‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to...
Economy
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
Science
Economy
UAE eases Covid-19 protocols for citizens and travelers
The UAE’s National Emergency Crisis and Disasters Management Authority relaxed the rules in coordination with its main partners.
- At the local level, each emirate now has the flexibility to determine the duration of the quarantine period and PCR tests for Covid-19 contacts
- However, they must maintain the need to follow precautionary and preventive measures, which include physical distancing and mask-wearing
Business
DP World acquires 100% stake in Imperial
The acquisition is expected to also add significant strategic value to DP World given Imperial’s footprint and strong market access...
- The acquisition is expected to also add significant strategic value to DP World given Imperial’s footprint and strong market access and logistics solutions capability
- DP World and its subsidiaries employ over 71,000 people across its worldwide operations
Geostrategy
Sanctions bore in on Russia over Ukraine invasion
On Friday, US President Joe Biden extended his country's measures against Russia to include sanctions on President Vladimir Putin and...
- The first tranche will hit four Russian banks, cut off more than half of Russia's technology imports, and target several oligarchs
- Energy giant Gazprom and 12 other major companies will be barred from raising capital in Western financial markets
Economy
Global stocks rebound, oil slips as traders weigh Russia sanctions
In Europe, the three main indices all closed more than three percent higher, recovering most if not all of the...
- European benchmark Brent crude was down to $96.63 per barrel, having briefly soared past $105 per barrel on Thursday for the first time since 2014.
- Western nations added to sanctions on senior Russian officials and business figures as well as Russian banks. The US also blocked tech exports including semiconductors.
Business
Dubai Maritime City launches $38 million infrastructure project
DP World’s purpose-built maritime hub, Dubai Maritime City (DMC), has launched an infrastructure project at a cost of AED140 million...
- The infrastructure project includes developing networks for deep sewage, stormwater, fire, irrigation, potable water, telecommunication, and roads.
- The new infrastructure will integrate DMC with the Mina Rashid area that includes the QE2 Hotel, P&O Marinas and Marina Cubes.
Business
Egypt sets up $50m venture capital fund for startups
The World Bank and MSMEDA is eager to review and develop the needs of startups.
- The World Bank is supporting the operation of the program, aimed at tech-based startups
- The fund was announced by Egypt's Minister of Trade and Industry, Nevine Gamea
Business
Ras Al Khaimah provided $1.9m package to local businesses during pandemic
The Ras Al Khaimah Department of Economic Development (RAK-DED) offered AED 7 million ($1.9 million) in economic stimulus package to...
- The package was provided to support the local economy and ensure business continuity during the COVID-19 pandemic.
- RAK said the package included licenses registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs.
Infographics
SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...
- Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
- But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively
Ukraine crisis challenges oil industry caution at high prices
As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players such as...
- As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players like Devon Energy have chosen to only lift capital investment modestly
- That approach has reflected the clear preference within the investment community for producers to steer extra cash to debt reduction and shareholder givebacks
Economy
UAE aims to increase economy to more than $800bn by 2030
This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said Minister of Economy Abdullah...
- The UAE aims to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030
- In 2020, the UAE attracted FDIs worth some $20 billion, which was an increase of 17 percent compared to the previous year
‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to...
Economy
Company News
Latest News
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
Business
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Business
Kenya suspends Worldcoin crypto over privacy concerns
Users who registered with the Worldcoin cryptoproject in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45),...
- The Worldcoin Foundation said demand for a World ID in Kenya had been "overwhelming" and as a precaution, verification services had been "temporarily paused"
- Kenya has been battling soaring inflation and a jobs crisis, particularly among the young, prompting many people to flock to register with Worldcoin in exchange for cash
Economy
Global trade in goods, services worth US$31trn in 2022: WTO
Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
- In 2022, China retained the top position as the top merchandise exporter, but its share fell to 14 percent from 15 percent
- Exports of fuel and mining products recorded a 19 percent increase per year between 2019 and 2022, touching US5,158 billion in 2022
Business
Agthia Group profit vaults 6.6%
The net profit rose to US$39.21m in H1 of 2023.
- The company's revenue jumped 10.3 percent to $600 million, reflecting a strong volume and value performance from dates
- EBITDA growth was ahead of revenue, up 18.3% year-on-year to $87m, reflecting strong growth in profitability across snacking and water