Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
Business
UBS set to complete its takeover of Credit Suisse today
The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come...
- The merger of Switzerland's two biggest banks will be complex both technically and politically, resulting in a megabank unlike the Swiss have ever seen
- "If the takeover by UBS hadn't succeeded, there would have been an international financial crisis", said Thomas Jordan, chairman of the Swiss National Bank
Economy
SEWA holds talks with US consulate to promote innovation for energy solutions
Sharjah, UAE-- The Sharjah Electricity Water and Gas Authority (SEWA) has held talks with a US consulate-general delegation to explore...
- The meeting also touched upon SEWA's initiatives to bring down carbon emissions and fight climate change, besides discussing the upcoming COP28 conference
- The two sides also explored potential partnerships between SEWA and American companies in innovation and sustainable development
Economy
UAE-Turkey partnership has scaled new heights: Al Marri
Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit...
- The CEPA agreement between the two countries is expected to start a new era of ties, stimulating trade, increasing investment flow, and creating jobs
- The non-oil bilateral trade is expected to increase to US$40 billion annually in five years, and at the same time create 25,000 new jobs by 2031
Business
Arab-China summit sees $10bn deals on first day
Investment agreements between the two sides covered diverse sectors such as technology, renewables, agriculture, real estate, minerals, supply chains, tourism,...
- Investment agreements between the two sides covered diverse sectors such as technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare
- The MoU between the Saudi Ministry of Environment and the Beijing Institute of Genomics aims to enhance food security and environmental protection in Saudi Arabia
Business
RTA signs strategic partnership agreement with Al-Futtaim Automotive
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has signed a strategic partnership agreement with Al-Futtaim Automotive to deploy...
- The agreement will support RTA's sustainable transport network and the Zero-Emissions Public Transportation in Dubai 2050 strategy.
- Al-Futtaim Automotive will also provide assistance for building the Authority’s electric charging technology and infrastructure.
Geostrategy
SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
- The two discussed the authority's initiatives to reduce carbon emissions and combat climate change and its vision for the upcoming COP28 conference.
- They also explored potential collaborations between the authority and American companies in innovation and sustainable development.
Business
George Soros hands over control of his $25bn empire to son Alexander
Billionaire investor George Soros had handed over control of his US$25 billion empire to his younger son Alexander Soros -...
- Alexander Soros recently met with Biden administration officials, Senate Majority Leader Chuck Schumer, and heads of state.
- The younger Soros is the only family member on the investment committee overseeing Soros Fund Management.
Business
Saudi SME Bank signs $266m deals with fintech firms, investment funds
Riyadh, Saudi Arabia – The SMEs Bank system of the National Development Fund has signed 20 agreements valued at more...
- These deals include 10 agreements and MoU by the SMEs Bank worth SAR 500 million and three agreements signed by the Saudi Venture Capital Company SVC worth SAR 232 million.
- A total of seven MoUs were signed by the Small and Medium Enterprises Financing Guarantee Program "Kafalah" worth SAR 300 million with a leverage of up to five times.
Business
Kuwait Oil Company’s five-year digital strategy to reduce expenses
Kuwait -- Kuwait Oil Company announced on Saturday that it has upgraded its five-year digitalization strategy, which will contribute to...
- The upgrading of the strategy will also enhance safety and security, and help manage risks in a better way, Deputy CEO for gas and innovation at KOC Bader Ahmad Al-Munaifi said.
- "KOC will announce a roadmap for digitalization and launch a massive database during a conference on June 18," he said.
Business
10th Arab-China Business Conference opens in Riyadh
The conference -- being held under the theme "Collaborating for Prosperity" -- aims to strengthen the Arab-Chinese friendship and foster...
- The conference -- being held under the theme "Collaborating for Prosperity" -- aims to strengthen the Arab-Chinese friendship and foster a shared prosperous future
- China is now the largest trading ally of Arab nations with a trade exchange of $430bn in 2022, a 31 percent increase from 2021, with Saudi Arabia leading the league
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
Business
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Rules are fine but educate public about generative AI: Expert
Dubai, UAE -- Regulations alone will not safeguard the public against nefarious uses of Artificial Intelligence, people also need to...
Business
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
Turkish Airlines grounds Boeing 737 MAX 9 jets amid inspection orders
Turkish Airlines said that it would stop flying five Boeing 737 MAX 9 jets in its fleet even as the...
Geostrategy
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Business
Shanghai to build 200 smart factories to shore up its manufacturing status
Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent...
- The city as China's largest smart-solutions provider and a core equipment hub sees such innovation as vital for industrial competitiveness
- Its vice mayor said that "intelligent manufacturing" plays a key role in new industrialization and is pivotal in the city's digital economic transition
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
- UAE-based startups are increasingly turning to Saudi Arabia, leveraging the Gulf's largest economy to scale up their operations.
- With both nations offer substantial markets and supportive environment for innovation, startups explore new opportunities in the Kingdom.
Business
Dragon Oil, Turkmennebit ink MoU
Aim is to expand Dragon Oil’s investments in Turkmenistan.
- Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000.
- The company’s primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Cheleken Contract Area.