UAE central bank sanctions exchange house for renting out licence
The Central Bank of the UAE (CBUAE) has sanctioned an exchange house operating in the country for allegedly renting out its licence. The administrative sanctions have been imposed on the company’s owner and general manager, pursuant to Articles 87 and 137 of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and […]
UAE investments in Egypt rise by 169% in 6 months
The data of the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) has revealed that the value of Emirati investments in Egypt increased to US$1.9 billion (AED6.98 billion) during the first half of the 2021-2022 fiscal year, compared to US$712.6 million (AED2.617 billion) during the same period of the fiscal year 2020-2021, an […]
Erith Group to set up industrial plant in Ras Al Khaimah
Dubai-based Erith Group has announced the establishment of an industrial-scale production plant of sealing products, Erith Industries, at the Al Hamra Industrial Area in Ras Al Khaimah, UAE, which will reduce and eliminate the need to import foreign sealing products and solutions and will eventually increase the export to other countries after meeting the domestic […]
GCC banks’ profits, assets get a major boost from high oil prices
The GCC banks showed strong performance in their bottom lines in the second quarter of this year with net profits and assets reaching record levels, thanks to high oil prices. According to Kamco Invest’s latest quarterly report released on Sunday, GCC banking sector net profits reached another record level of $11.1 billion (Dh40.7 billion) in […]
Mohammed bin Rashid issues law affiliating Dubai Media Inc. to Dubai Media Council
In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, has issued Law No. (6) of 2022 affiliating Dubai Media Incorporated (DMI) to Dubai Media Council and endorsing its objectives, tasks, and organisational structure. DMI was established pursuant to Law No. (8) of […]
Dubai: RTA saves ‘record’ over $23mln using 36 green initiatives
A series of green economy initiatives launched by Dubai’s Roads and Transport Authority (RTA) has resulted in “record” savings of Dh85 million. Through 36 initiatives, the authority has saved 68 million kilowatt-hours of electricity, 55 million gallons of water, 21 million litres of gasoline, and 1.8 million litres of diesel. The authority has achieved a […]
UAE to host World Green Economy Summit in September
The UAE will hold the eighth World Green Economy Summit at Dubai World Trade Centre next month as the country prepares to host the Cop28 gathering in 2023. Dubai Electricity and Water Authority and the World Green Economy Organisation will host the summit on September 28 and 29, in conjunction with the Water, Energy, Technology […]
Dubai’s Museum of the Future teams up with Dewa to showcase future technology
Dubai’s Museum of the Future has signed an agreement with Dubai Electricity and Water Authority to showcase technology related to the future of environmental sustainability and renewable energy. The partnership aims to “pave the way for constructive research that helps provide solutions for today’s ecological challenges”, a joint statement on Monday said. It also intends […]
Emirates to invest $2bn on cabins upgrade and services including unlimited caviar
Emirates, the world’s biggest long-haul carrier, is investing more than $2 billion to retrofit more than 120 aircraft and improve services in its cabins, starting this year. The airline is splurging on a major upgrade of cabin interiors, Swiss hospitality training for cabin crew, cinema snacks, updated menus and new vegan choices to take its […]
Emirates signs codeshare partnership with Aegean
Emirates has signed a new codeshare agreement with Greece’s largest carrier Aegean Airlines, giving its passengers increased connectivity to eight Greek cities through Athens with a single ticket. Emirates will place its code on Aegean-operated flights to destinations including Kerkyra, Chania, Irakleion, Mikonos, Thira, Rhodes, Thessaloniki and Alexandropoulos, the Dubai-based airline said in a […]