Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Business
UAE Cabinet okays trading cooperative shares on financial markets
The move is said to be conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic...
- The development is apparently the first of its kind in the region
- It is aimed at growing the cooperative sector’s contributions to the economy
Business
Abu Dhabi saw real-estate transactions worth $19.47bn in 2021
The entire amount resulted from a total of a combined 14,958 sales and mortgage transactions.
- Yas Island is said to have topped the list of best performing areas, with real-estate deals worth AED4.1 billion ($1.12 billion)
- Reem Islands comes second with AED3.2 billion ($871.34 million), and Saadiyat was third with AED2.5 billion ($680.74 million)
Analysis
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
- The global trade volume in the year gone by was an increase of 25 percent on 2020
- It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Economy
World fuels its own destruction with $1.8trn subsidies: Study
Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.
- Agriculture gets $520 billion in subsidies, which lead to soil erosion, water pollution, deforestation, emissions, and loss of biodiversity
- Another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems
Business
Plastic surgery enhances face of UAE medical tourism
The industry, stabilized significantly with experienced surgeons and the availability of good facilities, woo a sizable number of foreign clients...
- The prices in well-equipped clinics and hospitals in the UAE are at the same level as in other countries, said Dr Timm Wolter, a plastic surgeon at the Nova Clinic, Dubai.
- Body contouring, liposuction, and fat transfer have been trending for some time now in the emirates.
Business
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
- The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
- The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
Business
G42 Cloud and Serbia to develop cloud computing solutions
G42 Cloud, a subsidiary of G42, the UAE-based AI and cloud computing company, and Serbia signed a Memorandum of Understanding...
- The new agreement will see both parties progress the joint development of Artificial Intelligence (AI) and cloud computing solutions across sectors
- The signing ceremony took place at Expo 2020 Dubai at the Investment Conference held in conjunction with the Statehood Day of Serbia
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
Business
Dubai imports 8 million tons of food in 2021
Dubai has imported eight million tons of food during 2021 and re-exported 6.277 million shipments through all its ports, a...
- Dubai issued 78,812 food export health certificates, while the quantity of food exported last year amounted to 3.272 tons to 157 countries
- The municipality said all types of food are registered electronically through a global system, a unique systems in controlling imported and locally produced foods in the emirate
Business
Air travel momentum up as countries lift Covid restrictions: IATA
Air travel recovery was gaining momentum as countries were lifting restrictions, with a sharp 11-percentage-point increase for international tickets sold...
- There was an 11-percentage-point increase for international tickets sold in recent weeks.
- The 11-percentage point improvement between the January and February periods is the fastest such increase for any two-week period since the crisis began.
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
Company News
Lordstown sues Foxconn
Business
Latest News
Aquaterra gets UAE contract
Business
Aramco expands into South American retail market with Esmax buyout
Riyadh, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has announced its agreement to...
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...
Business
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...
Opinion
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Geostrategy
Europe’s tussle with Big Tech involves dominance, data, disinformation
Paris, France - Irish regulators on Friday handed out a 345-million-euro ($369-million) fine to TikTok over data breaches, part of a...
- Ireland issues the most stringent fines on this front as Dublin hosts the European offices of several big tech firms and data privacy is enforced by local regulators.
- The EU has had little success in getting tech companies to pay more taxes in Europe, where they are accused of funneling profits into low-tax economies.
Geostrategy
UAE, China’s Hainan Province ink multiple deals to boost trade, economic ties
DUBAI, UAE - The UAE and China's Hainan Province have signed four major private-sector agreements aimed at boosting the rapidly...
- UAE Minister of State for Foreign Trade promoted the country’s unrivalled access to global markets, which have been enhanced by CEPA program.
- He highlighted the growing relationship between Hainan and the UAE, which resulted in bilateral non-oil trade doubling in 2022 to reach $900 million.
Business
Chimera launches Lunate
Lunate has more than $50bn in Assets Under Management.
- With a focus on private markets, Lunate is an independent entity owned by Chimera Investment and Lunate’s senior management.
- Lunate, which will be based in Abu Dhabi Global Market, has signed long-term Separate Managed Accounts (SMAs) with multiple clients.