Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.Company News Business
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...Business
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.
Dubai World Trade Center to become regulator for virtual assets, crypto
The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.The announcement follows the efforts to further develop Dubai virtual assets and markets, includes creating a framework for financial products.
The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector.
BNP Paribas sells US unit Bank of the West for $16.3 billion
French lending giant BNP Paribas said Monday it had sold its US retail and commercial banking arm Bank of the...BNP has owned the bank since 1979 and operates 555 branches in 20 US states, with over 9,000 staff.
The French lender said the US arm had accounted for around five percent of its group-wide pre-tax earnings of between 12 and 14 billion euros in recent years.
Dubai airport fully operational for first time since pandemic
Dubai airport, one of the world's busiest travel hubs, is fully operational for the first time since the coronavirus pandemic...Travel via Dubai increases at the end the year, with foreigners -- who make up the majority of the emirate's population -- heading home for the holidays.
Since the pandemic began, the UAE has registered over 744,400 cases, including 2,152 deaths.
Dubai emerges as global superyacht capital
Dubai is now home to 15 marinas with more than 3,000 berths, which can accommodate an array of pleasure craft...Dubai is now home to 15 marinas with more than 3,000 berths, which can accommodate an array of pleasure craft and luxury yachts as well as superyachts and gigayachts
More than 200 superyachts were registered across the Middle East as of 2019 with Dubai being the base for many of these vessels, says a report by Oxford Business Group
UAE ends cinema censorship, introduces 21+ age rating
The UAE announced Sunday it will no longer censor cinematic releases, introducing a 21 and above age rating for films...The UAE has decided that it will no longer censor cinematic releases
The country has introduced a 21 and above age rating for films it classifies for mature audiences
Abu Dhabi Ports Group to build first cruise facility outside of UAE
Abu Dhabi Ports Group has signed an agreement with the Aqaba Development Corporation (ADC) of Jordan to build a cruise...It will be the first facility to be developed by AD Ports Group in Jordan.
Under the agreement, AD Ports Group's digital arm, Maqta Gateway will also manage the implementation of an advanced Ports Community System.
