CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...Business Banking & Finance Geostrategy
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...Business Economy
UAE Cabinet okays trading cooperative shares on financial markets
The move is said to be conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic...The development is apparently the first of its kind in the region
It is aimed at growing the cooperative sector’s contributions to the economy
Abu Dhabi saw real-estate transactions worth $19.47bn in 2021
The entire amount resulted from a total of a combined 14,958 sales and mortgage transactions.Yas Island is said to have topped the list of best performing areas, with real-estate deals worth AED4.1 billion ($1.12 billion)
Reem Islands comes second with AED3.2 billion ($871.34 million), and Saadiyat was third with AED2.5 billion ($680.74 million)
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...The global trade volume in the year gone by was an increase of 25 percent on 2020
It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
World fuels its own destruction with $1.8trn subsidies: Study
Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.Agriculture gets $520 billion in subsidies, which lead to soil erosion, water pollution, deforestation, emissions, and loss of biodiversity
Another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems
Plastic surgery enhances face of UAE medical tourism
The industry, stabilized significantly with experienced surgeons and the availability of good facilities, woo a sizable number of foreign clients...The prices in well-equipped clinics and hospitals in the UAE are at the same level as in other countries, said Dr Timm Wolter, a plastic surgeon at the Nova Clinic, Dubai.
Body contouring, liposuction, and fat transfer have been trending for some time now in the emirates.
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
G42 Cloud and Serbia to develop cloud computing solutions
G42 Cloud, a subsidiary of G42, the UAE-based AI and cloud computing company, and Serbia signed a Memorandum of Understanding...The new agreement will see both parties progress the joint development of Artificial Intelligence (AI) and cloud computing solutions across sectors
The signing ceremony took place at Expo 2020 Dubai at the Investment Conference held in conjunction with the Statehood Day of Serbia
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
Dubai imports 8 million tons of food in 2021
Dubai has imported eight million tons of food during 2021 and re-exported 6.277 million shipments through all its ports, a...Dubai issued 78,812 food export health certificates, while the quantity of food exported last year amounted to 3.272 tons to 157 countries
The municipality said all types of food are registered electronically through a global system, a unique systems in controlling imported and locally produced foods in the emirate
Air travel momentum up as countries lift Covid restrictions: IATA
Air travel recovery was gaining momentum as countries were lifting restrictions, with a sharp 11-percentage-point increase for international tickets sold...There was an 11-percentage-point increase for international tickets sold in recent weeks.
The 11-percentage point improvement between the January and February periods is the fastest such increase for any two-week period since the crisis began.
