WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
Business
BitOasis to be registered in GoAML
BitOasis offers over 15 digital assets to trade against the dirham.
- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing — or AML/CTF — has welcomed the confirmation
- The registration is expected to help add yet another layer of security for both fintech startups and the national economy
Science
UAE, Egypt explore prospects of greater space cooperation
The two sides also discussed facilitating new growth partnerships between the public and private sector.
- The meeting explored the potential for greater collaboration in all space-related fields between the two countries
- The two parties also looked at opportunities to strengthen ties across science, technology, engineering, and mathematics
Business
PwC Middle East to hire 6,000 staff in five years
PricewaterhouseCoopers (PwC) Middle East intends to build its largest headquarters in Riyadh, and hire more than 6,000 staff across the...
- PwC predicts its Saudi HQ will attract other global firms to the Kingdom
- Location will be decided in the next two years
Business
EDB, Emirates NBD sign MoU to guarantee credit for SMEs
The program will focus on sectors such as manufacturing, healthcare, infrastructure, food security, and technology.
- As part of the MoU, EDB will give financing guarantee coverage of up to 50 percent of the amount lent to SME customers by Emirates NBD
- This will be a maximum of AED5 million (around $1.36 million) for larger SMEs and up to AED500,000 (around $136,000) for smaller customers
Business
UAE, China discuss strategic ties, common concerns
The two countries also reviewed bilateral partnership and cooperation in confronting the Covid-19 pandemic.
- Sheikh Abdullah bin Zayed Al Nahyan, the Minister of Foreign Affairs and International Cooperation attended the discussions for the UAE
- He spoke on the phone with Wang Yi, State Councilor and Foreign Minister of China
Business
Innovation, partnerships put Dubai at forefront of financial markets: Analysis
DUBAI: Innovative initiatives and partnerships along with a series of regulatory reforms have placed the financial markets industry in Dubai...
- Dubai Competitiveness Office cited DIFC's example, which was ranked amongst the top 15 global financial centers consistently.
- Financial market ecosystem in the emirate is well-positioned to enable capital flows.
Business
Saudi Arabia reaches out to France for stronger economic ties
The move aims to further enhance bilateral investment relations by making use of the opportunities offered by Saudi Vision 2030.
- The Minister of Investment of Saudi Arabia, Khalid bin Abdulaziz Al-Falih, is on an official visit to France
- He is accompanied by a high-level Saudi delegation from government agencies, national companies, and representatives of the private sector
Business
Saudi telecom firm stc gets higher rating from Moody’s for ‘strong financial metrics’
Moody’s, the bond credit rating firm, has upgraded the Baseline Credit Assessment (BCA) of Saudi Arabia’s stc, saying it has...
- The telecom company’s BCA was revised from a1 to a2, and Moody’s also affirmed its A1 long-term issuer rating
- 'The upgrade reflects stc's leading position in the Saudi telecom sector, which has considerable growth opportunities'
Business
Pact signed for setting up incubator to support SMEs in Oman
DUBAI: An incubator to support Small and Medium Enterprises in Oman will be established by Oman’s Authority for Small and...
- The incubator will be specialized in the logistics sector, supply chains, and services affiliated with the Public Authority for Special Economic Zones and Free Zones.
- A pact was signed between Oman’s Authority for Small and Medium Enterprises Development (Asmed) and Oman Drydock Company in this regard.
Business
Dubai records $327m realty deals in week ending Wednesday
The deals consisted of 266 real estate sales transactions worth AED849.88 million.
- August 2021 was the second-highest month since December 2013 in terms of the number of sales transactions in one month.
- The real estate market in Dubai is seeing sustained growth in the run-up to Expo 2020 Dubai.
WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
Company News
Fertiglobe Q1 net profit $135m
Business
Latest News
Abu Dhabi International Airport sees 67% surge in H1 passenger traffic
Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...
Business
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...
Business
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Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Business
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.
- In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
- Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.