ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
Geostrategy
Qatar’s Industrial Production Index up 3.9% in Dec 2023
Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared...
Business
Economy
Etihad Credit Insurance issues $1.71 bn in trade guarantees in nine months
Dubai, UAE---Etihad Credit Insurance (ECI) has issued AED6.3 billion ($1.71 billion) in trade guarantees in the first nine months of...
- ECI's third meeting this year was told that with government's support, ECI has by far issued 7,936 revolving credit guarantees.
- These state-backed guarantees helped to protect and create 50,000 jobs by supporting companies, 72 percent of which were SMEs.
Business
TAQA posts 53% income rise
The income vaulted to $1.77bn in the first nine months of 2022.
- The company also reported group revenues of $10.61 billion, 14% higher than the prior-year period
- TAQA’s Board of Directors also declared an interim cash dividend of $184 million (0.60 fils per share)
Economy
Addressing climate change global responsibility
"Today's world is witnessing a scientific and technical boom, which is the fastest and most advanced through all the stages...
- Parliaments play a key role in enacting, legislating, or amending laws related to investment and the national transition to renewable energy sources
- Facing the phenomenon of climate change is no longer confined to one country over another, but is a duty and shared responsibility that the entire world
Business
UAE to launch feature-rich, faster EmaraTax platform on Dec.5
Abu Dhabi, UAE --UAE's Federal Tax Authority said Sunday it will launch EmaraTax platform on Dec.5, 2022. The migration to...
- Migration to EmaraTax will begin from end of 30 Nov. and it will be available for use from 5 Dec.
- EmaraTax significantly enhances taxpayer access to the FTA’s services, payment of taxes and obtaining refunds.
Science
Sustainable food cold chains reduce waste, fight climate change, says UN report
Greater investment in sustainable food cold chains is needed to reduce hunger, provide livelihoods to communities and adapt to climate...
- These systems are critical to maintaining the quality, nutritional value and safety of food.
- An estimated 14 percent of all food produced for human consumption is lost before it even reaches consumers.
Videos
Post-Covid UAE real estate upswing to continue
A high number of residential and commercial units delivered in 2022 means tenant retention will become more critical, and rental...
- In a report, real estate advisory firm JLL said that the residential sector was the highest performer “within construction asset awards”.
- The influx of high net worth individuals to the UAE, especially Dubai, and Golden Visa have also boosted the real estate market.
Geostrategy
G20 health, finance ministers agree to launch US$1.4bn pandemic fund
The G20 health ministers have agreed to establish a pandemic fund.
- The fund will be commonly used to fix the health system and close the budget gap for the following five years.
- Up to 20 donor countries and three philanthropists have expressed willingness to contribute to the effort to raise "pandemic fund" totaling US$1.4 billion.
Science
COP27 focuses on ways and means to feed 8 billion people
The adaptation and agriculture thematic day at COP27 focused on how the world will feed eight billion people.
- A series of sessions and initiatives shed light on pathways forward on adaptation and climate resilient agriculture.
- The focus comes at a particularly challenging year for food security.
Business
Invictus 9M net profit $105m
The firm reported a 125 percent increase in its revenues.
- The company attributed the results to “a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines”.
- This year, the company introduced fertilizers which added over AED 140 million to revenues.
Arts & Culture
Saudi Arabia to host Under-21 World Snooker Championship in 2023
Riyadh, Saudi Arabia- --Saudi Arabia will host the World Under-21 Snooker Championship for men and women in July 2023, SPA...
- International Billiards and Snooker Federation has also agreed in principle to host the World Cup for Billiard and Snooker for men and women in Oct. 2024 for six balls and masters.
- Hosting the championship is the kingdom's one more step towards the development and promotion of the sports sector in its pursuit to achieve the Saudi Vision 2030 goals.
ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
Geostrategy
Company News
ICIEC, SAPICO ink pact
Business
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stc Group begins work in Europe
Business
Over 8,000 Palestinian fatalities, including 2,062 women, says UN report
UNITED NATIONS – More than 8,000 Palestinian fatalities were reported as of October 29, 2023, including 2,062 women, 3,324 children,...
Geostrategy
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Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
- The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
- The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.
Business
PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.
- PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
- The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
Business
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
- Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
- Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.