Middle East

Date

Dubai Economy, along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK, Abu Dhabi Commercial Bank (ADCB) and Commercial Bank of Dubai (CBD), has formed a consortium for sharing of verified KYC (Know Your Customer) data between banks and licensing authorities in the UAE. Part of the strategic focus of Dubai Economy on enhancing ease of business in Dubai and supporting the smart transformation of the emirate’s economy, the ‘KYC Blockch…


IN an effort to diversify markets for Filipino exporters, the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB), in coordination with the Philippine Trade and Investment Center-Middle East and Africa, is conducting an outbound business matching mission to the Middle East from February 12 to 24, 2020. The OBMM is in conjunction with Gulfood 2020 in Dubai World Trade Centre. “We hope that through this OBMM, the Philippines wi…


Tamara Pupic | Entrepreneur Middle East Having launched businesses like Bukhash Brothers, Buka, and Chalk, Emirati serial entrepreneur Anas Bukhash is definitely clued in to the charms of being one's own boss "I believe the UAE leadership knows that entrepreneurship is one of the most important sectors for the development of the UAE economy, and recognizes this immensely; however, when it trickles down to organizations that are supposed to s…


The Saudi Arabian General Investment Authority (SAGIA) and the Diriyah Gate Development Authority (DGDA) signed a memorandum of understanding (MoU) to step up cooperation, the Saudi Press Agency reported on Thursday. Under the MoU, the two authorities will establish a joint working group to boost cooperation in several areas including facilitation provided to investors, conducting economic studies of the market, building partnerships wi…


Wearable contemporary art Muneera Hamed Alsharhan from Kuwait is an artist who focuses on creating contemporary and art jewellery that offer something a little different. Alsharhan exploits her extensive knowledge of Kuwait’s jewellery history and of the current market seeking to create a new authentic Kuwaiti jewellery culture. One not trapped in the past, respectful history yet focused on the future of this countries now youthful cultural…


Lubna Hamdan attempts to interview Formula One's Mercedes AMG reserve driver Esteban Gutierrez as he tackles a hot lap at 300km/h I love adrenaline. If I could skydive to my office every day, I would. But it’s not logistically possible and I don’t have AED1,499 to spend per dramatic appearance. So when I was invited to be driven around a race track by a Formula 1 driver as part of the F1 Pirelli Hot Laps programme, I was thrilled. It&…


One to watch Fashion Forward is back for another season to showcase emerging and established brands from the region and beyond. Always one step ahead, the event will introduce us to an up-and-coming designer – Yousef Akbar. Saudi-born designer took part in Not Just A Label (NJAL) competition and won an opportunity showcase at the Dubai event in April. Beating over 170 global entries, Akbar’s work was selected based on design…


Kuwait's low-cost airline Jazeera Airways will launch the airline’s first service to Sharjah in April this year, with a twice weekly return service. The new service, launching on April 2, will be Kuwait airline’s third destination in the UAE, following on from its Al Ain service that was launched in December last year. It will also provide competition for Air Arabia, which operates three daily flights between the cities.    …


In September 2019, Saudi Arabia reached an important milestone in its Saudi Vision 2030 reform plan, which aims to diversify the Kingdom’s economy away from its petrochemical revenue base.The country finalized its entry into the JP Morgan suite of emerging market (EM) indices. It was the finale in a series of announcements by the major indexes, including MSCI, S&P and FTSE, confirming that Saudi Arabia met their inclusion criteria......


Latvia has signed a $1.5 million contract to build the country’s pavilion at the Expo 2020 Dubai site. The country was one of the first to confirm its participation at Expo, with an initial $4.75m budget allocated towards the six month event. However, in an effort to reduce its budget, the government terminated a contract with the Latvian Chamber of Commerce and Industry, which had been organising the country’s participation…


NMC Health Plc founder Bavaguthu Raghuram Shetty hired Houlihan Lokey Inc. to explore strategic options for his holding company, including a potential debt restructuring or the sale of some assets, according to people familiar with the matter. The investment bank is working with BRS Ventures Investment to revamp debt and seek potential investment partners or sell assets from the portfolio, which holds 30 companies including hospital operator NMC …


2020-02-21

The campaign resulted in 146 offences including unlicensed passenger transport activities Dubai Roads and Transport Authority (RTA) has carried an inspection campaign on activities relating to public transport services in collaboration with Jebel Ali Industrial Area Police Station and Dubai Investment Park. The crackdown covered the selling of nol cards, unlicensed passenger transport activities and shared transport practices.  The campaign,…


Airlines operating in the Asia-Pacific region stand to lose a combined US$27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday (Feb 20). The estimate is based on projections of a 13 per cent full-year decline in passenger demand, mostly in China, the trade body said in a statement.....


A French probe into former Renault SA Chairman Carlos Ghosn that was handed over to elite investigators will focus on interactions with an Oman distributor as well as spending on trips and events. Prosecutors from Nanterre, near Paris, gave the case to investigative judges with wider probing powers. The judges will examine suspected misuse of corporate funds, aggravated breach of trust, document forgery and money laundering, according to a prosec…


2020-02-20

Buamim: ASEAN region with its quest for new markets and rising consumer demand presents an opportunity for Dubai to explore new avenues for bilateral cooperation Dubai- ASEAN bilateral trade reached $21 billion in 2018 ASEAN countries have a combined population of 650 million people and GDP of $2.9 trillion  Dubai Chamber organised a briefing session, recently, to create awareness among Ambassadors and Consul Generals from ASEAN c…


Bilateral trade between China and the UAE reached $34.7 billion in the first nine months of 2019, up 6 percent, according to a top Chinese diplomat. Of the total bilateral trade, China’s exports to the UAE amounted to $23.5 billion, up 9.9 percent, while imports from the UAE fell 1.4 percent to $11.2 billion due to lower oil prices in 2019. Ni Jian, the Chinese Ambassador to the UAE, said in an interview with state news agency WAM: "China-U…


2020-02-20

The total assets of Emirates Telecommunications Corporation, Etisalat, and the Emirates Integrated Telecommunications Company, du, increased to AED145.12 billion in 2019, a YoY growth of around 2.8 percent from AED141.74 billion. The financial statements announced by the two listed companies show their total combined revenues hit AED64.8 billion in 2019, while the royalty fee they paid to the government stood at circa AED7.85 billion. The net pro…


2020-02-20

Introducing a paradigm change in the culture of dealing with units of measurement, the UAE will enforce a mandatory application of the "gram /milli-litre" unit system instead of "Tula" in the perfume trade in all of the country’s markets, starting, Thursday, February 20, 2020, . Eng. Amina Zainal, Director of Metrology Department at the Emirates authority for Standardisation and Metrology, ESMA, said that the move fits within the synergy an…


From banks to builders, more companies are going carbon neutral. Carbon offsetting is not without controversy, but in cases where sustainability can only be approached and not achieved, it may be the appropriate way to balance out emissions The term “carbon neutral” is being increasingly slung around alongside phrases like “net zero emissions”.  From paint manufacturers and the livestock industry, to banks and de…


2020-02-20

Dubai Chamber of Commerce and Industry (Dubai Chamber) organised a workshop titled ‘Key Aspects of Foreign Direct Investment’, to help the private sector to understand the key aspects of UAE FDI Law. Organised in collaboration with international law firm Clyde & Co, the workshop raised awareness about the FDI Law and focused on other important issues like regulations on foreign ownership in the UAE, corporate structuring for forei…


2020-02-20

Hosted by Roads and Transport Authority (RTA), the upcoming MENA Transport Congress & Exhibition (13-15 April 2020) in Dubai promises to be a flagship event for the public transport industry worldwide. It couldn’t have come at a better time for the sector, especially in the MENA region.  “This edition, which is held under the theme: Building the Future of Mobility, is organised by the International Association of Public Trans…


Utico asks SIAS and Hyflux to hold a PNP vote for option 1 or 2 within 3 weeks. Hyflux’s white knight Utico has confirmed that it will consider a soft landing for the holders of the embattled water treatment firm’s preference shares and perpetual securities (PNP) in the case that its listing on a stock exchange is delayed beyond two years, according to a statement. Utico will also consider this option if it gets the scheme passed and …


The maker of a $3.4 million supercar that can hit speeds of almost 250 miles per hour has sensed the time is right to target a wider audience by going electric. Dubai-based luxury carmaker W Motors has hired investment bank Guggenheim Partners to help raise as much as $100 million to back expansion and its push into electric vehicles, founder Ralph Debbas said in an interview.....


Despite prime residential rents in Dubai falling by five percent last year, the emirate offers up some of the best yields in the world, according to the latest Savills Prime Index” World Cities report. Dubai and Kuala Lumpur (four percent) saw the highest drops in rents throughout 2019. The emirate was also the third cheapest city in the world to buy prime property, at $580 per square foot, ahead only of Cape Town and Kuala Lumpur. This was…


A Dubai-based education consultancy has been tasked with recreating one of the UK's most famous schools in China. BBD Education said it will work as an adviser and project manager to set up a version of Scotland-based Gordonstoun in China. Three generations of British royalty were educated at Gordonstoun, including the Duke of Edinburgh and the Prince of Wales....


Gulf Cooperation Council (GCC) member states, including Saudi Arabia, have long been providing generous supplies of water for drinking and sanitation to their populations. But with average annual rainfall rates of less than 100 mm, the Gulf states’ ecosystems and water resources are under even greater stress than the arid Middle East and North Africa region as a whole.....


The music scene in the Kingdom is exploding, with young, talented Saudis taking full advantage of the developments in the country by showcasing their talent.  In a limited time, young Saudi musicians have proven that they are equal to any other young cohort of musicians anywhere in the world......


2020-02-19

25 March 2020 Riyadh The Kingdom has been working hard alongside the Real Estate Development Fund to provide access to housing finance for the population and hit targets for the 2030 vision. In discussing the progress of the initiative. be part of the change and join to discuss the future of housing in the KSA. Event page:http://bit.ly/2P8El98


2020-02-19

The Sharjah FDI Office, Invest in Sharjah, operating under the Sharjah Investment and Development Authority, Shurooq, in collaboration with the Korea International Trade Association, KITA, organised a Sharjah-Korea Business Roundtable on 17th February, 2020, at the Sharjah Chamber of Commerce and Industry, SCCI, to explore greater economic ties and synergies between Sharjah and Korea. The meeting also introduced the emerging prospects and investm…


2020-02-19

Ras Al Khaimah strives to provide an attractive and developed investment environment, supported by a flexible and comprehensive legal framework that meets the needs of companies based in the Emirate, asserted H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, as he inaugurated the new hub of Peikko Gulf in Al Hamra Industrial Zone. "The fact that multiple high-profile international companies have set up shop …


High-income nations released less carbon dioxide last year. But emissions increased elsewhere as developing regions struggled to balance economic growth and climate action, while heavy industries and transport emissions were as hard to abate as ever. Even as power sectors in some of the world’s most energy-hungry economies pumped less carbon dioxide into the atmosphere in 2019, coal combustion in developing Asia and global demand …


2020-02-19

The Abu Dhabi National Oil Company (ADNOC) announced, today, the award of two contracts for the construction of offshore facilities for the Dalma Gas Development Project located about 190 kilometers northwest of Abu Dhabi city. The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to ADNOC’s strategic objective of enabling gas self-sufficiency for the United Arab Emirates (UAE). The two Engineering, P…


2020-02-19

Jebel Ali Free Zone (Jafza), DP World, UAE Region’s key trade facilitator is showcasing its incentives for companies as well as its sustained role as the leading contributor to Dubai’s F&B trade, at Gulfood 2020, which opened on 16 February, marking its 25th anniversary. The five-day event includes the Gulfood Innovation Summit under the theme of “Rethinking Food” to discuss topics such as Government’s role in sh…


2020-02-19

TRIGEM opens Belgian certified independent boiling facility in Dubai in partnership with Charlotte Quality Boiling Belgium Facility has the capacity to boil over 1.4 million carats of diamonds each month Located in DMCC, the facility caters to the region’s rising demand for world-class industry services for precious stones USD 25 billion worth of rough and polished diamonds traded in the UAE in 2018     DMCC – the wo…


2020-02-19

Member companies recognised for exceptional export performance at recent ceremony Dubai Chamber of Commerce and Industry recently hosted its Exporter of the Month ceremony at its head office where four member companies were recognised for outstanding trade performance during last four months of 2019. Including the most recent honourees, at total of 112 companies have been awarded under Exporter of the Month since the launch of the initiative.&n…


2020-02-19

The Expo Live exhibition is a human-focused and heart-centred experience, surfacing the ‘good’ in the world. Beginning with the fundamental spirit of human potential and commitment to doing more, being more. Expo Live shares genuine stories of “ordinary” people who have done extraordinary things, making innovation come alive in relatable, engaging ways. Pavilion highlights My Quest A powerful immersive experience that spar…


2020-02-19

Dubai Taxi Corporation (DTC) at Roads and Transport Authority (RTA) and the American University of Sharjah (AUS) are set to boost their cooperation in academic and research fields of relevance.  To this effect, a Memorandum of Understanding (MoU) was signed by Dr. Yousef Al Ali, CEO of DTC, and Professor Kevin Mitchell, Chancellor of AUS, at DTC’s premises. The step is part of DTC’s plan to polish the skills of employees and enri…


HSBC, which generated about half its revenue in Asia last year, is accelerating its investment in the region even as it announced its biggest overhaul with plans to cut up to 35,000 jobs over three years and shrink its investment bank in the US and Europe. Europe's biggest lender, created 155 years ago as a merchant bank in Hong Kong, is betting that a China slump sparked by the coronavirus will be fleeting. Even if it's right about the…


2020-02-19

The total foreign currency assets held by the Central Bank of the UAE increased to AED381 billion by the end of 2019, a YOY growth of 5 percent from AED363.27 billion, accounting for 29 percent of total deposits held by Emirati banks, which stood at AED1.303 trillion by the end of December, according to figures revealed by the Central Bank of the UAE. The growth is reflective of the increased investor trust in UAE-based banks by virtue of the cou…


2020-02-18

GFH Financial Group (‘GFH’) today announced the acquisition of a 70% stake in Marshal, a leading pan-MENA FinTech company, made through its investment banking arm, GFH Capital. Dubai-headquartered Marshal, established in 1981, is the largest and oldest enabler of payment technology in the Middle East. It serves 16 countries and holds an 85% plus market share in the UAE and a majority share across other regional markets in which it ope…


New franchise regulations designed to increase transparency and encourage entrepreneurs to invest are expected to be implemented in Saudi Arabia within a few weeks, according to the chairman of the Franchise Committee. The franchisor will be required under the new law to disclose all relevant information, including employee numbers, profits and losses, and the number of its outlets that have closed. The regulations will increase entrepreneurs&rsq…


UAE-based upscale developer Seven Tides said on Tuesday it has recorded a 70 percent spike in sales over the past two months for its developments in Dubai. Residential and hotel apartments worth over AED100 million ($27 million) were sold during December and January, with Seven Palm, generating the lion’s share of sales revenue, revealed Abdulla Bin Sulayem, CEO, Seven Tides. He said: “The increased sales at Seven Palm were primarily …


2020-02-18

Recent figures released by Dubai Customs showed a three percent growth in Dubai's external trade in foodstuff in 2019, reaching AED86.2 billion compared to AED84 billion in 2018. According to the customs authority, which revealed the figures during the Gulfood 2020 Exhibition currently taking place in Dubai, exports totalled AED16.94 billion, a growth of 15.3 percent, compared to the 2018 figures, which reached AED14.69 billion. Re-exports, Dubai…


2020-02-18

Abu Dhabi-based industrial facilities grew by more than 57 percent in 2019 to 66 from 42 facilities in 2018, hitting a combined investment value of AED6.29 billion, figures by the Abu Dhabi Department of Economic Development, ADDED, revealed. The latest edition of the annual Industrial Activity Report issued by the Industrial Development Bureau, IDB, of the ADDED highlights key statistics showcasing the local industrial sector’s performance…


2020-02-18

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has underlined the central importance the UAE government is attaching to food security, citing the establishment of a food security portfolio in the latest government formation as reflective of the country's determination to keep food security at the heart of its strategies.H.H. Sheikh Mohammed made the statements as he toured Gulfood 2020, the …


2020-02-18

The number of attendees at the networking event the Chamber held on the side lines of the 25th Gulfood grew by 29% from last year. Atiq Juma Nasib, SVP of Commercial Services at Dubai Chamber: The UAE ranks first in the MENA region for attractiveness investment environment in the F&B sector.  The sale of fresh food items in the UAE is expected to grow at a CAGR of 5.2% in the 2018-2023 period.   Dubai Chamber&rs…


2020-02-18

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has emphasised that Emirati women participate effectively in the energy sector thanks to the vision of the wise leadership who are committed to participation in the Global Women’s Forum – Dubai 2020. DEWA was the forum’s Strategic Sustainability Partner. “The global energy transition creates an array of environmental, social, and econ…