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UAE-Israel business ties to make region more secure, says DP World chairman
Business ties between the UAE and Israel will make the region more secure and also make people's lives better, said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World.
New deal boosts $900m Sanad-Etihad tie-up
Sanad, an industry leader in aerospace engineering and leasing solutions, and Etihad Airways, the UAE's national carrier, have struck a new deal to further build on their $900 million partnership.
Gulf financial resilience to help ‘difficult’ recovery
The Gulf region is expected to face a difficult recovery from the economic shock of the coronavirus disease (COVID-19) pandemic, but general financial resilience can be expected to mitigate the pain for its major economies.
UAE aims to be capital of AI next decade
The UAE aims to be the capital of artificial intelligence in the next decade and is cooperating with friendly countries and international partners in line with fourth industrial revolution, said Mohammed Ahmad Al Bowardi, the UAE's Minister of State for Defence Affairs.
UAE's unemployment rate is 2.2%, among lowest worldwide: FCSA
The number of employed people in the UAE accounted for 97.8 per cent of the country's working age population by the end of 2019, figures by the The Federal Competitiveness and Statistics Authority (FCSA) have shown. The FCSA said this indicates that the majority of the total population are engaged in economically productive activities.
Adnic selected to provide health insurance scheme for employees in DIFC
Abu Dhabi National Insurance Company (Adnic) will provide health insurance to employees in the Dubai International Financial Centre (DIFC) free zone from next month.
ADCB says exiting from China
Abu Dhabi Commercial Bank (ADCB) will exit from China and focus on the home market, the lender said in a statement on Monday.
Sanad strikes Dh1b MRO services deal
Sanad, an industry leader in aerospace engineering and leasing solutions, announced on Monday a Dh1 billion deal with Pratt & Whitney and International Aero Engines, IAE.
Bahrain extends payment of 50% of private sector salaries
Bahrain's government said on June 29 that it would pay 50 per cent of salaries for private company workers in sectors that were hard-hit by the coronavirus pandemic, state news agency BNA reported.
Japan receives first shipment of blue ammonia from Saudi Aramco, SABIC
Saudi Aramco and Japan’s Institute of Energy Economics (IEEJ) announced the first shipment of blue ammonia from Saudi Arabia to Japan on Sunday.
Alvarez & Marsal appointed administrators of NMC Healthcare in UAE
Richard Fleming and Ben Cairns of Alvarez & Marsal on Sunday have been appointed joint administrators of a group of operating businesses related to NMC Healthcare by Abu Dhabi Global Market (ADGM) Courts.
GCC bond market pipeline promising; Bahrain, Oman likely next to issue debt
The pipeline for bond issuances by GCC governments looks strong as Oman and Kuwait are expected to be the next countries to issue the debt instrument.
Over 300K people, 10K SMEs benefit from UAE central bank stimulus
More than 300,000 individuals in the UAE have benefited from the central bank's Dh256 billion capital and liquidity buffers to help the economy to cope with the consequences of the Covid-19 pandemic, the regulator said.
Saudi tourist visas to be available by 2021
Saudi Arabia will resume issuing tourist visas as early as January 2021 following months of lockdown, according to Tourism Minister Ahmed Al-Khateeb.
More funds for Dubai SMEs
Small and medium enterprises in Dubai that are fully-owned and managed by Emiratis can now obtain financing of up to Dh1 million backed by a 100 per cent capital guarantee and financed by Dubai SME's financial arm, the Mohammed bin Rashid Fund.
UAE Banks Federation addresses sector dynamics
Members of the CEOs Advisory Council of UAE Banks Federation (UBF) held its third quarterly meeting of the year online, which was presided over by Abdulaziz Al Ghurair, chairman of UAE Banks Federation.
Realty bites for low-income expats
Dubai's property market is short on offerings for lower middle-income expats with salaries between Dh4,000 to Dh8,000, and most of them are new entrants to the emirate's job market, say developers.
10-year swap rate on UAE Dirham at 1.6% by end of June
The 10-year swap rate on the Dirham has steadied at 1.6 per cent by the end of H1-2020, only rising to 1.9 per cent during the first week of June before falling against to 1.6 per cent by the end of the month, according to the figures of the Central Bank of the United Arab Emirates.
UAE central bank backs anti-money laundering
The UAE central bank has said that banks should increase anti-money laundering efforts to safeguard financial stability in the country.
Financial reforms plan set in motion
Kuwait has drawn up a roadmap for financial and economic reforms in a bid to upgrade the country’s sovereign credit rating, a minister announced.
Saudi Arabia to host ‘virtual’ G20 meeting on oil markets
Energy ministers from the G20 countries under the presidency of Saudi Arabia will meet virtually on Sunday to discuss volatile oil markets and plans for a “green” recovery from the economic shock of the COVID-19 pandemic.
UAE healthcare spend to swell
The UAE's healthcare industry remains one of its fastest-growing sectors, evidenced by the growing number of hospitals and clinics across the country.
Israel's Mobileye, Dubai's Al Habtoor join hands on self-driving cars
Al Habtoor Group on Wednesday announced a partnership with Intel Corp's autonomous car division Mobileye to create a fleet of self-driving 'robotaxis' that could take to the streets of Dubai by the end of 2022.
UAE, Israel discuss cooperation in energy sector
During a remote meeting held via video conferencing, Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, discussed, with Yuval Steinitz, Israeli Minister of Energy, the bilateral ties between the UAE and Israel and ways of reinforcing them in the sectors of energy and infrastructure, especially in renewable energy.
Moody’s downgrades Kuwait’s issuer rating to A1, changes outlook to stable
Moody’s Investors Service, (“Moody’s”) has downgraded Kuwait’s long-term foreign and local currency issuer rating to A1 from Aa2, and changed the outlook to stable, concluding the review for downgrade initiated on 30 March 2020.
Boursa Kuwait sponsors ‘2020 MEIRA Virtual Annual Conference and Awards’
In line with its longstanding partnership with the Middle East Investor Relations Association (MEIRA) and its Kuwait chapter, and as part of its commitment to playing a vital role in the development of the practice of investor relations, Boursa Kuwait sponsored the ‘2020 MEIRA Virtual Annual Conference and Awards’ event, themed MEIRA 20/20 Vision: Driving Stakeholder Value.
SCCI explores opportunities for economic partnerships with Sri Lanka
The Sharjah Chamber of Commerce & Industry (SCCI) is keen on boosting ties with Sri Lankan business communities and this was explored at a high-level meeting held on Tuesday.
G20 trade and investment ministers discuss COVID-19 response under Saudi Arabia's presidency
The G20 trade and investment ministers on Tuesday pledged to work together to mitigate the impact of the coronavirus disease (COVID-19) outbreak on global trade and investment.
UAE dives into Lake Manzala project
The UAE National Marine Dredging Company (NMDC) has announced that it won the rights to the expansion project of Lake Manzala in Egypt, valued at 600 million UAE dirhams ($163 million).
Kuwait expats lament non-payment of salary despite working from home
John was told to work from home during the lockdown, but he did not receive his salary.
Boursa Kuwait partners with Dive Team to preserve Kuwait Bay
Reinforcing its commitment to creating a meaningful impact on the environment and the communities it serves, Boursa Kuwait has entered into a strategic partnership with the Environmental Voluntary Foundation’s Kuwait Dive Team and its efforts to clean up the Kuwait Bay, considered one of the richest, most diverse marine ecosystems in the world.
Al Habtoor to tap into Israeli market with partnerships
The UAE-Israel peace accord will present great opportunities for both sides by opening up new doors, said Khalaf Ahmad Al Habtoor, founding chairman of Al Habtoor Group (AHG).
Adnoc partners with Mubadala, Enec to drive in-country value for UAE
The Abu Dhabi National Oil Company (Adnoc) has signed two framework agreements with Mubadala Investment Company and Emirates Nuclear Energy Corporation (Enec) to partner on Adnoc's In-Country Value (ICV) programme following the success of the programme which has driven more than Dh44 billion ($12 billion) back into the UAE's economy and created over 1,500 private-sector jobs for Emiratis since it was launched in January 2018.
DMCC extends huge support programme
The Dubai Multi Commodities Centre (DMCC) announced an extension to its Business Support Package until October 20.
Full marks for edtech in GCC
The education sector in the region has always been progressive and tech-savvy, and which has further received a boost during the Covid-19 outbreak with most schools compelled to upgrade their online teaching services.
Saudi Arabia’s Alkhobar becomes international role model for business continuity
Al khobar municipality, along with Europe’s largest industrial manufacturing company Siemens, has been hailed as a role model for management excellence and business continuity.
Oil bounces back amid KSA pledge
Oil prices ended their downward trajectory that started early September and recorded their biggest weekly gain in three months.
G20 trade and investment ministers to meet on global economy
Ministers of trade and investment from G20 countries will hold a meeting on Tuesday with the aim of strengthening policy cooperation, Saudi Press Agency reported.
How the coronavirus crisis forced the largest oil supply cut in history
It was this decline that precipitated, in the first week of March, a meeting of OPEC+ – OPEC and its non-OPEC partners, 23 countries in all – in Vienna to address what was turning into, by far, the biggest decline in consumption ever recorded.
Riyadh soars in global smart city rankings
Riyadh has leapt up the ranking of the world’s smart cities, according to the annual survey of residents’ satisfaction conducted by the prestigious Swiss business school IMD.
Saudi Arabia makes hard-hitting call for full OPEC+ compliance on cuts
Saudi Arabia has called on its partners in the OPEC+ alliance to be vigilant, disciplined and transparent in their commitment to the oil cuts agreement that have brought global crude back from the chaos of earlier this year.
Abu Dhabi, Dubai ranked smartest cities in Middle East
Abu Dhabi and Dubai have emerged as the smartest cities in the region, with the UAE capital jumping 14 spots to rank 42nd globally in a new index.
UAE-Israel business ties in the fast lane
As the UAE and Israel signed the Abraham Accord in Washington DC to set up diplomatic ties and normalise relations, private and public sector companies are gearing to explore trade and investment opportunities in both countries.
Abu Dhabi Investment Office to open in Tel Aviv
The state-run Abu Dhabi Investment Office (ADIO) is to open its first office outside the United Arab Emirates in Tel Aviv, the Abu Dhabi Media Office said on Wednesday, following normalization of relations between the UAE and Israel.
Etisalat rolls out 5G home internet service in UAE
Etisalat subscribers in UAE can now access super-fast speeds on 5G fixed networks from their homes enabling them to stream high bandwidth 4K videos, enjoy cloud based gaming and low latency to meet the accelerated need for immersive technologies such as augmented and virtual reality.
Dubai’s DP World to work with Israeli firm in bid for Haifa Port
Dubai’s DP World is partnering with an Israeli group to bid for one of Israel’s two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.
Kuwait eyes 135 projects during 2019-2020 development plan
Secretary General of the Supreme Council for Planning and Development (SCPD) Dr Khaled Mahdi said the total number of projects included in the annual 2019-2020 development plan amounted to 135, as opposed to 132 ventures in the 2018-2019 fiscal year.
The Saudi who wants to move world trade from politics to process
Saudi Arabia’s candidate to lead the World Trade Organization (WTO) is a big believer in process.
Saudi Arabia’s ports record 12% hike in containers
The Kingdom’s ports recorded a 12 percent increase in container handling operations during August as compared to the same period in 2019, according to data released by the Saudi Ports Authority (Mawani).
Israel's Leumi signs deals with UAE's FAB, Emirates NBD banks
Bank Leumi became the second Israeli lender after Hapoalim to have signed agreements with UAE banking giants to expand their presence in the second biggest economy of the region.
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