India’s Bank of Baroda to shut down Al Ain branch in March
India’s Bank of Baroda (BoB) will close its Al Ain branch on March 22, 2023, following approval from the Central Bank of the UAE. The commercial decision was taken a year ago, the bank said in a tweet. All accounts are being transferred to BoB’s Abu Dhabi branch to ensure smooth service continuation. The statement […]
UAE’s Tawazun Council sets up freezone for military, security sector
Tawazun Council, the defense and security acquisitions authority for the UAE Armed Forces and Abu Dhabi Police, has established a free zone dedicated to the military and security sector in Tawazun Industrial Park. The free zone covers 2.8 square kilometers and has been established to commence operations related to defense and security industries and associated […]
UAE astronaut mission to ISS ‘scrubbed’
A SpaceX Falcon 9 rocket launch to the International Space Station was postponed on Monday, with officials citing problems with ground systems. The SpaceX Dragon Crew-6 mission was scheduled to depart the Kennedy Space Center in Florida at 1:45 am (0645 GMT), carrying two NASA astronauts, a Russian cosmonaut and the second Emirati to voyage […]
Indian rupee declines against UAE dirham, tracks domestic equities
The Indian rupee depreciated four paise to 82.83 against the US dollar (22.57 versus the UAE dirham) in early trade on Wednesday, weighed down by a muted trend in Indian equities. However, fresh foreign fund inflows and a weak American currency against major rivals overseas capped the losses in the rupee, forex traders […]
Dubai-listed Empower to invest $122.5mln in DMC cooling services
Dubai-listed district cooling company Empower will invest AED 450 million ($122.5 million) to supply services to Dubai Maritime City (DMC). The company revealed in a statement to Dubai Financial Market (DFM) that it had signed a contract for a project with cooling capacity of 63,000 refrigeration tons (RT), the first since Empower’s listing on Dubai […]
DWTC’s One Central to use AI platform to drive energy management
Property operations software platform Facilio has announced an agreement with Dubai World Trade Centre’s One Central, a grade-A commercial development, to optimise energy consumption and reduce carbon emissions using a software-led approach. One Central will see the deployment of Facilio’s IoT-led connected buildings solution, which uses AI and machine learning to analyse and benchmark building […]
Dubai DIFC’s 2022 revenue tops $272mln for first time
Dubai International Financial Centre (DIFC) added new companies to its register and grew revenue to over 1 billion dirhams ($272 million) for the first time. The number of active companies in the financial freezone is now 4,377, up 20% year-on-year, a Dubai Media Office statement said on Monday. In 2022, DIFC’s combined revenue grew 18% […]
UAE: EDGE signs major $1.07bln milestone deal with Angolan Navy
EDGE Group today signed a major €1 billion (US$1.07) milestone contract which will see leading shipbuilder Abu Dhabi Ship Building (ADSB) build a fleet of best-in-class 71-metre corvettes for the Angolan Navy. The BR71 MKII corvette is a highly sophisticated vessel fitted with advanced mission systems, including a 3D radar, electronic warfare suite, […]
UAE’s TAQA, France’s Engie sign deal with EWEC for water desalination plant
Abu Dhabi National Energy Company, also known as TAQA, and French multinational utility firm Engie, have signed an agreement with Emirates Water and Electricity Company for the development of a desalination facility in the UAE capital. The Mirfa 2 Reverse Osmosis (M2 RO) Independent Water Project, which is expected to produce 120 million gallons of […]
UAE President’s $50mln additional aid to Syria boosts humanitarian efforts: ERC Chairman
Dr. Hamdan Al Mazrouei, Chairman of the Board of Directors of Emirates Red Crescent (ERC), said President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s order to give an additional US$50 million aid to the earthquake victims in Syria reflects the President’s desire to strengthen the humanitarian efforts there. This will help alleviate the sufferings […]