Browsing: Business

At the invitation of the President of the European Council Charles Michel, Indian Prime Minister Narendra Modi participated in the India-EU Leaders’ Meeting. The meeting was held in a hybrid format with the participation of leaders of all the 27 EU Member States as well as the President of the European Council and the European Commission. This is the first time that the EU hosted a meeting with India in the EU+27 format. The meeting was the initiative of the Portuguese Presidency of the Council of the European Union.During the meeting, the leaders expressed their desire to further strengthen the…

Bahrain Chamber of Commerce and Industry revealed its members are anticipating a $2.9 billion surge in spending once the King Fahd Causeway re-opens on 17 May based on tourist spending habits from 2019. This comes after Saudi Arabia announced it will lift its suspension on citizens traveling abroad, and open land, sea and air borders on May 17. Bahrain welcomed more than 12 million visitors in 2019, predominantly from the Kingdom of Saudi Arabia and neighboring GCC countries.Commenting on the announcement, Ali Al-Mudaifa, Executive Director at the Bahrain Economic Development Board said: “Deep economic, political and cultural connections between Bahrain…

The Dubai Opera will host its first hologram event of the late celebrated Egyptian singer Abdel Halim Hafez who will take to the stage on 13 and 14 May during Dubai’s Eid al-Fitr festivities. Dubai Festivals and Retail Establishment announced in cooperation with New Dimension Productions (NDP) and MBC Group as the organizers, that the 90-minute show will feature some of the singer’s most popular songs during what promises to be an exhilarating evening of music and nostalgia.Hailed as one of the greatest Egyptian musicians, along with Umm Kulthum, Mohamed Abdel Wahab, Mohamed Fawzi and Shadia, Abdel Halim Hafez was a prolific…

Abu Dhabi Islamic Bank (ADIB) said its Q1 2021 net profit surged by 125 percent to AED608 million compared to AED 270 million in Q1 2020, and up 26 percent against Q4 2020. The growth in net profits reflects the strong underlying performance across the business, the bank said in a statement. Revenue increased 3.3 percent to AED1,336 million from AED1,292 million in the same period last year with non-funding income growing by 30 percent offsetting the impact of low rate environment.Operating Expenses were reduced by 7 percent year-on year due to the successful implementation of technology-led initiatives that helped…

StandDesk, a leading online retailer of sit-stand desks for consumers, is expanding to help small businesses. Launching today, StandDesk for Business offers small business owners a quick and affordable way to select and purchase high-quality commercial-grade furniture for their employees. The new program features a wide variety of ergonomic desks, chairs, dividers and accessories, along with free workspace design services, to help businesses optimize a productive and safe return to the office.“Small businesses were the hardest hit during the pandemic,” said StandDesk Director of E-Commerce Mark Wanczak. “As these businesses get back on their feet, we are here to help.…

A total of 6,590 real estate transactions in Dubai were recorded in March 2021, valued at about AED22.9 billion, according to the real estate bulletin issued by Dubai Land Department (DLD) under the name Real Estate Updates. The bulletin revealed a growth in number by 43 percent and a growth in value by 40 percent compared to March 2020. It also noted that March 2021 recorded the second highest number of real estate transactions since February 2017.The bulletin showed that real estate transactions in Q1 2021 achieved a significant growth of 27 percent and 47 percent compared to Q1 2020…

Ahmed Ali Al Sayegh, UAE Minister of State, said that the UAE and China have nourished a deep respect, political confidence and support of each other for decades, with their governments working even more closely on joint activities and projects, not only to boost the Belt and Road initiative, but also the well-being of our economies and societies. The minister’s remarks came while addressing the “Bo-ao Forum for Asia”, held in celebration of Bo’ao’s 20th Anniversary this year.”Chinese President Xi Jinping’s 2018 state visit to the UAE and the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown…

DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has announced the signing of a sale and purchase agreement (SPA) with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC. As part of the agreement, REIT Development acquired industrial land strategically located in DMCC’s Jumeirah Lakes Towers (JLT) vibrant business district.DMCC has premium plots for sale across JLT, which are attracting significant interest from a diverse range of investors and developers, all in search of…

Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG), one of the world’s leading energy infrastructure investors, to optimize its assets through a lease-and-lease-back agreement involving its stabilised crude oil pipeline network. Upon closing, Aramco will receive upfront proceeds of around US$12.4 billion, further strengthening its balance sheet through one of the largest energy infrastructure deals globally. The transaction represents a continuation of Aramco’s strategy to unlock the potential of its asset base and maximize value for its shareholders. It also reinforces Aramco’s role as a catalyst for attracting significant foreign investment into the…

Aldar Investment announced an AED 500 million redevelopment plan for Yas Mall to reinforce the asset’s position as the centerpiece of Yas Island, Abu Dhabi’s fast-growing residential and leisure destination. The substantial investment will enhance the customer journey by reimagining the mall’s spaces and introducing new innovative retail concepts. The redevelopment will further enable Aldar Investment to deliver a unique and diversified offering to tenants and customers by repurposing 40 percent of its gross leasable area to high impact experiential retail, F&B, and co-working office spaces. Work on key areas of the mall is already underway and will be completed…