Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
Business
Economy
Tourism recovery reaches 65% of pre-pandemic levels
An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month...
- An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month total
- Travel was boosted by strong pent-up demand, improved confidence levels and the lifting of restrictions in an increasing number of destinations
Business
KEZAD Group breaks ground on UAE’s largest e-commerce fulfilment centre
The 252,000 square metre fulfilment centre facility is being designed and developed by KEZAD Group under a Build-to-Suit agreement.
- The 252,000 square metre fulfilment centre facility is being designed and developed by KEZAD Group under a Build-to-Suit agreement
- KEZAD Group is the integrated trade, logistics, and industrial hub of Abu Dhabi and a fully-owned subsidiary of AD Ports Group
Business
KIPCO merges with QPIC
It will now trade on Boursa Kuwait under KPROJ.
- KIPCO's authorized, issued and paid-up capital now stands at $1.55 billion distributed over 5.048 billion shares
- KIPCO's market capitalization is now over $1.94 billion, it said, adding that the combined portfolio would further diversify revenue streams
Geostrategy
Future depends on measures we take today: UAE envoy
"Both of our national leaders (in the UAE and China) are keenly aware of the fact that, as two advanced...
- It is especially incumbent upon us to be active global stakeholders at this precarious time, says Ali Obaid Al Dhaheri, UAE Ambassador to China
- "It is worth noting the geographical scope of recent climatic cataclysms to remind ourselves this is a responsibility we all share," says the UAE envoy
Business
AD Ports to conduct ‘joint training exercise’ at Delma Port
Abu Dhabi, UAE— AD Ports Group will conduct a joint training exercise at Delma Port on November 24. The exercise,...
- Thirteen government entities are scheduled to participate in the joint exercise, in addition to some entities from the private sector
- It will enhance the capabilities of AD Ports Group and other participating entities for addressing potential risks in incidents that require a coordinated response
Economy
Aircraft orders drive US manufactured goods demand
A pick-up in aircraft orders boosted demand for big-ticket US manufactured goods in October, with numbers rising more than expected,...
- Orders for defense aircraft and parts soared 21.7 percent from September to October.
- Surging inflation in the United States and supply chain problems have proven a challenge to industry and consumers.
Geostrategy
Jordan, Egypt discuss various aspects of transportation
ALEXANDRIA, EGYPT - Jordan's Minister of Transport Maher Abu Al-Samen discussed with his Egyptian counterpart Kamel Al-Wazir ways and means...
- The talks were held on the sidelines of the Council meeting of Arab Transport Ministers in Alexandria, Egypt.
- Jordan's minister hailed the constructive meeting of Arab Transport Ministers.
Economy
First batch of Certified Government Legal Advisors graduate from ADJA
ABU DHABI, UAE - The Abu Dhabi Judicial Academy (ADJA) celebrated the graduation of the first batch of the foundation...
- The program will prepare trained and specialized human cadres capable of understanding, assimilating and developing the legal systems.
- The program combines practical and theoretical training and to provide the cadres with basic skills that ensure efficient performance of their work.
Business
Lulu Group, Amazon sign agreement
They will optimize online grocery shopping for UAE customers.
- The products include everyday essentials and fresh grocery items delivered using fast-delivery options through the Amazon.ae online platform.Â
- Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said that such partnerships are what Abu Dhabi and the UAE continue to push for.
Business
Abu Dhabi DoH, Eversight to jointly set up UAE’s first eye, tissue bank
ABU DHABI, UAE - Abu Dhabi's Department of Health (DoH), the regulator of the healthcare sector in the Emirate, and...
- Department of Health Abu Dhabi and Eversight will focus on implementing the necessary arrangements for the eye and tissue bank.
- Eversight will develop a comprehensive medical framework to standardize and operate procedures on all clinical functions.
Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
Business
Company News
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DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
Geostrategy
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Geostrategy
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
- The roundtable highlighted the need for governments and industry to achieve economic and social development for local communities.
- A total of 79 governments, 13 international organizations, 15 NGOs and seven business associations took part in the roundtable.
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
- The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
- The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.
Economy
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
- The World Bank forecast the growth in the Gulf Cooperation Council countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025.
- The report said that the growth rate in the Middle East and North Africa region slowed down sharply to 1.9 percent in 2023.