"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...

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...

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,...

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...

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),...

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...

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...

“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...

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....

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...

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...

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...

The rise was due to the hospitals and pharmacy segments.

ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and Education for Sustainable Development (ESD), was revealed on Day Four of the 12th World Environmental Education Congress (WEEC2024) here. A culmination of four days of vibrant discussions, workshops and events...

WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the final touches to a further fisheries deal. But other potential agreements seem stuck in the weeds as anxiety swells over the impact of current geopolitical tensions.

Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction App has generated over AED3.4 billion ($925 million) in sales. In more detail, 333 properties worth AED3,401,835,871 ($926,361,975), have been sold in addition to 1013 vehicles valued at AED78,277,025 ($21,334,933),...

The global pipe maker invested US$60m in the business.

The annual net profit in 2022 was US$470 million.

According to the UAE authorities, the grand temple carved from pink stone spreads over an area of 55,000 square metres and is the largest traditional stone-built Hindu temple in the Middle East. Nearly 3.5 million Indian nationals, the largest expatriate community in the Gulf country, live in the UAE.

ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and private sector employers, detailing the regulations for pension deductions and end-of-service gratuity in line with Federal Decree Law No. 57 of 2023. The circular included limiting the procedure of deduction...

ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in active talks with several nations eager to join the OPEC+ Charter of Cooperation, following the recent accession of Brazil. The names of these countries will be announced after the completion...

Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023. Speaking on the sidelines of the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasized...

The firm posted a year-on-year net profit rise of 316 percent.

ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a series of projects, including infrastructure, residential, commercial and mixed-use developments across Abu Dhabi in 2023. The contracts were awarded to 36 UAE-based companies with almost 50 percent of the value...

ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan spoke by telephone to President of the Russian Federation Vladimir Putin to discuss bilateral relations and opportunities to further strengthen UAE-Russia ties. During the telephonic conversation on Monday, Putin expressed his gratitude to Sheikh Mohamed for the UAE’s successful...

The acquisition of 44% stake is valued at US$211.20 million.

GCC cities such as Abu Dhabi, Dubai and Riyadh showcase dynamic growth, rivalling global metropolises, says Julien Hawari, CEO & Founder of Special Edition and Million.

The pact deals with bulk and general cargo terminal.

ABU DHABI, UAE – As per the directives of President Sheikh Mohamed bin Zayed Al Nahyan, Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan announced that the UAE has allocated US$5 million to support the efforts of the United Nations Senior Humanitarian and Reconstruction Coordinator for Gaza. Sheikh...

ABU DHABI, UAE  - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic Republic have signed a Memorandum of Understanding (MoU) to create a framework for investments in digital infrastructure with a focus on data center projects in Greece. The agreement was signed...

ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of Commerce (CCIRC) to elevate research efforts in academia. The MoU - signed by Dr. Hamad Odhabi, Vice Chancellor of Financial and Administration Affairs at ADU, and Antonio Rotondo, Chairman of...

ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next month to address the potential challenges of de-globalization and its impacts on global supply chains, Minister of State for Trade of Spain Xiana Mendez said. “The main challenges we may...

Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36 billion) in the first month of 2024, comprising 1,386 transactions of sales and mortgages on various types of real estate units. According to the "DARI" platform, affiliated with the Department...

ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported annual growth of major indicators. The report emphasizes the business ecosystem's attractiveness and its ability to attract quality investments, supported by the Emirate's strong...

SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani, CEO of Pemo, tells TRENDS.

Ghitha reported an operating profit of $69 million in 2023.

EDGE has a local and global orderbook of over $5billion.

The firm said the new brand will replace MiCCO Logistics.

London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the government probes its contentious proposed takeover by a United Arab Emirates-backed fund. TMG and parent company Press Acquisitions Limited said that chief executive officer Nick Hugh, in the post since...

"The digital transformation, which relies on artificial intelligence technologies, has touched all sectors and contributes to improving the quality of life and supporting businesses. This transformation promotes sustainable development toward a more advanced and prosperous future," Al Kuwaiti adds.