UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
Major stock markets trade mixed as US inflation data awaited
London, United Kingdom - Major stock markets traded mixed Thursday before the release of US inflation data that could present a...
Business
Business
Abu Dhabi launches program to expand knowledge economy
In order to expand the emirate’s knowledge economy, a program designed by Yale University has been launched in Abu Dhabi...
- The program is being offered in the emirate by First Abu Dhabi Bank through a collaboration with Emirates Foundation and Icon Training & Coaching
- It aims to further build the skills of Emirati talent in the financial sector and build capacity
Business
Brazil’s InvestSP joins Global Logistics Passport initiative
InvestSP Corporation and the Global Logistics Passport initiative have signed a Memorandum of Understanding or MoU for better shipping and...
- Members of the Global Logistics Passport Initiative can expect an annual increase in trade of 5-10 percent
- As merchants benefit from more efficient commodity movements, new trade routes are expected to be opened
Business
Etisalat Q3 revenue up 2%
The aggregate subscriber base increases by 4 percent YoY.
- Net profit amounts to AED 2.4 billion, an increase of 1 percent compared to the same period last year.
- The company said that in the UAE, its subscriber base reached 12 million.
Business
DEWA wins Guinness World Record for first 3D lab in world
Dubai Electricity and Water Authority (DEWA) has another accomplishment to its credit, achieving the Guinness World Records title for the...
- The record was awarded for DEWA’s Robotics & Drone laboratory, housed within the Research & Development (R&D) Centre
- Al Tayer emphasized that Dubai provides a motivational environment to encourage construction in 3D printing
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10 big companies that changed their names
It was nothing new when Facebook changed its name to Meta, and invited people to the Metaverse. TRENDS has curated...
- While some have changed their names entirely, others have made only small alterations to the original names
- They have achieved varying degrees of success by changing their names
Business
Dubai increases ease of doing business by more than half
This was more than double the target of 30 percent reduction in business setup procedures that the emirate had set...
- The move is said to be part of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s vision to make the emirate economically attractive
- The vision looks to achieve this by helping entrepreneurs set up and run businesses much more easily
Business
Maersk lands Saudi deal
Maersk will set up a Logistics Park at Jeddah Islamic Port.
- Maersk will set up an Integrated Logistics Park at Jeddah Islamic Port, investing more than SAR500m
- The agreement is a step to make Jeddah Islamic Port among the top ten ports in the world by 2030
Business
Etisalat Q3 revenues rise 2%
Its consolidated revenues in Q3 reached AED13.3bn ($3.62bn).
- Consolidated net profit after Federal Royalty amounted to AED2.4 billion ($653.5 million), an increase of 1 percent
- Consolidated EBITDA amounted to AED 6.7 billion ($1.82 billion), resulting in an EBITDA margin of 51 percent
Research
Israel eyes influx of tourists from UAE, Bahrain
Israel is anticipating a significant influx of Emirati and Bahraini tourists as the global tourism industry starts recovering from the...
- Israel expects 100,000 tourists a year from the UAE and Bahrain, with each tourist spending $1,500 per vacation
- The Jewish state is expected to make $150 million annually in revenues from the Gulf tourists
Business
Two Saudi defense firms sign contract to build SkyGuard UAV
Saudi Arabia's General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) have signed a contract for the...
- SkyGuard is the outcome of numerous R&D efforts and geared towards developing a 'truly local' product.
- Saudi Arabia has set a target of spending 50 percent of expenditure on locally manufactured defense products and services by 2030.
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
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Emaar EC Q1 losses $45m
Business
KIB posts $19.5m net profit
The bank's total operating income reached approximately $115 million.
Business
DP World boosts global supply chain resilience with major capacity expansion
DUBAI -- DP World expects to add approximately 3 million Twenty-Foot Equivalent Units (TEUs) of new container handling capacity by...
Business
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Business
Dubai Chamber of Commerce achieves 46.7% success rate in mediation cases
DUBAI -- The Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it...
- The combined value of mediation cases received during H1 2023 reached US$11.5 million, with US$5.7 million resolved
- Mediation offers advantages such as flexibility, speed, efficiency, and confidentiality, saving time, effort, and money
Business
Mawani adds 20 cargo services to Saudi Arabia’s ports in H1
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added 20 cargo services to the ports of Jeddah, Dammam,...
- Transshipments gained 12.19 percent over the prior year’s volume of 1,391,221 TEUs to reach 1,560,790 TEUs in H1 2023.
- A total of 5,918 vessels called at Mawani’s ports during this year’s first half, up 10.68 percent year-on-year from 5,347 ships.
Business
ADEX and Egypt sign wheat, commodities financing agreement
Abu Dhabi, UAE -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has...
- The agreement entails a revolving financing program valued at S100 million, to be renewed annually over a five-year period, ultimately reaching a total of $500 million.
- The UAE’s support has contributed to the establishment of 25 silos in 17 governorates of Egypt, increasing wheat storage capacity by 1.5 million tons.