Business
Ortega heiress heads Zara parent
Marta Ortega on Friday took the reins of Zara-owner Inditex.
- Worth some €62 billion, Zara-parent Inditex nearly tripled its profits last year to €3.2 billion
- However, its outlook for 2022 has been overshadowed by Russia's invasion of Ukraine
Business
UAE, Colombia finish phase 1 of Comprehensive Economic Partnership Agreement
UAE-Colombia non-oil trade was valued at AED991 million ($269.84 million) last year. Under the partnership, this figure could increase threefold...
- The agreement is expected to help strengthen trade and investment relations between the two countries
- The UAE’s Ministry of Economy has said it is continuing joint efforts to reach a final draft of the agreement
Business
ADPG profit up Dh397m
The company’s revenue rose to AED 3.9 billion.
- AD Ports Group has evolved into a vertically integrated ecosystem of businesses that include Economic Cities & Free Zones, Ports, Logistics, Maritime, and Digital services
- As a strategic gateway to Abu Dhabi, AD Ports Group generated 21 percent of all non-oil related GDP in the Emirate, according to Oxford Economics
Business
GCC pharma industry: Leaders and innovators
GCC countries have a highly dynamic environment characterized by growing populations, a broad diversity of patient demands and increasing healthcare...
- The number of drug factories in the UAE has risen from four in 2010 to 23 in 2021, while its drug market is expected to grow up to $4.7 bn in 2025.
- More than $400m worth of Saudi pharmaceuticals are exported each year. The kingdom aims to double the percentage of local pharma manufacturers.
Economy
NEOM subsidiary sets up Hydrogen and Innovation Development Center
ENOWA, the energy, water and hydrogen subsidiary of NEOM, has established the region's first Hydrogen and Innovation Development Center (HIDC)....
- The Hydrogen and Innovation Development Center will be a testing ground for new technologies in the clean energy industry.
- The Center will also be a collaborative learning community for research institutions focused on hydrogen and the circular carbon economy.
Business
Israel and UAE ‘milestone’ free trade deal to boost commercial relations
Israel described as "historic" the deal abolishing customs duties on "95 percent of the products" exchanged between the Jewish state...
- Talks for a free trade agreement were concluded Friday after four rounds of negotiations, including last month in Egypt between Israeli PM and Abu Dhabi Crown Prince.
- The deal was now "ready for signature", the UAE's Minister of State for Foreign Trade Thani al-Zeyoudi said.
Business
ADQ of Abu Dhabi to buy majority stake in Unifrutti Group
ADQ, Abu Dhabi wealth fund, will buy a majority stake in Unifrutti Group, a fruit and vegetable producer, marketer, and...
- The acquisition is designed to secure food supply amid pandemic and geopolitical tensions
- The investment will help the group expand its footprint globally, along with enhancing food security in the UAE
Geostrategy
Iran reacts with fury over imposition of new US sanctions
Iran criticized the United States for imposing new sanctions on the Islamic republic, saying it shows the Americans harbor bad...
- The US Treasury announced on Wednesday the measures targeting several entities it accused of involvement in procuring supplies for Iran's ballistic missile program
- The Islamic Revolutionary Guard Corps (IRGC) meanwhile said Iran's "missile prowess" and regional influence are "red lines" ,according to a statement posted on its website
Business
ADEX, Korea Eximbank to collaborate on export financing
The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE.
- The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE
- ADEX was established by Abu Dhabi Fund for Development (ADFD), to drive diversification and growth of the UAE export economy
Business
UAE, Jordan discuss accelerating investments post-Expo 2020
At the meeting, the two sides called for intensifying visits by trade delegations from both countries and increasing the number...
- The two sides believe the momentum from Expo 2020 will apparently continue in the fields of agricultural and food trade
- They also see it in the pharmaceuticals and furniture industry, and the proliferation of fairs and exhibitions around the world
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
Business
Israeli PM Netanyahu urges Musk to fight anti-Semitism
During their conversation, Netanyahu said I hope you find within the confines of the First Amendment, the ability to stop...
Elon Musk refutes reports of Tesla-Saudi Arabia talks
The WSJ's report, released on Monday, cited anonymous sources stating that while talks between Tesla and Saudi Arabia were in...
Business
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Business
Instacart to raise US$600m in IPO
The US grocery delivery start up set IPO price at $30 per share.
- The price valued San Francisco-based Instacart at around $10 billion -- down from $39 billion in 2021
- In the event of strong demand, the number of shares could climb to 25.3 million, raising $759 million for Instacart
Business
Spire Technologies secures banking license from Central Bank of Bahrain
Manama, Bahrain--Spire Technologies has obtained licenses from the Central Bank of Bahrain (CBB), authorizing it to operate as a fully...
- The banking fintech seeks to contribute to the growth of the digitally-led national financial ecosystem and widen its presence in the region
- It intends to provide users with full agency over business cashflows, offering a rich user experience as well as faster, secure payments
Economy
UAE and Serbia hold discussions on signing of CEPA
In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive...
- The bilateral non-oil trade in H1 reached US$57.6 million, surpassing the total recorded for the whole of 2020
- Until now, the UAE has successfully concluded CEPAs with India, Indonesia, Israel, Türkiye, Cambodia and Georgia