Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...Business
ADNOC, TAQA partner to power, decarbonise offshore operations
The two companies announced on Wednesday a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise ADNOC’s offshore production operations,...The innovative project will see the development and operation of a first-of-its-kind high-voltage, direct current subsea transmission system in the MENA region
It will power ADNOC’s offshore production operations with cleaner energy, delivered through the Abu Dhabi onshore power grid, owned and operated by TAQA
New Dubai adventure: Eco-friendly surfing
What makes Dubai a tourist hub and an essential market for sustainable surfing is the region’s proximity to the sea?...What makes Dubai a tourist hub and an important market for sustainable surfing is the region’s proximity to the sea
Artificial surfing has now takers in countries like Saudi Arabia, Oman, Qatar, and Egypt which also boast of a strong community of surfers
Indian Minister says UAE most popular tourist destination for his countrymen
The UAE is the most popular destination in the world for Indian tourists, according to figures submitted to Indian Parliament...The second and third most popular destinations for Indians were Thailand and Bangladesh, but their figures were way below those of the UAE.
The Minister confirmed that 314,495 Indians left on tourist visas for the UAE in the first quarter of this year.
Dubai records $212 million worth of realty transactions on Monday
Dubai’s real estate market recorded 246 sales transactions worth AED610.89 million ($166 million) and mortgage deals of AED151.82 million in...The sales included 223 villas and apartments worth AED 503.64 million, and 23 land plots worth AED107.25 million.
The mortgages included 38 villas and apartments worth AED110.84 million and 18 land plots valued at AED40.99 million.
UAE keen to expand economic and investment relations with India: Al Zeyoudi
UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has said the trade partnership with India...India is the UAE’s second-largest trade partner, accounting for nine percent of the UAE’s overall global trade and 13 percent of the UAE's non-oil exports.
Some 13 percent of India’s exports are re-exported through the UAE to the Gulf Cooperation Council, Iran, Iraq and some Central Asian countries.
How can GCC companies respond to Global Minimum Tax rules?
The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023.The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023
The Pillar Two model rules provide governments a template to address the tax challenges arising from digitalisation of the economy
Is GCC inflation out of control?
The main reason for high inflation rates in the GCC countries is a rebound in prices in the sectors that...Food and beverages in Kuwait accounted for a whopping increase in prices, while education costs decreased 15.46 percent
Saudi Arabia’s annual inflation increase is due to a 6.4 percent growth in transportation costs and a 1.4 percent rise in food and beverage prices
CBUAE enhances framework for real estate exposure of banks
The new methodology also introduces measurement of these exposures, based on credit risk-weighted assets using the CBUAE’s capital adequacy standards.The comprehensive standards require banks to review and improve their internal policies to enhance sound underwriting, valuation and general risk management.
Banks with higher risk-weighted real estate exposure in their portfolios will be subject to a more extensive supervisory review of their underwriting and risk management .
$44.92m EDB, FAB loan for Lamprell
The facility is in line with EDB's strategy to support large corporates.The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI).
The facility will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction.
IHC acquires stake in Al Qudra
The acquisition is part of Al Qudra's diversification strategy.Al Qudra Holding, founded in 2005, has a large portfolio of customers including Manarah Bay, a multi-usage project covering about 52,000 square meters in Abu Dhabi.
The frim operates as an investment holding company and focuses its investments and strategic partnerships in sectors such as oil and gas.
