Majid Al Futtaim report reveals spending increased by 22% in H1 2022

UAE consumer spending increased by 22% in H1 2022, reveals Majid Al Futtaim report

In the first half of 2022, the retail general category was up by 15 per cent from the same period in 2021

ADNOC Distribution reports net profit of Dhs1.56bn in H1 2022

ADNOC Distribution reports net profit of Dhs1.56bn in H1 2022

ADNOC Distribution accelerated its growth strategy throughout H1 2022, with the opening of 12 new stations in the UAE

Qatar-Tourism-launches-specialist-programme-pic-courtesy-Qatar-Tourism-

Qatar Tourism launches ‘Specialist Programme’ to upskill global travel trade partners 

The Specialist Programme aims to enhance participants’ skills and knowledge of Qatar’s tourism offerings

SoftBank reports record $23.4bn loss as holdings tumble

SoftBank reports record $23.4bn loss as holdings tumble

The Vision Fund segment posted a loss of 2.33 trillion yen in the three months ending June 30, following a then-record 2.2 trillion yen loss in the previous quarter

DIFC

DIFC launches region’s first global Family Business and Private Wealth Centre

The new centre, which is scheduled to be launched on September 1, will provide a full range of services and accreditation to businesses and advisors who meet DIFC’s standards

Qatar Central Bank’s foreign currency reserves rise to QAR211.325bn in July

The official reserves stood at QAR153.890bn by the end of July, a considerable rise over last year’s reserves of QAR4.775bn

Oil steadies as Traders weigh Russian pipeline halt, stockpiles

Oil extends 10% weekly drop as demand concerns spur caution

Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop

Saudi wealth fund starts company for Egypt investments

The company will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals

RTA completes 75% of Sheikh Rashid bin Saeed Corridor Improvement Project

Sheikh Rashid bin Saeed Corridor Improvement Project is 75% complete: RTA

The Sheikh Rashid bin Saeed Corridor Improvement Project is one of the biggest undertaken by Dubai’s RTA

DEWA reduces average maintenance costs by Dhs22m annually

DEWA has raised the capacity, efficiency and reliability of the electricity transmission network by implementing preventive maintenance and using SCADA system, telecommunications and tele-control systems

Dubai welcomes 71.12 million overnight tourists Pic courtesy WAM

Dubai attracts 7.12 million international visitors between January and June: DET

Dubai tourist numbers closed in on pre-pandemic levels with a growth of more than 183 per cent year-on-year in H1 2022, according to data from DET

Dubai Commercity, Dubai Culture sign MoU to boost creative sector

The partnership will provide creative businesses with special incentives, including creative activities, logistics, and banking solutions and services

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and chairman of the EDB Board of Directors

UAE’s EDB issues Dhs2.4bn in loans to industrial sector in H1 2022

EDB mobilised Dhs351m in capital in H1 2022 to support SMEs via its credit guarantee scheme

D2A2 set up by Dubai Chambers

Dubai Chamber of Digital Economy to form Dubai Digital Assets Business Group

The group will provide a platform for companies operating in the digital asset sphere to unify their voices, address market challenges and align their goals

Keeping up with the future of finance

Financial businesses should use a platform to manage their data to keep up with the technological advancements they are currently, or gradually planning on, implementing

Masdar-Tanesco sign JDA

Masdar, Tanzania’s TANESCO sign agreement to develop renewable energy projects

The two companies are initially targeting the development of renewable energy projects with a capacity of about 600 MW

MoIAT and Edge sign MoU

MoIAT, EDGE to establish UAE’s first Industry 4.0 Enablement Centre

The centre will promote, enable, and support the digital transformation and adoption of Industry 4.0 technologies across the country’s manufacturing sector

Communications tools

The power of collaborative communication tools

Collaboration suites can help businesses drive revenue growth by enabling them to upturn sales and proliferate their customer base

sharjah smar taxi

Sharjah launches first smart Taxi in the Middle East

The smart taxis are equipped with sensors, cameras, a mobile data unit and other devices connected to an integrated system

FDIs in UAE grew by 116% in past decade

UAE’s FDI rises by 116% over the past decade

The cumulative FDI balance received by the UAE also increased by 141.6 percent from 2011 to 2021

Meta

Meta makes bond-market debut with four-part offering

Meta may sell $8bn to $10bn of debt depending on demand, with proceeds used for general corporate purposes

Ministry of Investment in Saudi Arabia signs MoU with French company Alstom

The MoU aims to explore the future of sustainable transport in the kingdom and identify investment opportunities in railway infrastructure

ADNOC awards Adnoc drilliing two contracts

Contracts worth over Dhs12.6bn awarded to ADNOC Drilling to expand offshore drilling activities

Over 80 per cent of the contract value will flow back into the UAE’s economy under ADNOC’s In-Country Value program

Hamad International Airport Doha

Qatar’s Hamad International Airport records 164% rise in passenger footfall in H1 2022

According to Qatar Civil Aviation Authority, HIA recorded 15.6 million passengers in the first half of this year

burjeel hospital

UAE healthcare provider Burjeel seeking to raise $750m from IPO

Once listed, Burjeel is considering a dividend payout ratio of 40 per cent to 70 per cent of net income from 2023 depending on its investment requirements at the time

DEWA Innovation Centre launches second CleanTech Youth Programme

The programme targets young leaders from various fields to develop their knowledge and expertise in the field of clean and renewable energy

Al Ansari

UAE exchange firm Al Ansari considers Dubai IPO

The UAE-based money-exchange firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023

UAE_egypt to cooperate on AML-CFT measures

UAE, Egypt discuss coordination to combat financial crimes

The UAE considers Egypt a partner in the effort to counter anti-money laundering and terrorism financing

dnata extends partnership with GOL in Brazil

UAE’s dnata extends partnership with Brazil’s GOL Airlines

dnata Brazil currently serves more than 15 airlines at 29 airports with a team of 5,000 local aviation professionals

Saudia launches flight to Zurich_2

Saudia launches first direct flight to Zurich

The service has been launched as part of the country’s ‘Air Connectivity Program’, which aims to connect the kingdom to its main target markets and boost tourism