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
EGA to produce silicon metal
Silicon metal is added to aluminum to create high-strength alloys.Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.
Dubai urges use of smart apps to order Eid sacrifices
Muslims during Eid Al Adha traditionally buy a whole sheep to be slaughtered and distributed among friends, family, and the...Muslims during Eid Al Adha traditionally buy a whole sheep to be slaughtered and distributed among friends, family, and the poor
Through the apps, residents can put in their orders for slaughter, have them delivered, or even distribute them to local charities
Big Oil meeting with US govt cordial but no gas price fix
High prices at the pump are weighing on American consumers and damaging President Joe Biden's approval rating.High prices at the pump are weighing on American consumers and damaging President Joe Biden's approval rating
Biden and the oil industry have an uneasy relationship, in part over the White House's efforts to restrict drilling in some federal areas
Gulf airlines recoup losses, make profits after 2 years
The global aviation sector's losses, which rose to around S138 billion in 2020, dropped to nearly $42 billion in 2021....Qatar Airways, a major GCC airline, reported profits of $1.54 billion during the fiscal year ending March 2022, compared to $4 billion loss in the previous year
The UAE airlines have recovered 92.9 percent of seat capacity compared to pre-pandemic levels, according to data released by OIG International
UAE gets 41% of all FDI projects to Arab countries in 2 decades
The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and...The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and 2021
As per the Arab Investment Export Credit Guarantee Corporation Arab countries received a total capex of US$1.3trn over the last 19 years
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
‘Renewable energy is 20 percent of Jordan’s power output’
Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable...Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable Energy Commission
The Secretary-General called upon Arab nations to develop their own renewable energy industries rather than importing foreign technology
Energy security vital for economic growth, says Saudi minister
Saudi Arabia's Minister of Finance Mohammed bin Abdullah Al-Jadaan said energy security is very important for the economic growth and...Saudi Arabia's finance minister says energy security is important for the economic growth and prosperity of the world
The finance minister says energy supplies, economic development and climate change vital aspects of the world
UAE to issue dual-tranche dollar benchmark size bonds
The UAE government has announced it will issue a dual-tranche US dollar benchmark size bonds with a 10-year tranche and...The bonds are a 10-year tranche and a 30-year Formosa tranche.
The 10-year tranche will be listed on London Stock Exchange and Nasdaq Dubai, and the 30-year tranche will be listed on LSE, Taipei Exchange and Nasdaq Dubai.
UAE listed firms to pay $9.36 bn cash dividend for 2021
Listed public joint stock companies have approved AED 34.4 billion ($9.36 billion) cash dividends for 2021, according to the Securities...While AED34 billion earnings were distributed in cash, AED396 million were in form of stock dividends.
Banks are the largest distributors of profits, AED15.79 billion, followed by the telecommunications (AED11.7 billion) and the realty sectors (AED1.85 billion).
