Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Business
LVMH sees record sales, profit despite pandemic
The world's leading luxury group more than recovered from the coronavirus pandemic as it earns a record €64.2 billion ($71.5bn)...
- One reason for the luxury group's out-performance was improved profitability
- Its operating margin rose to 26.7 percent, up from 21.4 percent in 2019
Business
New initiatives help Saudi Arabia shine on tourism map
Notable achievements of the kingdom include establishment of Global Center for Tourism Sustainability and its selection to host World Travel...
- Local overnight trips surpassed 60 million in 2021, adding an estimated spending worth $21.3 billion to the country's economy
- Promotion of tourism spots locally and globally, after being hampered by the pandemic, may help Saudi Arabia woo 50 million tourists this year
Business
UAE and Amazon subsidiary to create cloud-based medical record system
The UAE's Ministry of Health and Prevention (MoHAP) has signed a memorandum of understanding (MoU) with Amazon Web Services (AWS),...
- The signing came on the sidelines of MoHAP's participation at Arab Health 2020 that is being held in Dubai.
- The project will implement the best means of strategic planning and decision-making, based on databases that help evaluate and measure the performance of health services.
Economy
UAE launches ‘NAFIS’ to foster positive competition among its youth
The UAE has introduced a "NAFIS" program to foster positive competition among UAE nationals, and enable them to take job...
- The program will be steered by Emirati Talent Competitiveness Council (ETCC) in cooperation with the Federal Youth Authority.
- The program targets Emirati talents and connects them with private sector firms which are searching for qualified Emirati professionals to fill the job vacancies.
Economy
UAE industrial exports in 2021 $33bn amid surge in new production
The significant increase in the UAE’s industrial exports coincided with 220 new facilities commencing production in 2021, said Minister of...
- With the help of National In-Country Value (ICV) Programme, UAE pushed $11 billion back into the local market, the minister said.
- UAE rose five places in the Competitive Industrial Performance Index issued annually by the United Nations Industrial Development Organization.
Business
Abraaj Group founder faces $135.5m DFSA penalty
The DFSA alleges that the group founder Arif Naqvi was knowingly involved in misleading investors over the misuse of their...
- The DFSA alleges that the group founder Arif Naqvi was knowingly involved in misleading investors over the misuse of their funds by Abraaj Investment Ltd
- The authority says that the fine reflects the seriousness of Naqvi's alleged misdoings and is based on his earnings from the Abraaj Group
Business
Emirates Islamic 2021 net profit $224m on higher non-funded income
Emirates Islamic’s net profit jumped to AED 823 million ($224 million) for 2021 on higher non-funded income and a significant...
- The total income rose by 15 percent due to higher non-funded income.
- Emirates Islamic's major achievements was the successful issuance of a $500 million 5-year Sukuk, the bank said.
Business
Auto alliance to invest $25 bn
The investment in electric vehicles spread over next 5 years.
- Nissan, Renault and Mitsubishi Motors said the latest outlay followed $11 billion already spent on its "offensive strategy in electrification".
- The alliance vowed to boost cooperation by using five common manufacturing platforms for most models.
Geostrategy
Jordan PM Al-Khasawneh meets the CEO of NEOM
Al-Khasawneh stressed the establishment of investments and joint projects in a way that contributes to addressing and responding to the...
- Al-Khasawneh stressed the establishment of investments and joint projects in a way that contributes to addressing and responding to the challenges of climate change
- The CEO of the Saudi "NEOM" company stressed pursuit of serious and real cooperation with Jordan to move forward with the implementation of economically feasible projects
Business
FAB’s 2021 profit hits AED12.5bn
This marks a 19 percent increase year-on-year.
- Asset quality metrics remained healthy, underpinned by prudent risk management and the relief measures under the UAE Central Bank TESS programme
- Zayed Al Nahyan, chairman of the FAB, added that FAB's Board of Directors recommends a dividend per share of 70 fils equivalent for the full year ended 31st December 2021
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
Business
Company News
Latest News
Boon or blight? E-scooters around the world
The for-hire electric scooters that have become ubiquitous in Paris and other cities worldwide will be banned in the French...
Geostrategy
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
Business
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Business
ADIB enhances mobile app for international money transfers
Abu Dhabi, UAE - Abu Dhabi Islamic Bank (ADIB) has introduced enhanced international transfer features on its mobile app and...
- As the first bank in the UAE to offer discounts on remittance payments using Promo Codes, ADIB aims to transform the app into a one-stop solution for any remittance
- Around 95% of the bank’s remittances occur through digital channels, with most of those transfers directed to the Americas, Europe, the Middle East, and Asia
Business
Google’s Russian division faces bankruptcy as debt to creditors soars: TASS
Moscow, Russia - Google's Russian subsidiary is on the brink of bankruptcy as it struggles to cope with its mounting...
- The subsidiary's financial liabilities have now surpassed a staggering $211,579,032
- The company’s ordeal dates back to May 2022 when it declared its intention to file for bankruptcy
China developer Evergrande plunges as Hong Kong trading resumes
The resumption of trading came after the company said in a filing on Friday that it had met guidelines set...
- Shares of Evergrande plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to less than $600 million
- Company reported fresh losses for the first half of the year amounting to 33 billion yuan-- an improvement on the 66.4 billion yuan in losses reported in same period last year