UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...Business Banking & Finance
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...Business
ADNOC Gas announces final IPO pricing, to raise $2.5 billion
The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a...The offer was expanded from 4.0 percent to 5.0 percent this week in reaction to demand.
ADNOC Gas, hived off from the Abu Dhabi National Oil Company (ADNOC) at the start of this year, is expected to start trading on the UAE capital's stock exchange on Mar 13.
Abu Dhabi real estate transactions reach $21.12 billion in 2022
The emirate’s Department of Municipalities and Transport (DMT) said a total of 19,033 transactions were recorded during the year---9,010 sales...Yas Island topped the list with transactions worth AED4.2 billion, followed by Al Reem Island (AED3.4 billion) and Saadiyat Island (AED3.1 billion).
These zones will be open to foreign investors, providing them with an extended range of investment opportunities.
UAEIIC, JOIN ink pact to boost investments in Middle East, Africa
The agreement will build their mutual capacities, and encourage bilateral and multilateral investments, especially in the Middle East and Africa...The agreement will build their mutual capacities, and encourage bilateral and multilateral investments, especially in the Middle East and Africa region
It will create appropriate projects and opportunities for investment and establish new economic partnerships, Secretary-General of UAEIIC Al Jarwan said
Some sectors may benefit more than others as more GCC companies turn to metaverse to boost business
Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit...Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert
The use cases of a metaverse in the GCC and the MENA region will vary primarily depending on the core nature of work within each sector, adds Mohamed Khaled, CEO of Hotdesk
UAE best country globally for expat lifestyle, says HSBC survey
Abu Dhabi, UAE - The United Arab Emirates is the best country for expat lifestyle, according to a survey by...A total of 36 percent of the people surveyed said chances of having a better lifestyle is the main reason for relocating to the UAE.
Another reason for the survey was to find about the changes in people’s lives post pandemic which includes the changes in their financial lives.
QFCA, AmCham Qatar sign MoU to boost bilateral trade
Doha, Qatar-- Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the...Under the MoU, both parties will work to promote QFC as a financial and business platform for foreign financial investments.
They will also provide necessary support and facilities to American companies interested in doing business in Qatar.
Aramco completes acquisition of Valvoline’s products business
Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business...The acquisition will help Aramco to enter the integrated, branded lubricants players
Valvoline Global Operations will continue to be headquartered in Lexington, Kentucky
More interest rate hikes may be needed, says ECB’s Lagarde
FRANKFURT, GERMANY - More interest rate increases may be needed beyond the one coming later this month, European Central Bank president...The ECB has lifted rates at an unprecedented pace in recent months to cool inflation.
ECB president said the pace of future hikes was "impossible" to predict and would be decided by the economic data available at the time.
UAE, Bahrain explore ways to boost collaboration in infrastructure, transport
ABU DHABI, UAE - UAE Minister of Energy and Infrastructure (MoEI) Suhail bin Mohammed Al Mazrouei Thursday had a meeting...Bahrain’s Minister applauded the advanced processes at UAE Ministry of Energy and Infrastructure , particularly the AI-enabled systems for planning new infrastructure projects.
The Bahrain’s Minister and his delegation toured the Road Control Center that was recently established at the ministry’s Sharjah offices.
Apple to spend $1bn on chip hub
The investment will be spread over the next six years.This comes on top of an earlier one-billion-euro commitment announced in 2021, when Apple made Munich the European headquarters of its "Silicon Design Centre."
The move is part of Apple's strategy to develop its own chips for iPhones, iPads, MacBooks and other products, in order to reduce reliance on outside suppliers
