Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.Company News Business
UAE’s Central Bank says M1 rose by 2.1 percent at the end of Nov 2021
The Central Bank said on Friday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 671.6 billion...The rise in M1 was due to AED 0.6 billion increase in Currency in Circulation Outside Banks and AED 13.8 billion increase in Monetary Deposits.
The Money Supply aggregate M2 increased by 1.3 percent, from AED 1,498.3 billion at the end of October 2021 to AED 1,517.1 billion at the end of November 2021.
REEF, Americana Group to open cloud kitchens across MENA region
Cloud kitchens are kitchens built only for delivery orders, pioneered in the biggest US cities before they spread across the...The two companies said they have entered into a joint venture for the purpose
The cloud kitchens will belong to not just REEF and Americana but third parties as well
Samsung sees 52% jump in profits
The firm was boosted by record sales in 4th quarter.The world's biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last
The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the company’s statement.
Major GCC countries see push for Arabic e-gaming
People are hungry to consume content that they can understand and more importantly relate to, says Eyad Basheer, chief operating...Around 70 percent of Arab smartphone users have their phones set to Arabic, indicating a preference for content in their mother tongue
According to management consultancy firm Strategy&, mobile gaming will be a $2.3-billion industry in the region by 2022
SEWA implements development projects worth over $14.78m
The Central Region Department of the Sharjah Electricity, Water and Gas Authority (SEWA) implemented a number of development projects during...80 projects have been implemented for network modifications and approximately 50 transformers are installed in the central region.
Cables have been extended to implement these projects with up to 197,624 km of length, and the total cost of the projects is $14.78 million.
MoHAP of UAE and Bayer to launch a new initiative “STEPS”
The Ministry of Health and Prevention (MoHAP) has signed a Memorandum of Understanding (MoU) with Bayer Middle East to launch...The new initiative aims to support the local health authorities by developing the capabilities of the various components of the medical system
The launch of the STEPS program aims to enhance the capabilities of all parties to the health economics system in the UAE
India aims at boosting honey exports to UAE, Saudi Arabia
India started its honey exports only in the fiscal year 1996-97, and is the world’s eighth-largest honey producer and ranks...India started its honey exports only in the fiscal year 1996-97, and is the world’s eighth-largest honey producer and ranks ninth among the honey exporting countries globally.
The markets of Indian honey where APEDA is planning to boost its export includes the UAE, Saudi Arabia, Bangladesh and Canada.
EDB and AD Ports team up to support industrial sector in UAE
Emirates Development Bank (EDB) has signed an MoU with Industrial Cities and Free Zone Cluster of AD Ports Group to...The financial solutions can be utilized to build new facilities, purchasing, or leasing existing facilities as well as acquiring, upgrading, and maintaining the units’ assets
The MoU aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE
FAHR issues circular for flexible remote working on Fridays
The Federal Authority for Government Human Resources (FAHR) yesterday issued a circular to all ministries and federal entities regarding flexible...The step is being taken to ensure continuity of service provision and the federal government’s proper functioning during the implementation of the remote working system
The circular is based on the new system of weekly work in the federal government sector, which started at the beginning of this year
Lebanon town warns of looming heating tragedy
Arsal town is home to 70,000 Syrian refugees. The cost of fuel families need to power their stoves has risen...Dozens of displaced people in Syria and refugees in Lebanon have died from the cold and accidents caused by unsafe heating devices, including in Arsal.
Bankrupt Lebanon can no longer provide electricity nor subsidised fuel for its own citizens, let alone for the estimated 1.5 million Syrian refugees.
