G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
Business
Gulf Air, Emirates sign deal
The two airlines announced the start of a codeshare agreement.
- To begin with, Gulf Air will apply its code to many Emirates' destinations in Europe and the Far East, thus ramping up the number of routes for its customers
- The deal will enable its premium customers to access Emirates' lounges in Dubai and also combine ticketing, check-in and baggage transfers, beside benefiting from competitive fares
Business
TRENDS Poll: 36% believe GCC banks threatened by US, Europe banking crisis
Due to the GCC's strong linkages with the global banking system, concerns have risen that the banks in the region...
- The poll question asked:Â Are GCC banks under threat from the banking crisis in the United States and Western Europe?
- Due to the GCC's strong linkages with the global banking system, concerns have risen if the banks in the region will face the same struggles
Business
Mubadala invested $29 billion in 2022 in sectors that shape futureÂ
Abu Dhabi, UAE - Mubadala Investment Company invested AED 107 billion ($29 billion) in sectors that shape the future, including...
- The company participated in deals in the healthcare sector, investing in Envirotainer, a cold chain solutions provider for the pharmaceutical industry
- In the renewable energy sector, Mubadala invested USD 525 million with India’s BlackRock Real Assets in Tata Power Renewables
Economy
FAB hosts Chinese businessmen for summit on boosting trade
Abu Dhabi, UAE-- Seeking to deepen the UAE's economic and trade relationship with China, First Abu Dhabi Bank hosted more...
- With investment and trade touching US$330 billion during the last ten years, China has emerged as the Middle East's largest trading partner
- Last year, the bank became the first financial institution from the UAE to open a branch in Shanghai thus pushing trade and investment flows across the region
Business
UAE looks to strengthen economic ties with Central Asian states
Dubai, UAE-- The UAE is keen to strengthen economic ties with the Central Asian states, which offer many investment opportunities....
- Dr. Thani bin Ahmed Al Zeyoudi said that the UAE was always exploring new markets, and the KazanForum provided a platform to meet with representatives of Central Asian nations
- He held bilateral talks with several government ministers and officials, focusing on the current economic landscape, areas of mutual interest and opportunities for investment
Business
Digital banking services use in UAE is now 100%: Bank federation chief
Dubai, UAE – UAE Banks Federation (UBF), the representative of UAE banks, revealed on Friday that the rate of digital...
- UAE ranks second globally in terms of customer confidence in banks at 84% in 2022, according to the annual index of the UAE Banks Federation
- UAE leadership in digital banking is underpinned by the adoption of the Digital Transformation Strategy by the Central Bank of the UAE in 2022
Business
GCC IT spending to hit $35.3bn despite economic woes
Global supply chain constraints and escalating inflation are unlikely to affect IT spending in the Middle East, Turkiye, and Africa...
- Global supply chain constraints and escalating inflation are unlikely to affect IT spending in the Middle East, Turkiye, and Africa region, which is set to reach US$233.8bn
- Adoption of AI and blockchain in GCC is faster than in other regions as firms in the bloc transition from early stages of digital transformation to managing 'digital businesses'
Business
MoFAIC, Burjeel Holdings ink MoU on healthcare services
ABU DHABI, UAE - UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Burjeel Holdings have signed a Memorandum...
- MoFAIC said that it seeks to enhance the quality of life via comprehensive and proactive health and therapeutic services.
- Burjeel Holdings said their healthcare professionals are committed to ensuring the well-being of MoFAIC's employees.
Geostrategy
Ajman Chamber, Belgium Embassy discuss trade opportunities
AJMAN, UAE - Chairman of the Ajman Chamber of Commerce and Industry (ACCI) Abdullah Al Muwaiji discussed trade and investment...
- The meeting aimed to strengthen economic ties and promote Ajman as an attractive investment destination.
- The discussions focused on bilateral economic, trade investment relations, tourism, industry, trade, education, health.
Business
$36m plot of land among $2.47bn Dubai weekly realty deals
Dubai, UAE -- A total of 3,105 real estate transactions worth AED9.1 billion ($2.47 billion) were conducted in Dubai during...
- The DLD report showed that 191 plots were sold for AED1.14 billion, and 2,284 apartments and villas were sold for AED6.03 billion.
- Al Hebiah Fifth recorded the top transactions for this week with 54 sales worth AED185.13 million, followed by MADINAT HIND 4 with 34 sales worth AED50.26 million.
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
Company News
Latest News
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
Business
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Business
Societe Generale to slash 900 jobs
The bank employs 117,500 people around the globe.
- The bank said that five percent of its head office staff would be cut as part of organizational changes
- The slashing will be carried out "through internal transfers, end-of-year support or voluntary departures"
Business
Irbid chamber industrial exports up
The value of certificates of origin issued stood at US$65m.
- Al-Hassan Industrial Estate, as per ICI's report, took the lead in export volume last month, contributing $59.5 million
- Irbid's exports to the United States accounted for 63.5 percent of the total export volume, exceeding $41.5 million
Geostrategy
RTA inks agreement to develop entry/exit points for Dubai Harbor
DUBAI, UAE - The Roads and Transport Authority (RTA) of the Emirate has entered into a strategic partnership with ‘Shamal...
- The bridge extends from Sheikh Zayed Road to Dubai Harbour, an exceptional seafront district that hosts the region’s marina.
- RTA would construct a bridge of two lanes in each direction spanning 1,500 meters and accommodating 6,000 vehicles per hour.