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
Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted...
Business
Infographics
Double-digit growth for Middle East cities
Except Beirut, most Middle Eastern cities have witnessed growth in double digits in terms of population from 2015 until 2021.
- Manama registered 51% growth in population between the years 2015 and 2021
- Economic, social and political crises have impacted the overall growth of the Lebanese capital
Business
Top Saudi banks see increase in deposits and financing in Q2
Top Saudi banks have seen strong growth in the second quarter of the current fiscal in financing and deposits. According...
- The outlook for cost of risk remains relatively stable, says Alvarez & Marsal
- L&A and deposit growth was supported by the merger of NCB and SAMBA to form Saudi National Bank
Business
ESG wins $12.5m contract for upkeep of Abu Dhabi’s Corniche Road
Emirates Stallions Group, a subsidiary of the International Holding Company (IHC,) has secured a $12.5 million contract from the Abu...
- Landscaping contract is one of largest public municipality projects of its type
- ESG has presence in 20 markets in the region, with assets of 537 million dirhams as of the end of the first quarter this year
Economy
Saudi holdings of US treasury bills rose to $128.1bn in July
For the second month in a row, Saudi Arabia’s holding of US Treasury securities rose in July, touching $128.1 billion.
- The Kingdom is the 16th largest holder of US debt
- This increase in June and July is in line with global trends, as countries around the world increased their holdings by 5.7 percent
Economy
Lebanon’s health sector is about to collapse: WHO
Lebanon is undergoing one of the worst economic crises in the world, with economists predicting that hyperinflation is imminent in...
- Basic and life-saving medicines are in short supply, with restrictions in foreign currency severely limiting import
- This has been caused by the Lebanese pound losing 90 percent of its purchasing power since end-2019, and subsequent government policies
Business
Dragon Oil to double output by 2026
Dragon Oil to double output by 2026
- The company is eying new developments in Turkmenistan, Iraq, and Egypt
- It achieved a positive performance in 2020, and continued to maintain steady annual growth in 2021
Business
Imdaad signs three contracts in a month
The total value of the contracts signed with several UAE clients is AED90 million.
- Several UAE-based clients have awarded contracts in retail, sports and real-estate sectors.
- Imdaad was hired by the Dubai World Trade Centre for Total Facilities Management services at Expo Village.
Business
UAE has advantage in leading global hydrogen market: Report
DUBAI: The UAE has the foundations and competitive advantages to become one of the largest producers of low-carbon hydrogen in...
- UAE’s strong infrastructure, export facilities, geographic location key advantages.
- ADNOC is already a producer of over 300,000 tons per year of hydrogen in its downstream facilities.
Business
flydubai signs pact with Saudi company
The Saudi company will undertake ground handling services for flydubai.
- The AED 100m agreement has been signed for five years.
- flydubai said the agreement reflects the longstanding relations between it and Saudi partners.
Business
Al Salam Bank buys back shares
The bank has bought 320,664 shares on DFM and Bahrain Bourse.
- The bank has bought 320,664 shares on Dubai Financial Market and Bahrain Bourse
- The move increases the total holding of treasury shares from 110,779,910 to 111,100,574
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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
Company News
Al-Ula: World’s largest open air museum
Arts & Culture
Latest News
Saudi PIF to come out with a debut green bonds issue
Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund at the heart of the kingdom’s reform plans to wean...
Business
IsDB sanctions US$1.12bn financing for member countries
The Islamic Development Bank (IsDB) has approved a $1.12 billion financing for development projects in various sectors in nine member...
Economy
Summit in UAE discusses global partnerships, prosperity
Over 200 senior officials convened in the "Ambassadors Forum", organized by the World Government Summit Organization in partnership with UAE...
Geostrategy
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Science
World Green Economy Summit 2022 theme revealed
Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) announced that the theme of the 8th...
- The theme reflects the UAE’s vision of advancing climate action and strengthening partnerships.
- It also reflects international efforts to achieve climate goals.
Business
Crypto firm Blockchain.com set to operate in Dubai
According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open...
- According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open an office in the region and hire staff
- As economic competition heats up in the Gulf region, the UAE is developing virtual asset regulation to attract new forms of business
Economy
Egypt hikes price of customs dollar to highest ever
Egypt has raised customs dollar to its highest level in history, a measure likely to inflate the price of imported...
- The Egyptian Ministry of Finance raised the price of the customs dollar to 19.31 Egyptian pounds with immediate effect
- In June, the Egyptian government released the customs dollar price, which was recorded at 18.64 pounds, at that time equal to the dollar price in banks