Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to strain the region's finances, data and analytics company GlobalData said in its Global Risk Report Quarterly Update -- Q1 2023. The region's risk score went up from 54.3 out of...

The company’s EBITDA in H1 2023 was US$178 million.

Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.

Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653 passengers passing through the airport between January 1 and June 30, 2023, compared to 6,158,376 passengers during the same period last year.  The airport also recorded 67,835 flights, a rise...

Markets slid on Thursday as traders shifted to safer assets after Fitch downgraded the United States' credit rating from AAA to AA+. The decision sparked a strong rebuttal from Washington and confused analysts. Despite recent rallies on hopes of a "soft landing" for the US economy and in-line job data,...

Acquisition aims to diversify and expand into several sectors.

JV will manufacture high-quality copper products in UAE.

The net profit rose to US$39.21m in H1 of 2023.

Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations

The talks between Sheikh Mohamed bin Zayed and King Abdullah focused on ways to ramp up cooperation across key strategic sectors, with a particular emphasis on economic partnerships, investment and development opportunities, and other key areas aimed at fostering sustainable development and prosperity in both countries.

Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey.

Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal) to establish a sustainable end-to-end transport logistics solution between Jindal’s steel complex at Sohar Port and the United Arab Emirates (UAE), via the UAE-Oman Rail Network. The deal is a...

LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support and lower risks, according to the latest report by Fitch Ratings. GCC governments typically play multiple roles in power and water desalination projects, often controlling project companies with minority stakes...

Abu Dhabi, UAE - ADQ and IHC Capital Holding are joining forces to bring together ADQ's ownership of Abu Dhabi National Exhibitions Company (ADNEC) and its stake in Modon Properties, along with IHC Capital's share in Modon to form a new entity called Q Holding.  The proposed transaction would create...

She adds that the Ministry’s participation in this workshop forms part of its commitment to fostering regional and international cooperation and facilitating the exchange of expertise with partners, thus contributing to establishing a sustainable national anti-money laundering ecosystem.

Its net profit vaulted to US$132 million in the first half of 2023.

Dubai, UAE - Vox Cinemas, the prominent Middle East exhibitor partnering with Warner Bros. for distribution, has decided to postpone the Middle East release of the popular Greta Gerwig film to August 31.  Initially slated for a July 19 release – just two days before its US debut – the...

Abu Dhabi, UAE - ADNOC and Occidental on Tuesday signed a strategic collaboration agreement (SCA) to evaluate potential investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the United Arab Emirates (UAE) and United States (US), with a view to developing a carbon management platform to accelerate...

The company's second quarter net profit increased 4% year on year.

The UAE, set to host COP28 from November to December in the business hub of Dubai, requires official permission for protests but effectively bans demonstrations it deems disruptive. At the upcoming UN climate talks "there will be space available for climate activists to assemble peacefully and make their voices heard", it...

DUBAI, UAE – UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei launched the National Program for Infrastructure Development (Salamah 365). This is a transformational project under the performance agreements signed by federal authorities in 2022 in the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice President,...

The company's revenue grew by 29 percent year on year.

Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather and geography can cause delivery disruptions

“The real development of the education sector requires attracting the expertise of Emirati educators. Without empowering them to perform effectively, other efforts become insufficient to achieve the desired educational success,” adds Sheikh Abdullah, the UAE’s Minister of Foreign Affairs and Chairman of the Education and Human Resources Council.

Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the year as non-oil economy witnesses strong growth in spite of global macroeconomic headwinds. According to a market report by CBRE, rental performance in Abu Dhabi’s occupier market showed substantial improvement...

The country ascends four spots in Kearney's 2023 Global Services Location Index, reflecting its thriving business environment and emergence as a tech hub with 4,000+ startups.

ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050," the company said in a statement. It said it intends to "increase its investments and redouble efforts in decarbonization," relying on an initial financing of $15 billion for "low-carbon solutions"...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing renewable energy projects across solar, battery energy storage system (BESS), wind and other renewable energy technologies. The MoU was signed in Malaysia by Abdulla Zayed, Masdar’s Head of Development and...

Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop the UAE's judicial system in line with changing global economic landscape.  The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as...

DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective action and collective finance to strengthen sustainable development. She also called upon G20 countries to fulfill their commitment to providing the pledged financial support for global climate initiatives. Almheiri addressed...

DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of the International Road Transport (TIR Carnet) system, the global customs transit procedure. Dubai Customs cleared the first transit consignment under the TIR carnet in 2020. Dubai Customs is a signatory...

The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate tax system in order to boost the UAE's appeal as an investment haven.

ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do...

SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a celebration of heritage, competition and taste. Organized by the Sharjah Chamber of Commerce and Industry (SCCI), the event has been hosted at Expo Al Dhaid and offers an enticing platform...

NEW DELHI, INDIA -  The UAE ranked fourth in the world among the top 12 markets for Indian spices in the fiscal year 2022-23, the Spices Board of India announced. Spice traders, regulatory authorities, import associations and trade officials from the Gulf will be invited for the 14th World Spice...

The company's total operating income was $135m.

Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the Middle East, the Indian newspaper The Hindubusinessline reported.  The primary objective of this tie-up is not to seek financing for projects, as L&T will continue to self-finance its project execution...

Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent of the world's GDP and contributes 80 percent to emissions. He appealed to the audience to work with "your leaders to drive global climate action in this critical decade."

The Abu Dhabi firm will push for growth in the defense sector.

“Handling disinformation is the need of the hour. The Global Media Congress will help devise a strategy to use the available tools to tackle disinformation. We need an effective strategy to ensure that the messages impacting our citizens and the world are delivered in a positive, ethical and meaningful way,”...

New customers and projects were added in H1 2023.

Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the electric charging network by 170% by 2025, says a report.

The bank's revenue grew by 50 percent to AED 4.3 billion.

Abu Dhabi, UAE -- Sheikh Saeed bin Zayed Al Nahyan, brother of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Abu Dhabi Ruler's Representative, passed away on Thursday. An obituary issued by the Presidential Court said: “In the name of Allah, the Most Gracious, the Most Merciful... With hearts...

Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1 2023. According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate. The first six months of 2023 also witnessed...

The bank recorded a total income of $2.53 billion.

Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until the end of June. According to the Telecommunications and Digital Government Regulatory Authority (TDRA), the jump in the average number of pages viewed was 3.52%, compared to the same period...

The company logged a net profit of $4.4m.

Trade between GCC and ASEAN doubles, marking a new economic collaboration era as Saudi Arabia, Qatar, Oman, and UAE enhance ties by signing Treaty of Amity and Cooperation.

Profit driven by core revenues, effective cost management.