UAE says foils bid to transfer weapons to Sudan army
"The security services succeeded in preventing the transfer of a quantity of military equipment to the Sudanese Armed Forces following the arrest of members of a cell involved in unauthorized mediation, brokering and illicit trafficking of military equipment," UAE Attorney General Hamad Saif Al Shamsi said.
UAE airports receive 31.8 million passengers in Q1: CBUAE
Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of 11.5 million passengers from the same period in 2022, when about 20.4 million passengers were recorded, according to the Central Bank of the UAE (CBUAE).Indicating that the civil aviation sector...UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to draft and adopt practical initiatives and projects that will enhance the UAE's readiness for the future.The launch took place during the first meeting of the UAE Future Network, with the...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...RAKEZ unveils ‘open yards’ to enhance business facilities
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive facility offerings.Located in the mainland area of Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.With the introduction of these...Iran foreign minister holds talks with Omani counterpart
ran said last week it had been engaged in indirect negotiations with the United States through Oman, with nuclear issues, US sanctions and detainees on the agenda. The following day, Iran's nuclear negotiator said he had met with diplomats from three European countries in Abu Dhabi to discuss a number...Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the second-largest FDI recipient in the Middle East, and Saudi Arabia is the largest one in the region.Dubai International Chamber opens new office in Johannesburg
Dubai, UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official inauguration of its latest international office in Johannesburg, South Africa.The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of bilateral...TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.Pakistan to hand over Karachi Port terminals to UAE
Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover of the Karachi port terminals, potentially marking the first inter-governmental transaction under a law implemented last year to raise emergency funds. The decision was made during a meeting chaired by Finance...Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released by Dubai's Land Department (DLD) showed.The market also recorded 130 mortgage deals totaling US$732 million (AED2.69 billion), and 21 gift deals amounting to US$59.5 million (AED218.56 million).The sales included 566...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.Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada on the region’s international financial exchange, further solidifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of US$77 billion.To celebrate the successful listing...ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.Islamic banks’ assets climb up to US$177bn in Q1 of 2023: CBUAE
Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE).The apex bank's...‘UAE committed to support refugee across the world’
Sheikh Hamdan, who is also Chairman of the Emirates Red Crescent, calls on the international community to increase efforts to alleviate forced displacement and secure improved living conditions for refugees. The UAE recently pledged US$20 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near...UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor inspection and occupational health and safety.The agreement, signed by UAE's Ministry of Human Resources and Emiratization (MoHRE) in the presence of its minister Dr. Abdulrahman Al Awar, aims to develop...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...Iran-EAEU free trade zone agreement can be signed by year’s end: Russian deputy PM
Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the end of the year, according to Russia's deputy Prime Minister Alexey Overchuk."Now, indeed, the EAEU has come very close to concluding such an agreement with Iran. This issue was touched...UAE’s GCAA signs agreement with ICAO to boost collaboration
Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement to deepen collaboration.The agreement was signed by Mohammed Abdullah Al-Salami, Chairman, Department of Civil Aviation, in Fujairah, GCAA Deputy Board Chairman, and Juan Carlos Salazar, ICAO Secretary General.This came during Al...UAE’s foreign trade records 17% jump to US$607bn in 2022
The boost in foreign trade comes on the back of the signing of the comprehensive economic partnership agreements that the UAE has inked so far. As the agreements take effect, a new phase of trade exchange commences that promises a substantial boost in quality and quantity, expanding the global trade...Rivals in Yemen discuss possible prisoner swap in Jordan, says Red Cross
DUBAI, UAE - Yemen's government and Iran-backed Houthi rebels are locked in talks in Jordan to set the ground for a possible prisoner exchange, a Red Cross official told AFP on Sunday.Yemen's conflict began in 2014 when the Houthis seized the capital Sanaa, prompting a Saudi-led coalition to intervene the following...Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated the 900 megawatt (MW) fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park.This will be the largest single-site solar park in the world with a...Dubai Chamber of Digital Economy launches report on the emirate’s economy
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its third report on the emirate's digital economy.The Dubai's Venture Capital Ecosystem report provides an overview of the investor landscape backing the start-ups and scale-ups that are transforming Dubai and the...UAE to deepen economic tie-ups with various world countries: Sheikh Saud
St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to ensure a sustainable and prosperous future for generations to come.This was stated by Sheikh Saud bin Saqr Al Qasimi, supreme council member and ruler of Ras Al Khaimah, in a...Crisis hits investments in MENA startups
While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments and the ability of banks to sustain SME support amidst a global banking crisis.38 million passengers used services of SRTA in 2022, say reports
SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year 2022, local media reports said.This includes passengers benefiting from the mass transportation services on the public transportation network in the emirate, represented by intercity buses, taxis, in addition to airport...UAE, Morocco speakers of parliament discuss ways to enhance cooperation
MARRAKESH, MOROCCO - Speaker of the UAE Federal National Council (FNC) Saqr Ghobash met with Morocco Speaker of the House of Representatives Rachid Talbi El Alami on the sidelines of the Parliamentary Conference on Interfaith Dialogue here.Ghobash also met with Naam Miyara, President of the Chamber of Councillors of Morocco.The...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 Dhabi...More than dozen private joint-stock companies list in UAE in 2022
Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up to 13, with a total capital of US$2.24 billion, according to the Securities and Commodities Authority (SCA).In a recent report, the SCA said that the companies are divided into 12...‘UAE is all for gender equality, women empowerment’
"We firmly believe that the full, equal and meaningful participation and inclusion of women across society is essential for achieving sustainable development and lasting peace,” she adds. “This partnership will not only contribute to the Women, Peace and Security agenda – it will also advance the role of women and...RAKEZ entices Indian investors with ‘lucrative’ business prospects
Ras Al Khaimah, UAE-- Looking to boost economic cooperation and convince businesses across India to invest in the free zone, Ras Al Khaimah Economic Zone (RAKEZ) toured various cities in the country, offering an overview of the potential of expanding their operation in the Middle East through Ras Al Khaimah....Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted during the week ending June 16, 2023, according to figures released by the Dubai Land Department (DLD).The DLD report showed that 189 plots were sold for US$620 million (AED 2.28...Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.Dubai International Chamber opens Europe’s first representative office in UK
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a new international representative office in London, UK.The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the chamber’s...Putin meets UAE President Sheikh Mohamed, hails ties
Putin thanked Al-Nahyan for the role the UAE has played in prisoner exchanges between Russia and Ukraine and Russia and the United States. Al-Nahyan said he was in favor of "de-escalation" and a "political solution" to the Ukraine conflict during the talks, in which the pair discussed their countries' "strategic...Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout kicked in, official figures showed Thursday.The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022, and a decline of 12.4 percent...Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to the same period in 2022, making it the strongest start to a year since 2015.All Audi sedan and SUV models have experienced significant year-on-year growth; with Audi Approved Plus vehicles...ESG, Q Holding form joint venture
JV to develop accommodation project in Abu Dhabi island.UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a memorandum of understanding with the Ministry of Industry and Advanced Technology (MoIAT).The MoU was signed in the presence of Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology;...At UN, UAE plays up link between climate change and peace
Exhorting the Security Council to adopt what she called as innovative attempts to address the interplay between climate change, peace and security, Mariam Almheiri, UAE's Minister of Climate Change and Environment, warned that the threat of climate change was not a hypothetical scenario but a "risk multiplier" and many were...Here are Dubai’s top 3 locations for profitable rental investments
Dubai, UAE – Realiste, proptech company in the UAE, has made a list of the most profitable areas for short-term rental and long-term rental and also talked about the most profitable investment strategies in these areas.Here is the list of the best Dubai locations for property investment with a focus...Private sector share in UAE GDP rise to over 70%
Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making the country among the top 10 in 28 of the most important global competitiveness indicators, Member of the UAE Board of Directors of the Ajman Chamber of Commerce and Industry...GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts.Arab nations account for 25 percent of Israel’s 2022 arms exports
Jerusalem, Undefined - Israeli defense exports hit an all-time high of $12.5 billion last year, with Arab countries that recently established ties accounting for nearly a quarter of purchase contracts, officials said Wednesday.The defense ministry, which oversees and approves the exports of Israel's defense industries, said one quarter of deals were...DEWA, SAP-SE keen to enhance digitalization of utility sector
Dubai, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) and Christian Klein, CEO and member of the Executive Board of SAP-SE, a leading global software corporation, Wednesday discussed collaboration and ways to enhance the digital transformation of the utility sector. They also...UAE to see second biggest migration of millionaires in 2023: Report
Dubai, UAE -- The United Arab Emirates will see the second biggest migration of high-net-worth individuals (HNWIs) in 2023 with a net inflow of 4,500 HNWIs, next only to Australia that is expected to receive 5,200 millionaires, according to the Henley Private Wealth Migration Report 2023.The inflow of millionaires to...UAE gold forecasted to grow by 3.6% annually through 2030
Dubai, UAE - The UAE's precious metals market, which includes gold, jewelry, gold bars, and silver, is expected to reach a value of AED 13.21 billion ($3.59 billion) by the end of the decade. This projection is based on a forecasted compound annual growth rate of 3.66 percent through 2030....UAE consul general visits Albany to foster deeper economic, cultural ties
Albany, New York-- The UAE has reiterated its resolve to strengthen economic and cultural ties with New York and the US as both countries seek to advance the transition to clean energy.The renewal of the commitment was made during a visit by Amna Binzaal Almheiri, UAE Consul General in New...Dubai records 78% realty sector YoY growth in May
Dubai, UAE: Dubai's property sector has witnesses a 78 percent increase in sales volume in May 2023 when compared to the same period one year ago.About 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022.A recent analysis...