Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
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Business
Abu Dhabi Police ban heavy vehicles during peak hours in Ramadan
The decision is said to have been taken in cooperation with Abu Dhabi Police's strategic partners.
- Heavy-duty trucks, lorries, and buses carrying more than 50 passengers would be banned on Abu Dhabi and Al Ain roads
- During Ramadan, such vehicles would not be allowed on the roads between 8 am and 10 am, and from 2 pm to 4 pm
Business
FB bug pushed problematic posts
FB said the bug affected ‘only a very small number of views’ of content.
- The bug was serious enough for a group of Facebook employees to draft an internal report referring to a ‘massive ranking failure’ of content, reports said
- In October, the employees noticed that some content which had been marked as questionable was nevertheless being favored by the algorithm
Business
Abu Dhabi Chamber and San Marino to boost trade cooperation
Abu Dhabi and San Marino will explore new avenues of economic cooperation and boosting trade. Saeed Ghumran Al Remeithi, Deputy...
- Saeed Ghumran Al Remeithi, Deputy Treasurer of Abu Dhabi Chamber, met with Fabio Righi, San Marino’s Minister of Industry.
- Remeithi noted Chamber's readiness to provide all the necessary support to investors and entrepreneurs from San Marino.
Business
Dubai food trade grew 11 percent to $15.51 billion in 2021
Dubai Customs said Thursday the emirate’s external foodstuff trade in 2021 grew 11 percent to reach AED57 billion ($15.51 billion),...
- Exports grew 11.3 percent to AED10.8 billion from AED9.7 billion in 2020, while re-exports went up by 10 percent to AED 7.9 billion from AED 7.2 billion.
- In terms of volume, Dubai traded 14.1 million tons of foodstuff in 2021, which included 9.9 million tons of imports, 3 million tons of exports, and 1.1 million tons of re-exports.
Business
ADNEC’s hall 40 percent complete
It would be the biggest exhibition hall in the MENA region.
- The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
- The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business
Alba, EGA sign MoU
Aluminum Bahrain (Alba) is looking to increase its throughput.
- The two Aluminum producers will cooperate to creep production at Alba’s Potline 6 beyond its name plate design capacity.
- They will also explore ways to use EGA technology and expertise in future expansions at Alba smelter.
Business
GCC banks record 40% spike in profits to $35bn in 2021
The Gulf Cooperation Council’s banking sector profits recorded a 40 percent surge to hit $35 billion in 2021, a report...
- Despite the surge, profits remain below pre-pandemic levels of $37 billion in 2019
- Surge in profits is mainly due to an increase in total bank revenue and a decline in loan loss provisions
Business
Bahrain and stc to build region’s first data center park
Bahrain will build the region's first data center park in partnership with stc Bahrain to create an integrated digital center...
- The park will be developed on 55,000 square meters of land in Al-Qurain
- The new establishment will contribute to Bahrain’s digital economy in line with the country's national Economic Vision 2030
Business
Dubai Expo draws to a scintillating close
Dubai ended Expo 2020 with a colorful closing ceremony punctuated by fireworks as the UAE leadership vows to 'continue to...
- Six months after the delayed opening of the $7 billion, purpose-built site, Christina Aguilera, Nora Jones and cellist Yo-Yo Ma performed at the LCD-lit Al Wasl Dome
- Expo, housed on a circular site twice the size of Monaco, has been a point of pride for Dubai's rulers and one of a number of projects aimed at grabbing world attention
Business
FIFA heads for $7 billion revenues on the back of Qatar World Cup
FIFA is on target to reap record revenues of seven billion dollars on the back of this year's Qatar World...
- The governing body has seen revenues from television, sponsors and marketing take off despite past scandals and the coronavirus pandemic.
- FIFA said in its accounts that it expects "television broadcasting rights to have set a new record" by the time of the World Cup final on December 18.
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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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Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
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Instacart to raise US$600m in IPO
The US grocery delivery start up set IPO price at $30 per share.
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...
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Abu Dhabi council review budget, sports development
Abu Dhabi, UAE - Abu Dhabi Sports Council discussed business developments and plans for developing the sports sector here, local...
- The board reviewed the general financial budget for 2024, which reflects the strong performance of the council and its impact on the sports sector
- They also reviewed the strategic and operational performance report for the first half of 2023 and the performance indicators report
Business
Real estate transactions in Ajman totaled US$408m in August
AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in...
- The performance of the market and the exceptional figures recorded underscore the attractiveness of real estate investments in Ajman
- This is basically due to the growing demand for properties of all categories, price ranges and a comfortable lifestyle.
Geostrategy
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
- These compensations were given primarily to deal with issues such as delays, loss of luggage, flight cancellations.
- GACA aims to ensure that passengers are well-informed about their rights and can easily obtain refunds as per the regulations.