SPC Free Zone to provide licenses within 45 minutes
SHARJAH, UAE - Sharjah Publishing City Free Zone (SPC Free Zone) has announced an expedited business setup process, allowing businesses...
Business
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
Business
Business
Court to help UAE combat financial crimes established
DUBAI: A court has been set up in the United Arab Emirates with a focus on combating money laundering, Dubai...
- UAE had earlier established the Executive Office of the Anti-Money Laundering & Countering the Financing of Terrorism.
- The new court will reinforce UAE’s compliance with international anti-money laundering and law-enforcement standards, says Judge Dr. Abdullah Al Shamsi.
Business
Saudi SMES exempted from commerce register fees
Eligible for exemption are those wishing to issue a new trade register from the financial equivalent for three years and...
- Startup costs for commerce fees register decreased by 96 percent for companies, according to ministry of commerce.
- Decrease in commerce fee register for enterprises decreased from 33-75 percent.
Business
UAE introduces 22 new licenses under Basic Industries Project
The project promotes local industrial investment in key sectors such as medical, food, steel, cement.
- A total investment of AED 286 million has been reported by ADDED, IDB in the new licenses.
- IDB seeks to add 50 new local industrial facilities over the next three years.
Ajman Chamber, China’s Dahua explore tech investment opportunities
The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- Dahua is a leading Chinese tech solutions provider specialising in video surveillance products, data security, alarms, motion sensors and access control
UAE, Philippines explore space sector collaboration
To this end, the UAE Space Agency hosted the Philippines Ambassador to the country along with a virtual delegation from...
- To this end, the UAE Space Agency hosted the Philippines Ambassador to the country along with a virtual delegation from the Philippines Space Agency
- Meeting comes as UAE and Philippines recognise 47-years of bilateral relations
Science
Riyadh clears Moderna vaccine for people aged between 12 and 17
Saudi Arabia has approved the use of the Moderna Covid-19 vaccine for people aged between 12 and 17. The kingdom's...
- Clinical studies and reports showed the vaccine's effectiveness and safety
- The Moderna COVID-19 vaccine was registered in the Kingdom on July 9, 2021
Business
Egypt looks to neighbors, and beyond, for power supply
In order to make sure that Egyptians get an uninterrupted supply of electricity, Egypt has taken steps to strengthen power...
- The ministry is studying a huge project for power linkage with Cyprus, Crete and Greece
- Shaker said the launch of power projects to connect with Libya is a strategic goal for the two countries
Business
Uber Reserve launches in Dubai
Allows riders to book rides up to 30 days in advance.
- The feature comes in Premium and Economy categories.
- Reserve rides can be cancelled any time up to an hour ahead of the scheduled pick up time with no costs.
Business
EGA refinances corporate facility
Emirates Global Aluminium has successfully refinanced US$5.5 billion of corporate debt.
- The move will deleverage and improve repayment terms to reduce costs and enable an optimal dividend policy in future years for shareholders.
- The term loan facility reduces by US$1 billion the size of EGA’s existing seven-year US$6.5 billion loan facility signed in 2019
Business
Shaker H1 net profit SAR 15.3m
The company attributes growth to robust sales in four quarters.
- H1 earnings per share improved to SAR 0.24.
- The revenue grew by 18.2 percent compared to H1 2020.
SPC Free Zone to provide licenses within 45 minutes
SHARJAH, UAE - Sharjah Publishing City Free Zone (SPC Free Zone) has announced an expedited business setup process, allowing businesses...
Business
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AD Ports Group, SEG sign MoUs
Business
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