UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Business
UAE’s Central Bank sanctions 6 banks operating in the country
Financial sanctions covers banks’ failures to achieve appropriate compliance regarding required due diligence and reporting procedures and standards. All banks...
- CBUAE implemented certain provisions of Common Reporting Standard (CRS) for the sanctions.
- Banks were sanctioned after failing to comply with due diligence and set standards and procedures.
Economy
Saudi economy to be fastest-growing economy in 2022, says IMF
The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6...
- The International Monetary Fund in its World Economic Outlook, 2022 says the Saudi economy will register a 7.6 percent growth rate this year
- Saudi Arabia's expected growth, as per IMF, would be the highest among advanced, emerging market and developing economies
Business
DP World signs two deals
The projects will strengthen F&B cluster in Jebel Ali.
- The new integrated quayside facilities will enhance year-round availability and production of essential grains and pulses, DP World said.
- The concessions with Adroit Canada and Al Amir Foods in the Jebel Ali Port will ensure a reliable, consistent, and safe agricultural value chain within the region, it added.
Business
Multiply H1 2022 profit up US$126m
Net profit equates to a healthy 91% of revenue for the period.
- Net profit equates to a healthy 91 percent of revenue for the period with investment and other income of AED 300 million helping to drive profitability
- The Group continues to benefit from a strong liquidity position, with AED 3.24 billion in cash and bank balances and negligible debt
Business
UDC profit up 23% in H1 2022
The company earned a profit of US$37,302,472 in HI 2021.
- The EPS amounted to QR 0.047 as of June 30, 2022, versus an EPS of QR 0.038 for the same period in 2021
- United Development Company was established in 1999 and has an authorized capital of QR 3.5 billion
Business
Facebook’s Meta posts first-ever revenue drop
Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles...
- Meta however reported an increase in daily Facebook users to 1.97 billion, defying analysts' predictions of a drop
- Meta is focused on building its metaverse vision for the internet's future, betting heavily on the interactive virtual world
Business
Saudi Central Bank, CMA support 12 fintech startups
The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business...
- The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business models
- The companies that took part displayed cutting-edge fintech products that directly address social demands and provide solutions to pressing issues
Business
21 business, investment deals boost KSA-Greece ties
The agreements cover logistics and transportation, renewable energies, manufacturing, environment services, aquaculture, defense, trade, engineering and agriculture.
- The bilateral agreements cover logistics and transportation, renewable energies, manufacturing, environment services, aquaculture, defense, trade, engineering and agriculture
- 32 representatives from Greek firms, chambers of commerce and trade associations attended the event, taking part in B2B and G2B meetings to explore business opportunities
Economy
Abu Dhabi Chamber, Philippine Business Council discuss ties
A delegation from the Philippine Business Council, headed by Prof. Gau Raganit, visited the Abu Dhabi Chamber of Commerce and...
- Abu Dhabi Chamber, Philippine Business discuss strengthening relations between the Chamber and Filipino investors
- The two sides discuss increasing the level of cooperation in diverse sectors of mutual interest
Business
IFZA, CBD ink banking deal
Opening corporate bank accounts to become easier for free zone firms.
- The free zone companies will now be able to also obtain personalized services.
- A study by Dubai Chamber of Commerce said entrepreneurs face a lot of issues in opening a corporate bank account in UAE.
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Company News
Latest News
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...
Investigation
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Market Report
Markets fall as traders wary due to Gaza war, Fed interest rates
Paris, France - Stock markets slid on Monday, extending last week's sell-off n fears of a regional conflict in the Middle...
- Oil prices slid as Israel's expected ground offensive against Hamas in Gaza was delayed, with diplomats trying to secure the release of more hostages.
- The concerns about US interest rates have also been affecting bond markets, with the yield on 10-year US government bonds rising above 5.0 percent.
Business
British Steel to cut 2000 jobs
British Steel is battling losses of $36 million a month.
- The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
- The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
Business
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
- KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
- The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.