access to over 55 Australian destinations to where Emirates does not fly
- Qantas customers are able to fly on Emirates to Dubai and access over 50 cities in Europe, the Middle East and North Africa, to where Qantas does not fly
Economy
Expert at AVSEC symposium: Need to rethink security approaches
The 5th edition of the AVSEC Global Symposium, which started on Sunday in Dubai, brought together globally recognized security experts,...
- The three-day event will host 35 speakers and over 700 delegates from more than 50 countries.
- Held since 2013, the symposium is one of the most significant aviation security events in the region and one of the biggest globally.
Cyclone Shaheen kills four in Oman; UAE, Saudi on alert
Tropical Cyclone Shaheen bore down on Oman on Sunday, killing at least three people, and authorities urged residents to evacuate...
- The United Arab Emirates also warned those on its eastern reaches to be prepared for the storm
- A child who had been swept away by water was found dead, the state news agency said
Business
UAE deepens partnership with 14 countries to proscribe laundering of money
The United Arab Emirates Expert Group for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has continued to hold...
- These meetings built on earlier meetings held with other key partners, including Saudi Arabia, the Gulf Cooperation Council (GCC), the European Commission (EC), and Russia
- Evidence of the UAE’s recent efforts was demonstrated throughout the meetings
Business
Mace, global construction firm, to build $4.3bn lifestyle project in Riyadh
Mace, the global construction company, will be working on a big lifestyle destination project in Riyadh, its developer Majid Al-Futtaim...
- Riyadh North project will house over 600 retail stores, nine hotels and branded residences, as well as the flagship Mall of Saudi
- It will also feature an indoor ski slope and snow park
Business
GCC airlines fly into losses amidst Covid-19
With $126 billion in losses, airline industry recently confirmed that 2020 was the worst year on record for the struggling...
- The pandemic has forced airlines to lay off staff and seek government bailouts
- 2020 was the worst year on record for the struggling sector
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
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
Economy
Company News
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Egypt remittances drop 14.7% to US$2.38 billion in July
The drop comes as the exchange rate of the Egyptian pound is seeing a decline in light of the pressures...
Economy
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...
Geostrategy
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Business
Union of Arab Banks appoints CS Events strategic partner
Dubai, UAE: Union of Arab Banks (UAB), the apex body of the $4 trillion banking industry in the Arab World,...
- As partner, CS Events will co-create, market and deliver UAB’s activities in the UAE and Saudi Arabia.
- Though Arab world’s banking sector’s assets surpassed $4 trillion, more than 50 percent population in the Middle East and Africa remains unbanked.
Geostrategy
South Korea to enhance ties with hi-tech firms in Middle East
South Korea wants to strengthen its relations with the Middle East with a focus on high-tech industries, according to Seoul’s...
- The focused hi-tech industries in the Middle East are energy, hydrogen, artificial intelligence and health.
- The South Korean Foreign Minister said that they are trying to upgrade their ties with all the countries.
Geostrategy
GCC-India ink MoU for consultations mechanism
India has signed a Memorandum of Understanding (MoU) with the Gulf Cooperation Council (GCC) Secretariat on the "mechanism of consultations"...
- The MoU was signed between India’s Minister for External Affairs Dr. S Jaishankar, and the GCC Secretary-General Dr. Nayef Falah Mubarak Al-Hajraf.
- India’s Ministry of External Affairs said, "both sides reviewed bilateral relations and discussed ways to enhance them"