Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
Business
Saudi hiring of foreign domestic workers leaps up 15%
Saudi Arabia has recruited more than 75,000 overseas domestic workers in December 2021, a fifteen percent jump in the hiring,...
- New contracts for workers in domestic-facing roles exceeded 76,000 in December 2021, compared to 69,000 in November and 65,000 in October
- Bangladesh topped the list of countries of workers recruited into Saudi Arabia during the month of December with more than 12,000 contracts
Business
ADNOC Distribution posts net profit of AED2.2bn for 2021
ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021.
- For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million
- ADNOC Distribution saw quarter-on-quarter growth in total fuel volumes in 2021, with an increase of 4% in the fourth quarter compared to the third
DP World to give ₤1 mn to two Earthshot Prize finalists
DP World’s has announced ₤1 million investment to two Earthshot Prize Finalists, designed to scale their work in the UAE...
- The Innovation Showcase profiled the ground-breaking solutions from the 2021 Earthshot Prize finalists
- Prince William lauded the DP World's gesture during his visit to Middle East
Business
Kuwait launches 2nd edition of initiative for youngsters’ business
Kuwait's Youth Authority on Saturday, February 12, launched the second edition of the ‘professional initiator’ program
- The program aims to diversify productivity, helping young citizens launch startups in the private sector
- It is also expected to provide more opportunities for medium and small enterprises at different levels
Business
Dubai saw $1.8bn real-estate transactions last week
A total of 2,078 real-estate transactions worth AED6.6 billion ($1.8 billion) were conducted in Dubai during the week ending February...
- A total of 280 plots were sold for AED1.42 billion ($386.66 million), according to official data
- Meanwhile, 1,275 apartments and villas were sold for AED2.54 billion ($691.63 million)
Business
IHC reports $3.08bn profit
The company posted an all-time-high annual revenue in 2021.
- IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion)
- This beat its previous year’s revenue record of AED 7 billion ($1.91 billion)
Business
Saudi Arabia scouts markets for non-oil exports
While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government...
- Saudi Arabia intends to increase the amount of non-oil exports from 16 percent to 50 percent of the total GDP
- The Made in Saudi Arabia program helps create a unified identity for exports and improve their reliability
Business
UAE and Israel agree to boost tourism sector ties, plan events
The UAE and Israel signed a Memorandum of Understanding (MoU) to strengthen their tourism and economic cooperation and reinforce their...
- The two sides will intensify their technical cooperation in tourism education, vocational training, marketing and promotional activities.
- The trade between the two countries grew to $700 million within one year of signing Abraham accords.
Business
DWC Airport to host Business Aviation Event ‘MEBAA’ in December
DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will...
- The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation.
- Providing a platform for the entire business aviation community, the MEBAA Show will convene again to build partnerships.
Business
Saudi seaports registers 5.3 percent increase in cargo handling
This includes a 48.28% growth in passenger volume, with the total number reaching 88,000.
- The total food shipments amounted to more than 2 million in January, representing an increase of 2.06 percent compared to last year.
- The statistical figures for January 2022 issued by MAWANI also showed an increase in other operational indicators of Saudi ports.
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy
Company News
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Russian Post working on opening company in UAE, says CEO
Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in...
Business
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
Geostrategy
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
Business
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Economy
UAE and OECD host regional forum on global minimum tax
Dubai, UAE – The United Arab Emirates and the Organization for Economic Co-operation and Development (OECD) on Wednesday hosted regional...
- Global Minimum Tax involves application of a top-up tax on profits when the effective tax rate is below the minimum rate of 15 percent
- The forum included a workshop on Pillar 2 of the OECD-led Base Erosion and Profit Shifting Project and the Global Anti-Base Erosion Rules
Business
Global economy lost $32bn due to credit card frauds, says AMF
Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions...
- The losses increased substantially by 13.8 percent compared to the previous year, WAM reported.
- The report urges financial institutions to foster cooperation by sharing data and pooling resources in their fraud detection efforts.
Business
Birkenstock to enter stock market
Birkenstock employs around 6,200 workers globally.
- The footwear brand announced Tuesday it was preparing to take another step into the big leagues with an IPO in New York.
- Birkenstock's most famous sandal is the Arizona, which features two wide straps with buckles, on trademark cork and latex soles.