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
UAE discusses tourism with India, UK, Indonesia and Japan
NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri...
Geostrategy
Business
Shipping industry evades gloom, makes big money
The pandemic might have battered other sectors of the world economy, but the shipping industry has raked in revenues not...
- Jump in earnings has been caused due to a 333% hike in shipping cost
- The hike in cargo charges, however, has raised the specter of inflation around the globe
Business
Halliburton builds $100m worth chemical plant in Saudi Arabia
Halliburton, the US oil field service giant, is in the final stages of building the first reactor plant for the...
- Halliburton is close to completing the construction of the first reactor plant for the manufacture of chemicals in King Salman Energy City "Spark" in Jubail
- Three of Halliburton's senior executives on Monday held a workshop in the Eastern Province to introduce Saudi investors to the factory's activity
Business
Saudi insurance sector Q2 results: premiums up, net income down
DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent...
- Fall of net income by 59 percent attributed to the claims returning to pre-pandemic normal levels.
- Energy and property claims grew by 98 percent and eight percent respectively.
Business
UAQ Free Trade Zone to ease banking operations for SMEs, others
DUBAI: A Memorandum of Understanding signed between the National Bank of Umm Al Quwain (NBQ) and Umm Al Quwain Free...
- Companies registered in the zone can avail of priority banking.
- Services that include transactions, payments, savings and credit from NBQ will help businesses build their credibility, NBQ said.
Business
UCAC gets nod to amend insurance practice
The company had sought Saudi Central Bank's approval for the amendment.
- After approval, the UCAC would be limited to the practice of insurance activity only.
- In a bourse filing on Sunday, the company said it will reduced accumulated losses to SAR 113.6 million.
Analysis
Dubai Aerospace Enterprise’s ESG Risk Rating among lowest
Dubai Aerospace Enterprise (DAE) Ltd, the global aviation services company, has announced that it has received an ESG Risk Rating...
- The DAE team had put in over 18 months to strengthen its ESG risk management and framework
- The global aviation services company vows to continue to engage with our stakeholders on ESG issues
Economy
Egypt’s exports leap up 49 percent to $3.61bn
Egypt’s exports recorded a nearly fifty percent jump to $3.61 billion in June 2021, as a compared to $2.94 billion...
- The country’s trade deficit fell by 27.8 percent during June to reach $2.49 billion, down from $4.07 in June 2020
- Egypt witnessed a hike in exports of some commodities such as plastic (78 percent), ready-made clothes (54.6%), pasta and other food items (53.1 percent)
Business
UAE to tighten the screws on money laundering
Taking a strong stance against money laundering, the Central Bank of the UAE (CBUAE) has issued a new guidance on...
- The guidance serves as a key point of reference for licensed financial institutions to ensure their compliance with anti-money laundering
- The guidance, which comes into effect today, requires LFIs to demonstrate compliance with CBUAE’s requirements within one month
Business
Boursa Kuwait suspends 10 companies from trading
The reasons behind the penalty included not declaring quarterly financials, and not paying their annual subscription fees.
- Boursa Kuwait listed seven reasons why the companies had been suspended from trading
- Some companies have been penalized for multiple reasons
Business
Apicorp to allot $1bn for green energy
The bank will make the investment over the next two years.
- Currently, green assets comprise more than 13 percent of the bank’s overall portfolio
- This is equal to around $550 million in loans and direct investments
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
Company News
ADIB H1 net profit $381m
Business
Latest News
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...
Business
Ajman Chamber, Russian delegation discuss trade ties
The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation...
Geostrategy
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Business
ADNEC adopts new corporate identity to support economic diversification
A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a...
- A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a number of companies
- ADNEC Group encompasses a number of specialised companies that synergistically operate in six main business sectors
Business
ADCB green bond raises $500m
The debut bond that will be issued on 14 Sept was oversubscribed 3.8 times.
- The bond was 3.8 times oversubscribed after attracting local, regional, and international investors that placed total orders of over $1.9 billion.
- The bank said it has embedded ESG into its corporate strategy and has aligned its sustainability approach to the UAE’s ambitions for an inclusive, net-zero economy.
Business
Real estate transactions worth US$544m at Sharjah in August
Real estate transactions in the Emirate of Sharjah totaled US$544 million (AED 2 billion) in August 2022, according to the...
- The total number of transactions according to SRERD records, during the past month amounted to 2,409.
- Mortgage transactions amounted to 303, which is 12.6 percent of the total transactions, with a value exceeding $193 million.