UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...Business Banking & Finance Economy
Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...Business Geostrategy
KSA teams up with Novartis to ramp up pharmaceutical capacity
Saudi Arabia has partnered with Novartis, the Swiss pharmaceutical company, to ramp up the kingdom's bio pharmaceutical capacity.Novartis’ contribution to the kingdom’s gross domestic product is expected to reach $857 million by 2024
The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization
A campaign in US to stop Musk buying Twitter
Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the...Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the passing of a deadline
Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April
Ukrainian envoy to Turkey accuses Russia of stealing grain
Ankara has also offered to help secure maritime corridors for the export of Ukrainian grain therefore Russian Foreign Minister Sergei...Ukraine's envoy to Ankara accused Russia of "stealing" grain and exporting abroad and said "we asked Turkey to resolve the issue"
Ankara has maintained a delicate balancing act with Kyiv and Moscow, acted as mediator in the conflict
UAE-based Grubtech ramps up international expansion
Grubtech’s entry into Egypt’s $22 billion food service industry highlights its rapid growth since being established less than three years...Grubtech’s entry into Egypt’s $22 billion food service industry highlights its rapid growth since being established less than three years ago
The company recently secured $13 million in Series A funding to support its aspirations to become the platform of choice for restaurants and cloud kitchens
Dubai police arrest British national over $1.7bn tax fraud
A 52-year-old Briton has been arrested in Dubai over a $1.7 billion dividend-tax fraud case in Denmark, the Gulf emirate's...They said the arrest was carried out in close cooperation with Emirati authorities and under a bilateral extradition treaty signed in March 2022
Danish authorities welcomed the arrest and said the Danish public has been defrauded a staggering amount and should not be possible for perpetrators to hide in the Middle East
ENEC, KEPCO discuss cooperation in nuclear sector, ways to curb carbon emission
The Barakah Plant will help in the decarbonization of the power sector in the UAE and the Arab WorldENEC, KEPCO discussed prospects for future cooperation and exploring the opportunities available in the nuclear energy sector
The overall completion rate of the Barakah Plant is now over 97 percent and the first and second units are producing electricity
Cybersecurity challenges keep Gulf region on its toes
About 25% of ransomware data theft attacks in the GCC are reported from the UAE followed by Saudi Arabia (15.5%),...Home networks in the UAE were a magnet for cybercriminals who targeted systems, devices, and networks
Saudi Arabia's Wired Telecommunications Carriers and Other telecommunications sectors ranked as the most targeted industries within the country
Shell to build fuel stations in Saudi
Wafi will also operate car services for Shell Global in the kingdom.Shell Global is the largest operator of gas stations and car services in the world.
Shell Global will transfer the latest expertise to Saudi to provide the latest technology.
US adds nearly 400,000 jobs in May, jobless rate 3.6 percent
Restaurants and hotels that were decimated due to Covid-19 showed a strong recovery in May, adding 84,000 positions, the data...The jobless rate held steady at 3.6 percent for the third consecutive month
Employers have struggled to fill open positions, which has pushed wages higher
UAE economic growth in 2022 to reach 4.7 percent driven by oil and non oil sectors, says World Bank
UAE economy to improve in 2022 as the country's financial reserves reflect solid growth, a strong financial system and resilient...The UAE in 2022 is keen on increasing the competitiveness of the private sector, said the Economic Advisor, Ministry of Economy.
The UAE government launched an economic stimulus package of AED 388 billion, said a senior official of the Ministry of Economy.
