Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
Economy
Economy
Lebanon may see complete blackout by month-end
Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through...
- Lebanon has seen worsening shortages of fuel over the past few months
- Power cuts across the country can currently last up to 23 hours a day
Economy
Saudi Arabia saves $133.3bn in four years through budgetary discipline: Al-Jadaan
Saudi Arabia has succeeded in saving nearly $133.3 billion during the last four years by virtue of efficiency and budgetary...
- Budget overspending narrowed from 16 percent to 4 percent in recent years
- The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs
Economy
Goldman Sachs says Lebanon’s banking system to suffer $65bn losses
Goldman Sachs, the US investment bank, has estimated that the restructuring of Lebanon’s financial system would leave the crisis-prone banks...
- The investment bank presented a set of macro projections based on the successful implementation of reforms under the auspices of the IMF
- The report believed that the bulk of these losses may fall on the shoulders of the depositors
Science
Saudi Arabia seeks to attract $5.3bn in investments in data and AI
Saudi Arabia aims to be one of the top 10 countries in the world in data and artificial intelligence, and...
- Digitization is not a luxury, minister says
- Kingdom is training 25,000 Saudis youth in digital skills
Business
UAE, US strengthening business cooperation
Both countries signed an MoU to strengthen cooperation in areas of digital economy, innovation, and entrepreneurship.
- Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi
- They met US Secretary of Commerce Gina M Raimondo, in the presence of officials from both countries
Economy
DIC board discusses plans to boost foreign trade
Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within...
- Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within the next five years
- Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs
Business
Abu Dhabi’s Mubadala and Trafigura Group to sell Spanish mining complex for $1.87bn
Abu Dhabi’s sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group will sell the Minas De Aguas Teñidas...
- The acquisition is fully funded through a combination of cash, debt and equity
- The transaction is expected to be completed by March 2022
Oman-UAE tourism sector partners hold workshop
The workshop was reportedly aimed at highlighting Oman’s participation in Expo 2020 Dubai through the encapsulation of the country’s civilization...
- Oman recently exempted citizens of 103 countries from visas for residency of up to 10 days to boost tourism activity
- Travel and tourism agencies and organizations from around the world are said to have welcomed the visa-free move
Business
BitOasis to be registered in GoAML
BitOasis offers over 15 digital assets to trade against the dirham.
- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing — or AML/CTF — has welcomed the confirmation
- The registration is expected to help add yet another layer of security for both fintech startups and the national economy
Science
UAE, Egypt explore prospects of greater space cooperation
The two sides also discussed facilitating new growth partnerships between the public and private sector.
- The meeting explored the potential for greater collaboration in all space-related fields between the two countries
- The two parties also looked at opportunities to strengthen ties across science, technology, engineering, and mathematics
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Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
Company News
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Borouge 4 expansion on track
Business
SAIB shares vault more than 2%
Business
IAEA approves operational safety at Barakah Nuclear Power Plant
An International Atomic Energy Agency team of experts said the UAE's Barakah Nuclear Power Plant (NPP) had strengthened operational safety...
Science
UAE issues updated second NDC to reduce emission
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved...
Science
Qatar private sector exports up 21 percent in second quarter: Chamber
Qatar’s private sector exports during the second quarter of 2022 amounted to QAR 8.92 billion ($2.44 billion), a 21 percent...
Economy
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Business
27,100 new companies join Dubai Chamber of Commerce till Aug 2022
Dubai, UAE-- More than 27,100 companies have joined as new members of the Dubai Chamber of Commerce in the first eight...
- Member exports and re-exports increased over 20 percent y-o-y to reach AED177 billion ($48.18 billion).
- More than 476,000 Certificates of Origin were issued by the Chamber between January and August 2022, a growth of 9.8 percent compared to the same period last year.
Economy
Egypt adopting Russian Mir payment system to boost tourism, trade
The Central Bank of Egypt in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access...
- The Central Bank of Egypt in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access the Russian Mir payment card system later in September
- After the Crimean Peninsula was occupied in 2014, Russia developed the Mir system in order to evade sanctions imposed on its ability to transfer funds abroad
Business
Gulf International Bank continues partnership with Beehive
The strategic partnership, which initially began in 2020, brought to market a new digital GIB financing platform to ensure swift...
- The strategic partnership, which initially began in 2020, brought to market a new digital GIB financing platform to ensure swift and efficient access to finance
- The platform is fully digital and includes a sophisticated online decision making and lending process to provide faster and more accessible financing