ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of a new investment fund valued at US$10 million by the IOTA Ecosystem DLT Foundation during Investopia 2024.The fund's primary goal is to promote the development of TradeTech solutions and support...

EGA is to buy 100 percent of firm from Leichtmetall Holding.

ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling for their General Assembly Meetings (GAMs) to be held simultaneously on April 25 2024.During the GAMs, respective shareholders of each entity will vote on the proposed merger of the two...

Abu Dhabi, UAE -- Real estate deals worth AED 87.1 billion ($23.71 billion) were recorded in Abu Dhabi during 2023, according to the Abu Dhabi Real Estate Centre (ADREC), a dedicated affiliate of the Department of Municipalities and Transport (DMT).The value of buying and selling activities surged by 159.5 percent...

Abu Dhabi, UAE:  A total of 70.81 percent of companies anticipate expanding their workforce in Abu Dhabi Global Market during 2024, with 29.93 percent expecting significant increases and 40.88 percent planning moderate growth in staffing, a study said.According to the study by ADGM, the international financial center (IFC) of the...

Masdar to buy 50 percent stake in Terra-Gen from ECP.

ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in foreign direct investment, said Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC).He estimates the total value of Emirati investments abroad, encompassing both government and private...

Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million ($37.30 million) by real estate developer Aldar.Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.The record sale of...

ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.  The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Péter...

ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a technology investment company to enable the advancement and deployment of leading-edge technologies intended to improve the lives of current and future generations.Mubadala and G42 will serve as foundational partners in...

Abu Dhabi, UAE - The UAE has been elected the Vice Chair of the UNESCO's Intergovernmental Committee (IGC) for the Protection and Promotion of the Diversity of Cultural Expressions for 2025.The appointment acknowledges the UAE’s contributions to cultural diversity and its role in fostering a multicultural and civilized tapestry both...

ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash dividend of US$0.15 (AED0.56) per share, translating to a total pay-out of US$1.1 billion (AED4.099 billion) equivalent to 50 percent of its 2023 net profit.This came as the ADCB on...

Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi.Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, will provide a full turnkey solution for the projects, including finance, design, procurement, construction, operations, and maintenance for 25...

The company’s 2023 annual revenue rises to US$1.2 billion.

They will utilize outdoor media-leasing spaces for advertising.

Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’ latest Global Services Forecast (GSF).Growing to US$28 billion from US$12 billion, and registering a 4.4 percent average annual growth, the regional expansion will surpass the global average growth of 3.6...

It will make next-generation radar systems in UAE.

The duration of each contract is of 22 months.

Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu Dhabi Declaration, a landmark document securing important new trade agreements that will extend the benefits of the global trading system to more nations.Following a week of intensive negotiations, Dr Thani...

Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite our best efforts, we failed to agree on some texts which are of great importance to many of our members," said Al Zeyoudi, who also serves as the UAE's foreign...

The bank achieved a Return on Equity of 27.1 percent.

ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while traders awaited remarks from several Federal Reserve officials.According to Reuters, spot gold edged 0.2 percent higher to $2,047.29 per ounce, as of 0635 GMT, after hitting $2050.59 on Thursday -...

ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as a major WTO conference was extended beyond its scheduled deadline.With no signs of a breakthrough at the World Trade Organization's 13th ministerial conference (MC13) in Abu Dhabi, officials pushed back...

ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total of 11,200 units were sold across the capital, up 83 percent y-o-y.The increase in demand for residences has been driven by several positive initiatives and announcements by the government, a...

Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of 67% between 2021 and 2023A, a new study developed by the Business & Economics Intelligence Sector at the Abu Dhabi Chamber of Commerce and Industry revealed. The increase further bolsters...

Abu Dhabi, United Arab Emirates -- A US-led push to reform the World Trade Organization's embattled dispute settlement system sparked divisions at a WTO meeting Wednesday, with India accusing Washington of bringing the trade body to a "standstill".A working session on dispute settlement reform was held on the third day of...

In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while the mobilization of reservists and the displacement of communities on the borders with Gaza and Lebanon have disrupted the economy. Confronted with the conflict, Arab countries that have normalized relations...

"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top is more crucial than those offering the largest subsidies," he says, adding that from an economic standpoint, it is widely recognized that subsidies do not lead to the desired economic...

ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024 and this will come into effect on March 1 2024.The Cabinet Decision No. 10 of 2024 amended the schedule of violations and administrative penalties of Cabinet Decision No. 75 of...

The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release. It will help reduce the costs of global services trade by more than $119 billion every year, it added.

IHC is a pioneer in leveraging AI for decision-making.

ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and strategic milestones.EDB revealed a significant 80 percent surge in its contribution to the UAE’s industrial GDP, which has grown from US$653 million (AED2.4 billion) in 2022 to US$1.1 billion (AED4.3...

Abu Dhabi, UAE -- Ministers representing 123 World Trade Organisation (WTO) members have finalized the Investment Facilitation for Development (IFD) Agreement, according to a statement by the WTO.The ministers also issued a submission asking for the 13th WTO Ministerial Conference (MC13), taking place in Abu Dhabi on 26th-29th February, to...

Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system" and boost international cooperation. "Looking around, uncertainty and instability are everywhere," the WTO chief said, adding that the world is in an "even tougher place today" compared to two years...

The two firms have signed a $1 billion private credit deal.

The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim of fostering sustainable development, according to the text. WTO chief Ngozi Okonjo-Iweala called it a "pioneering agreement that promises to help its signatories attract the foreign direct investment they want...

The World Trade Organization's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the United Arab Emirates, is the first in two years. The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce.

ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepreneurs in developing countries to export more using the opportunities offered by the digital economy.The announcement came ahead of the 13th ministerial conference of the WTO which...

Abu Dhabi, UAE -- The Abu Dhabi Session of the Parliamentary Conference on the World Trade Organization (PCWTO) was inaugurated Sunday by Saqr Ghobash, Speaker of the Federal National Council (FNC).The conference was organized by the FNC in cooperation with the Inter-Parliamentary Union (IPU) and the European Parliament (EP), in...

ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al Bahrain company aims to create expansive mixed-use projects, offering diverse residential, commercial and entertainment opportunities designed to elevate the overall local community experience.The JV was set up by an agreement...

ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE will provide a US$10 million grant to support key initiatives of the World Trade Organization (WTO), whose 13th Ministerial Conference is being held here.Sheikh Abdullah said that the grant to...

“Japan and the UAE will deepen their cooperation beyond traditional areas such as energy and the economy to include a wide range of fields like climate change, education, science and technology, outer space, and defense, under the ‘Comprehensive Strategic Partnership Initiative’. Such cooperation could expand in the field of international...

ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion (AED481.5 billion) by the end of November 2023 compared to US$114.6 (AED424.9 billion) at the end of the same period of 2022, according to the Central Bank of the UAE's...

ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited (Baker Tilly) and its registered audit principal Neil Andrew Sturgeon (Sturgeon), an ADGM media release said on Friday.The RA imposed a financial penalty of US$50,000 against Baker Tilly and -US$12,500...

Abu Dhabi, UAE -- EDGE, an advanced technology and defense groups, and Fincantieri, one of the largest shipbuilding companies in the world, have agreed to create a joint venture (JV) to capitalize on global shipbuilding opportunities with a focus on the manufacturing of a broad range of sophisticated naval vessels.EDGE...

e& said the net profit is a growth of 3 percent year-over-year.

ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts.Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold is...

ABU DHABI, UAE – Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Al Ghurair Group subsidiary Automotive Precision Technology (APT) on Monday announced the signing of a lease agreement for an automotive aluminum component manufacturing facility.The 30,000 square meters advanced manufacturing facility for APT in KEZAD will be strategically located...

ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month, new data released by the US Treasury showed.The Kingdom maintained 16th place among the largest holders of US treasury securities for the month. Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $107.7 billion.These...

The rise was due to the hospitals and pharmacy segments.