Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Trump touts ‘done’ deal with Beijing on rare earths, Chinese students
Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for...
Business
Business
Salik approves H2 2022 dividend
The company reported a net profit of $144m for the period.
- Salik reported a net profit of $144 million for the second half of 2022
- Salik’s revenue increased 11.8 percent Year on Year to $515 million
Business
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...
- The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39 percent of Vietnamese trade with the region’s countries.
- The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry and energy.
Business
TikTok parent firm ByteDance’s founder lost $17bn in 2022
ByteDance's success in China's highly competitive internet sector has been largely thanks to its popular short video app Douyin.
- The reasons for the losses are unknown, but Zhang is still the second-richest entrepreneur in the world under the age of 40.
- Zhang co-founded ByteDance in Beijing in 2012, but resigned from the group in 2021 in the midst of regulatory tightening.
Business
Switzerland to probe what led to Credit Suisse collapse
The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the...
- The emergency takeover by UBS has sparked unease and criticism within Switzerland, where Credit Suisse was a pillar of the country's totemic banking sector.
- Following a string of scandals, the collapse of three US regional banks in March left Credit Suisse looking shaky amid fears of contagion and shares nosedived.
Business
Dubai records $626 million in realty transactions: Land Department
Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department....
- The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million.
- The sales included 465 villas and apartments worth AED1.1 billion, and 37 land plots worth AED340.65 million.
Economy
‘Global growth to fall below 3 percent in 2023’
A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this...
- Global growth almost halved last year to 3.4 percent as the impact of Russia's invasion of Ukraine rippled through the world economy.
- Asia's emerging markets are expected to see substantial increases in economic output with India and China to account for half of all growth.
Business
DEWA, Siemens Energy discuss enhancing cooperation
DUBAI, UAE -Â MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation...
- DEWA is implementing clean and renewable energy and water desalination projects.
- The firm attaches great importance to research in sustainable and renewable energy.
Economy
CBUAE issues new AED1000 banknote, depicts UAE’s space ambitions
Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of...
- The new banknote will be available at banks and exchange houses from 10 April 2023.
- It will be in circulation alongside the current AED1000 note whose value is guaranteed by the UAE law.
Business
Airbus to open second plane assembly line in China, double output
"It makes a lot of sense for us, as the Chinese market keeps growing, to be serving local for the...
- The framework accord for the new site was later signed by Faury at a ceremony attended by Macron and Chinese President Xi Jinping, an AFP journalist saw.
- The new assembly line in Tianjin for Airbus’s hugely popular A320 medium-haul jets will begin operations in late 2025.
Business
UAE decision on Small Business Relief aims to support startups
Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at...
- The decision is also aimed at supporting other small or micro businesses by reducing their corporate tax burden and compliance costs.
- The Relief will not be available once a taxable person exceeds the AED3 million revenue threshold in any tax period.
Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Company News
ROSHN, Retal sign $99m deal
Business
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ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...
Business
Imane Ayissi brings African tradition to Paris couture
PARIS, FRANCE - Imane Ayissi is on a mission to put authentic African textiles in the spotlight but faces an uphill...
Business
European market up on record-busting Wall Street
A surge in tech titans including Apple, Amazon, Nvidia and Facebook parent Meta on Friday pushed New York's S&P 500...
Business
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Economy
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...
- The top 10 countries accounted for 69 percent of Bahrain's total export value.
- The value of exports with national origin was of $2.89 billion during Q4 2023.
Business
Alef Group announces US$84m sales transaction at ACRES 2024
SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant...
- ACRES Exhibition is a unique global Arab platform which brings together major investors and businessmen.
- This is evident in the success achieved by the ACRES over its successive sessions since its launch in 2008.
ACRES 2024 concludes, deals worth $381 million inked
Sharjah, UAE -- Real estate deals worth more than AED 1.4 billion ($381 million) were inked at ACRES 2024, organized...