Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
Business
Barclays bank to stop financing new oil, gas projects
London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas...
Business
Business
Shortages hit French and German industrial output
Industrial output fell in September in both France and Germany as delays in receiving materials hampered production, data released Friday...
- In Germany, where manufacturing for export is the linchpin of the economy, industrial production fell by 1.1 percent in September from August
- The September drop confounded some analysts who had been expecting a gain and on an annual basis output is now down 1.0 percent from last year
Business
Chip crunch forces Honda to downgrade profit forecast
Japanese car giant Honda revised its annual profit forecast downwards on Friday, warning it sees no immediate end to the...
- The announcement came as the firm logged a drop in net profit in the July-September quarter
- The results were announced a day after rival Toyota upgraded its annual profit forecast despite being forced to cut production by the global shortage of semiconductors
Business
Saudi bank inks $100m deal
The agreements are aimed at bolstering Saudi exports.
- The Saudi Export-Import Bank has signed reinsurance agreements worth over $101 million (about SAR 380 million)
- It signed the deals with the Arab Investment and Export Credit Guarantee Corporation or Dhaman
Business
ECI and Indonesia Re sign agreement to boost exports and investments
Etihad Credit Insurance and Indonesia Re, the state-owned reinsurance agency of Indonesia, have signed an MoU to boost bilateral exports...
- The two organizations will support strategic economic sectors such as steel and aluminum, ceramics, renewable energy.
- They have also agreed to explore recoveries of claims to be collected in Indonesia or the UAE.
Geostrategy
Abu Dhabi Crown Prince, King of Netherlands discuss regional, global issues
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and King Willem-Alexander of the Netherlands have discussed friendship...
- The parties tackled several regional and international issues of mutual interest and exchanged views in this regard.
- Two days ago, 50 Dutch companies arrived in the UAE on a trade mission.
Business
Helal Al Marri appointed chairman of Dubai Financial Market
Helal Saeed Al Marri has been named as the new chairman of the Dubai Financial Market by the Committee for...
- Appointment of new DFM board of directors announced by Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed.
- Al Maktoum thanked outgoing Essa Kazim for his efforts to manage the DFM since its inception 20 years ago.
Business
Dubai Investments net profit $123m
The firm will focus on the real estate market, its CEO said.
- Total Income also increased to AED 2.6 billion from AED 1.9 billion for the first nine months of the year.
- The Group recently announced its new venture in the emirate of Ras Al Khaimah.
Geostrategy
Top oil producers to assess output amid pressure to open up the taps
The powerful producers led by Saudi Arabia and Russia in the so-called OPEC+ grouping are expected to re-affirm a decision...
- There is pressure from the US and other big consumers to open up the taps much more decisively.
- OPEC+ members seem to prefer to stick to their plan of easing cuts by 400,000 barrels per day per month.
Business
GMIS, FAB to enhance SME’s access to finance, drive industrial growth
The Global Manufacturing and Industrialisation Summit (GMIS) announced on Thursday a partnership with First Abu Dhabi Bank (FAB), that will...
- The GMIS-FAB partnership will also highlight the importance of ‘green finance’.
- GMIS 2021 will be held alongside the six-day GMIS Week from November 22-27 at the Expo.
Business
Emirates to launch daily Dubai-Tel Aviv flights from Dec.6
Emirates is to start daily flights between Dubai and Tel Aviv on December 6, the airline announced, in the latest...
- Abu Dhabi-based airline Etihad and Israeli carrier Arkia now also offer regular flights.
- Emirates said the new service would also link Israel seamlessly with its global route network.
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Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
Business
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UAE supplies 25.63 million barrels of crude oil to Japan in June
Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4...
Business
MENA region rides the wave of digital transformation
With an estimated IT spending of $175.5 billion in 2023, the region is embracing digital solutions, leveraging advanced technologies, and...
Business
UAE to mobilize global tech, space sectors for climate action ahead of COP28
ABU DHABI, UAE - Key UAE government entities have partnered to boost coordination between advanced technology and space sectors. The...
Economy
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Business
‘Barbie’ set to screen in UAE theaters on August 10
Dubai, UAE - The highly anticipated 'Barbie' movie is all set to grace the big screens in the UAE on...
- Local theaters, including VOX Cinemas, Reel Cinemas, and Roxy Cinemas, have already opened pre-orders for eager viewers
- The UAE, consistent with its practice along with other GCC countries, ensures that movies adhere to strict cultural norms before granting screening rights
Business
Bahrain pledges to protect consumer rights in e-commerce sector
Manama, Bahrain-- Looking to develop the e-commerce sector in the kingdom, Bahrain's Ministry of Industry and Commerce has published a...
- The ministry is monitoring e-commerce platforms and commercial activities in order to ensure that consumer interests are protected
- The survey is designed to boost communication with consumers, receive complaints and observations, and develop policies and laws accordingly
Economy
Oil prices surge for 6th straight week as global supplies tighten
Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains,...
- UBS said, with the production cut extended, there can be a market deficit of more than 1.5 million barrels per day (bpd) in September
- On Wednesday the U.S. Energy Information Administration reported that the country's crude oil inventory declined by a record 17m barrels