Economy
UAE taps Harvard lab to help build its economy
The new partnership between Harvard university’s Growth lab and the UAE’s Ministry of Economy is in line with the government’s...
- The UAE signed agreement with Harvard’s Growth Lab, specialized in theoretical and empirical research on determinants of growth
- The two-year program under the agreement will see academic experts conduct evidence-based economic analyses and research
Business
Binance may move to Dubai as part of crypto deal
TRENDS broke this news in October. The agreement will regulate the offering, issuance, listing and trading of encrypted assets of...
- TRENDS broke this news in October. The agreement will regulate the offering, issuance, listing and trading of encrypted assets of the firm that is based in Seychelles.
- Dubai is competing with Singapore, Switzerland, and other countries to become a worldwide hub for digital currency by developing a crypto-currency free-trade zone
Business
Automechnika Dubai exhibits technological changes in auto sector
The 18th edition of the show, organised by Messe Frankfurt Middle East, has exhibitors from 47 countries and 12 national...
- The 18th edition of the show, organised by Messe Frankfurt Middle East, has exhibitors from 47 countries and 12 national pavilions
- Industry analysts forecast the GCC’s automotive parts retail revenue will grow at a compound annual growth rate of 5.8 percent to US$6.84 billion in 2025
Geostrategy
GCC Summit issues Riyadh Declaration
The region’s common economic, defense and security integration and unity and coordinating stances were reviewed at the 42nd GCC Summit.
- They Gulf leaders seek to enhance solidarity and stability among GCC member states
- The Supreme Council will hold its 43rd session under Oman’s presidency
Business
Abu Dhabi Islamic Bank provides $270m in UK real estate finance
Over the last three years, ADIB has catered to the growing demand for commercial property investments in London as well...
- The bank closed two deals in the UK in the month of November alone, taking its UK portfolio to around AED2.5 billion.
- ADIB also provided AED36 million to the Al Rajhi Legacy Fund on their acquisition of Olympus House in England.
Business
Oman’s economic city Khazaen signs two pacts to carry out vital projects
Khazaen, Oman's fully integrated economic city, has signed two agreements worth more than Omani Riyal 1.5 million ($3.8 million) with...
- One of the agreements signed with an Omani company named Western Door Trading to set up a multipurpose logistics center.
- The second agreement provides for the setting up of a processing unit and a warehouse with a capacity 20 tons a day.
Business
12 Ajman banks sign pact with Department of Finance for easy payment plan
The Ajman’s Department of Finance has signed agreements with 12 local banks to offer an "easy payment plan", which allows...
- The plan allows payments for government service fees through installments through Ajman Pay platform.
- Conditions and steps to apply for easy payment plan are defined by the participating banks.
Geostrategy
Cooperation, security remain focus of GCC summit
The GCC leaders discuss political issues and security challenges that require intensified efforts to enhance regional solidarity.
- The GCC leaders discuss political issues and security challenges that require intensified efforts to enhance regional solidarity
- The 42nd session of the Supreme Council of the GCC countries, chaired by Saudi Arabia, seeks to strengthen the process of cooperation
Business
Borouge and ADNOC sign agreement
ADNOC L&S will manage integrated logistics for Borouge.
- The pact covers transportation and handling operations for Borouge-manufactured polymer products at Khalifa Port for export.
- The new agreement will see 85 percent of its value flow back to the UAE’s economy, accelerating the development of critical local supply chain functions.
Business
Mubadala and Bahrain’s sovereign wealth fund Mumtalakat sign pact
Mubadala Investment Company and Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, Tuesday signed a...
- The two entities will exchange knowledge and best practices to enhance investment and operational capabilities.
- Our partnership with Mubadala will strengthen our collective operational capacity and bolster our historical ties.
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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
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Business
Social media app TweetDeck placed behind paywall
The social media firm, bought by billionaire Elon Musk last year, has been thrashing around for ways to make a...
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Economy
EU provides US$24m for payment of allowances to poor Palestinian families
Jerusalem--The European Union has disbursed $24 million for the payment of social allowances to 71,162 vulnerable Palestinian families through the...
- The EU during the last 17 years has supported the Palestinian Authority with funding to ensure social allowances are extended to the poor families
- The funding from EU has been routed through the PEGASE mechanism and will help 71,162 families living below the extreme poverty line
Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
- $15.36 billion in capital investments made by manufacturing facilities moved to the in-production phase over the year
- The number of operational manufacturers in the emirate now stands at 966, up from 922 manufacturers at the end of H1 2022
Business
Jordan exhorts ‘companies, institutions’ to switch to renewable energy
Amman, Jordan--Jordan is urging "companies and institutions" to switch to renewable and sustainable energy to reduce operating costs. In this...
- The kingdom's energy minister said that opportunities exist for cooperation to cut energy consumption across various sectors
- The minister noted that in order to keep pace with the global energy transiton the kingdom must benefit from the experiences of various countries