Supply chain challenges hit Ramadan retail rush
Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...
Business
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Business
Samsung sees 52% jump in profits
The firm was boosted by record sales in 4th quarter.
- The world's biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last
- The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the company’s statement.
Interview
Major GCC countries see push for Arabic e-gaming
People are hungry to consume content that they can understand and more importantly relate to, says Eyad Basheer, chief operating...
- Around 70 percent of Arab smartphone users have their phones set to Arabic, indicating a preference for content in their mother tongue
- According to management consultancy firm Strategy&, mobile gaming will be a $2.3-billion industry in the region by 2022
Business
SEWA implements development projects worth over $14.78m
The Central Region Department of the Sharjah Electricity, Water and Gas Authority (SEWA) implemented a number of development projects during...
- 80 projects have been implemented for network modifications and approximately 50 transformers are installed in the central region.
- Cables have been extended to implement these projects with up to 197,624 km of length, and the total cost of the projects is $14.78 million.
Business
MoHAP of UAE and Bayer to launch a new initiative “STEPS”
The Ministry of Health and Prevention (MoHAP) has signed a Memorandum of Understanding (MoU) with Bayer Middle East to launch...
- The new initiative aims to support the local health authorities by developing the capabilities of the various components of the medical system
- The launch of the STEPS program aims to enhance the capabilities of all parties to the health economics system in the UAE
Business
India aims at boosting honey exports to UAE, Saudi Arabia
India started its honey exports only in the fiscal year 1996-97, and is the world’s eighth-largest honey producer and ranks...
- India started its honey exports only in the fiscal year 1996-97, and is the world’s eighth-largest honey producer and ranks ninth among the honey exporting countries globally.
- The markets of Indian honey where APEDA is planning to boost its export includes the UAE, Saudi Arabia, Bangladesh and Canada.
Business
EDB and AD Ports team up to support industrial sector in UAE
Emirates Development Bank (EDB) has signed an MoU with Industrial Cities and Free Zone Cluster of AD Ports Group to...
- The financial solutions can be utilized to build new facilities, purchasing, or leasing existing facilities as well as acquiring, upgrading, and maintaining the units’ assets
- The MoU aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE
Business
FAHR issues circular for flexible remote working on Fridays
The Federal Authority for Government Human Resources (FAHR) yesterday issued a circular to all ministries and federal entities regarding flexible...
- The step is being taken to ensure continuity of service provision and the federal government’s proper functioning during the implementation of the remote working system
- The circular is based on the new system of weekly work in the federal government sector, which started at the beginning of this year
Geostrategy
Lebanon town warns of looming heating tragedy
Arsal town is home to 70,000 Syrian refugees. The cost of fuel families need to power their stoves has risen...
- Dozens of displaced people in Syria and refugees in Lebanon have died from the cold and accidents caused by unsafe heating devices, including in Arsal.
- Bankrupt Lebanon can no longer provide electricity nor subsidised fuel for its own citizens, let alone for the estimated 1.5 million Syrian refugees.
Business
Dana Gas’s 2021 collections spike 107% to $377 million
Dana Gas has announced that its collections from the KRI and Egypt rose 107% year-on-year in 2021 to $377 million...
- In Egypt, Dana Gas collected $193 million during 2021, compared to $80 million in 2020, a 141% year-on-year jump
- The payments from the government of Egypt have reduced the Company’s receivables from the North African state to under $20 million
Business
Dubai records $81 billion worth of real estate transactions in 2021
Dubai's real estate market recorded 84,772 transactions representing a value of AED300 billion ($81 billion) in 2021, according to the...
- There was a 65 percent growth in the number of transactions and a 71 percent increase in value compared to 2020.
- A total of 52,415 investors concluded 72,207 new investments in 2021 worth AED148 billion, a growth of 73.7 percent.
Supply chain challenges hit Ramadan retail rush
Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...
Business
Company News
Latest News
GCC facility management eyes 10% growth until 2030
Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on...
Business
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
Business
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Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
- The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
- The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Business
Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.
- VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
- VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
Business
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
- Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
- As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.