UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
Geostrategy
Facebook whistleblower launches nonprofit to take on big tech
The new Beyond the Screen nonprofit said that its first project will be to document ways big tech is failing...
- Haugen last year leaked reams of internal studies showing executives knew of their site's potential for harm, prompting a renewed US push for regulation
- Since leaving Facebook in 2021, Haugen has advocated in the US and other countries for legislation meant to make social media platforms safer
Analysis
Uncertainty rules even as MENA crypto market grows
Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA...
- Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA at Exness, tell TRENDS
- As cryptos are revolutionizing the financial industry, many institutions drafting regulations are trying to make the currency fit into the existing financial regulations
Economy
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening...
- The coal-dependent country picked 25 wind and solar projects to generate a total of 2,583 megawatts.
- Official data earlier this month confirmed that GDP of South Africa shrank partly owing to the energy crisis.
Geostrategy
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
- Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
- But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.
Business
Saudi-UAE non-oil trade increased by 92.5 percent in past decade
The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion,...
- By end of 2012, the value of non oil trade between the two countries was AED 64.8 billion ($17.65bn)
- The trade exchange between the two countries in the first half of 2022 totaled AED65.7 billion ($17.9bn)
Business
Dana Gas to pay $85m H1 dividend
The dividend of 4.5 fils per share will be paid by 21 Oct.
- The company posted a net profit of $111 million in the first six months of the year, an 82 percent increase compared to an adjusted net profit in H1 2021.
- The company’s profitability in the first half of 2022 was driven by elevated hydrocarbon prices,
Business
Xiamen Airlines to buy aircraft
The airline plans to buy 40 A320neo aircraft from Airbus.
- The airline, based in the southeastern city of Xiamen has until now had exclusively Boeing aircraft in its fleet.
- While weakened by the pandemic, airlines around the world are preparing for an expected doubling of air travel in the next two decades.
Business
Dubai records realty transactions worth $299 million Thursday
Dubai, UAE-- Dubai real estate market recorded realty transactions worth AED1.1 billion ($299 million) on Thursday, Dubai Land Department said....
- The deals included 371 sales transactions worth AED825.36 million, in addition to 81 mortgage deals of AED231.57 million, and 18 gift deals amounting to AED48.1 million.
- The sales included 334 villas and apartments worth AED626.55 million, and 37 land plots worth AED198.81 million.
Geostrategy
‘Hungary wants EU sanctions on Russia lifted by year end’
Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a...
- Hungary is highly dependent on Russian oil and gas and Budapest has already secured an exemption from sanctions on Russian crude oil imports via pipelines.
- EU foreign ministers held an emergency meeting to discuss after Moscow mobilized reservists for its war in Ukraine.
Business
Value of building permits issued by Sharjah Municipality hits $2.54 bn
Sharjah, UAE--The contractual value of building permits issued by Sharjah Municipality grew to AED9.344 billion ($2.54 billion) in H1, while...
- The value of building permits for which certificates of completion were issued reached AED3.263 billion.
- Building Permits Department has completed 1,824 applications for accrediting engineering plans, and issued 1,265 building permits.
UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
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Infographics
EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite...
Business
Masdar City completes first net-zero energy commercial building in region
ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
Business
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
Business
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Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
- The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
- It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
- It helped nearly 33 Dubai-based companies to expand in global markets, either by increasing their exports or helping them to establish a presence abroad
- The international chamber launched three new global representative offices during the third quarter of 2023 in Ho Chi Minh City, Vietnam, Milan, Italy, and Paris, France
Business
Middle East’s M&A activity outpaces global trends
With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation...
- With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation in the post-pandemic era.
- In 2023, state-owned enterprises and sovereign wealth funds spearhead robust dealmaking in energy, chemicals, and technology sectors within the regional M&A landscape.