Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office (ADIO), the second edition of Al Multaqa quarterly meetings, presenting business community with recent updates on the Emirate’s economy and achievements in 2023 and highlighting future opportunities. Launched in Q4-2023,...
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 759.3 billion ($206.47 billion) at the end of March 2023 to AED 775.2 billion ($210.68 billion) at the end of April 2023. This was...
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for...
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
UAE, Qatar restore ties, after six-year-long estrangement
According to Qatar's foreign ministry, Doha will reopen embassy in Abu Dhabi and its consulate in Dubai immediately. The UAE too will throw it embassy open in Doha. The UAE's Foreign Minister, Sheikh Abdullah bin Zayed, spoke to Sheikh Mohammed bin Abdulrahman Al-Thani, Qatar's Prime Minister and also its Foreign...
ADDED signs pact with Valeo to set up automotive technology hub in Abu Dhabi
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry here by establishing a technology hub to manufacture autonomous and electric car components in the emirate. The hub will develop industrial solutions to support local electric car startups in Abu...
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
ESG, Q Holding form joint venture
JV to develop accommodation project in Abu Dhabi island.
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
Iranian nuke expert, EU officials review Tehran’s atomic program
A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in exchange for curbs on its nuclear program to guarantee that Tehran could not develop a nuclear weapon -- something it has always denied wanting to do.
HUB71 reveals winners of The Outliers Program to address industry challenges
ABU DHABI, UAE - Hub71, Abu Dhabi's global tech ecosystem, on Tuesday announced the winners of The Outliers Program, which gives founders worldwide the opportunity to build proof of concepts (POCs) alongside major reputable organizations. Participating startups have been recognized for their innovative solutions in various challenges set by Hub71’s...
UAE national banks provide $99.9 bn credit to trade, industry in Q1 2023
Abu Dhabi, UAE - Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1 percent YoY, or AED42.5 billion ($11.5 billion) in the first three months of 2023, according to recent data issued by the Central Bank of the UAE (CBUAE). The statistics showed...
KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land lease agreement with Spain's Tubacex Group for the development of a state -of-the-art manufacturing facility for OCTG-CRA tubular solutions. This would be the first such manufacturing facility in the Middle...
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more than AED 3.89 trillion ($1.06 trillion) in the first quarter of 2023, a YoY increase of 35.2 percent over the corresponding period in 2022, according to statistics released by the...
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit at the Barakah Nuclear Energy Plant in Abu Dhabi, has begun its operational readiness preparations. The operations team at Barakah have now commenced the operational readiness testing required to demonstrate...
CBUAE balance sheet hit all-time-high of $161 bn by March end
Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion) by the end of March 2023, marking the largest level ever in its history, a CBUAE report has revealed. In its budget report for March 2023, the apex bank said...
Abu Dhabi curbs use of plastic bags by 95% since ban last year
Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the banning of the single-use bags in June 2022. The Environment Agency – Abu Dhabi (EAD) claims it has prevented over 172 million bags from entering the environment. In 2020, EAD...
Tom Cruise coming to Abu Dhabi’s for Middle East premiere of Mission Impossible
Abu Dhabi, UAE -- Abu Dhabi will host the Middle East premiere of the eagerly-awaited Mission: Impossible – Dead Reckoning Part One at a red-carpet event at Emirates Palace on June 26 to be attended by the movie’s cast and crew, including star Tom Cruise and director Christopher McQuarrie. Both...
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, costing more than US$10 billion. The 10 GW plant will save Egypt some $5bn in natural gas costs a year.
UAE highlights efforts in space sector at UN committee meet
ABU DHABI, UAE - A high-level UAE delegation at the 66th session of the United Nations Committee on the Peaceful Uses of Outer Space (COPUOS) said the country believes in promoting a safe and sustainable outer space environment. The UAE delegation is headed by Omran Sharaf, Assistant Minister of Foreign...
Foreign companies to pay Corporate Tax on immovable property income: UAE
Abu Dhabi, UAE - Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income derived from real estate and other immovable property located in the UAE and will be required to register in the UAE for Corporate Tax purposes, the UAE Ministry of Finance...
‘AI adoption in UAE’s industries to propel economic diversification’
Abu Dhabi, UAE - The adoption of artificial intelligence (AI) is critical to propelling diversification of economic growth in the United Arab Emirates, said managing director of Abu Dhabi Investment Authority. Sheikh Hamed bin Zayed Al Nahyan during his particiupation in the commencement ceremony of the Mohamed bin Zayed University...
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of the United Nations' upcoming climate change conference, official media reported on Sunday. The choice of Sultan Al Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), to head...
Workshops on suspicious transactions in gold, precious stone sector in UAE
ABU DHABI, UAE - UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of suspicious transactions among traders and business owners in the gold and precious stones sector. The workshops, through the Department of Anti-Money Laundering, also made the traders and business owners aware...
EDB inks MoU with ADDED to enhance support for Financial Support Program
Abu Dhabi, UAE--Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with the Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) to continue its support of the Financial Ecosystem Programme. The MoU signing took place on the first day of the at Make It in the...
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU) to implement the UAE’s Industrial Technology Transformation Index (ITTI) and deploy the index overseas for the first time. The move is part of the UAE's efforts to accelerate decarbonization and...
8 new industrial projects announced at Abu Dhabi’s ‘Make it in the Emirates’ event
Abu Dhabi, UAE - Eight new projects were announced on Thursday during the Make it in the Emirates Forum in Abu Dhabi. The Abu Dhabi Investment Office (ADIO) and its partners signed Memorandum of Understanding with high-growth companies covering key areas, including manufacturing, banking, oil & gas, pharmaceuticals, and healthcare...
UAE and Switzerland to enhance cooperation between judiciaries
Abu Dhabi, UAE - The UAE and Switzerland have discussed opportunities for cooperation between the Abu Dhabi Public Prosecution Office and the Swiss Public Prosecution Office and the means to develop the services provided. Ali Mohammed Alblooshi, Attorney-General of Abu Dhabi, met with Stefan Blatler, Attorney-General of Switzerland and Massimo...
MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with Shahin in a move towards sustainable industrial development and promoting electric mobility. The LoI, signed at the Make it in the Emirates Forum on Wednesday, underlines the country’s commitment to...
UAE’s ADNOC Logistics surges 50 percent in share float
Shares in UAE state oil company ADNOC's logistics unit soared 50 percent as they hit the market in a $769 million initial public offering on Thursday. The listing comes just weeks after ADNOC floated its gas unit in a $2.5 billion IPO in March.
UAE space sector localization: Strata Manufacturing delivers MBZ-SAT Satellite components
Abu Dhabi, UAE -- Strata Manufacturing (Strata) and Mohammed Bin Rashid Space Centre (MBRSC) have established a local satellite component manufacturing of aluminium honeycomb panels for the first time. This partnership is a step towards localization.in the UAE's space industry. Strata Manufacturing will play a vital role by supplying locally...
‘UAE rising as a key player in global hospitality’
“Cities such as Dubai and Abu Dhabi have rapidly established themselves as the hospitality destination of choice for business and leisure. Emirates such as Ras Al Khaimah are also heavily investing in these sectors, offering international tourists diverse offerings across the leisure and entertainment sectors,” he adds.
ADNOC signs deals with 60 firms to produce key non-oil products in UAE
Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil products in its supply chain, local media reports said. The deals were signed at the Make it in the Emirates Forum in Abu Dhabi, and bring ADNOC closer to its...
UAE withdraws from US-led coalition that secures Gulf waterways
"As a result of our ongoing evaluation of effective security cooperation with all partners, two months ago, the UAE withdrew its participation in the Combined Maritime Forces," a statement carried by the official WAM news agency said. The Bahrain-headquartered CMF was established in 2001, initially as a partnership between 12...
Flat6Labs invests $10.2m in Abu Dhabi start-ups
Dubai, UAE - Flat6Labs, a seed and early-stage venture capital firm in the MENA region, has invested $10.2 million in start-up funding in Abu Dhabi. The investments were made through the Flat6Labs Ignite Program, which is a specialized seed program dedicated to supporting start-ups in Abu Dhabi. The program, in...
UAE Corporate Tax: Ministry of Finance issues three new rules
Abu Dhabi, UAE: The UAE on Tuesday issued three new decisions to further smoothen implementation of the Corporate Tax in the country which is set to come into force on June 1. These include fresh rules on tax grouping, interest capping, and unincorporated partnerships. Younis Haji Al Khouri, Undersecretary of...
Meeting discusses growth of new economic sectors in UAE
ABU DHABI, UAE - The Economic Integration Committee held its second meeting this year and discussed a range of key economic issues, including access to legislation supporting the growth of new economy sectors in the UAE. The meeting was chaired by Abdullah bin Touq Al Marri, Minister of Economy, and...
Falcon 40B, UAE’s open-source AI model ranks No 1 on Hugging Face’s Leaderboard
Abu Dhabi, UAE - Falcon 40B, the UAE’s first large-scale open-source, 40-billion-parameter AI model launched by Abu Dhabi’s Technology Innovation Institute (TII) last week, soared to the top spot on Hugging Face’s latest Open Large Language Model (LLM) Leaderboard. Hugging Face, an American company seeking to democratize artificial intelligence through...QCC, Setup in Abu Dhabi partner to strengthen SMEs export capability
ABU DHABI, UAE - Abu Dhabi Quality Conformity Council (QCC) has joined Setup in Abu Dhabi, a comprehensive SME enabling platform, to support SMEs, providing local businesses with guidance and services related to export product standards and compliance. Setup in Abu Dhabi was launched by Creative Zone in 2022 in...
Energy minister leads UAE delegation to development road conference in Iraq
ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the Development Road Conference in Iraq. The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan and representatives of the European Union...
EDB, Paraguay’s Development Finance Agency ink MoU to boost collaboration
ABU DHABI, UAE - Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, signed a Memorandum of Understanding (MoU) with Paraguay’s Development Finance Agency (Agencia Financiera de Desarrollo, AFD). The signing was witnessed by José Agüero Avila, Ambassador of Paraguay to...
IIFA Awards: Bollywood struts its stuff in UAE
The Gulf, with its millions of South Asian residents and migrant workers, is a "huge market" for Bollywood, said industry expert Akshaye Rathi, director of the Aashirvad Cinemas chain. "These kinds of events don't overcome a crisis overnight," Rathi told AFP ahead of the 23rd IIFA, the second edition in...
UAE issues transitional rules for Corporate Tax
The goal is to simplify establishing the initial balance sheet, guaranteeing a fair method for managing assets and liabilities preceding the new Corporate Tax system implementation.
UAE Ministry of Interior, Etihad Rail ink MoU to enhance cooperation
ABU DHABI, UAE - The UAE Ministry of Interior (MOI) and Etihad Rail Company, the developer and operator of the country's national railway network, have signed a Memorandum of Understanding (MoU) to enhance cooperation and strategic coordination between them. The MoU was signed by Under-Secretary of the Ministry of Interior...
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water plants in the country are also a part of ENGIE's investments.
ADNOC, TAQA award $2.4bn project for sustainable water supply
Dubai, UAE -- ADNOC and Abu Dhabi National Energy Company (TAQA) Wednesday announced the award of a strategic investment project estimated at up to $2.4 billion (AED 8.8 billion) to provide sustainable water supply for ADNOC’s onshore operations. The project will develop a centralized seawater treatment facility and transportation network...
EDGE acquires majority stake in MARS Robotics
Abu Dhabi, UAE - EDGE, a technology and defence group, on Tuesday announced the acquisition of an 80 percent stake in MARS Robotics, a leader in autonomous robotic solutions based in Jordan. MARS Robotics will work closely with EDGE’s Advanced Concepts, which focuses on the rapid design, development, and deployment...
UAE institutional investors should focus on transition investment: NYUAD report
Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on transition investment, taking advantage of their access to emerging markets. This is the conclusion of a NYU Abu Dhabi (NYUAD) report. The annual report "Transition Investment Lab (TIL)" was launched...