ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.Company News Business
Dubai arbitration center board gets ruler nod
Sheikh Mohammed bin Rashid Al Maktoum has directed the Board of Directors of DIAC to establish Dubai as a leading...Dubai ruler Sheikh Mohammed in September ordered the formation of the DIAC
It saw the merger of the Emirates Maritime Arbitration Center and the Dubai International Financial Center Arbitration Institute
MENA marinas attract luxury yachts
The Middle East now accounts for more than 12.6 percent of the world’s luxury yachts as the services match the...Egypt's ports are notable for their capacity to accommodate a large number of yachts and for their ability to provide guests with the best nautical activities.
Sharm El-Sheikh port is one of the most significant seaports in South Sinai Governorate, serving as a hub for ships, yachts, and tourists.
Abu Dhabi Chamber discusses partnerships with Azerbaijan official
Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries.Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries
The countries will explore opportunities, especially in artificial intelligence, e-trade and food security as well as the fourth industrial revolution
Elon Musk to sell 10% of Tesla stock after Twitter poll
Musk owned about 17 percent of Tesla's outstanding shares as of June 30, currently worth $208.37 billion. His wealth swelled...Musk said he was prepared to accept “either outcome” of the Twitter poll
However, he did not specify when or how he plans to sell the shares
UAE enters into cooperation with Indonesian sovereign fund
The United Arab Emirates and Indonesia’s State Wealth Fund has signed a new agreement to allow funds from the former...The investment framework agreement was signed with the Abu Dhabi Growth Fund
It made a $10-billion investment in the Indonesian sovereign wealth fund in March, according to a statement on Saturday by the Indonesian Investment Authority
MEASA’s biggest food processing and packaging show opens in Dubai
Gulfood Manufacturing, the largest food and beverage processing and packaging show for the Middle East, Africa, and South Asia (MEASA),...The event will run for three days and address the sector’s sustainable packaging, automation, and F&B supply chain issues.
UAE’s trade in food commodities contributed more than seven percent of the country's GDP for 2020.
Abdulmohsen Alhokair of KSA reports 17.8% jump in net losses
Abdulmohsen Alhokair, the Saudi entertainment group, has reported an increase in net losses by 17.8 percent during the first 9...Net losses increased to SR123.87 million in the first 9 months of 2021 from SR105.15 million during the same period of the last year
The group’s net profit for the third quarter in 2021 has increased by 106 percent
Bahrain eyes 14m tourists a year by 2026
Under the new 2022-2026 tourism strategy, the country also aims at an average daily visitor spend of 74.8 Bahraini dinars...The kingdom also aims at 11.4 percent of GDP to come from the tourism sector by 2026.
Developing marine attractions, business tourism, sports tourism, recreational tourism and medical tourism among targets.
Dubai court orders Marka managers, directors to settle $122m debt
A Dubai court has ordered the managers and directors of Marka Holdings to repay the company’s AED448 million (around $128...The court ruled that the managers and directors of the company had mismanaged it, leading to an underfunded bankruptcy
An underfunded bankruptcy is one where the entirety of the company’s assets is less than 20 percent of its outstanding debt
YahSat Q3 profit down 38 percent
YahSat said its contracted future revenues are over $2 billion.Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022.
YahSat was last week appointed by the UAE government to complete a detailed analysis, assessment and recommendation for two new satellites.
