Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
Business
Business
Hub71, Abu Dhabi’s global tech ecosystem, adds 15 more startups
Abu Dhabi, UAE - Hub71, Abu Dhabi's global tech ecosystem, has welcomed its first cohort of the year comprising 15...
- The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups
- 67 percent of the selected startups are headquartered outside the UAE, reinforcing the global status of Abu Dhabi as an innovation hub
Business
Emirati, Iraqi private sectors to benefit from Ma’an initiative
Sharjah, UAE -- The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have...
- It was launched by the Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched Ma'an (Together).
- The name "Ma’an" signifies the deep historical ties between the UAE and Iraq, especially in trade and business, the Chambers said.
Business
Suez Canal annual revenue hits record $9.4bn
Cairo, Turkey – Suez Canal revenue surged by 35 percent to $9.4 billion in the financial year 2022-23, up $7...
- Suez Canal Authority Chairman Osama Rabie attributed the Suez Canal's revenue increase to the crisis in Ukraine and ongoing development projects by the authority
- The SCA, he said, is preparing to offer a 20 percent stake in Canal Rope on the Egyptian Exchange (EGX) as part of Egypt's government IPO programme
Economy
UAE airports receive 31.8 million passengers in Q1: CBUAE
Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of...
- In the UAE, the aviation sector contributes, directly or indirectly, to about 14 percent of GDP as against 2 to 3 percent in emerging markets
- In 2022, Dubai's airport, one of the busiest in the world, received 66 million passengers, more than double the previous year
Arabs endorse draft law, strategy to regulate social media, up to $2m penalty for violation
The law will apply to a wide array of “illegal content” including, but not limited to, false and fake news,...
- The objective is to establish a harmonized Arab legislative and fiscal base, which will safeguard Arab content and users
- The strategy will address a wide array of “illegal content” including, but not limited to disinformation campaigns, false and fake news
Economy
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
- The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
- The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation
Economy
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
- The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
- It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
Business
Musk meets Narendra Modi to discuss investment in India
Musk, one of the world's richest men, said that Modi was "pushing us to make significant investments in India, which...
- New Delhi has rolled out the red carpet for top global investors and companies -- including tech giants like Google and Apple -- in the last few years.
- Since the coronavirus pandemic, many companies have expanded their presence in India as a way to cut their supply-chain dependence on China.
Business
RAKEZ unveils ‘open yards’ to enhance business facilities
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive...
- Located in Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.
- With the introduction of these new open yards, investors are provided with the opportunity to operate across a spectrum of over 100 activities.
Business
Lufthansa to sell payments subsidiary
The German group will sell AirPlus to Sweden's SEB Kort Bank.
- It comes after Lufthansa in April announced the divestment of its LSG catering business, and last month agreed to buy a 41-percent stake in Italy's ITA Airways.
- The Lufthansa group -- one of Europe's biggest airlines -- was brought to the brink of bankruptcy when the Covid-19 pandemic saw global air travel grind to a halt.
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
Business
Company News
KPMG to merge UK, Swiss ops
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ROSHN, Retal sign $99m deal
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Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
Business
EU examines Microsoft large investment in OpenAI
Brussels, Belgium - The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a...
Business
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Business
Tokyo’s Nikkei climbs to its highest level since Mar 1990
Tokyo, Japan - Tokyo stocks closed higher on Tuesday on the back of gains in US tech stocks, pushing the Nikkei...
- The benchmark Nikkei 225 index climbed 1.16 percent, or 385.76 points, to end at 33,763.18
- In Tokyo trading, chip-linked shares were higher with Advantest surging 6.04 percent to 4,945 yen
Business
Mubadala lists dollar, dirham bonds
This is Mubadala's seventh listing of a green debt instrument on ADX.
- The listings on ADX included Mubadala’s highly oversubscribed debut Green Bond and Mubadala’s inaugural dirham-denominated bond.
- The listing of Mubadala’s green bond marks the seventh listing of a green debt instrument on ADX.
Business
Air cargo demand up 8.3 percent in November 2023, says IATA
GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
- This reflects a fourth consecutive month of strengthening demand for air cargo.
- Most of the capacity growth continues to be attributable to the rise in belly capacity.