Dubai Customs, Japan seize drugs worth $310m from Tokyo port
DUBAI, UAE- Dubai Customs has assisted Japanese customs authorities in intercepting a significant quantity of illicit drugs. Up to 700...
Geostrategy
Business
Dubai to get new arbitration court
The court will be part of a new arbitration body formed by Dubai’s ruler, and have 13 members with non-renewable...
- Dubai ruler Sheikh Mohammed has issued a decree that will merge two entities to create the Dubai International Arbitration Center
- The DIAC, in turn, will establish a new arbitration court for Dubai, consisting of 13 members, including its president and vice-president
Business
Saudi Arabia, South Africa to boost pandemic-hit trade
Saudi Arabia and South Africa are looking to boost trade after a year of slump that saw imports from the...
- South Africa imports approximately 40 percent of its oil from Saudi Arabia, according to the EIA
- Far fewer goods went the other way, with Saudi Arabia importing $347.8 million from South Africa last year, down from $423.8 million in 2019
Economy
No end to Lebanese woes as new govt. hikes gasoline price
If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government...
- The government has promised action to address the crisis, including talks with the IMF and a start to reforms
- The new government has also signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit of the central bank
Business
Unifonic to focus on profit, IPO, after securing $125m SoftBank funding
Days after securing a $125 million Series B funding from SoftBank, the Saudi startup, Unifonic, says that it wants to...
- The main criterion is to maximize the company’s profitability and the appropriate market in terms of the quality of the products we offer
- Unifonic, which currently has offices in Saudi Arabia, the UAE, Jordan and Pakistan, plans to expand its customer engagement offering into new markets in the Middle East and Africa
Saudi mining law may pave way for ‘incredible’ investment in $1.3trn sector
Saudi Arabia is confident that its new mining law will lure private investment from the kingdom as well as abroad...
- In January, the Kingdom moved to capitalize on the vast wealth hidden below ground in Saudi Arabia with the establishment of a mining fund
- The Saudi Industrial Development Fund is also offering 60 percent loans to investors in a bid to attract global players into the Kingdom
Business
$6bn merger for Ooredoo arm
The merged company will be called PT Indosat Ooredoo Hutchison.
- PT Indosat, the Indonesian arm of Qatari telecom firm Ooredoo, will be merged with and PT Hutchison 3 Indonesia
- H3I is a telecom company owned by Hong Kong-based CK Hutchison Holdings
Business
Adnoc eyes 2GW hydrogen growth
Adnoc has inked deals with British Petroleum and Masdar for this.
- Under the terms of the agreements, Adnoc, BP, and Masdar will on UK and UAE clean hydrogen hub development
- This development will be at an initial scale of 1GW in the UAE and 1GW in the UK
Science
No Covid test to enter Abu Dhabi for UAE residents
The committee will continue to monitor events and urges all citizens, residents and visitors to continue adhering to precautionary measures...
- The decision follows the announcement of a decreased COVID-19 infection rate in the emirate
- The government has also activated the green pass system to enter some public places
Economy
UN needs another $100trn for SDGs
The Force for Good initiative has said the UN has funding gap of $84-101 trillion in achieving the SDGs.
- The 17 SDGs are goals that the UN set forward in 2015, which would be accepted by all its members states, to build a better planet
- They include, but are not limited to goals like No Poverty, Zero Hunger, Good Health and Well Being, Quality Education, and Gender Equality
Business
Messi, Neymar’s club PSG to play in Riyadh Season Cup
PSG boasts a stellar line-up, with the likes of Lionel Messi, Neymar, Kylian Mbappé, and Sergio Ramos taking to the...
- The tournament will be played in January next year as part of the second edition of Riyadh Season
- The event, which celebrates the city, will be held from October 2021 to March 2022
Company News
EITC posts 26% jump in profit
Business
Latest News
Al-Ula: World’s largest open air museum
Arts & Culture
UAE, Serbian Presidents discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed with Aleksandar Vucic, President of Serbia, cooperation between their countries and...
Geostrategy
Dubai’s RTA releases Sustainability Report 2021
Dubai's Roads and Transport Authority (RTA) has published its seventh Sustainability Report 2021. The report showcases RTA's practices in matters...
Economy
Most Read
Economy
Dubai FDI wins UN award for best practices in tracking investments
The Dubai Investment Development Agency (Dubai FDI) at the Department of Economy and Tourism (DET) gained international recognition for its...
- Dubai FDI Monitor tracks and records five different types of foreign direct investment in real-time.
- The Monitor tracks and records FDI and new forms of investments using advanced methodology and smart features.
Business
DEWA plans cash dividend for H1
Firm plans to give cash dividend of US$844m.
- DEWA's first general assembly meeting will be held physically and virtually on October 10, 2022.
- The assembly will vote on the recommendation of Board of Directors concerning a cash dividend distribution for H1 2022.
Arts & Culture
Kuwaiti Camel Racing Club sports season 2022-23 begins
Kuwait--Activities of the local sports season of the Kuwait Camel Racing Club for 2022-2023 season begun on Saturday at Sheikh...
- Nine runs were held on the first day of the season that will last for seven months.
- More than 300 participants of all ages participated in Saturday's race, which contributed towards increasing the number of camels in the event. the organizers said.