Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
Economy
Arts & Culture
Riyadh Season 2021 has ‘big surprises’ in store
The event featuring concerts, theater performances, wrestling matches aims at making the Saudi capital a tourism entertainment destination.
- This year's slogan is #Imagine_More, as its events will be held in an area of 5.4 million square meters.
- The event is also an opportunity to showcase the outcome of several national goals, such as raising the level of the entertainment industry sector.
Infographics
Banks rule GCC in market capitalization
Banking firms in the Arabian Gulf countries dominate the list of top companies in terms of market capitalization with Saudi...
- Al Rajhi Bank's market capitalization stands at $80.65 billion
- In energy sector, Saudi Aramco is much ahead of others with $1.86 trillion
Economy
Egypt to tax social media stars earning more than $32,000 annually
Egypt said it will tax social media content creators in a revenue raising exercise as more citizens look to online...
- The tax authority said "YouTubers and bloggers" earning over 500,000 pounds ($32,000) annually would be taxed
- Social media was awash with comments after the taxation move
Dubai Airshow 2021 ties up with global aerospace bodies to support startups
Dubai Airshow 2021 is collaborating with global aerospace entities in order to provide 'disruptive' startups with an opportunity to showcase...
- The VISTA pitch competitions will run across three categories covering areas that are key for the continued growth of the industry
- Startups will be offered the opportunity to present their solutions to the aerospace ecosystem, tech leaders and investors
Geostrategy
UAE and Iraq discuss ways to boost parliamentary cooperation
The two sides suggested the creation of a joint parliamentary friendship committee to realize the aspirations of the two countries...
- Saqr Ghobash, Speaker of Federal National Council, and Muhammad Al-Halbousi, Speaker of Iraq's House of Representatives also discuss need for coordinating stances.
- They underscored the need for serving Arab and Islamic issues and rallying support at international parliamentary forums.
Business
Dubai non-oil external trade up 31 percent, exports grow 45 percent
The results show Dubai has reinforced its status as one of the world’s fastest-growing business hubs, said Dubai crown prince...
- Imports rose by 29.3 percent YoY to AED414 billion from AED320 billion. Re-exports grew 28.3 percent YoY to AED198.6 from AED154.79.
- China maintained its position as Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020, up 30.7 percent YoY.
Arts & Culture
ADNIC helps Social Investment Fund
Abu Dhabi National Insurance Company has contributed AED3 million to it.
- ADNIC’s contribution will help finance further social impact programs and be used toward tackling key social causes such as health, employment, education, family and community
- Abu Dhabi National Insurance Company (ADNIC) has contributed AED3 million to the Social Investment Fund, administered by the Authority of Social Contribution - Ma’an
Business
Sharjah to showcase its FDI potential at Dubai Expo 2020
Invest in Sharjah has confirmed participation at the world’s biggest fair and announced it will host discussions and specialized activities...
- Sectors that will be promoted include culture and tourism, mobility and logistics, health and wellbeing and Greentech.
- Emirate's investor-friendly climate is reflected in six free zones and the integrated business and licensing services, said Invest in Sharjah.
Business
Union Properties begins work on townhouses in Dubai’s Motor City
Union Properties, the Dubai-based developer, has begun work on the construction of Motor City Hills, building three-story townhouse villas.
- The company has just signed an investment agreement with real estate firm Aqua Properties
- Motor City Hills is Union Properties’ latest project in the heart of Dubai’s Motor City
Business
UAE’s ADNOC Drilling to list on Abu Dhabi Securities Exchange
ADNOC Drilling will list on Abu Dhabi Securities Exchange on October 3. The company will list under the trading symbol...
- In the first week of September, the ADNOC subsidiary floated 11 percent of its share capital in an initial public offering (IPO) at 2.3 dirhams ($0.6262) per share
- In a statement the exchange said the company will list under the trading symbol ADNOCDRILL
Company News
UDC profit up 23% in H1 2022
Business
Latest News
IFZA, CBD ink banking deal
Business
Tabreed H1 profit $65 million
Business
Saudi Arabia to enhance wheat storage capacity
Saudi Arabia is looking to enhance wheat storage capacity in the kingdom by building new silos. Once it is done...
Business
DMCC doubles Chinese companies over last five years
The free zone is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE.
Business
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Business
Saudi Arabia plans seeks to create over 200 smart cities: Minister
Riyadh, Saudi Arabia - Saudi Arabia plans to establish more than 200 smart cities, Majed Al Hogail, Minister of Municipal,...
- The cities will use AI systems in numerous fields, including inspection, waste management, parking, and spatial planning.
- The minister explained that cities will depend on their interconnectedness and interaction to improve services quality.
Business
JAFZA facilitates more than a third of Dubai automotive volume
Dubai, UAE-- Jebel Ali Free Zone (Jafza), part of DP World Group, has facilitated over 1.2 million metric tons (MT)...
- This is equivalent to $12.4 billion, more than a third of the total trade worth $31.3 billion. Â
- Dubai hosts the region’s biggest automotive trading hub and the largest used car market.
Economy
Adoption of new technologies tops Saudi Maritime Congress agenda
The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge...
- The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
- This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain