Economy Sheikhs Hamdan and Abdullah named UAE deputy PMs By Pramod Kumar July 15, 2024, 6:04 AM Reuters The new cabinet was announced by UAE vice president and prime minister, and ruler of Dubai, Mohammed bin Rashid Al Maktoum Major cabinet reshuffle announced Sheikh Hamdan also defence minister Education system to be restructured Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Sheikh Abdullah bin Zayed Al Nahyan have been named deputy prime ministers in a major UAE cabinet reshuffle. Sheikh Hamdan will also serve as the defence minister, while Sheikh Abdullah will continue as minister of foreign affairs, the UAE state-run Wam news agency reported. The new UAE cabinet was announced by vice president and prime minister, and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum following approval from president Sheikh Mohamed bin Zayed Al Nahyan. NewsletterGet the Best of AGBI delivered straight to your inbox every week Additionally, the government unveiled restructuring of the education system and the appointment of a sports minister and a state minister for entrepreneurship. The education, human resources and community development council has been reconstructed with Sheikh Abdullah as the chairman and Sheikha Mariam bint Mohamed bin Zayed Al Nahyan as the vice chairperson. This council will oversee the ministries of community development, education, higher education, federal universities and human resources and emiratisation. Sheikha Mariam will also chair the quality of education centre. Frank Kane: UAE economic report: good, but can do even better Crown Prince tells developers to pay for Dubai flood clean-up Emirates economy to grow 6.2% in 2025 Abdulrahman Al Awar has been appointed as acting minister of higher education and scientific research, in addition to his current post as minister of human resources and emiratisation. Ahmad Belhoul has been named as minister of sports and chancellor of the higher colleges of technology while continuing his duties as chairman of the UAE space agency. Alia Abdullah Al Mazrouei has been appointed as the minister of state for entrepreneurship, with her mandate to create more economic opportunities for UAE nationals. The UAE’s gross domestic product (GDP) is expected to expand by 4.2 percent in 2024, further growing to 5.2 percent in 2025, the Central Bank of the United Arab Emirates (CBUAE) said in its quarterly economic review. Non-oil GDP growth is forecast to reach 4.7 percent in 2024 and 2025, while oil GDP growth is expected at 2.9 percent in 2024 and 6.2 percent in 2025.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 3 hours ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 1 hour ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 38 mins ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 2 mins ago