SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
Business
Business
UAE, Bangladesh to expand cooperation in trade, investment
The UAE-Bangladesh Business Forum discussed ways to enhance cooperation between the two countries in the field of trade and investment,...
- An MoU was signed between the two to establish a joint UAE-Bangladesh Business Council.
- The UAE-Bangladesh Business Forum was held at DP World Pavilion at Expo 2020 today in the presence of ministers.
Business
Dubai records $3.64 bn worth of weeklong real estate transactions
Dubai witnessed real estate and properties transactions worth AED13.4 billion ($3.64 bn) during the week ending 11 March 2022, according...
- The top three transactions were a plot of land in Trade Centre Second sold for AED198.15 million, followed by a plot of land that was sold for AED160.14 million in Palm Jumeirah.
- The sum of the amount of mortgaged properties for the week was AED3.83 billion, with the highest being a building in Palm Jumeirah, mortgaged for AED1 billion.
Business
Sharjah Chamber and Argentina to foster ties between businesses
The Sharjah Chamber of Commerce and Industry (SCCI) and an Argentinian delegation discussed ways to enhance cooperation between the business...
- Sharjah Chamber and a delegation from Argentina discussed economic, trade and investment relations at a forum.
- Abdallah Sultan Al Owais, Chairman of the SCCI highlighted the importance of joint work to advance the existing relations.
Business
DP World revenue up by 26.3 percent
The adjusted EBITDA growth was 15.3 percent ($3.828 bn) and capital expenditure $1.393bn.
- The revenue increase from $2.245 billion to $10.778 billion is supported by acquisitions and new concessions including Angola, Unico and Transworld.
- Like-for-like non containerized revenue grew 9.5 percent with a strong performance from the Feedering business.
Business
Chinese companies threatened with delisting on Wall Street
Five Chinese companies have been ordered to comply with audit requirements by the US Securities and Exchange Commission (SEC) or...
- In total, some 248 companies are affected, with a market capitalization of about $2.1 trillion, according to an ad hoc committee.
- Mainland Chinese and Hong Kong companies are notorious for not submitting their financial statements to US-approved auditors.
Business
Bitcoin being used for money-laundering: Report
Mexican cartels are estimated to have used bitcoin to launder $25 billion a year in Mexico alone, according to a...
- The criminals skirt a law requiring cryptocurrency platforms to notify authorities of any transaction of more than $2,830
- They are then said to use the accounts to repeatedly buy small amounts of bitcoin online to pay associates
Business
UAE, New Zealand partner to strengthen trade relations
According to Statistics New Zealand, the total two-way trade between New Zealand and the UAE in 2021 reached AED8.63 billion...
- ECI and NZEC have agreed to promote the UAE and New Zealand exports and export-related investments
- They will provide tailored trade credit insurance and financial guarantees, backed by their governments
Business
Aramco JV inks China deal
The refinery, in China’s Panjin, should be operational by 2024.
- The liquids-to-chemicals complex is being built by Huajin Aramco Petrochemical Company (HAPCO), of which Aramco is a part
- The other members of the JV are North Huajin Chemical Industries Group Corporation and the Panjin Xincheng Industrial Group
Business
Airlines want end to Covid restrictions for EU flights
Most countries in the EU are beginning to relax requirements to present proof of vaccination and wear masks.
- ACI Europe represents some 500 airports in the region plus IATA, which is the top trade association for airlines
- It noted that numerous countries were now dropping requirements to wear masks or present proof of vaccination
Business
Gulf fitness sector works out well as Covid curbs ease
As the Covid restrictions ease, gyms and fitness centers in the region are on a solid path towards recovery with...
- As pandemic restrictions ease, gyms in the region are on a solid path towards recovery with class occupancy catching up at 88 percent pre-COVID levels
- Fear of getting the virus and social isolation were at the forefront of people's minds during the pandemic, imposing a burden on mental health
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
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IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
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ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
- A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
- ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
- The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
- The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
- This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
- Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.