ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...Business Economy
AI reshapes UAE’s business strategy, workforce skills
Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says...Business
Jordan, US discuss ways to enhance strategic partnership
Jordan’s Deputy Prime Minister Ayman Safadi and US Secretary of State Antony Blinken discussed the new MoU for the strategic...A new MoU between the two countries frames the US aid for Jordan, replacing the current memorandum, which expires in September 2022
According to the current MoU, the US has provided Jordan with annual support over the past four years, which amounted to 1.65 billion in 2021
Ortega heiress heads Zara parent
Marta Ortega on Friday took the reins of Zara-owner Inditex.Worth some €62 billion, Zara-parent Inditex nearly tripled its profits last year to €3.2 billion
However, its outlook for 2022 has been overshadowed by Russia's invasion of Ukraine
UAE, Colombia finish phase 1 of Comprehensive Economic Partnership Agreement
UAE-Colombia non-oil trade was valued at AED991 million ($269.84 million) last year. Under the partnership, this figure could increase threefold...The agreement is expected to help strengthen trade and investment relations between the two countries
The UAE’s Ministry of Economy has said it is continuing joint efforts to reach a final draft of the agreement
ADPG profit up Dh397m
The company’s revenue rose to AED 3.9 billion.AD Ports Group has evolved into a vertically integrated ecosystem of businesses that include Economic Cities & Free Zones, Ports, Logistics, Maritime, and Digital services
As a strategic gateway to Abu Dhabi, AD Ports Group generated 21 percent of all non-oil related GDP in the Emirate, according to Oxford Economics
GCC pharma industry: Leaders and innovators
GCC countries have a highly dynamic environment characterized by growing populations, a broad diversity of patient demands and increasing healthcare...The number of drug factories in the UAE has risen from four in 2010 to 23 in 2021, while its drug market is expected to grow up to $4.7 bn in 2025.
More than $400m worth of Saudi pharmaceuticals are exported each year. The kingdom aims to double the percentage of local pharma manufacturers.
NEOM subsidiary sets up Hydrogen and Innovation Development Center
ENOWA, the energy, water and hydrogen subsidiary of NEOM, has established the region's first Hydrogen and Innovation Development Center (HIDC)....The Hydrogen and Innovation Development Center will be a testing ground for new technologies in the clean energy industry.
The Center will also be a collaborative learning community for research institutions focused on hydrogen and the circular carbon economy.
Israel and UAE ‘milestone’ free trade deal to boost commercial relations
Israel described as "historic" the deal abolishing customs duties on "95 percent of the products" exchanged between the Jewish state...Talks for a free trade agreement were concluded Friday after four rounds of negotiations, including last month in Egypt between Israeli PM and Abu Dhabi Crown Prince.
The deal was now "ready for signature", the UAE's Minister of State for Foreign Trade Thani al-Zeyoudi said.
ADQ of Abu Dhabi to buy majority stake in Unifrutti Group
ADQ, Abu Dhabi wealth fund, will buy a majority stake in Unifrutti Group, a fruit and vegetable producer, marketer, and...The acquisition is designed to secure food supply amid pandemic and geopolitical tensions
The investment will help the group expand its footprint globally, along with enhancing food security in the UAE
Iran reacts with fury over imposition of new US sanctions
Iran criticized the United States for imposing new sanctions on the Islamic republic, saying it shows the Americans harbor bad...The US Treasury announced on Wednesday the measures targeting several entities it accused of involvement in procuring supplies for Iran's ballistic missile program
The Islamic Revolutionary Guard Corps (IRGC) meanwhile said Iran's "missile prowess" and regional influence are "red lines" ,according to a statement posted on its website
ADEX, Korea Eximbank to collaborate on export financing
The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE.The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE
ADEX was established by Abu Dhabi Fund for Development (ADFD), to drive diversification and growth of the UAE export economy
