Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
Business
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
Business
Business
Borsa Istanbul to provide consultancy services to Abu Dhabi Securities Exchange
The MoU is the latest in a series of strategic partnership agreements signed by ADX as part of its strategy...
- The agreement was signed during the visit of the President Recep Tayyip Erdoğan of Turkey, to the UAE on Feb 15.
- Borsa Istanbul will also provide consultancy service to ADX in the establishment of systems, integration, updating the platform.
Business
DMCC to collaborate with C3 to initiate Impact Scale-Up program in Dubai
C3 is a UAE-based social enterprise empowering impact-driven entrepreneurs across the Middle East, Africa and Turkey.
- The comprehensive training and networking program will provide a proven blueprint to successfully enter the UAE market, and connect with local and regional investors.
- DMCC will offer a total of 20 "Impact" business licences to successful firms, providing them with substantial savings on business setup costs through 70 percent discount.
Business
UAE and Turkey to cooperate in agriculture, rural development
The pact is in line with the UAE’s leadership to enhance international cooperation and exchange of successful experiences.
- Areas of cooperation include agricultural pest control and plant protection, organic agriculture, technology-based agricultural production, food safety, food production.
- The two countries will also collaborate in the promotion of joint agricultural ventures between their private sectors, and development of specialized agricultural zones.
Business
MAWANI signs pact with Bahri to build logistics park
The Saudi Ports Authority (MAWANI) signed an agreement with shipping giant Bahri to build and operate an integrated logistics park...
- Once built, Bahri will manage operations at the state-of-the-art facility for a duration of 20 years.
- The 95436m2 logistics zone will provide storage and handling services for all types of inbound and outbound shipping containers.
Business
Dubai International Financial Centre records best performance in 17 years
Dubai International Financial Centre (DIFC) has reported its best annual performance to date, recording its highest ever annual revenue and...
- The Centre said it achieved its 2024 Strategy growth targets three years ahead of schedule during the first half of 2021.
- Revenue increased by 16 per cent to AED897 million year-on-year versus AED774 million in 2020, and up by 7 per cent from AED838 million in 2019 (pre-pandemic levels).
Business
Pandemic turns business models upside down, says Fjord Trends report
Nearly two years of disruption to the fabric of society due to global pandemic has resulted in a collective shift...
- The rising individualism underlined by a “me over we” mentality has profound implications for organizations in how they lead their employees.
- The metaverse will be a new frontier of the internet, combining all the existing layers of information, interfaces, and spaces with which people interact.
Economy
UAE industrial exports surge to $32.6bn in 2021: Ministry of Industry
According to the 2021 annual report released by the Ministry of Industry and Advanced Technology, the rise in exports coincided...
- Also, the National In-Country Value has succeeded in circulating AED41.4 billion ($11.5 billion) back into the local market.
- UAE rose five places—from 35 to 30-- in the Competitive Industrial Performance Index issued annually by the United Nations Industrial Development Organization.
Business
Abu Dhabi International Airport receives 5.26m passengers in 2021
Abu Dhabi International Airport has welcomed 5.26 million visitors in 2021 thanks to a fourth-quarter surge that saw 2.43 million,...
- The airport recorded 74,176 flights during the year compared to 61,034 in 2020, an increase of 21.5 percent.
- Abu Dhabi International's network also expanded significantly during 2021, with 103 destinations now being served compared to 75 destinations in 2020.
Business
UAE, Philippines ink deal to bolster trade ties
The UAE is already the Philippines’ biggest export partner in the Middle East.
- The UAE and the Philippines are said to be headed towards unprecedented economic relations
- The two countries have concluded negotiations for the Investment Promotion and Protection Agreement
Business
Facebook co-workers now ‘Metamates’ as image evolves
Zuckerberg shared his note to employees on his Facebook page, the revamped credo coming on the heels of the internet...
- Zuckerberg shared his note to employees on his Facebook page, the revamped credo coming on the heels of the internet giant being renamed Meta in October
- "As we build the next chapter of our company as Meta, we just updated the values that guide our work," Zuckerberg wrote
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
Business
Company News
SPARK, Hutchinson Ports ink pact
Business
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Japan fund to buy out JSR
Business
Qatar’s Hamad International Airport named world’s second-best
London, United Kingdom -- Qatar's Hamad International Airport has been named as the best airport in the Middle East, and...
Business
Dubai real estate transactions worth over $3.4bn in week ending September 15
DUBAI, UAE - A total of 2,329 real estate transactions worth over US$3.4 billion (AED 12.7 billion) were conducted during...
Business
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Business
Saudi business delegation visits ZSBVC steel factory in Vietnam
HANOI, VIETNAM - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and...
- The visit aims to explore investment opportunities, enhance trade, investment and industrial cooperation between Saudi Arabia and Vietnam.
- The visiting delegation was briefed on the production lines at Zamil Steel Building Vietnam Co and witnessed the skill of the workers.
Geostrategy
Transfer of Iran’s unfrozen foreign assets to Qatari banks soon
TEHRAN, IRAN – The foreign minister of Qatar said the procedures for the transfer of Iran’s unfrozen foreign assets to...
- Qatar has been a mediator in talks that led to a prisoner exchange deal between Iran and the United States.
- The deal involves the release of five prisoners from each side and the unfreezing of some US$6 billion worth of Iranian funds.
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
- The number of shares allocated to retail investors reached 1.65 million, representing 10 percent of the total IPO shares.
- Lumi floated 16.5 million shares, or 30 percent of its SAR 550 million capital, divided into 55 million shares, on Tadawul.