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UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in foreign direct investment, said Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC). He estimates the total value of Emirati investments abroad, encompassing both government and...
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Weeklong realty deals worth $2.91 billion recorded in Dubai
Dubai, UAE -- A total of 3,035 real estate transactions worth AED10.7 billion ($2.91 billion) were recorded during the week ending 31 March, Dubai Land Department (DLD) said Friday. The DLD report said that 158 plots were sold for AED1.27 billion, while apartment and villa sales stood at 2,261, totaling... -
Ajman, Italian-Czech Chambers discuss investment, business opportunities
AJMAN, UAE - The Ajman Chamber of Commerce and Industry’s (ACCI) discussed with the Italian-Czech Chamber of Commerce in Milan bilateral partnership that supports the directions and goals of both chambers. This came as Mohamed Ali Al Janahi, Executive Director of the Trade Development and International Relations Sector at ACCI,... -
Dubai International Boat Show highlights local marine industry’s global appeal
DUBAI, UAE - Dubai International Boat Show 2023 attracted over 30,000 visitors and industry players from across the globe for five days of demonstrations, displays, seminars, launches and workshops. The global boat-building market is expected to reach over US$47 billion in 2027, at a CAGR of 7.5 percent, and the... -
UAE Central Bank revokes license of Russia’s MTS Bank
Abu Dhabi, UAE -- The Central Bank of the UAE Friday revoked the license of Russia's MTS Bank's, which was granted last year. The bank said that under its supervision, the operations of MTS bank, which is licensed in Abu Dhabi, would be wound down within six months. Revocation of... -
Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits (62%) will be felt in the legacy phase. The sectors adding most to GVA are events organization and business services ($20.6bn), construction ($8.7bn) and restaurants and hotels ($6.3bn). -
UAE launches new weekly shipping service to Qatar, Kuwait
Abu Dhabi, UAE - The AD Ports Group has launched a new weekly shipping service that facilitates commercial and logistic connectivity with Qatar and Kuwait. The services are likely to be free for cargo arriving via land transport throughout Ramadan, which will be shipped via container vessels between UAE’s Khalifa... -
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address the obstacles. -
Aldar, Mubadala to develop new commercial assets on Al Maryah Island
Abu Dhabi, UAE - Aldar Properties and Mubadala Investment Company have signed an agreement to develop commercial assets in Al Maryah Island, Abu Dhabi, which will be located within the capital's international financial centre and free zone Abu Dhabi Global Market (ADGM). The joint venture once finalised will provide capacity... -
Empower to pay $116m dividends
The amount makes 42.5% of the company's paid-up capital. -
Emirati, regional leaders wish new UAE VP, Abu Dhabi Crown Prince, deputy rulers success in their roles
The decision of the UAE President Sheikh Mohamed bin Zayed Al Nahyan to name Tahnoun bin Zayed, who is the UAE's national security adviser and chairman of the ADQ sovereign wealth fund, as deputy ruler of Abu Dhabi along with Hazza bin Zayed also drew praises and appreciation. -
UAE President names new Vice President and Crown Prince of Abu Dhabi
The appointments signal a new phase in the UAE's leadership and its commitment to pursuing economic growth and development while maintaining political stability. -
Dubai records real estate deals worth $1.25bn in two days
Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land Department said. The deals included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million, and 19 gift deals amounting to AED96.75 million. The sales... -
UAE okays 24 initiatives to double re-export industry by 100%
Abu Dhabi, UAE--The UAE government has endorsed 24 national initiatives to double the country’s re-export industry by 100 per cent over the next seven years. The measures were approved during a cabinet meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler... -
UAE to spend $20bn on digital tech in three years
The UAE aims to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the next 10 years, and seeks to establish itself as an innovation hub. -
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program. -
UAE launches National Genome Strategy for healthcare efficiency
Genome programs will also help create new economic opportunities in the UAE by attracting partnerships in fields such as artificial intelligence, advanced medical care, pharmaceuticals, and research and technology. -
UAE and Saudi to lead GCC e-commerce boom
The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest potential growth over the medium and long term. -
ADNOC, BP place $4bn bid for half of Israel’s NewMed Energy
The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the UAE since their opening of diplomatic ties in 2020. -
UAE Central Bank projects 4.3% GDP growth in 2024
The bank cited the real estate and construction sectors as key drivers, as well as a dynamic manufacturing sector, like refineries and aluminum production. -
UAE replaces Bahrain as most happiest Arab country
The United Arab Emirates takes the lead as the happiest Arab country in 2023, according to the World Happiness Report, followed by Saudi Arabia and Bahrain. -
Sovereign wealth set to boost M&A activity in MENA
The region's corporate/M&A activity is expected to grow this year on the back of an unprecedented Sovereign Wealth movements in Abu Dhabi and Saudi Arabia, says an expert. -
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has partnered with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to accelerate the emirate's goal of becoming a smart and sustainable city by 2030 by enhancing its capabilities in AI... -
Al Ansari Financial Services completes IPO, raising $195 million
Dubai, UAE - Al Ansari Financial Services on Monday announced it has set the final offer price for its IPO at AED1.03 per share ($0.26), at the top of the previously announced price range. The announcement follows the completion of the book building and subscription process for its IPO on... -
UAE-Israel free trade deal to take effect on April 1
The customs deal is viewed as the concluding phase of a free trade agreement following the normalization of relations between the two countries. Netanyahu describes it as historic. -
DEWA, UAE energy ministry discuss cooperation for clean energy goals
DUBAI, UAE - MD & CEO of the Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed consolidating cooperation and integration with UAE Ministry of Energy and Infrastructure (MoEI). This is part of a series of mutual visits to enhance cooperation between government organisations in the UAE. The... -
UAE urges investment, action for water sustainability at UN meet
DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data sharing and investment in achieving global solutions for promoting water sustainability. The minister made these comments in an interactive dialogue and side sessions at the United Nations in New York.... -
AD Ports launches new service to boost trade between UAE and Kuwait
Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched a new direct shipping service dedicated to Ro-Ro between UAE’s Khalifa Port and Kuwait’s Shuwaikh Port. Commenting on the launch of the new shipping service, Captain Ammar Mubarak Al Shaiba,... -
Saudi Arabia’s TASI ends the week higher while UAE markets fall
Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health. -
UAE highlights food, energy insecurity at G20 Finance Track meeting
CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023 held here on March 24 – 25. The meeting was held to discuss the progress made on the 2023 FWG work... -
Robust customer protection makes UAE market stable
"Despite the challenges faced by the global supply chains due to today’s political and economic developments, the Ministry made sure that no unjustified price hikes were implemented by suppliers. The methods for combating monopoly practices and supporting sound trade practices have also been strengthened,” he adds. -
Dubai World Cup: 129 horses compete for $30.5m prize money
Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total of 78 international and 51 emirati horses compete for a prize money of $30.5 million. For the worldwide equestrian community, the Dubai World Cup represents the pinnacle of excellence not... -
Abu Dhabi Securities Exchange appoints Emirates NBD Capital as custodian
ABU DHABI, UAE - Abu Dhabi Securities Exchange (ADX) has appointed Emirates NBD Capital as a custodian. Emirates NBD Capital obtained its custody licence from the UAE Securities and Commodities Authority (SCA). Emirates NBD Capital is the global investment banking arm of Emirates NBD, a leading banking group in the... -
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum of Understanding (MoU) to establish a general framework for initial public offerings (IPOs). The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's... -
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations. -
Gold jumps as US Fed signals rate-hike pause imminent
Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in inflation. Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent. US gold futures settled 0.4 percent... -
Vertical farming project launched in Abu Dhabi
Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy. Dubbed as the ZERO project, it is the first of several controlled environment agricultural concepts that will be housed in the AgTech Park and will aim to enhance indoor farming locally,... -
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised its key interest rate by 25 basis points last night. -
Global recession fear may affect UAE’s hiring rate
Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, says Brian Habibi of Bayzat. -
UAE, Pakistan discuss ways to enhance mutual trade, investment
The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly AED 4.8 billion ($1.3 billion) in 2022. -
Villas, apartments constitute bulk of $626m Dubai realty deals
Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on Tuesday, Dubai Land Department said. The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals... -
ADNIC to pay $62m dividend
At its Annual General Meeting, ADNIC okayed 40% dividend. -
‘Strategic position makes UAE key blockchain, Web 3 player’
There is a need for more regulations in the cryptocurrency industry to prevent immoral and aberrant behavior, says Anthony Scaramucci, former White House Communications head. -
UAE’s Rashid Rover completes lunar orbit insertion
The first Emirati rover to land on the moon is now on its way to completing the third milestone, the Arrival Phase, which will be the most intense part of the mission, says MBRSC. -
Dana Gas proposes dividend
The company had reported a net profit of $182 m for 2022. -
Tabreed to pay record dividend
Dividend of 13.5 fils per share highest ever in company's history. -
Women need more agency to achieve equality
Women's achievements at all levels during the past 50 years are widely regarded as an essential foundation for shaping the future of the UAE and must be preserved, says Alia Al Serkal, Head of People Learning & Growth at du. -
ESG investment, COP28 drive GCC sustainability bid
As the effects of climate change intensify each year, there is an urgent need to transform multiple industries to meet sustainable development targets, avoid greenwashing, and create transparent and pragmatic resolutions, adds Hitchen, suggesting the plan of action for the region. -
SEWA discusses water desalination technologies for sustainability
SHARJAH, UAE - Sharjah Electricity, Water and Gas Authority (SEWA) participated in a discussion on modern and innovative technologies in water desalination and their contribution to achieving sustainability. The discussion was a part of the Water Desalination Projects Forum in the Middle East and North Africa, held in Abu Dhabi.... -
China third-largest investor in UAE, its top trading partner
The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology. -
Time for Syria to return to Arab fold, Sheikh Mohamed tells Assad
Abu Dhabi, which normalized relations with Assad's government in 2018, has led aid efforts in the aftermath of the February 6 earthquake that struck southeastern Turkey and northern Syria, killing tens of thousands. A diplomatic momentum generated by aid efforts in the quake's aftermath could bolster Damascus's relations with Middle...