UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...
Business
Science
World airlines commit to ‘net zero’ CO2 emissions by 2050
The world's airlines made a joint pledge Monday to reach "net zero" CO2 by 2050, as the aviation industry ramps...
- "The important decision that we must make today will secure the freedom to fly for future generations"
- IATA represents 290 member airlines comprising 82 percent of pre-pandemic global air traffic
Economy
DMCC registers best nine-month performance
The DMCC welcomed around 1,800 companies to Dubai from Q1 to Q3 this year.
- DMCC last month welcomed 215 new businesses to its free zone and business district in the best September performance since inception
- This year also saw its best H1 performance since 2013; its best June and August performances on record are also from this year
Business
Alturki Holding oil arm buys out US drilling firm Newsco for undisclosed sum
Alturki Holding oil arm, the Saudi Sawafi company, has bought out Newsco, the US drilling services company, for an undisclosed...
- Newsco is one of the most important directional drilling companies in the petroleum industry in the world
- Sawafi, the global leader in upstream technologies, will now control about 9 patents in directional drilling
Business
Central Bank of UAE penalizes six exchanges for flouting rules on money laundering
The Central Bank of the United Arab Emirates has penalized six exchange houses for flouting rules to combat money laundering...
- The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions Compliance Frameworks by end-2019
- The UAE has in recent months beefed up regulations targeted at banks and financial institutions to combat and prevent money laundering
Business
Home buyers in Middle East long for a villa in the countryside
Home buyers in the Middle East are looking to settle in rural areas and possess bigger homes than they have...
- Around 57 percent of respondents in the region said they would be most likely to buy a villa
- Half of the respondents cited the energy efficiency of their home being a “very important” issue
Business
TMG of Egypt looks to take advantage of demand for housing in Saudi Arabia and Iraq
Talaat Moustafa Group, the Egyptian real estate company, is looking to expand into Saudi Arabia and Iraq to take advantage...
- TMG has formed a committee to study investment opportunities in Saudi Arabia and Iraq
- The company recently proposed the Nour City project, east of the capital Cairo
Arts & Culture
Art sales rebound to an all-time high of $2.7 billion after Covid-19 slump
Sales soared between June 2020 and June 2021 as auctioneers quickly adopted a more online approach.
- NFTs, or "non-fungible tokens", allow people to buy the rights to online art, including images, animation or even tweets.
- In March, US artist Beeple sold an NFT of his digital artwork "Everydays: The First 5,000 Days" for $69.3 million.
Business
Outdoor ad firm Al Arabiya announces IPO
The company expects to sell 30 percent of its shares in the offering.
- The IPO is expected from Oct. 22 to Oct. 26 and a book-building process will determine offer price per share.
- In June, the Capital Market Authority had approved the company's request for the IPO.
Business
Emirates and Qantas extend partnership
Together, the airlines are making millions of reward seats available for frequent flyers to access more than 100 destinations.
- For Emirates customers, the deal provides access to over 55 Australian destinations to where Emirates does not fly
- Qantas customers are able to fly on Emirates to Dubai and access over 50 cities in Europe, the Middle East and North Africa, to where Qantas does not fly
Geostrategy
Panama law firm heavily implicated in ‘Pandora Papers’ revelations
Alcogal created offshore shell companies to hide money in tax havens for politicians and public figures. They included "some accused...
- Nearly two million of the 11.9 million leaked documents associated with the Pandora Papers came from Alcogal.
- The firm rejected accusations, saying it was considering legal action to defend its reputation.
UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Company News
ICIEC inks deal with SNB
Business
Latest News
ADQ ties up with Dutch firm to set up greenhouse at AgTech Park in KEZAD
Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered...
Business
Qatar Central Bank foreign reserves surge by 14.3% in July
Doha, Qatar - The international reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged last July to reach...
Business
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Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Business
GCC eyes global recycling dominance amidst EV boom
While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's...
- While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's vast resources position it as a potential recycling leader
- Battery recycling in resource-rich Gulf countries could ease global mineral supply pressures. However, the long lifespan of batteries currently limits available recycling material
Business
Dubai Chamber of Commerce reports 43% increase in member firms
Dubai, UAE - The Dubai Chamber of Commerce reported a 43 percent increase in new member companies, reaching a total...
- The total value of exports and re-exports from member companies also saw a 7% increase, reaching AED 137.6 billion ($37.46bn).
- The chamber also reported a significant increase in the value of goods and commodities, with a growth of more than 108 percent.