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....
Economy
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
Business
Business
Amazon to hire 1,500 people in UAE as it expands business
Amazon, the US e-commerce giant, has announced that it would add 1,500 jobs in the United Arab Emirates to cope...
- The jobs, according to the company, will be created as it expands its fulfillment center storage capacity by 60 percent
- This expansion is expected to create additional jobs through its sellers and delivery partners
Business
Oman tax authority to fine VAT non-filers
Those who have not filed VAT returns would see a fine of up to OMR5,000 (around $13,000) imposed on them.
- The standard rate of VAT in Oman is 5 percent
- It is among the lowest in the world
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.
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....
Economy
Company News
SAIB shares vault more than 2%
Business
Iraq receives 125 antiquities borrowed from Germany
Arts & Culture
Latest News
Abu Dhabi industrial sector registers 136 new licenses in H1
Abu Dhabi, UAE--Â The registration of 136 new industrial licenses in the first half of 2022 points to a strong growth...
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
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Business
Costa Rica-UAE bilateral trade up by 292 percent since 2017: Minister
Abu Dhabi, UAE--Costa Rica's foreign minister Arnoldo Andre has said that the trade between his country and the UAE has...
- For the year 2021, the total trade between both countries reached $49.1 million.
- 37 Emirati companies have attended a Costa Rican trade fair to learn about the country's productive capacities and its export potential.
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