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UAE minister lauds ICAI role in nation-building
Chartered Accountants do know a thing or two other than just number crunching.
Envoys praise ease of doing business in UAE
The UAE government plays a proactive role when it comes to engaging with other countries by offering business-friendly policies, top envoys from India, Australia and Mexico said during a panel discussion 'Art of Economic Diplomacy
Phase 1 of Muscat's 'city of the future' set for 2023 completion
Oman Tourism Development Company (OMRAN), the tourism arm of the Government of Oman, and UAE-based Majid Al Futtaim, hosted a ceremony to lay the foundation stone at Madinat Al Irfan, dubbed Muscat’s "city for the future".
Trade relations with UAE will get stronger after Brexit: UK minister
The UK pavilion reflects so much energy; "you can see it from the sky. Someone told me so. It's so big. It shows how important our presence in the UAE is for us," UK Minister of State for Trade and Export Promotion told Wam.
Saudi budget carrier flyadeal to pick Airbus or Boeing jets by end of month
Saudi Arabian budget airline flyadeal aims to decide whether to order Airbus or Boeing narrow-body jets by the end of this month, its chief executive said on Wednesday.
Opec, allies vow to cut oil output as needed
Opec and its allies will not allow a build-up in oil inventories and will cut or adjust production as needed to balance the market, UAE Energy Minister Suhail bin Mohammed Faraj Faris Al Mazrouei said on Wednesday.
Oman regulator suspends KPMG from new auditing work over ‘irregularities’
Oman’s securities regulator said on Wednesday it has suspended audit firm KPMG from doing new work for a year after finding major financial and accounting irregularities at some listed companies.
Rare stamps, coins on display at Sharjah mall
A rare collection of postage stamps and currencies are on display at the 9th edition of Sharjah Stamp Exhibition, which began at Mega Mall Sharjah on Tuesday.
Emaar Development records 54% growth in revenue
Emaar Development has recorded a growth in net profit of 19 per cent during the first nine months of 2018 to Dh2.498 billion, compared to the net profit of Dh2.106 billion during the same period in 2017.
Dubai Int'l to handle over 90m passengers
Dubai International Airport is expected to handle over 90 million passengers this year, said Paul Griffiths, chief executive of Dubai Airports at an aviation industry conference on Tuesday.
IMF: KSA reform program in right direction but needs to ‘scale up’
Saudi Arabia’s reform process is heading in the right direction, but the Kingdom needs to “scale up” in certain areas of the economy, according to the International Monetary Fund (IMF).
Saudi Aramco CEO: Initial public offering will ‘certainly’ happen
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will “certainly” happen when the conditions are right.
Oman oil minister says majority of OPEC and its allies support cut
A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad Al-Rumhi said on Sunday.
Damac chief confident of Dubai property market recovery by 2021
One of the UAE’s leading property developers believes that the property market will pick up again by 2021.
Saudi Aramco and ADNOC sign MoU to explore investment opportunities in gas sector
The state energy giants of Saudi Arabia and the United Arab Emirates, Aramco and ADNOC, signed a cooperation deal Monday aimed at bolstering gas production and revenue.
Saudi and UAE say oil output cut inevitable
Oil prices advanced on Monday after Saudi Arabia unveiled plans to cut output in the face of global oversupplies, and pressed other producers to follow suit.
Expo 2020 will boost Dubai economy for decades
Expo 2020 will, I believe, likely lead to GDP growth in Dubai accelerating well over the year's 3.5 per cent estimate and a stronger macroeconomic outlook.
Kuwait's Agility posts 12% jump in Q3 net profit
Agility, a Kuwait-based global logistics provider, has reported third-quarter net profit of KD 20 million, an increase of 12.3 percent over the same period in 2017.
Dubai issues 1,898 new licences in October
The Business Registration and Licensing (BRL) sector in the Dubai Department of Economic Development (DED) issued 1,898 new licences during October 2018, an increase of 25.8 per cent compared to September.
Oman unveils its Expo 2020 Dubai pavilion design
Oman unveiled its design for the Sultanate's Expo 2020 Dubai pavilion, which is inspired by the shape of a frankincense tree in a contemporary style.
Tech is not a threat for jobs
GCC youth don't get jobs because they are not equipped with the right kind of skills and relying on degrees and diplomas, experts said at the World Economic Forum conference in Dubai on Sunday.
Saudi Arabia to slash oil exports; Opec members back cut in supply
Saudi Arabia said it will trim oil exports by 500,000 barrels per day in December, as major producers met on Sunday to consider cuts to shore up sagging prices.
ADIB board approves foreign ownership clause
Abu Dhabi Islamic Bank (ADIB) has announced that its board of directors has approved the implementation of the foreign ownership of 25 per cent of its issued capital after receiving approval from the Abu Dhabi Executive Council.
UAE food prices among most affordable globally
Food prices in the UAE are among the cheapest in the world as the country continues to invest and improve its food security, though there are still some key challenges that the Emirates needs to overcome in the years to come.
Law issued to regulate future technologies
The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a federal law authorising the UAE Cabinet to grant temporary licences for testing innovations that use future technologies and its applications, such as Artificial Intelligence (AI).
Adverse weather conditions due to affect various regions in Saudi Arabia
Adverse weather conditions are due to affect various Saudi Arabian regions on Saturday.
Bahrain's growth accelerates as non-oil sector blooms
Bahrain’s headline real growth rate increased sharply in the second quarter of 2018 to an annual rate of 2.4 percent, according to Bahrain Economic Development Board (EDB).
France honors Saudi Arabia’s Russian investment partner
One of the earliest joint investment projects between Saudi Arabia and Russia has been recognized by the French government as an example of cross-border “economic diplomacy”.
DLD, ADGM in deal to promote Dubai real estate
The Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM).
Oil prices down on Iran sanction exemptions
Oil prices fell on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market's focus to worries that an economic slowdown may curb fuel demand.
Abu Dhabi to post budget surplus, be on solid financial footing
Thanks to its strong assets base, high oil income and revenues from value-added tax, Abu Dhabi will post a budget surplus and is well-positioned among GCC sovereigns to overcome its funding needs over the next three years, analysts said.
UAE mobile subscription base expands
The subscription base in UAE mobile phone services expanded to 18.4 million subscribers, according to figures released by Etisalat and du.
Fashion TV set for Dubai expansion
After crafting success stories in India, Russia and the CIS, Rajan Madhu is set to take his act to Dubai.
Saudi shipper Bahri targets acquisitions in Asia, Middle East
Saudi Arabia’s Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.
Work starts at $2bn Mina Al Sultan Qaboos project
Groundwork is underway at Mina Al Sultan Qaboos, the joint venture development project between Dubai property giant Damac Properties and Oman’s tourism development arm Omran.
Abu Dhabi to post budget surplus, be on solid financial footing
Thanks to its strong assets base, high oil income and revenues from value-added tax, Abu Dhabi will post a budget surplus and is well-positioned among GCC sovereigns to overcome its funding needs over the next three years, analysts said.
Saudi Arabia and Spain launch joint venture to build five corvettes
The Saudi Arabian Military Industries company (SAMI) and the Spanish state-owned shipbuilding company have launched a joint venture to design and build five cutting edge corvettes.
Kuwait seeks $59m for international advisor for railway project
Kuwait’s Public Authority for Roads and Transportation has requested a “special budget” of KD 18 million ($59m) for an international advisor to help design the country’s railway project, according to a local media report.
Saudi Arabia to lead $300bn regional funding drive says S&P
Gulf states will need to raise as much as $300 billion in funding over the next three years with the lion’s share going to Saudi Arabia, according to a new report.
More UAE bank mergers in near future: Mansoori
The merger of the three Abu Dhabi banks - Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank - is at early stage and more consolidation is likely in the UAE banking sector in the near future, the UAE Central Bank governor said on Tuesday.
Sheikh Zayed-themed number plates on offer in Dubai
Here is your chance to own Dubai car registration plates in Dubai bearing numbers signifying historical milestones for the late Sheikh Zayed bin Sultan Al Nahyan.
Saudi operations help to grow Shuaa earnings
Dubai-headquartered investment house Shuaa Capital has posted its highest quarterly profit since 2008 as it continues to expand its operations in Saudi Arabia, UAE and Kuwait.
NBK-Egypt posts KD 25m in net profit in 9M
NBK-Egypt , a member of NBK Group, reported EGP 1.46 billion (equivalent to KD 25 million) in net profits until the end of the third quarter of 2018 up 26.18 percent compared to EGP 1.16 billion (Equivalent to KD 20.2 million) for the corresponding period of last year.
GIG announces KD 10.6 million net profit for first nine months of 2018
Gulf Insurance Group (gig) announced a net profit of KD 10.6 million ($35 million), or 59.20fils per share, for the first nine months of 2018.This is up35.7 percent from KD 7.8 million ($25.8 million) recorded for the same period last year. This increase is due to the improvement of Group’s underwriting results and Group’s share of results from its subsidiaries.
Dubai's non-oil trade stays robust
Dubai's non-oil trade remained steady during the first 9 months of 2018 despite political and trade war headwinds and tighter credit market conditions.
New orders boost KSA non-oil sector growth
Growth in Saudi Arabia’s private non-oil sector edged upwards in October, driven by an increase in employment and new orders, according to a survey.
Abu Dhabi’s Mubadala in talks with banks to refinance loan — sources
Abu Dhabi’s Mubadala is in talks with banks to refinance an existing $1.75 billion revolving loan due in May next year, three sources familiar with the matter said.
DFM posts Dh103.7 million profit
Dubai Financial Market (DFM) Company reported on Monday a net profit of Dh103.7 million, a 40 per cent decline from Dh173.3 million in the same 2017 period.
Dubai moves yield positive results
Investors have posed their full confidence in the Dubai economy and have responded positively to the economic initiatives launched by the Dubai government this year to reduce the cost of doing business and facilitate inward investment in the emirate.
How VAT in Bahrain impacts neighbouring GCC countries
Value-added tax, being all pervasive, impacts a country's economy as well as the industries therein.
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