Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
Business
Gulf Air orders 12 Boeing 787 Dreamliners for $4.6 billion
San Francisco, United States -- US aviation giant Boeing on Thursday signed a contract worth billions of dollars to sell...
Business
Business
UAE Corporate Tax: Ministry streamlines accounting standards, social security funds, tax exemptions
The latest decisions aim to enhance UAE's Corporate Tax regime's flexibility and support all business sectors, minimizing the compliance burden,...
- The decision on pension funds sets out further conditions for private regulated pension funds and social security funds in the UAE seeking exemption from corporate tax.
- The decision on accounting standards provides small and medium businesses that have revenues not exceeding AED50 million with the option of applying IFRS for SMEs.
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
Mawani adds FRS1 shipping service to Jeddah Islamic Port
Jeddah, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added CStar Line's new Far East-Red Sea service (FRS1) to...
Business
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Cerberus buys HSBC France retail
Business
Toyota expects to book profit of US$30bn
Its third-quarter net profit jumped to US$7 billion.
Business
WEF24: Understanding regional nuances key to success
Industries are increasingly investing in transformative technologies, including cybersecurity, sustainable solutions and AI, Sapthagiri Chapalapalli tells TRENDS in an interview.
Business
Ghitha Holding buys stake in MNG Airlines
The acquisition of 44% stake is valued at US$211.20 million.
Business
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Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
- The UAE is experiencing remarkable growth in sustainable finance, according to Barclays Private Bank UAE CEO Rasha Badawi.
- Sustainable investment opportunities expanding in the UAE across various sectors including renewable energy and agriculture, she adds.
Business
Jeddah Central Development Company signs 4 contracts worth $3bn
Jeddah, Saudi Arabia - The Jeddah Central Development Company, a company owned by the Public Investment Fund (PIF), signed four...
- The Jeddah Central Development Company will open the Jeddah Central destination to receive visitors at the end of 2027 from inside and outside the Kingdom
- The destination will include the Stadium, the Opera House and the Oceanarium, in addition to a sandy beach, a pier, a seafront promenade, and a marina
IHC net profit soars to US$8.9bn
The company's revenue for the year 2023 stood at US$16.33bn.
- The company's earnings per share (EPS) witnessed a huge rise, more than doubling from AED 6.81 to AED 12.36
- The group said that its preliminary revenue rose to $16.33 billion, marking an 18% increase from the previous year