EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...Business Banking & Finance Economy
HelioTech, Avio Aero ink pact to develop of rotorcraft industry
The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of...The agreement was signed at the Strategic Development Fund (SDF) stand at the Tawazun Council’s chalet, on the sidelines of IDEX and NAVDEX 2023
Avio Aero is one of the leading companies in the aviation industry that designs, manufactures and maintains civil and military aviation propulsion systems
Twitter cuts more staff
A media report said that company has laid off 10% of its workforce.The fresh round of layoffs included product managers, big data experts and engineers working on machine learning and platform reliability
Since Musk took ownership of Twitter, the platform has been riven by chaos, with mass layoffs, and the major advertisers fleeing
Super-rich Russians lift UAE property market to record heights
There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has...The number of Russians who bought property in Dubai shot up by 164 percent in the first quarter of 2022.
According to Better Homes Consulting, Russians made up the largest segment of foreign real estate buyers in Dubai last year
Slower GCC growth expected in 2023
The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent...Maroun Kairouz, Director for the Middle East and North Africa (MENA) at the World Economic Forum says GCC countries would be the least affected by the recession.
Easing of pandemic restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, World Bank says.
Military, security sector free zone set up in Tawazun Park
Abu Dhabi, UAE---Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, has...The 2.8-square-kilometer zone has been established to commence operations related to defense and security industries and associated activities.
Tawazun Industrial Park is a regional center for defense and security industries.
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
Phone firms set for annual meet in shadow of global slump
Barcelona, Spain--The big beasts of the telecom industry will gather in Barcelona on Monday for their most important annual get-together,...In total, the four-day show would host almost 750 operators and manufacturers and 2,000 exhibitors.
A hugely popular idea for many at the show is to force the owners of bandwidth-hungry platforms like YouTube, Netflix and Facebook to pay network operators a "fair share".
ADNOC Gas increases IPO size to $2.5 billion on high investor demand
ADNOC Gas said that ADNOC will now offer 3.83 billion shares, equivalent to approximately 5 percent of ADNOC's total issued...Khaled Al Zaabi, Group CFO of ADNOC, said the IPO of ADNOC Gas is set to be the largest-ever market debut on the Abu Dhabi Exchange to date.
The subscription period for the offering is unchanged and will continue until March 1, as part of a UAE public offering to individuals and other investors in the UAE.
Saudi-Croatia businesses to establish a joint business council
President of the Saudi Chambers Al-Huwaizi revealed that the size of trade exchange between the two countries has grown at...This was decided during a meeting between Croatia's former President Kolinda Grabar-Kitarović and her accompanying delegation on Sunday with Saudi business representatives
President of the Saudi Chambers Al-Huwaizi revealed that the size of trade exchange between the two countries has grown at a rate of 198 percent to $146 million in 2021
Mawani sanctions five new services, links up 43 international ports
Riyadh, Saudi Arabia--The Saudi Ports Authority, also known as Mawani, has sanctioned five new shipping services that will link up the Kingdom with 43 international...According to reports, the five new services are projected to support commercial traffic, strengthen the national imports and exports system
The five new services are dispersed across three ports namely, Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port
