The total assets grew by 4% to reach AED 77.9bn ($21.21bn)

The UAE also eyes investment opportunities with Cambodia in logistics and infrastructure, travel and tourism projects, and renewable energy, reports said.

Dubai, UAE - DP World Limited, a global container terminal operator based in Dubai, has reported an increase in container volumes during the first quarter of 2023.  The company handled 19.5 million TEUs across its global portfolio, which is a 1.4 percent increase on a reported basis and a 3.7...

Dubai, UAE - Arabia Taxi, a subsidiary of Economic Group Holdings in the UAE, has signed an agreement with Tesla Motors to add 269 Model 3 cars to its Dubai taxi fleet.  This is part of a larger strategy by the Roads and Transport Authority in Dubai to convert all...

Abu Dhabi, UAE - A UAE delegation led by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, visited Belgium, aiming to strengthen economic ties and promoting investment opportunities with Brussels and the wider European Union (EU). The delegation discussed growing trade relations with Vladis Dombrovskis, European Commissioner...

The bank's operating profit rose by 35.7 percent compared with Q1 2022.

New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea cables, according to Indian media, citing Union Minister for Power and Renewable Energy Raj Kumar Singh.  The media reports said that India will sign bilateral agreements with Saudi Arabia and...

Dubai, UAE— Dubai Electricity and Water Authority (DEWA) and Xanadu, a Canadian quantum computing company, are considering strategic cooperation in order to develop solutions for enhancing the reliability of energy systems. In this regard, Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), met with...

Despite the unsuccessful lunar landing of HAKUTO-R Mission 1, the Mohammed Bin Rashid Space Centre (MBRSC) remains optimistic about future space endeavors.

The Gulf country has introduced several initiatives to support and promote international economic partnerships, including the comprehensive economic partnership agreements (CEPA) program and the global investment platform 'Investopia', he adds on the sidelines of the 13th edition of City Week Forum 2023 in London.

While 67 deals totaling $247 million in funding were reported in March 2023, the total capital raised in Q1 2023 surpassed US$ 1.1 billion, marking a 17% rise over the last quarter.

Abu Dhabi, UAE – Yas Island Abu Dhabi, the country’s leisure and entertainment destination, appoints Jason Momoa to be the destination’s newest Chief Island Officer.  American actor Momoa assumes the former role of stand-up comedian Kevin Hart who announced the end of his reign as Chief Island Officer earlier this...

The UAE-made Rashid Rover aboard the Hakuto Mission 1 Lunar lander was nearing its destination on the Moon when the team on the ground lost contact with the spacecraft. The lunar lander was expected to touch down at 8:40 PM UAE time, but ispace said it was unable to verify...

NEW YORK, US - UAE Minister of State Khalifa Shaheen Al Marar urged United Nations Security Council members to peacefully resolve conflicts by promoting dialogue and cooperation between states. Al Marar said at the UNSC,  "Our sustained commitment to effective multilateralism, grounded in international law and the principles of the...

ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would cooperate to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations. This partnership saves SMEs a significant amount of business operation time by...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority in Dubai (RTA), allowing RTA to be the Platinum Sponsor of the World Green Economy Summit (WGES) for three sessions from 2023 to 2025. The Summit is organized by the...

The country increased its military spending by 16 percent to reach an estimated $75 billion, surpassing the United Kingdom, Germany, and France.

Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE are engaged in frantic construction activity to build new hotels in order to cope with the rush of visitors. According to a report by STR, Saudi Arabia is involved in...

Abu Dhabi,  UAE - Abu Dhabi Airports Free Zone (ADAFZ), a subsidiary of Abu Dhabi Airports, has recorded a two-fold increase in leased-out spaces and properties in 2022. The strong performance was driven by growth in leased spaces and properties, where ADAFZ signed contracts for a total of 163,580 m2,...

More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis employed in the private sector to over 66,000.

Dubai, UAE - The passengers of Dubai Metro surpassed two billion since its inauguration on September 9, 2009, the Roads and Transport Authority (RTA) said.The metro's Red Line transported 1.342 billion commuters while the Green Line served 673.531 million commuters. Additionally, the Dubai Metro maintained a punctuality rate of 99.7%,...

The total acquisition cost comes to US$26.7 million.

Abu Dhabi, UAE - Abu Dhabi Marine Sports Club (ADMSC) signed an agreement with Abu Dhabi Marine for the sponsorship of the 6th Dalma Historical Race Festival (60FT dhow sailing). It is set to be organized from 28th April to 7th May, 2023, on Delma Island. Salem Al-Rumaithi, Director-General of...

SHARJAH, UAE -  India is among the UAE's most significant investment partners, with substantial mutual investments. Iron and steel rank among the top commodities exported from the UAE to India, the director of Hamriyah Free Zone Authority (HFZA) said. HFZA director made the remarks after the team successfully participated in...

The sector across the region, however, needs further improvements in timeliness and tracking and tracing systems, highlights the World Bank's latest Logistics Performance Index.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and Infrastructure’s ‘Research and Innovation Award’ in the government sector category for its contributions in the field of balanced national energy. The award recognizes DEWA's consistent efforts in research, development and...

Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) accounted for nearly 20 percent of the Arab exchanges' liquidity in last week’s trades. According to a Arab Monetary Fund (AMF) weekly newsletter, Arab exchanges attracted liquidity amounting to nearly US$10.28 billion last week, of which...

TRENDS Twitter poll suggests 48% candidates face discrimination during job recruitment process in the Gulf region, while 30% do not, and 22% remain unsure.

Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January 2023, an annual increase of 5.6 percent, equivalent to nearly AED31.2 billion, as against nearly AED589.7 billion in January 2022, the Central Bank of UAE said.

Net financing and sukuk investments stood at $65.35bn.

Dubai, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) Wednesday announced a new $100 million Culinary Investment Fund that will help introduce iconic brands to the UAE capital. DCT said in a statement that the fund will support building and establishing a Culinary School...

Firms will work together on nuclear, renewable energy.

Diaverum is world’s third-largest provider of dialysis services.

The emirate still remains at the top of the list of places to visit in the region because of the sheer diversity of products it has to offer and the infrastructure it has built.

Tokyo, Japan--Abu Dhabi National Oil Company has signed two agreements with Japanese partners to strengthen the low-carbon hydrogen value chain between the UAE and Japan. The signing of the deal was witnessed by the UAE’s Minister of Industry and Advanced Technology Sultan Al Jaber and Japan’s Minister of Economy, Trade and Industry NISHIMURA...

Dubai, UAE - Dubai's real estate market recorded real estate deals worth AED1.8 billion on Monday, Dubai Land Department said. The deals include 496 sales transactions worth AED1.67 billion ($450m) on Monday, in addition to 107 mortgage deals totaling AED169.05 million ($46m), and 13 gift deals amounting to AED32.08 million...

SHARJAH, UAE- Arada is investing in a new research and development (R&D) facility here, bringing a new form of sustainable water treatment to the UAE, and the Middle East, for the first time. Arada's joint venture agreement is with Hungarian water tech firm Biopolus, Sharjah Research Technology and Innovation Park...

The firm provides customized digitalization solutions.

Abu Dhabi, UAE - G42, an Abu Dhabi-based AI technology holding group, and Mubadala Investment Company on Tuesday announced the launch of M42, a first-of-its-kind, tech-enabled, integrated healthcare company created through the coming together of G42 Healthcare and Mubadala Health. M42 combines G42 Healthcare’s medical and data-centric technologies with Mubadala...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has won the Hydrogen Project of the Year 2023 Award for its green hydrogen project aimed at promoting the transition towards renewable and clean energy at the Hydrogen Future Awards 2023. The Hydrogen Future Awards was organized during the "Connecting Green...

Dubai, UAE -- The UAE continues to be the second most important export destination for India, according to annual trade figures released by India's Ministry of Commerce and Industry. The US and the UAE retained the first and second places respectively in this category during the financial year 2022-23, the...

Abu Dhabi, UAE - The UAE is among the largest international investors in Brazil, with an estimated US$5 billion in Emirati investments in South American country, with the presence of major Emirati companies such as Mubadala, the largest Emirati investor in Brazil, DP World, Emirates Airlines, First Abu Dhabi Bank,...

Dubai, United Arab Emirates--A fire in a residential building in Dubai killed 16 people and injured nine others in the wealthy Gulf emirate, local media reported. The fire broke out at midday Saturday on the fourth floor of the building in the Al-Ras neighbourhood in the old part of the city....

Major cloud service providers such as Microsoft, Tencent Cloud, Oracle, Amazon Web Services, and Alibaba Cloud are establishing local cloud regions. 

They also announced a series of deals, including one for the UAE-controlled Mataripe refinery in northeastern Brazil to invest up to $2.5 billion in a biodiesel project in the region, and another on cooperating against climate change. The UAE is due to host the COP28 UN climate talks later this...

ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to strengthen economic and diplomatic ties. The UAE's energy and infrastructure minister, Suhail bin Mohammed al-Mazrouei, welcomed the Brazilian leader at Abu Dhabi airport, local media reported. Lula, who in January...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) successfully launched its second nanosatellite, DEWA SAT-2, aboard SpaceX’s Falcon 9 rocket from Vandenberg Space Force Base in California, USA. The launch of DEWA SAT-2 underlines the firm's commitment in using space technologies to improve the operations, maintenance and planning of...

Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank's figures showed that...

Syria was suspended from the Arab League in 2011 over Assad's brutal crackdown of pro-democracy protests. But on Wednesday, in the latest sign of an easing in tensions with Damascus, Syrian Foreign Minister Faisal Mekdad arrived in Jeddah, the first such visit since the war began.

The bank will act as a strategic partner during listing of EIH.