ABU DHABI, UAE -  AD Ports Group, a leading facilitator of global trade, logistics, and industry, and Premier Marine Engineering Services, a UAE-based shipyard company on Sunday announced the formation of a new joint venture, SAFEEN Drydocks. AD Ports Group will own 51 percent of the joint venture and the...

SHARJAH, UAE - The emirate's real estate activity during May 2023 logged a total value of US$653 million (AED 2.4 billion), further enhancing Sharjah's position as an ideal destination for investors, businessmen and families. The Real Estate and Mortgage Report issued by Sharjah Real Estate Registration Department (SRERD) revealed that...

Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking economic policies, which have helped to attract investment and promote foreign trade. He also noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent...

Abu Dhabi, UAE-- The emirate of Abu Dhabi has approved the disbursement of housing benefits worth US$844 million to citizens in order to lift up their standard of living. In this connection, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu...

Abu Dhabi, UAE-- Some 900,000 passengers are expected to pass through Abu Dhabi International Airport on more than 5,000 flights to and from 109 destinations spread over 59 countries. The projected numbers were released by Abu Dhabi Airports in anticipation of an increase in traffic at Abu Dhabi International Airport...

Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices.

DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts (REIT) privileges registry, and announced the opening of registration in it. Following the design and development of the online platform and the training the service centers to receive applications, local...

With violence escalating between Palestinians and Israelis, Morocco has postponed a meeting of Arab allies of Israel it was due to host this summer. According to the country's Foreign Minister Nasser Bourita a date for the meeting can be worked out when circumstances are more "favorable." The annual meeting was...

Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign vehicles crossing into the UAE by land at Al Ghuwaifat Port Station to be insured, from June 26, 2023. The vehicle owners driving into the country can now buy insurance...

DUBAI, UAE -  A total of 4,048 real estate transactions worth over US$4.2 billion  (AED 15.6 billion) were conducted during the week ending 23rd June, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 278 plots were sold for US$473 million (AED 1.74...

ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY) to US$118.5 billion (AED435.3 billion) at the end of April 2023 from US$107 billion (AED395.9 billion) at the end of April 2022, according to the Central Bank of the UAE’s...

ABU DHABI, UAE/ KARACHI, PAKISTAN -  AD Ports Group announced on Thursday the signing of a concession agreement with Karachi Port Trust (KPT), the Pakistani federal government agency that oversees the operations of Karachi port. Under the terms of the 50-year concession agreement, a Joint Venture between AD Ports Group,...

VIENNA, AUSTRIA - The Federal Authority for Nuclear Regulation (FANR) is taking part in an international conference organized by the International Atomic Energy Agency (IAEA) here. In the five-day event, which will conclude on Friday, over 500 participants from 94 countries and seven international organizations are gathering to discuss effective...

Hossein Amir-Abdollahian's visit to the UAE followed stops in Qatar, Kuwait and Oman -- the latest in a flurry of diplomatic moves by Tehran as it seeks to reduce its isolation, improve its economy and project strength. He discussed "bilateral relations and ways to enhance cooperation" with UAE President Sheikh...

Abu Dhabi, UAE - Hub71, Abu Dhabi's global tech ecosystem, has welcomed its first cohort of the year comprising 15 startups operating in priority sectors including HealthTech, FinTech, and EdTech. The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups. In the...

Dubai, UAE-- The UAE and France have reiterated their commitment to widening cooperation in important fields and sectors. The resolve was renewed at the 15th session of the UAE-France Strategic Dialogue held in Paris. The two countries discussed the status of the strategic bilateral investment partnerships, which were signed in...

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...

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...

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...

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...

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...

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,  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...

The energy company will pay US$462 million for the buyout.

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...

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...

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...

The first phase works, costing $200m, likely to completed in 30 months.

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...

VLCCs carry almost 2 million barrels of crude per voyage.

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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.

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...

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...

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...

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...

"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...

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, 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...

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