Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...
Business
Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...
Business
Business
NMDC achieves 366% growth
The group's revenue doubled, reaching $0.87 billion.
- The group's revenue has also doubled, reaching $0.87 billion in Q1 2023, compared to $0.42 billion in Q1 2022, a growth of 106 percent
- NMDC Group has upcoming projects in Southeast Asia and South Asia, highlighting the confidence of the industry and clients in the Group's competencies
Business
Abu Dhabi to host electric-run aircraft, drone manufacturing plant
Abu Dhabi, UAE-- Monarch Holding and Chinese company EHang Holdings have signed an agreement to establish the first facility in...
- Apart from making electric aircraft and drones, the two partners will set up a command-and-control centre to manage urban air mobility autonomously
- The collaboration is also expected to result in an advanced infrastructure for vertiports and an autonomous flight management system operated by AI
Business
Becht scours for partners in Saudi Arabia, Oman to widen operations
Riyadh, Saudi Arabia-- Becht, an American engineering services company, has revealed that it is in talks with potential partners in...
- The company's director for the Middle East said discussions with companies in Saudi Arabia were also going on for striking partnerships
- Van Der Beek said that Becht hopes to sign a number of downstream contracts with firms in Oman within a year
Man Utd bidding war: Sheikh Jassim, Ratcliffe make their final offers
While Sheikh Jassim's latest offer is reported to be over £5 billion ($6.2 billion), the size of Ratcliffe's improved bid...
- Sheikh Jassim is in a bidding war with Ratcliffe after the pair emerged as the main contenders to buy the Premier League club from the Glazer family
- Sources said Sheikh Jassim's bid for 100 percent control of the club comes with the promise of significant additional funding for transfers and infrastructure
Economy
UAE Banks Federation ratifies plan to develop banking sector
Abu Dhabi, UAE-- Looking to employ 5,000 UAE national by 2026, and designing a program to groom future banking and...
- The naitonal anti-fraud campaign launched by the federation to strengthen customer confidence in the banking and financial sector was commended in the meeting
- Abdulaziz Al Ghurair, the Chairman of the UBF, applauded the Central Bank of the UAE for supporting the federation and guidance to its members
Business
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into...
- Silicon Valley Bank's management failed to adequately manage risk prior to the bank's swift collapse.
- Federal Reserve supervisors failed to take forceful action after they had identified issues at the bank.
Geostrategy
Uzbekistan, IsDB ink pacts worth US$396.7m for infrastructure, education
JEDDAH, SAUDI ARABIAÂ - Islamic Development Bank (IsDB) President and Group Chairman Dr. Muhammad Al-Jasser and Uzbekistan Minister of Investments,...
- Under the agreement, IsDB will provide US$260 million in financing for the Integrated Rural Development Project.
- The project will empower local communities, improve their access to quality and resilient infrastructure.
Business
KEZAD, Al Ghurair Foods ink pact
Pact involves investment of over US$272 million.
- The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD.
- The highest standards of food safety in line with International biosecurity standards will be followed.
Business
Swiss central bank says tough rules needed for sector
BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit...
- Credit Suisse's share price plunged on March 15, causing the central bank to step in with a $54-billion lifeline for the second-biggest bank in Switzerland.
- The Swiss government, Swiss National Bank and the financial market regulator strongarmed UBS into a $3.25-billion takeover on March 19.
Geostrategy
UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...
- UAE will participate in the 52nd annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
- UAE will also take part in the 47th annual meeting of the Board of Governors of the Arab Bank for the Economic Development in Africa.
Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...
Business
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Saudi EVIQ unveils R&D facility
Business
Nissan to export EVs globally
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  Â
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
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.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.