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
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
Business
Business
UAE, Hungary sign MoU to establish joint business council
The UAE Federation of the Chambers of Commerce and Industry (FCCI) and the Hungarian Chamber of Commerce and Industry (HCCI)...
- The MoU was signed by Hamid Mohammed bin Salem, FCCI Secretary-General, and Péter Szijjártó, Minister for Foreign Affairs and Trade of Hungary.
- The parties inked the MoU at the Hungarian pavilion at Expo 2020 Dubai on the sidelines of the third meeting of the UAE-Hungarian Business Committee.
Economy
Governors of UAE and Turkey central banks to collaborate in banking sectors
The meeting was held on the sidelines of the official visit of Turkish President to the UAE.
- The currency swap agreement was signed in January 2022, which promotes the financial, commercial and investment interests of the two countries.
- Senior officials from both the central banks were present in the meeting which was held in Abu Dhabi.
Business
Majority of Saudi nationals positive about tourism sector jobs: Study
A sizable number of Saudis look positively at jobs in the tourism sector, according to a study by the kingdom's...
- Overall, 80 percent of respondents felt that there were plenty of opportunities for career learning, while 75 percent felt careers in tourism will provide long-term stability.
- The regions with the highest interest in careers in tourism include Tabuk (91 percent), Hail (86 percent), Asir (85 percent), Riyadh (82 percent) and Al Jouf (83 percent).
Business
Ghazl El Mahalla of Egypt puts off its listing to April
The Egyptian football club Ghazl El Mahalla has put off its listing on the stock exchange to April. The listing...
- The prospectus, according to Mohamed Maher, from investment bank Prime Holding, for the initial public offering on the Egyptian bourse will be completed within days
- The sporting club had earlier closed a private placement of 37 million pounds ahead of the public offering
Business
India sets an ambitious goal to be a hub for green hydrogen
India has unveiled the first part of a drive to attempt to turn the world's third-largest emitter of greenhouse gases...
- Green hydrogen is produced using non-fossil fuel power to then be utilized in carbon-heavy industrial processes like making steel and concrete, and for transportation
- The country aims to produce five million tonnes of green hydrogen annually by 2030
Business
Dubai records $1.22 billion worth of weeklong real estate transactions
A total of 2,098 real estate transactions worth AED4.5 billion ($1.22 billion) were conducted during the week ending 18 February...
- A total of 252 plots were sold for AED1.1 billion, 1,437 apartments and villas were sold for AED2.47 billion.
- Among the top three transactions was a plot of land in Palm Jumeirah that sold for AED60 million.
Science
WHO picks Egypt and Tunisia to produce Covid vaccine in Africa
Six African countries have been chosen to establish their own mRNA vaccine production, the World Health Organization said Friday, with...
- Egypt, Kenya, Nigeria, Senegal, South Africa and Tunisia were selected as the first recipients of technology from the WHO's global mRNA vaccine hub
- The WHO set up a global mRNA technology transfer hub in South Africa last year to support manufacturers in low- and middle-income countries to produce their own vaccines
Business
BHM posts 125 percent rise in profit
The company nearly doubled its brokerage revenues in 2021.
- The company attracted 1,500 new accounts over the past year compared to 1,060 in 2020.
- BHM said it allocated a total income during 2021 of AED 65.4 million compared to about AED 41 million last year with a growth rate of 60 percent.
Business
Saudi Parts Center to list on Nomu
Saudi Parts Center Co. will begin trading on Nomu, the Saudi stock exchange's parallel market, on Monday, according to a...
- The Riyadh-based company received the Saudi stock market regulator’s approval for listing last year, in late December
- Established in 1988, Saudi Parts Center is an affiliate of AlKhorayef Group, operating under the machinery systems division
Business
Why crypto creators hate being in the public eye
The two lifelong friends from Florida never sought the limelight, but then they built a multi-million-dollar empire selling digital art...
- Under the pseudonyms "Gargamel" and "Gordon Goner", they created the "Bored Ape Yacht Club", a collection of 10,000 cartoons of apes with various hairstyles and outfits
- The story has refocused attention on anonymity in the world of cryptocurrencies
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
Company News
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Lordstown sues Foxconn
Business
California sues oil giants, alleges environment, climate-risks deception
The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
Business
Saudi-China Entrepreneurs Association and HKTDC sign MoU
Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong...
Business
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Business
Google gives select companies access to its Gemini AI
The company plans to make Gemini available through its Google Cloud Vertex AI service, and will offer access to models...
- The company is close to incorporating it into its consumer services and selling it to enterprises through Google Cloud
- Google has also invested in generative AI companies Anthropic and Runway, gaining them as cloud customers
Opinion
MEA brands focus on personalized customer experience
"Post-Covid GCC travel trends are promising: about 50% of customers plan to increase digital spending in travel and retail. With...
- In the digital era, customer engagement is vital, shifting from transactional ties to interactive bonds; 20% of engaged patrons drive 80% of sales through endorsements
- Post-Covid, travelers see personalized offers, not just reminders; 34% might switch due to poor communication; GCC sees rising digital spend; CEPs promote sustainable growth.
Business
Oil prices at a crossroads as production cuts persist
Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to...
- Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to an anticipated market deficit until 2023-end, says a report
- Refineries grapple with material changes and disruptions as Russia's diesel export reduction boosts futures prices and OPEC+ cuts drive high oil prices during Q3 of 2023