UAE convenes Security Council meet, urges UN, League of Arab States to cooperate
NEW YORK, US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United...
Geostrategy
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
Economy
Al Zorah selling new Ajman plots
Th plots are part of phase 2 of The Fairways project in Ajman.
- This phase of the project is said to feature a total of 90 townhouses, 71 villas, and 33 buildings
- All of them will be overlooking the golf course and the Al Zorah Mangrove
Economy
Saudi output growth dips to weakest level in 10 months
Saudi Arabia’s output growth dipped to the weakest level for ten months amid a slowdown in new business gains.
- August PMI data from IHS Markit survey data showed a fall to 54.1 in August
- The non-oil sector weakened in August with output expansion at its weakest in 10 months
Geostrategy
UAE, Brazil discuss cooperation in space field
UAE’s Ambassador to Brazil, Saleh Ahmed Al Suwaidi, discussed the ties with Brazilian space agency AEB’s President Carlos Moura. He...
- The two countries discussed various possible areas for cooperation in the space sector
- Brazil also thanked the UAE for its inclusion of space-science topics in Expo 2020 Dubai
Business
UAE seeks $150bn in foreign investments, eyes stronger trade ties in Asia
The United Arab Emirates is seeking to lure $150 billion in foreign investments as part of a broad nine-year plan...
- The UAE currently ranks first in the Arab world and in the region and 15th globally in the Kearney FDI Confidence Index for 2021
- The eight countries include South Korea, Indonesia, Kenya, Ethiopia and Turkey. The relations between Turkey and the UAE are showing signs of improvement
Business
UAE to let foreigners ‘live and work’ under green visas
The United Arab Emirates has decided to give out new visas allowing foreigners to settle in the emirates.
- Visas announced during launch of UAE's 'Projects of the 50' initiative
- The Green visas will allow entrepreneurs and other professionals to live and work in the UAE
Business
DP World, FESCO to study Russia berth
Vladivostok and Murmansk identified as transshipment hubs.
- The berth will help expand Vladivostok Commercial Seaport as a transshipment hub connecting cargo from East Asian countries to North-West Europe via the Northern Sea Route.
- A record 33 million tons of cargo was carried along the route in 2020.
Business
Amazon Web Services will help firms drive innovation: Dubai FDI
DUBAI: The Dubai Investment Development Agency (Dubai FDI), the investment promotion agency of Dubai Economy, has said Amazon Web Services’...
- AWS plans to open data centers in the UAE in 2022.
- The new AWS Middle East (UAE) Region will consist of three Availability Zones and become AWS’s second region in the Middle East.
Investigation
$5m fine for polluting water in Saudi Arabia
Saudi Arabia has launched a strict campaign of penalizing companies and individuals involved in polluting water resource of the kingdom....
- Raft of tough regulations in campaign to protect the Kingdom’s marine environment
- The new rules ban the removal of rocks, pebbles, beach sand and marine sediment
Economy
UAE posts fastest job growth in three years
The UAE has recorded a sharp growth in employment for the first time in more than three years, with a...
- Output levels increased in August due to an improvement in demand as the economy recovered from COVID-19 restrictions
- The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, dipped to 53.8 in August from 54.0 in July
Emirates Post names new chairman
EPGC has announced that Badr Al Olama is its new chairman.
- Badr Al Olama is the current executive director of the UAE Clusters at Mubadala’s Investment Company
- He also spearheads the organizing committee of the UN-backed Global Manufacturing and Industrialization Summit
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UAE convenes Security Council meet, urges UN, League of Arab States to cooperate
NEW YORK, US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United...
Geostrategy
Company News
Latest News
Dubai road-toll operator Salik’s IPO to sell 20% shares
According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on...
Economy
Jahez posts profit of US$14.2m
The food delivery platform saw rise in orders on its app in H1.
Business
Iraq looks to neighbors for energy to overcome crunch
Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer...
Business
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Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
- The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
- Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
Videos
Middle East battles rising data breach costs
Most of the data breaches reportedly happen within the organization, but the silver lining is that organizations are handling these...
- Data breach costs in the Middle East are the second highest in the world after the US.
- In an IBM report based on data breach experienced by 550 organizations, 33 are from the Middle East region.
Business
Gulf Navigation repays loan
The $2.7m loan was financed by "Rasmala" for a vessel.
- In a bid to reduce financing costs, the company said last August that it had refinanced five petrochemical tankers under new and preferential terms with a major Chinese lender.
- The debt has also fallen to 294 million dirhams today, compared to 433 million dirhams at the end of 2020.