Portugal’s Felix joins Ronaldo at Al Nassr in Saudi
Riyadh, Saudi Arabia -- Portuguese forward Joao Felix has signed a two-year deal with Saudi Arabia's Al Nassr, where he...
Arts & Culture
Business
ADNOC signs deals with 60 firms to produce key non-oil products in UAE
Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil...
- This brings ADNOC closer to its target to locally manufacture $19 billion worth of products in its procurement pipeline.
- In addition, the deals enabled AED2.84 billion ($774 million) to flow back into the UAE economy through industrial investments.
Business
UAE Central Bank issues new guidelines for virtual assets
Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating...
- It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
- The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.
Business
Saudi SMEs grow by 4.8 percent in first quarter to reach 1.2 million
Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the...
- A total of 89,000 new small and medium enterprises were launched during the first quarter of 2023, according to a report by General Authority for Small and Medium Enterprises.
- The report also reviewed the achievements of Biban 23 forum, which was attended by 145,000 visitors from around the world.
Business
Flat6Labs invests $10.2m in Abu Dhabi start-ups
Dubai, UAE - Flat6Labs, a seed and early-stage venture capital firm in the MENA region, has invested $10.2 million in...
- The program, in partnership with DisruptAD, the venture platform of ADQ, provides coaching, mentoring, and training to selected start-ups
- Over the past two years, the program has invested in 38 promising start-ups, with the majority (68 percent) based in the UAE
Business
TAQA, ENGIE complete financial closing for UAE’s mega desalination plant
Dubai, UAE -- Abu Dhabi National Energy Company (TAQA) ENGIE, a global leader in low-carbon energy solutions, and Emirates Water...
- The AED2.3 billion ($620 million) low-carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project will be the UAE's third largest.
- Expected to be operational in Q4 2025, the plant will be owned by TAQA, holding a 60 percent share and ENGIE taking a 40 percent.
Business
AD Ports signs MoU with Abu Dhabi Residents’ Office to lure talent
Abu Dhabi, UAE--AD Ports Group has signed a memorandum of understanding (MoU) with Abu Dhabi Residents Office (ADRO) to promote...
- Both the entities will develop a strategy on guiding relevant parties and employees about the benefits of the Golden Visa residency program
- The holders of Golden Visa will have access to exclusive offers and services, availabe across the different clusters and subsidiaries of AD Ports Group
Business
Palm Jumeirah penthouse sells for a staggering $60m
Dubai, UAE - A shell-and-core mega penthouse in Palm Jumeirah was sold for AED 220 million ($60 million) by Honey...
- The penthouse sold is on the topmost floor of AVA at Palm Jumeirah, Dorchester Collection, spanning a built-up area of 33,406 sq ft
- It also has a four-floor 200m indoor garden and a roof terrace with 360-degree views, making it the perfect spot for relaxing
Economy
Dubai holds trial of drone delivering medicine in public-private sector tie-up
Dubai, UAE--Dubai held the first trial of medical delivery by drones at the Dubai Silicon Oasis (DSO), in yet another...
- Fakeeh University Hospital, with the completion of the trial, becomes the first healthcare provider in the Middle East to leverage drone technology for medication delivery
- The test was conducted within a 10-kilometre radius, carrying medication from the hospital to a patient's home in Cedre Villas project in Dubai Silicon Oasis
Economy
UAE Corporate Tax: Ministry of Finance issues three new rules
Abu Dhabi, UAE: The UAE on Tuesday issued three new decisions to further smoothen implementation of the Corporate Tax in...
- These include updated regulations for unincorporated partnerships, interest caps, and tax grouping
- The new decisions are an attempt to ensure that “the UAE's corporate tax regime maintains flexibility.”
Economy
UAE government launches chatbot allowing users to access information on services
Dubai, UAE-- The UAE government has launched an AI-powered chatbot that allows users to access information about government services in...
- The chatbot deploying generative AI technology will let users to access information about services, including service requirements, and direct links for applications
- Designed to address a wide range of inquiries and requests, the platform will provide comprehensive answers, including basic information and ways to apply for services
Portugal’s Felix joins Ronaldo at Al Nassr in Saudi
Riyadh, Saudi Arabia -- Portuguese forward Joao Felix has signed a two-year deal with Saudi Arabia's Al Nassr, where he...
Arts & Culture
Company News
Dragon Oil, Turkmennebit ink MoU
Business
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GCC retail pins hope on customer loyalty programs
Retailers in the region are relying on card-linked offers, utilizing data analytics, mobile apps, and blockchain to enhance engagement and...
Business
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Business
Presight net profit $155m
The net profit grew by 5.1 percent to $155 million.
- The company said the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year.
- Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.
Business
Aldar Properties awards contracts worth US$2.8bn
ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a...
- The contracts are being recirculated to the local economy, in line with the National In-Country Value (ICV) program.
- The ICV program is crucial to economic and social development, job creation, and the growth of the national GDP.
Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.