Trade UAE and Malaysia sign Cepa to increase bilateral trade The UAE and Malaysia have signed a free trade deal, bringing the number of deals the Gulf state has agreed with foreign governments to 12. The comprehensive economic partnership agreement (Cepa) will seek to eliminate or reduce tariffs, lower trade barriers, increase private sector collaboration and create new investment opportunities, the two countries said in a […] October 11, 2024
Tech UAE and Mitsubishi sign agreement for asteroid belt mission The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt. The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […] October 11, 2024
Banking & Finance Crypto giant OKX bullish on UAE launch Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE. UAE residents will be able to deposit and withdraw AED from all Emirates bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs. The Seychelles-based crypto trading platform has more than 50 million customers in 200 international markets according […] October 10, 2024
Agriculture Saudi Fisheries sets up aquaculture company A specialist aquaculture company has been set up by Saudi Fisheries Company (Alasmak), which is part owned by the Public Investment Fund, as fish production in the kingdom grows. Aquaculture is farming fish and aquatic plants for commercial use, such as food. Alasmak specialises in aquaculture and seafood manufacturing. It also operates fishing vessels, seafood processing […] October 10, 2024
Finance Transport and finance help Bahrain overcome oil slump Bahrain’s economy expanded by 1.3 percent in the second quarter of 2024, thanks to double-digit growth in some of its non-oil sectors. The ministry of finance and national economy said 2.8 percent growth in its non-oil sector, which accounted for 85 percent of gross domestic product in Q2, helped to offset a 6.7 percent decline […] October 9, 2024
Banking & Finance UAE VAT exemptions to boost funds, crypto and FDI New exemptions by the UAE on value added tax for investment funds and digital or crypto-related services will strengthen the Gulf state’s position as a financial hub and help attract more foreign business, experts have said. The Federal Tax Authority’s amendments announced this week exempt the management of investment funds from 5 percent VAT from […] October 9, 2024
Banking & Finance Bahraini bank launches Gulf’s first bitcoin investment fund The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries. The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […] October 8, 2024
Transport Lucid beats latest delivery expectations Saudi-backed US luxury electric vehicle maker Lucid has exceeded market expectations for its third quarter, delivering 24 percent more cars than had been forecast. Analysts cited discounts and more favourable finance options as reasons for the sharp increase. Lucid delivered 2,781 vehicles in Q3, ahead of estimates of 2,242, according to analysts polled by Visible […] October 8, 2024
Analysis Finance Insurance payouts surge in UAE after record rainfall The UAE’s record-breaking rainfall contributed to soaring levels of insurance payouts in the first half of this year. The increase is also attributed to inflation, the Gulf state’s growing population and expanded insurance coverage across various sectors. The Central Bank of the UAE said in its quarterly economic review that the gross paid claims of […] October 8, 2024
Transport Parkin signs deal to develop vertiports for Dubai air taxis Parkin, the Dubai government’s parking management company, has signed an agreement to develop the support network for flying taxis in the emirate. Under the agreement Parkin and Skyports, a UK-based vertiport infrastructure developer, will collaborate on the provision of parking facilities at “vertiport” sites in Dubai, as well as developing new locations across Parkin’s network […] October 3, 2024
Artificial Intelligence UAE’s MGX part of OpenAI’s $6.6bn fund raising UAE technology investment company MGX was among the investors in the latest round of funding for OpenAI, the company behind ChatGPT. OpenAI said it raised $6.6 billion from investors in the latest round, the largest ever venture capital deal, valuing the company at $157 billion. Venture capital company Thrive Capital led the round with a […] October 3, 2024
Aviation Airlines suspend flights to Middle East Airlines in the Middle East have cancelled some flights and rerouted others after Iran fired more than 180 ballistic missiles at Israel. Shares in some European airlines and travel companies fell on Wednesday by up to 2.7 percent after Israel’s neighbours closed airspace and airline crews skirted the conflict zone. Many airlines have suspended operations […] October 2, 2024
Agriculture Egypt’s cotton fields expand as demand grows The amount of land in Egypt devoted to growing cotton has increased by almost a quarter as global demand for the crop rises. The area available nationwide for cotton has expanded by 23 percent from 255,000 acres to 311,700, the Ministry of Agriculture announced. It said 70,584 acres of the land (22 percent) has been […] October 2, 2024
Mining IRH of Abu Dhabi to invest in South Africa Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore […] October 1, 2024
Renewable Energy Masdar completes purchase of stake in green energy producer UAE renewable energy major Masdar has completed its acquisition of a 50 percent stake Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar bought the stake from US investment company Energy Capital Partners. No financial details on the deal, which was first announced in March, were shared. […] October 1, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Manufacturing Tata signs deal with Morocco to build armoured vehicles Morocco’s Department of Defence and India’s Tata Group have signed an agreement to build armoured combat vehicles in the North African country. Under the agreement, Tata Advanced Systems, a subsidiary of the Indian conglomerate, will produce Tata’s WhAP 8×8 wheeled amphibious armoured platform in Morocco. The project is expected to create 90 direct jobs and […] October 1, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
Employment Saudi unemployment drops again in second quarter The unemployment rate for Saudi nationals fell to 7.1 percent in the second quarter of 2024, government data shows, down from 7.6 percent in the first quarter and 8.5 percent in the same period a year ago. The overall unemployment rate, which includes expatriate workers, dropped to 3.3 percent in Q2, down from 4.1 percent […] September 30, 2024
