Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...Business
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...Business
India pitches for collaboration with GCC in steel sector
"As part of the Steel Week, one-to-one meetings were held with leading players in steel production and logistics industries based..."One-to-one meetings were held with leading players in steel production and logistics industries based in the UAE," the Indian Ministry of Steel said in a statement
The Indian government has recently launched a flagship scheme for specialty steel called Production-Linked Incentive
New UAE app predicts which cheque will bounce
ChequeScore is an app released by the UAE government-owned Al Etihad Credit Bureau, and can predict the possibility of a...The UAE issued 21 million cheques in 2021, with an average value of $13,900
Despite the recent decriminalization of cheque bounces, UAE businesses must still consider the risks connected with them
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday.On Monday, the company announced that trading would be ‘halted’, bit did not give a reason
Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended
Zain Group signs MoU with Huawei
Zain Saudi Arabia launched the largest 5G network in the region.The two entities will also work together to define autonomous driving network-level criteria and explore new use cases.
Zain Kuwait’s 5G data traffic already accounts for 46 percent of its total wireless traffic.
Houthi drone attack causes ‘temporary reduction’ in Saudi oil
Top crude exporter Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco...The Iran-backed Houthis, against whom Saudi Arabia leads a military coalition in Yemen, have repeatedly targeted the kingdom, including Aramco's sites
The latest round of attacks comes after an oil refinery in the Saudi capital Riyadh was targeted on March 10 by a drone, an operation claimed by the Huthis
Mubadala of UAE to invest $395m in UK’s CityFibre
Mubadala of the UAE will invest $395 million into CityFibre, Britain’s biggest independent provider of full-fiber broadband infrastructure, according to...The investment aims to speed up the rollout of CityFibre’s full-fiber lines across the UK
An official announcement from Mubadala or CityFibre could come as early as Monday
Two Ajman organizations pledge to work for women empowerment
The Ajman Business Women's Council and Umm Al-Moumineen Women's Association in Ajman will now work together to empower women. The...Ajman Business Women's Council and Umm Al-Moumineen Women's Association signed an MoU to work for women empowerment.
The focus of both the organizations will be on increasing women's contribution to the process of sustainable economic development.
Alkhorayef records dip in profit
The company's profit declined to $27.4 million in 2021.Despite an increase in revenues by 9.2 percent to SR569 million during the same period, profits declined due to cost of revenue and “increase in projects on-hand"
Although profits dropped, the firm's board of directors approved SR1.5 per share as a dividend for the second half of 2021
Mawani signs MoUs with Huawei, Ericsson to push Smart Ports program
The Saudi Ports Authority (Mawani) on Sunday launched the Smart Ports initiative in a bid to enable Saudi ports apply...The program is aimed at enabling Saudi ports to utilize 5G, AI and other technologies besides boosting their competitiveness..
Ports account for more than 90 percent of the Saudi export movement, according to President of Saudi Ports Authority, Omar bin Talal Hariri.
Al Rajhi Bank to provide digital guarantee service in Saudi Arabia
Al Rajhi Bank of Saudi Arabia will start providing a digital guarantee service through the electronic financial services platform called...The new service intends to ensure smooth financial operations for beneficiaries, according to a bank statement
Al Rajhi Bank customers in the corporate sector will be able to issue digital guarantees and easily link them to the beneficiary electronically via the platform
