Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
Business
Business
UAE outperforms ten global tourism destinations in H1
The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and Turkey
- Hotel revenues grew by 31 percent to reach AED11.3 billion.
- Domestic tourism accounted for 30 percent of the total number of guests at hotels.
Business
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.
- The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
- Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
Business
Most of $3.8bn remittances to the Philippines in July came from Middle East
Filipinos living overseas have sent back some $3.8 billion in July with most of the remittances coming from the Middle...
- Central bank figures show personal remittances from overseas Filipinos reaching $3.18 billion in July
- Saudi Arabia was the third-biggest source of these money transfers, while Qatar and the UAE were also in the top 10
Business
Huawei to invest $15m in Middle East to widen cloud services market
Huawei, the Chinese tech giant, will invest $15 million across the Middle East during the next three years in order...
- The new investment includes $7.6 million being allocated for partner development, more than $2.5 million to be put behind credits and other cloud resources
- Chinese tech giant looks to groom SMEs to use cloud computing services
Business
Gargash Group buys out Deem Finance for unknown sum
Gargash Goup, the UAE-based conglomerate, has bought out Deem Finance, the financial services provider, for an undisclosed sum. The conglomerate...
- Firm looks to enhance its offerings in financial services sector
- Deem Finance offers credit cards, personal loans and wholesale deposit products to UAE corporate clients
Business
AD Ports to set up state-of-the-art cruise terminal in Jordan
AD Ports Group will set up a state-of-the-art cruise terminal at Marsa Zayed in Aqaba, Jordan, after the signing of...
- It will be the first facility to be developed by AD Ports Group in Jordan and its first cruise facility outside of the United Arab Emirates
- The new terminal will serve as a gateway in the Port of Aqaba
Investigation
Money laundering rose during Covid-19 pandemic, says UAE Central Bank
The Central Bank of the United Arab Emirates has disclosed that there has been an increase in the laundering of...
- Report also cites fraud, bribery, corruption, charity and disaster fraud as risks to financial institution
- The report also identified the methods of mitigation, identification and resolution implemented by selected financial institutions to address such risks
Business
Aramco, McDermott eye onshore modular construction
Saudi Arabia is aiming to give a boost to local industries and in this regard Aramco and McDermott, the US-based...
- Modular construction is a process where a building is constructed off site before being transported and assembled at a final location
- The two companies will use McDermott’s Saudi Arabia Fabrication in Ras Al-Khair (SAFIRA) facility to conduct the feasibility study
Videos
Assets of UAE banks rise despite pandemic
The UAE banking sector has posted a moderate yearly growth of 0.6 percent with total assets reaching US$873.6 billion, or...
- Total customer deposits in the country’s banks between Q2 2020 and Q2 2021 witnessed 2.3 percent year-on-year growth reaching US$519.4 billion or AED1.908 trillion.
- Personal loans to residents recorded 3.6 percent increase at US$92 billion or AED336.5 billion during the period
Business
John Ireland new Amanat CFO
John will assume Amer Jeambey’ s role at the company.
- John brings over 15 years of experience of financial management to Amanat
- As CFO, he will oversee the company’s corporate and operational finance activities
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
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
Business
Company News
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‘Jordan not affected by India’s decision to restrict rice exports’
President of Foodstuff Traders Association (FTA), Khalil Haj Tawfiq, said India's decision to restrict its exports of some rice varieties...
Business
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...
Science
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...
Business
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Business
Mubadala, TAQA Group to invest in power sector in Uzbekistan
The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants.
- The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants
- The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade
Business
Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.
- The figure is equal to the combined profits of Apple, Google’s parent company Alphabet, and Microsoft
- Apple, the leader among global companies in terms of market capitalization, ranked second in the profitability index, with profits of $120.5 billion during the 12 months
Business
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...
- The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
- The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.