SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...Business Economy Tourism
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...Business Economy Markets
Masdar City, Mashreq Bank to provide financial services to SMEs, start-ups
Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized...An MoU signed between the two involves easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.
Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups.
Careem looks to raise $500m to fund expansion
Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds
Brent oil rebounds 5 percent from slump as hopes of supplies rise
European benchmark Brent North Sea crude climbed 5.1 percent to $116.80 per barrel in morning deals. New York's WTI contract...Brent tumbled as low as $105.60, having hit a peak of $139 just two days before, as the Ukraine crisis continues to send shockwaves through markets.
The UAE said Wednesday it would urge fellow states in the OPEC oil producers' cartel to boost output.
DP World of UAE posts 26% jump in revenue to $10.8bn
DP World of the UAE has posted a twenty six percent increase in revenue to $10.8 billion in 2021, despite...In a statement the company said that the revenue hike was “supported by acquisitions and new concessions including Angola, Unico, and Transworld”
“We expect our portfolio to continue to deliver growth,” commented CEO, Sultan Ahmed Bin Sulayem
Saudi ministry signs 23 deals worth $3.46 bn at first defense show
The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion)...The MoD signed five deals with the Saudi Arabian Military Industries (SAMI): two with Royal Saudi Land Forces and three with the Royal Saudi Naval Forces.
The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems.
Struggling Libyan potters showcase wares online
The Libyan city of Gharyan sculpted a reputation for ceramics generations ago, but fragile demand is forcing potters to seek...Potters in Gharyan looks to compete with products made in China, Turkey and Libya's neighbors
Gharyan's once-prosperous potteries struggles to keep pace with modernization
ADNOC Distribution launches range of 100% plant-based engine oils
Plant-based base oils are made from sustainable feedstock sources, such as palm, soy, coconut, and rapeseed.Voyager PX Green is developed specifically for petrol engines and Voyager DX Green for diesel engines
The technology is said to be the first approach in the region to be made entirely from plant-based oils
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.DH had seen profits of AED217 million ($59.09 million) for the previous year
The numbers point to an increase of nearly 1,150 percent in net profit for the company
New FB tools target groups
The tools help groups automatically reject posts with false info.More than 1.8 billion people per month use Facebook Groups, which allow members to gather around various topics
Yet, critics have said the groups are ripe targets for misinformation as they sometimes have large audiences of like-minded users
F&B sector in GCC eyes greater sustainability
Tetra Pak Arabia Managing Director Niels Hougaard explains what lies ahead for F&B companies — bith regionally and globally —...Pollution and plastic litter in the ocean are the joint top environmental worry, while global warming is a close second
GCC countries have launched several initiatives to educate consumers about recycling and sustainable consumption
