US exempts several consumer electronics from Trump’s import tariffs
Washington, United States -- The Trump administration has exempted a raft of consumer electronics from its punishing import tariffs --...
Business
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Business
Innovative financing solutions attract firms to UAE
"Everybody sees this as an opportunity to bring their businesses here. Accessing capital can be challenging, but fortunately the government...
- Raja Al Mazrouei, CEO of Etihad Credit Insurance, asserts that financing solutions are driving manufacturing growth in the UAE and luring external entities
- The ECI CEO, however, acknowledges the challenges in capital access but praised the UAE government's provisions such as subsidies, financing, and guarantees
Business
Dubai properties attract affluent buyers
The Gulf emirate continues to charm the global elite as HNWIs worldwide are projected to spend an astonishing $2.5bn on...
- The emirate continues to charm the global elite as HNWIs worldwide are projected to spend an astonishing $2.5bn on luxury properties in the Gulf city this year, says a survey
- Dubai outperforms global cities like Hong Kong and New York in the luxury real estate market with Downtown and Palm Jumeirah emerging as the top picks among HNWIs, it adds.
Business
Jewels of Emirates Show begins in Sharjah
SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry,...
- The Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI) is hosting the event.
- Sheikh Majid bin Faisal bin Khalid Al Qasimi, First Deputy Chairman of the Chamber, inaugurated the exhibition.
Economy
US Senate all set to pass debt deal bill as default almost avoided
US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case...
- The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House.
- The Senate has to agree unanimously to fast-track legislation and any individual member can draw out consideration of a bill for days.
Economy
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...
- The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
- The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.
Economy
Saudi merchandize exports down 14.6% in Q1 as oil exports fall
Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a...
- The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022.
- The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period.
Business
First Abu Dhabi Bank prices $600 million five-year green bond
Dubai, UAE -- First Abu Dhabi Bank (FAB) has raised $600 million from an offering of a five-year bond, which...
- The green bond was upsized to $600 million from the initial $500 million after the orderbook was oversubscribed 2.8 times.
- A substantial 85 percent of the allocation went to international investors, the highest achieved by a MENA issuer in 2023.
Business
MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with...
- According to the Global Electric Mobility Readiness Index (2022), the demand for electric vehicles in the UAE has been rising over the past few years.
- The report shows the UAE, which has more than 300 charging stations, has one of the largest charging-station-to-vehicle-ratios in the world.
Business
QatarEnergy signs 15-year gas deal with Bangladesh firm
The state-owned hydrocarbon giant will supply 1.5 million tons annually starting in January 2026, the Qatari firm said at the...
- QatarEnergy chief said the gas could come from the North Field project which holds the world's biggest natural gas reserves and extends beneath the Gulf into Iranian territory.
- QatarEnergy currently supplies Bangladesh with more than 3.5 million tons of LNG per annum, Kaabi said. Qatar is one of world's top LNG producers.
Business
Dubai’s main investment arm ICD posts record $9.8bn in net profit for Q1
Dubai, UAE -- The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion)...
- Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segment.
- Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
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US exempts several consumer electronics from Trump’s import tariffs
Washington, United States -- The Trump administration has exempted a raft of consumer electronics from its punishing import tariffs --...
Business
Company News
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Al Saqr names chairman of board
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
Business
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
Business
Dubai RTA awards US$95m contract to upgrade ticketing system
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has awarded a contract to upgrade the existing nol (card-based ticketing...
Business
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Business
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
- The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation.
- The campaign launch coincides with Messi's upcoming return to Saudi Arabia, where he will play two matches with his club, Inter Miami, against Al Nassr and Al Hilal.
Business
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...
- The AED500 million initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
- Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
- Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
- The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.