Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Geostrategy
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...
- Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
- Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
Economy
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...
- The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
- It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
Business
EDGE acquires majority stake in MARS Robotics
Abu Dhabi, UAE - EDGE, a technology and defence group, on Tuesday announced the acquisition of an 80 percent stake...
- MARS Robotics will work closely with EDGE’s Advanced Concepts, which focuses on the rapid design, development, and deployment of advanced and innovative technologies
- Founded in 2013, MARS Robotics provides engineering solutions and services to Unmanned Aircraft Systems OEMs in hardware, peripherals, networks and software
Economy
Iran, Indonesia to sign preferential trade agreement to boost trade
Tehran, Iran-- Less than a year after signing a preferential trade agreement (PTA) with the UAE, Indonesia will sign a...
- According to Indonesia's trade ministry, the treaty will lead to improvement in trade ties and scale up the trade-transaction value between the two countries
- As per the PTA, products such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish from Indonesia that are popular in Iran will be given preference
Business
Russia’s PM to sign trade, infrastructure deals in China visit
The two countries have in recent years ramped up economic cooperation and diplomatic contacts, with their strategic partnership having only...
- The Russian PM will take part in a Russian-Chinese Business Forum and visit a petrochemical research institute in Shanghai
- A number of sanctioned Russian tycoons, including from the key fertilizer, steel and mining sectors to take part in the forum
Economy
UAE institutional investors should focus on transition investment: NYUAD report
Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on...
- The participants in the workshop noted that transition investment can make a significant difference to the global economy and the MENA region
- The event drew a wide array of people like asset managers, researchers and policymakers to share knowledge and best practices on unlocking large-scale investments
Business
NEOM taps India’s Rajasthan Royals for its cricket program
NEOM, Saudi Arabia - NEOM, the futuristic city being developed in Saudi Arabia, has announced its collaboration with Rajasthan Royals,...
- NEOM aspires to become a pioneering sporting destination by collaborating with renowned international sports brands
- With thousands of individuals already employed at NEOM, cricket has emerged as one of the most popular sports among the workforce
Economy
UAE and Malaysia agree to boost cooperation in clean energy
Kuala Lumpur, Malaysia-- The UAE and Malaysia are looking to bolster cooperation in the field of energy, in addition to...
- The two ministers explored collaboration on investment and development in the energy sector and ways to boost capacity of the two countries in the field of sustainable development
- The visiting minister Al Mazrouei noted that the UAE is seeking to form new partnerships with allies in order to shape a better future for the coming generations
Economy
UAE signs MoU with Microsoft, PwC to set up ‘centre for digital excellence’
Dubai, UAE-- The UAE has signed a memorandum of understanding (MoU) with Microsoft and PricewaterhouseCoopers (PwC) to set up the...
- The centre will look to shore up government's digital transformation, enabling government authorities to benefit from the best global practices and modern technologies
- The new entity will explore how advanced technologies affect government work and will also conduct research and development in digital transformation
Business
High cost of Paris Olympics tickets draws flak from athletes
Paris, France -- Athletes have joined the clamor of criticism at the high cost of tickets for the 2024 Paris Olympics,...
- Of the promised one million seats at 24 euros ($26), the lowest price for next year's Olympics, nearly 150,000 went up for sale in phase two.
- Three days after the launch of the second phase, sports fans were offered tickets at 690 euros and even 980 euros for athletics semi-finals.
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Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Company News
Latest News
US approves inspection program to return Boeing 737 MAX to service
The FAA announcement is a major step after the agency grounded 171 MAX 9 planes after the January 5 incident...
Business
UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion
Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in...
Business
Most Read
Business
SK Hynix posts US$259.4m profit
The chip maker said the profit was boosted by strong sales.
- The company said it returned to profit after four consecutive quarters of losses driven by demand for chips used in AI
- The chip maker posted a quarterly profit in Q3 of 2022, after which it was hammered by an industry-wide downturn
Business
DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking...
- During the four quarters to the end of Q2 2023, the UAE-UK bilateral trade grew 47.3% year-on-year to reach $32.40 billion
- In 2023, more than 200 British companies joined DMCC’s business district alone, representing a 10% year-on-year growth
Business
Innovations, investment spur UAE lab equipment surge
Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is...
- Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is set to hit $1.5b by 2027.
- Technological innovations in diagnostics play a key role in this dynamic landscape, setting the UAE's healthcare sector on a path of transformative growth, say a latest report.