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
Mubadala Capital buys Taco Bell franchisee
Mubadala Capital, the financial investment arm of Abu Dhabi’s sovereign investor Mubadala, has acquired one of the largest Taco Bell...
- Mubadala Capital bought K-Mac Holdings Corp from Lee Equity Partners Opportunities Fund
- Mubadala Capital has invested about $1.8 billion in the F&B sector in the past seven years
Business
Savills says GCC real estate to benefit from global migration
The Middle East’s real estate sector may benefit from the return of global population movement to pre-pandemic levels in 2024.
- Improvement in global migration has pushed the real estate sector to “new heights”
- This also comes as governments in the regions have gradually lifted pandemic-related restrictions on consumer activities
Business
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs,...
- Sukuks amounting to $57.3 billion were issued in the GCC region, Malaysia, Indonesia, Turkey and Pakistan in the third quarter of 2021.
- Global outstanding sukuk reached $775.4 billion in the third quarter, 2.8 percent higher than the previous quarter.
Business
UAE, Senegal to set up joint business council
The MoU was signed on the sidelines of the Expo 2020 Dubai in the presence of President Macky Sall of...
- For the UAE, the MoU signatory was Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry
- For the African country, it was Aba Traore and Elimane LAM on behalf of the Consortium of Employer’s Unions of Senegal
Economy
Africa needs to revamp transportation for economic development: DP World CEO
Africa offers significant potential for investment and economic partnerships that can create mutual benefits for UAE businesses and their African...
- Africa offers significant potential for investment and economic partnerships, Sultan Bin Sulayem said at Global Business Forum Africa.
- Dubai keen to transfer its experience to help develop business in Africa, Bin Sulayem said.
Business
DSOA program to aid techpreneurs and startups
DSOA — a wholly-owned government free zone — is expected to launch the program at GITEX Future Stars 2021.
- DSOA — a wholly-owned government free zone — is expected to launch the program at GITEX Future Stars 2021
- The tech-focused startup event will run from October 17 to 20 at the Dubai World Trade Center
Business
Oman to get green ammonia plant at Salalah
The new project, named SalalaH2, will target the production of up to 1,000 tons per day of green ammonia.
- An international consortium has signed an agreement to develop a green hydrogen and green ammonia project at the Salalah Free Zone in Oman
- The consortium consists of the alternative energy business unit of Oman’s national petroleum investment company OQ, Marubeni Corporation, Linde, and Dutco
Business
DMT issues a new Code of Practice for marina operations
The Department of Municipalities and Transport (DMT) has announced a new Code of Practice (CoP) encompassing the primary Health, Safety...
- The new code will push the emirate's ambition to become one of the top five global maritime centers by 2030.
- The code stipulates mandatory attestation of Marina Berth Leasing Contracts by DMT no later than six months or at the time of the next contract renewal.
Business
Morocco is Africa’s new automotive manufacturing hub
Morocco’s Automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000...
- Morocco’s Automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000 direct jobs.
- According to several international experts Morocco’s auto industry is set to contribute to as much as 24% to the Moroccan GDP by 2022
Economy
Digital upskilling key to MENA economic revival
About 70% CEOs in the Middle East believe that lack of digital skills is a threat to their businesses, a...
- An independent survey of Middle East CEOs conducted by Price Waterhouse Coopers in 2020 revealed that 70 percent believe that a lack of digital skills is a threat to their business
- A recent report by Korn Ferry, the US management consulting firm, predicts a global talent shortage of more than 85.2 million people by 2030
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
Company News
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AD Ports Q1 revenue is $494m
Business
PIF-owned Saudi tourism company to sponsor Al-Hilal Club
Riyadh, Saudi Arabia -- The Saudi Tourism Investment Company (ASFAR), a Public Investment Fund (PIF) portfolio company, has announced a...
Business
Generative AI brings challenges and opportunities
"New technologies like generative AI bring both opportunities and risks. A holistic AI strategy ensures privacy, security, and compliance, considering...
Opinion
Dubai Municipality parks attract more than 15m visitors in H1
Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
Business
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Business
Saudi Arabia organizes trade mission to Japan to drive non-oil exports
Riyadh, Saudi Arabia--The Saudi Export Development Authority organized a trade mission to Japan under the theme of "Saudi Made" in...
- The Saudi Export Development Authority's initiative to organize the campaign in Japan is designed to boost non-oil Saudi exports
- The kingdom's non-oil exports to Japan totaled $438 billion over the past five years (2018-2022), including $99.20 billion last year
Business
Dana Gas logs $83m net profit
Revenue for the first half decreased 22% to $222 million.
- Revenue for the first half decreased 22 percent to $222 million compared to $284 million in H1 2022.
- The Group’s production in H1 2023 averaged 59,800 boepd, a 2 percent drop as compared to 61,100 boepd in H1 2022
Economy
Dubai taxi sector posts 10% growth
The market share of Hala Taxi service vehicles grew 35%
- The market share of Hala Taxi service vehicles grew 35% in H1 2023 2023, up from 28% in the same period of 2022
- Equally, the number of drivers in this sector soared from 19,000 to 26,000 between these respective periods