ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
Business
Market Report
Asia markets down on Omicron, Fed tapering fears
Beyond property woes and virus fears, all eyes this week are on the Fed, which must carefully calibrate its response...
- After last week's strong performance, stocks have stumbled this week as Britain struggled with its response to the Omicron strain
- The US Federal Reserve is scheduled to announce its latest interest-rate decision on Wednesday
Infographics
Saudi Arabia, UAE fashion industry set for boom
The UAE and Saudi Arabia seem poised to see their respective fashion sectors double their revenues in the near future.
- The ecommerce boom has led to more and more people buying apparel and accessories online
- They are doing so especially after they check reviews and sustainability factors of their intended purchase
Business
Elon Musk named Time magazine person of the year
Musk, the world's wealthiest person wields impact on Earth with his Tesla electric car company and beyond our planet with...
- Musk, the world's wealthiest person wields impact on Earth with his Tesla electric car company and beyond our planet with his SpaceX rockets
- "Musk's rise coincides with broader trends of which he and his fellow technology magnates are part cause and part effect," Time editor-in-chief Edward Felsenthal wrote
Business
Emaar Properties tops Forbes list of 50 Middle East real estate firms
Forbes Middle East also unveiled a ranking of the "Top 10 Construction Companies in MENA 2021".
- Developers from nine countries feature in the Forbes Middle East list. The UAE leads with 17 companies on the list.
- The list was developed based on financials, reputation, company’s age, value of projects completed and projects under construction.
Business
Trade between Mexico and UAE grew by 38 percent in last five years
Mexico-UAE bilateral trade has witnessed an approximate 38 percent upsurge in the past five years (2016-2020), a senior Mexican official...
- The bilateral trade between 2016 and 2020 registered an average annual growth rate of 6.7 percent, from $511m in 2016 to $705.1m in 2020.
- Mexico has the capacity to be a strategic partner for it in the agri-food sector, said Martha Delgado Mexican Vice Minister for Multilateral Affairs.
Business
DP World, Congo to develop Banana Port
The Port is likely to save time and cost for the country’s trade.
- The agreement enables DP World to begin construction within 12 months of Congo's first deep-sea port.
- DP World will develop an initial 600-meter quay with an 18m draft, capable of handling the largest vessels in operation.
Economy
Abu Dhabi Investment Office concludes investor interaction program
The Abu Dhabi Investment Office (ADIO) has connected with hundreds of global business leaders, entrepreneurs and innovators in a series...
- A series of six inaugural events by its international offices discussed expansion opportunities to the UAE capital.
- ADIO’s offices in London, Paris, Beijing, Seoul, New York and San Francisco each organized an event.
Business
FAHR releases a circular on new week system
The Federal Authority for Government Human Resources (FAHR) has issued a circular to all federal ministries and authorities on the...
- FAHR clarified that the official working week for federal government employees starts from Monday till Friday from 7:30am till 3:30pm daily
- Additionally, federal authorities can activate remote working system on applicable jobs, provided that they coordinate with FAHR before implementing this system
Business
Chimera Capital fund closes at $75m
The company's first venture capital fund exceeds initial target.
- Chimera Global Fund I LP ("the Fund") is backed by a number of regional and global Limited Partners including Mubadala Investment Company
- The Fund’s third and final funding round saw it exceed its initial US$65 million target in less than two months
Business
Mubadala and AD Gaming sign MoU
Both will cooperate to build a gaming and esports ecosystem in UAE.
- Part of the MoU is content creation, as well as support gaming initiatives and events in the UAE.
- The gaming and esports markets in the MENA region are growing faster than anywhere else in the world, says the AD Gaming Director of Strategy.
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ATO partners with ISM to boost tourism in the Middle East
Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve...
Business
Company News
East Pipes net profit $26.63m
Business
Latest News
Saudi Arabia lures football stars with big money
From Cristiano Ronaldo to Neymar, the kingdom is offering eye-watering salaries to international football stars to bring them over from...
Business
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...
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...
Economy
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Videos
Five skills workers require in real estate
Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...
- Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
- The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors
Business
Bahrain Central Bank’s Sukuk Al Salam oversubscribed 319%
Manama, Bahrain - The Central Bank of Bahrain (CBB) has said its monthly issue of the Sukuk Al-Salam Islamic securities...
- Subscriptions worth BD 137.151 million ($364m) were received for the BD 43 million ($114m) issue, which carries a maturity of 91 days.
- Expected return on the issue, which begins on August 16 and matures on November 15, is 6.25 percent, compared to 6.10 percent of the previous issue.
Business
Yalla Group H1 revenue $152m
The Group posted revenues of $79 million in the second quarter.
- The revenue grew by 2.9% compared to the first half of last year, while the net income in H1 2023 was recorded at AED176.9 million ($48.2m)
- Yalla displayed strong performance in the second quarter of the year where it posted revenues of AED291 million (around $79.2 million)