DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
Business
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
Business
Business
Emirates allows Beirut travelers 10kg extra baggage
Emirates said it had last year set up a humanitarian airbridge with Lebanon, dedicating flights to deliver much needed emergency...
- Increase in allowance to help people carry medical and other goods to Lebanon.
- Shortage of supplies has hit Lebanon, which is undergoing one of the worst economic crises in history.
Business
Iran to sell more electricity to Pakistan
Iran at the moment has electricity exchange with Armenia, Azerbaijan, Iraq, Turkmenistan, and Afghanistan.
- Pakistan is all set to increase its electricity import from Iran to 70 MW
- It will use this power at its under-development Gwadar port
Business
UAE residents got $91.4 billion in personal loans
Gross credit, which includes which includes loans to residents and non-residents and non-banking financial institutions up by 0.9 percent compared...
- The country's banking sector’s assets reached AED 3.2 trillion in June 2021, up by 0.6 percent compared to a year earlier.
- Total deposits also went up by 2.3 percent to AED 1.9 trillion during the same period.
Oman Shell updates SME training
The new program will build the capabilities of entrepreneurs.
- Oman Shell has designed the program to ensure that it aligns with Shell’s social investment strategy and Oman Vision 2040
- It takes into consideration the aspirations of its partners and entrepreneurs, while empowering entrepreneurs and Omani businesses
Business
UAE banks flush with profit again with improved Q2 performance
The top ten lenders of the United Arab Emirates have shown a health rebound in profitability, with the country’s banking...
- Return on Equity (RoE) was back at Q4 2019-levels and loans and advances (L&A) showed improvement, according to a report from Alvarez & Marsal (A&M)
- Aggregate RoE improved from 9.8 percent in Q1 2021 to 10.9 percent in Q2021, for the first time in the last five quarters, as net income increased 11.5 percent
Etihad arm to convert Boeings
Etihad Engineering will provide passenger-to-freighter conversions.
- Etihad Engineering will use its expertise and capabilities for the specialized Boeing 777-300ERSF conversion
- It will initially facilitate two conversion lines to accommodate multiple aircraft conversions per year
Qatar Petroleum begins expansion
It has awarded an contract to Madrid-based Técnicas Reunidas.
- The expanded facilities will be utilized to handle liquid products from the four new LNG trains comprising the North Field East project
- The facilities will also reportedly support two new LNG trains comprising the North Field South project
Geostrategy
Biden given inconclusive report on COVID-19 origins
The US president had ordered the assessment to find out whether the virus jumped to humans via animals or escaped...
- Parts of the report could be declassified in the coming days, US officials tell media.
- The debate over the origins of the virus that has killed more than four million people has become increasingly contentious.
Business
Women-only business package introduced in Masdar
Masdar City Free Zone offers opportunities for UAE women who constitute 70 percent of UAE university graduates and are also...
- The announcement comes ahead of Emirati Women’s Day on Aug. 28.
- A team of experts are available to assist aspiring women entrepreneurs.
Business
Now airplanes probe earth for mineral wealth
Saudi Arabia has begun to obtain ‘high-resolution’ geological data spread over 600,000 square kilometers in the kingdom, enabling it to...
- He also said that the Kingdom is one of the richest countries in the world in terms of mineral resources with an estimated value of SR5 trillion ($1.3 trillion)
- It will also attract investments in the mining sector to achieve the goals of Saudi Arabia’s Vision 2030
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DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
Business
Company News
ISESCO lists 22 Libyan sites as Islamic world heritage
Arts & Culture
Latest News
CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by...
New type of proton aurora around Mars observed by UAE mission
Dubai, UAE: The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, has made first observations of...
Science
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Economy
Palestinian economy facing formidable challenges: IMF team
The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda...
- The Palestinian Authority and Israel disagree on the amounts of revenue that the latter should transfer to the former, the statement said.
- The IMF team said that overcoming these challenges will require ambitious reforms spanning several years of cooperation between PA, Israel and donors.
Economy
CBUAE imposes sanctions on ‘exchange house’ for violations
The Central Bank of the UAE (CBUAE) has imposed sanctions on the owner and general manager of an exchange house...
- According to a CBUAE statement, the sanctions came as a result of the examination conducted by it, revealing that the exchange house had rented out its license
- The CBUAE also prohibited the general manager from undertaking any designated function at any licensed financial institution in the country
Business
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
- The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
- The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity