UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
Business
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business
Jada to promote startups
It will collaborate with Invest Seoul Agency for the venture.
- The partnership seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets
- Invest Seoul Agency is a foreign investment promotion agency established by the Seoul Metropolitan Government
Business
Qatar Airways, British Airways expand partnership, form largest airline
The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden.
- The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden
- Customers will now benefit from even greater choices in prices and schedules with options for direct flights as well as connections via hubs in London and Doha
Business
China to gift giant pandas to Qatar for World Cup
Although China has not qualified for the World Cup, but it will still mark its presence in the event with...
- China did not qualify for the World Cup but its companies have been involved in the construction of mega projects around the event
- Suhail is the name of one of the brightest stars visible in the Gulf region, while Soraya is the Arabic name for the Pleiades star cluster
Business
Qatar set to handle 1.5m FIFA Cup fans, challenges
Hotels, condominiums, cruise ship cabins, and even desert camps have all stepped up to accommodate the overflow of tourists as...
- Hotels, condominiums, cruise ship cabins, and even desert camps have all stepped up to accommodate the overflow of tourists as the Gulf country is getting ready for the event
- The event is likely to contribute more than US$ 19.5 bn, which will be around 11 percent of Qatar's GDP in 2019, says Paulina Zalewska Dzieciuchowicz of PRO Partner Group
Business
UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
- Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
- It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
Business
Masdar, REW sign collaboration pact
The two firms will explore developing offshore wind projects.
- Masdar and RWE are shareholders in the London Array project, which has been operational since 2012.
- The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tons of carbon dioxide emissions every year.
Business
Apple to make iPhone 14 in India in shift away from China
The iPhone supply chain is based mainly in China but the country's zero-Covid policies and tensions with the United States...
- About 7.5 million iPhones -- around three percent of Apple's global production -- were made in India last year, the analyst added.
- Apple's announcement will be a boost to Prime Minister Narendra Modi's "Make in India" strategy under which he has urged foreign businesses to manufacture goods in his country.
Business
SAFEEN Feeders, Invictus sign deal
They will launch a new international dry bulk shipping service.
- Under the terms of the agreement, the two companies will purchase ships through Special Purpose Vehicles, owned 85 percent by SAFEEN Feeders and 15 percent by Invictus Investment.
- The two companies are expected to initially commit approximately AED463 million (US$126 million) for the investment in the vessels.
Economy
‘Firms in UAE resist employee demands for hike in salary’
Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
- Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
- Over 200 global and local companies from all sectors were surveyed.
Business
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
- A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
- As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.
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UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
Business
Company News
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Blockchain enhances efficiency, security in aviation
Despite facing challenges like regulatory compliance and interoperability, blockchain promises to revolutionize airline operations, offering improved passenger experiences.
Business
Reforms accelerate positive gender equality in MENA
"We are working towards creating a more balanced environment where women can succeed alongside men in overcoming future challenges. There...
Business
Dubai Airshow 2023 to see 1,400 exhibitors from 95 countries
DUBAI, UAE – The biggest edition of the Dubai Airshow, a significant global event for the aerospace, space and defense...
Business
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Business
Dubai Land Department calls for engaging accredited valuation offices
DUBAI, UAE – The Dubai Land Department (DLD) is committed to providing property owners with easily accessible resources to reinforce...
- The list of accredited valuation offices is available on DLD’s official website and the Dubai REST app.
- This will help ensure a fair and transparent approach concerning real estate assets and liabilities.
Business
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
- While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
- The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
Business
EVIQ to set up infra for EVs in KSA
PIF, SEC JV's brand name for EV infrastructure is EVIQ.
- EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
- This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.