Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
Business
UAE continues to attract major global companies for new headquarters
Dubai, UAE -- The United Arab Emirates has continued to attract global companies looking to establish regional or global headquarters....
Business
Economy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
- Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
- Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.
Geostrategy
MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
- Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
- The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Economy
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....
- The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
- The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.
Arts & Culture
Louvre Abu Dhabi displays new collection of artworks from across the world
ABU DHABI, UAE – The Louvre Abu Dhabi has displayed new acquisitions including three artworks by Pablo Picasso alongside loans...
- The artworks complement the museum’s narrative and enrich its collection and serve as windows into different eras, civilisations and artistic movements.
- Each item tells a unique story, shedding light on the richness of human creativity and the timelessness of artistic expression.
Business
DEWA given Net-Zero statement of verification for work on climate change
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...
- This followed a comprehensive assessment conducted by W3 Solutionz - US based on the International Workshop Agreement Guidelines IWA 42:2022.
- The Net Zero Guidelines were commissioned by Our 2050 World, a global collaboration to accelerate action towards net zero through standards.
Business
IDB inks pact with IRENA
IDB will fund renewable projects by joining ETAF platform.
- The IDB plans to co-finance renewable energy projects and energy transition technologies worth US$100 million in Latin America and the Caribbean.
- By leveraging its global reach and energy transition knowledge, IRENA is actively developing a pipeline of energy transition projects .
Business
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...
- An agreement was signed between Digital DEWA and Huawei which focuses on accelerating digital transformation.
- The deal is a step towards supporting supports DEWA's efforts in energy transformation, sustainability, and achieving Net-Zero.
Business
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
- Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
- Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.
Business
UAE says 79,000 Emiratis working in private sector
DUBAI, UAE - Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
- These figures mark a 57 percent increase compared to the end of 2022 figures, where 50,228 UAE nationals were employed in the private sector.
- Nearly 17,000 private sector firms employ UAE citizens as of July 7, which was the last day for companies to achieve their semi-annual Emiratisation targets.
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Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
Business
Company News
Zain KSA net profit $335m
Business
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ADIB 2023 net profit $1.4bn
Business
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Boeing to plead guilty to criminal fraud charge stemming from 737 Max crashes
Boeing agreed to plead guilty to a criminal fraud charge tied to the fatal 737 Max crashes, the Justice Department...
Business
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Business
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported. Dar Global and...
- Former US President Trump reportedly spoke with Saudi Crown Prince Mohammed bin Salman last April
- The Trump Organization and Dar Global unveiled Trump International Oman, a luxury hotel and golf course at AIDA
Economy
Killer heat wave sweeps the globe, hundreds perish
A punishing heat dome continues to intensify over the northeastern United States, scores of record-high temperatures were matched or broken...
- About 75 million Americans live in a location under an excessive heat warning or advisory
- Latest reports say some 900 people died in Saudi Arabia, where temperatures reached 51°C
Business
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
- Nio, which recently received funding from Middle East-based investors, saw record-high deliveries of 20,544 vehicles in May
- Rival BYD has also made the UAE its entry point to the Middle East