Author Archives: One Carlo Diaz
UAE clocks 17 percent rise in non-oil exports during Jan-March period
As part of its efforts to support UAE’s non-oil trade and export, Etihad Credit Insurance issued secured guarantees covering AED6.7 billion in international trade, AED7.6 billion in domestic trade
Real Estate
Sharjah’s real estate transactions hit $3 billion by June, led by GCC investors
The total number of sales transactions amounted to AED4.1 billion out of which AED3.9 billion were within 10 popular areas of the emirate
banking
Dubai Islamic Bank income jumps 7 percent ‘despite global headwinds’
The bank’s net profits amount to 2.7 billion and also saw an increase in total income rose to AED6.3 billion
Daman
UAE’s national insurer rolls out exclusive packages for Golden Visa holders
Starting at AED2,393, the national insurance company offers three different plans to address the needs of all kinds of Golden Visa-holder applicants
Jeddah
More retail spaces crop up in Riyadh, Jeddah, Makkah as sector recovers
Around 55,000 square metres of gross leasable area (GLA) was added to the Saudi capital’s total stock, which stood at 3.3 million square metres by the end of June this year
Emirates Development Bank
Emirates Development Bank to offer free manufacturing consultancy services to SMEs
The partnership takes advantage of Dubai-based Future Factory’s specialisation in smart manufacturing techniques
covid-19
How Covid-19 irreversibly redefined employer-provided healthcare
Continued Covid-19 uncertainties look set to define how employer-provided healthcare provision evolves in the near term
Abu Dhabi
Abu Dhabi’s Aldar buys Hilton hotel, beachfront plot in Ras Al Khaimah for $220.5 million
The move follows the developer’s recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr – all part of Aldar’s aim to boost its hospitality and leisure portfolio
ADNOC
ADNOC awards $2 billion contracts for its Hail and Ghasha Development Project
A third contract, valued at $681 million, is awarded for providing offshore logistics and marine support services
anti-money laundering
UAE central bank imposes $1.4 million fine on exchange house
The sanction was imposed after the regulator found that “the exchange house had a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism”
Saudi Arabia, Greece sign pact to build data cable project linking East and West
The two countries also sign an MoU for cooperation in energy sector during the on-going visit of Prince Mohammed bin Salman bin Abdulaziz, to Greece
Blockchain
Digital asset custody provider Komainu given provisional license by Dubai’s VARA
Komainu is still going through its due diligence phase, in line with VARA requirements, but it has been given the OK to begin “operational readiness”
airport services
Sharjah reviews ongoing expansion work of its international airport
The Council also discussed a draft Decree-Law on the organisation of the Municipal Affairs Department in the emirate
Sheikh Mohamed bin Zayed Al Nahyan
UAE leaders Sheikh Mohamed bin Zayed Al Nahyan, Sheikh Mohammed bin Rashid Al Maktoum meet in Abu Dhabi
Both leaders talked about the country’s efforts to further drive the UAE’s “development and renaissance” and achieve their aspirations for their people
bilateral cooperation
UAE, Nigeria ink deals to boost cooperation in culture, youth and sports
The two sides also called for establishing new channels of bilateral cooperation at the first UAE-Nigeria Joint Committee meeting
Aviation
Private jet operator Mirai enters Middle East as demand for charter flights rise
The expansion will pave the way to many ‘investment and partnership opportunities’ globally and locally
automotive industry
Saudi investor becomes largest stakeholder in Israeli autotech firm
The move allows Mithaq to discuss strategy, governance, and business with the Israeli firm’s representatives
global economic growth
IMF slashes global growth outlook, warns of ‘gloomy and more uncertain’ economy
The Washington-based lender urged policymakers to prioritise addressing inflation, even as tighter monetary policy could have real economic costs
affordable housing
Dubai tenants look to Jumeirah Village Circle amid soaring rental prices
Rental costs in Jumeirah Village Circle were up 7 percent to 16 percent, averaging at AED34,000, AED48,000 and AED70,000, for studios 1-bed and 2-bed units
electric vehicle
Ford secures supply chain for ambitious EV plans, will also lay off staff
The American carmaker is on track to ramp to 600k run rate by 2023 and has already sourced battery capacity to support 2m+ EV sales by 2026
Edge computing holds the key to powering the metaverse
The role of data will be more pivotal than any other building block for the Metaverse
Real estate transactions in Abu Dhabi hit over $6 billion in first half of 2022
The UAE has been introducing policy reforms that make it easy for foreign investors to enter the Gulf nation – also as part of the country’s aim to attract more people to live and work in the country
Cash flow in small business
How would combating the issue of late payments shape the future of established SMEs in the UAE?
In 2022, issues of late payments are unfortunately still affecting many SMEs with most of them sadly succumbing due to their inability to operate optimally and remain competitive in their respective sectors
climate action
Masdar launches ‘gamified online platform’ to promote environmental awareness among youth
The platform will include self-paced classes anchored on achieving the UN’s Sustainable Development Goals – which Masdar claims could also improve employability in a transitional global economy
food insecurity
US pledges $1 billion to Middle East to address food security challenges
The statement also mentioned a number GCC’s pledges to address issues of energy security, healthcare, and other critical infrastructure
B1 visa
US extends visas for Saudi nationals to 10 years
The joint announcement was made during Joe Biden’s visit to Saudi Arabia, where both countries also saw a number of deals and investments across various sectors
Sarah bint Yousif Al Amiri
UAE earmarks $820 million to fund ambitious space plans
Its first project will be to build a constellation of advanced imaging satellites, to be named Sirb, an Arabic term for a flock of birds
Abu Dhabi
Applications open for Fintech Corporate Sprint Accelerator in Abu Dhabi
The accelerator will also choose participants who would receive an XRPL grant to work on solutions for the open source public blockchain
Artemis Accords
Saudi Arabia, US businesses sign 13 deals during Joe Biden visit
The business-to-business and government-to-business deals cover eight “promising sectors,” the Ministry of Investment of Saudi Arabia said
Mortgage loan
Sharjah records $517.3 million real estate transactions in June
This represents 747 sales and 358 mortgage transactions, state news agency Wam has reported, with a total area exceeding 6 million square feet
FDI
UAE’s ‘NextGenFDI’ makes sense amid ‘fierce global competition’ to attract top digital firms, expert says
The UAE, in recent years, have set ambitious strategies to modernise its economy – with a huge focus on becoming a global business hub attracting both firms and talent
UAE, India foreign ministers discuss bilateral relations on the sidelines of G20 ministers meet in Bali
The ministers also discussed areas of cooperation and coordination between the two countries aimed at driving efforts to address current global challenges
Elon Musk
Twitter to take Elon Musk to court as the billionaire scraps $44 billion merger deal
The termination comes as Elon Musk accuses Twitter of underreporting the number of bots on the social media platform
Japan’s ex-PM Shinzo Abe dies after being shot while campaigning
The suspect was identified by local media as a 41-year-old local man who was a veteran of the Japan Maritime Self-Defense Force
apartments in Dubai
Dubai home prices edge up in June as real estate transactions soar
Prices for villa grew at a rate of 1.7 percent in June, down from 2.3 percent last year
Boris Johnson
FTSE and pound make big gain following Boris Johnson’s resignation
The London benchmark index rose 81.31 points, while sterling was up almost half a per cent following Thursday’s political activities in the UK
Artificial intelligence
Is education preparing kids enough for future tech? Some parents don’t think so
The new study, which surveyed more than 1200 parents, found that resilience, inclusivity, and entrepreneurship rank lowest in the skills children are gaining from schools today
air travel
Emirates to operate 24,000 flights during busy July to August travel season
The carrier said it was coordinating with ground handling partners at 129 airports around the world