UAE chases 7% growth to double economy to over $800bn
The United Arab Emirates is looking to accelerate economic growth as it seeks to double its gross domestic product to over $800b by the end of the decade. “The focus is to grow by 7 per cent,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television. “We need […]
DIFC Courts reports Dhs15bn in claims value in H1 2023
The Dubai International Financial Centre (DIFC) Courts announced its performance highlights for H1 2023. The value of cases across all divisions recorded a 692 per cent increase during the period compared to H1 2022, with a total value of Dhs15bn across 455 cases filed. In the main Court of First Instance (CFI), 52 cases were […]
UAE, Japan sign 23 deals during PM Kishida’s visit to Abu Dhabi
The UAE and Japan have inked 23 agreements and memoranda of understanding (MoUs) during the UAE-Japan Business Forum, which was held today. The agreements aim to bolster economic, trade and investment ties between the two countries in the fields of energy, industry, advanced technology, artificial intelligence, space, health, transport, environmental conservation and circular economy. […]
UAE: ZHO inaugurates cheese factory under ‘Make it in the Emirates’ slogan
Zayed Higher Organisation for People of Determination (ZHO) inaugurated a factory to produce cheese and its derivatives at its People of Determination Production Centre in Bahia, Abu Dhabi. This remarkable achievement establishes ZHO as a distinguished economic entity, made possible through the collaboration of five talented young Emirati individuals with determination. These individuals, who are […]
COP28 President Dr Sultan Al Jaber lays down big agenda items for climate summit
Deploying a fully functional fund to compensate poor countries hit by climate change is among the major goals set out for the United Nations COP28 summit that starts in November. Delegates from the almost 200 countries at the gathering must also set targets for tripling renewables and doubling hydrogen production by 2030, Sultan Al Jaber, […]
DIFC to host first Future Sustainability Forum in Dubai
Dubai International Financial Centre (DIFC) has announced it will host the inaugural edition of the Future Sustainability Forum ahead of COP28. Set to galvanise key stakeholders, including the finance and insurance sectors, towards accelerating net-zero goals, the forum offers a platform to explore future sustainability and climate technologies critical for the world’s net-zero agenda and […]
OMV enters talks with ADNOC to form global chemical giant
Austria’s OMV is entering talks with Abu Dhabi National Oil Company (ADNOC Group) about combining some of their assets to create a chemicals and plastics giant. OMV’s executive board decided to pursue negotiations with state-owned ADNOC about a potential merger of Borouge and Borealis, it said in a statement Friday, confirming a Bloomberg News report. […]
Dubai’s Taaleem posts $54.5m profit since IPO
Dubai’s Taaleem Holdings said its net profit in the nine months to the end of May 2023 surged by 34.9 per cent to $54.5m (Dhs199.8m), driven by a surge in student enrollments and higher net finance income from the undeployed initial public offering (IPO) proceeds. Taaleem raised $204m from its IPO on the Dubai Financial Markets […]
Abu Dhabi’s Yahsat to invest $100m in T4-NGS satellite programme
Abu Dhabi satellite operator Yahsat Group plans to allocate more than $100m towards capital expenditures in 2023 as part of the ‘T4-NGS’ satellite programme, according to state-run news agency WAM. The programme, the next-generation telecommunications system for Thuraya, is scheduled to become operational in the first half of 2025 with a total cost of […]
UAE, Austria sign air transport services deal
The UAE has signed an air transport services agreement with Austria in Vienna. The agreement, which aims to boost air transport ties between the two nations, was signed on behalf of the Emirates by Hamad Al Kaabi, UAE Ambassador to the Republic of Austria, and on the Austrian side by Peter Launsky Tieffenthal, Secretary-General of […]