Saudi real estate sees new era of growth, innovation
The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes...
Business
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Business
Jafza and Al Masraf to help SMEs simplify financial processes
DP World said the agreement with Al Masraf strengthens its commitment to facilitate business activities of more than 8700 clients...
- SMEs and other licensed entities within the free zone will get assistance in account opening and financial documentation.
- More than 53 percent of UAE's non-oil GDP is contributed by SMEs, according to Ahmad Al Haddad, COO of Parks and Zones of DP World UAE.
Business
Dubai Customs launches smart lockers for passengers to store valuable cargo
On the inaugural day of GITEX Technology Week 2021, Dubai Customs launched I-Box smart lockers for storing commercial items or...
- Passengers can store goods in lockers at airport customs center without paying duty and collect them through self-clearance service on departure.
- The I-Box smart lockers project has cut down the process time for delivery from 30 minutes to 1 minute.
Business
Ministry of industry briefs 11 French startups about UAE business scene
As many as 11 French startups in the technology, infrastructure and services were briefed about the UAE's business environment by...
- The French firms, which work in the field of technology, infrastructure and services, are members of La French Fab Booster Middle East program.
- ADNOC, the Ministry of Economy, the Emirates Development Bank, Middle East Venture Partners (MEVP), DP World, Masdar, DEWA participate in the event.
Business
Toyota makes US battery push
Japanese firm Toyota is the world’s biggest carmaker.
- Toyota has unveiled plans to invest $3.4 billion into automotive batteries in the United States
- As part of the plan, it will build a factory in the country for production of such batteries
Business
Oil-waste fire in Dubai under control
Dubai Civil Defense on Monday, October 18 brought under control a fire that had broken out at an oil waste...
- Official sources said the oil waste disposal site was located far away from factories in the Jebel Ali Industrial area
- This could have been one of the factors why no loss of life or injury was reported due to the fire
Business
Dubai to have a ‘crypto asset and blockchain hub’
Dubai World Trade Center Free Zone and CoinMENA have tied up to develop a “crypto asset and blockchain hub" in...
- The memorandum of understanding was signed by the DWTC and CoinMENA’s subsidiary
- The agreement will likewise see CoinMENA’s UAE headquarters relocate to the DWTC Free Zone
Business
Yansab of Saudi Arabia posts 8% drop in net profit to $47.7m
Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million...
- The drop in net profit was due to lower production and sales because of the temporary shutdown of its plants
- The result missed most analyst estimates. Riyadh-based Al Rajhi Capital had estimated 476 million riyals
Business
Mubadala Capital leads Huboo Fulfilment’s $82m funding round
Mubadala Capital led a Series B funding round in Huboo Fulfilment, the UK-based logistics start-up, closing at $82 million in...
- Huboo said in a statement it plans to roll out their first Spanish fulfillment centre in Madrid having already opened its first mainland European base in Eindhoven
- The round led by Mubadala Capital was joined by existing investors including Stride, Ada Ventures, Hearst Ventures, Episode 1 and Maersk Growth
Business
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years,...
- The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,”
- Egypt's oil sector had received more than $7 billion in investments a year earlier
Business
Sabic leads low-carbon plan
Sabic, WEF, and global companies will formalize the plan.
- The agreement will look to formalize the low-carbon emitting technologies or LCET initiative into a standalone entity by 2023
- As a result, LCET members will share early-stage risks and co-invest in developing and upscaling low-emission technologies
Saudi real estate sees new era of growth, innovation
The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes...
Business
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IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
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GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
- Total income for the second quarter of 2023 was $86.83 million compared to $56.11 million for the second quarter of 2022, a rise of 54.7 percent.
- Consolidated net profit for the second quarter was $32.75 million compared with $26.03 million in the second quarter of 2022, an increase of 25.8 percent.
Business
Luxury real estate boom in Ras Al Khaimah’s waterfront districts
Ras Al Khaimah, UAE - The existing and upcoming waterfront and island developments in Ras Al Khaimah have witnessed a...
- Apartments for sale in Al Hamra Village have recorded an increase of over 4% in average price-per-square-foot
- With an excellent ROI of 11.61%, the apartments for sale in Yasmin Village offered the best rental yields
Business
NPCC receives award for MERAM project
The award has been received from ADCNOC Gas.
- The project is valued at AED 13 billion and is being led by the National Petroleum Construction Company (NPCC) in partnership with Técnicas Reunidas.
- MERAM project is expected to increase the recovery of methane from ADNOC Gas's facilities.