UAE splashes out more foreign investment than it receives The UAE ranked first in the Gulf for foreign direct investment (FDI) inflows in 2021, but the amount the emirates invested overseas overtook this figure during the same period. The rising oil price is likely to see this trend continue, experts said. The newly released United Nations Conference on Trade and Development’s (UNCTAD) World Investment […] June 13, 2022
Analysis Development How the UAE makes friends and influences people A World Expo, Mars Mission, ownership of a Premier League football club and a Tour de France victory are among the success stories that have raised the UAE’s international standing as a soft power Seduction is always more effective than coercion. So said author Joseph Nye when he introduced the concept of soft power in […] June 11, 2022
Retail Online shopping surges 32% in UAE The total number of debit and credit cards used for online transactions in the United Arab Emirates (UAE) increased by nearly a third during the first quarter of this year. Consumers continue to embrace the e-commerce sector despite travel and shopping restrictions returning to normal following the coronavirus pandemic. Network International, a payment processing firm […] June 10, 2022
Israeli PM visits UAE, as countries eye $5bn in trade Israeli Prime Minister Naftali Bennett visited the United Arab Emirates (UAE) on Thursday, where he met President His Highness Sheikh Mohamed bin Zayed Al Nahyan at Al Shati Palace. Bennett said he looked forward to working jointly with the UAE to expand cooperation between the two countries, and the peoples of the region, UAE state […] June 10, 2022
You just can’t get the staff: firms in race to meet demand Businesses in the United Arab Emirates’ non-oil sector are struggling to recruit enough staff to keep up with rising demand. The latest monthly S&P Global UAE Purchasing Managers’ Index (PMI) reported that business activity was at a five-month high in May. “The rate of job creation was the fastest seen for seven months but was […] June 10, 2022
Media & Advertising Disney+ takes aim at Netflix as it goes live in 16 Arab countries Disney+ launched its streaming service in the Middle East and North Africa yesterday, vying for market share in a region where the population is young but few people so far use such services. Disney+ said it had gone live in 16 Arab countries and was tailoring content for the region, including offering Arabic subtitles on […] June 9, 2022
Analysis Delivery drivers deserve ‘a steady income’, say UAE operators Motoboy, a Dubai-based delivery operator who entered the market in December last year, believes all drivers in the sector should be paid a fair wage and should not be expected to cover operating expenses for their employers. In early May, delivery drivers at Talabat, the Middle East unit of Germany’s Delivery Hero, and British operator […] June 9, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
Analysis Banking and Finance Crypto crash was ‘a blessing’, admits Sarwa founder Should everyone own cryptocurrencies? “No, definitely not,” Mark Chahwan, co-founder of Sarwa, told AGBI exactly a week after the investing and personal finance platform introduced the option to trade cryptocurrencies. The firm said in a statement that Sarwa Crypto will offer commission-free trading of the world’s four most recognised cryptocurrencies – Bitcoin, Ether, Litecoin, and Bitcoin […] June 9, 2022
Opinion Energy UK and UAE are powering the global energy transition A shared passion for reaching net zero binds together two nations known for their historical reliance on fossil fuels June 8, 2022
Energy UAE partners with Japan to drive low carbon tech The UAE and Japan are partnering on economic and energy opportunities in a bid to drive global low-carbon technologies, including studying the development of a hydrogen supply chain between the two countries. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Special Envoy for Climate Change, and Abu Dhabi National Oil Company (Adnoc) managing […] June 8, 2022
Banking and Finance South Africa calls for swift extradition of Guptas from UAE South Africa’s governing party on Tuesday called for the swift extradition of Rajesh and Atul Gupta to face the allegations against them in South Africa after they were arrested in the United Arab Emirates. The Gupta brothers are accused of using their connections to former South African president Jacob Zuma, in power from 2009 to […] June 8, 2022
Energy UAE arrests Gupta brothers, wanted in South Africa The United Arab Emirates has arrested Rajesh and Atul Gupta, brothers who face charges of corruption in South Africa. Dubai Police confirmed the arrest on Twitter, posting on Tuesday that it had received an Interpol red notice for the brothers and was coordinating with the South African authorities “regarding the extradition file to complete the legal procedures”. South Africa’s Ministry of Justice and Correctional Services said […] June 7, 2022
UAE economy’s growth for 2022 upgraded to 5.4% The UAE economy is set to grow by 5.4 percent this year, driven by the country’s success in containing the economic impacts of the coronavirus pandemic, according to the Central Bank of the UAE (CBUAE). The figure is higher than the 4.2 percent real gross domestic product (GDP) growth estimate made by the bank in April. […] June 7, 2022
Mubadala and EQT fund to buy Sweden’s Envirotainer Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company that makes and leases cold containers for transporting temperature-sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Danish life-sciences investor Novo Holdings, Mubadala […] June 7, 2022
Media & Advertising Serie A seeks Abu Dhabi deals on TV rights, Italian Super Cup Italy’s top football league Serie A is in talks over a broadcast deal with state-backed Abu Dhabi Media and on a separate agreement to host its Super Cup in the Emirate. Home to AC Milan, Juventus and other top clubs, Serie A is looking at ways to catch up with major European leagues such as […] June 3, 2022
Energy South Korean companies to build $1bn green hydrogen plant in UAE Three South Korean companies have signed an agreement to build a $1 billion green hydrogen and ammonia production plant in the United Arab Emirates, their UAE partner said on Friday. Korea Electric Power Corporation, Samsung C&T Corporation and Korea Western Power, alongside the UAE’s Petrolyn Chemie, will build a plant that can produce up to […] June 3, 2022
Retail Beware the NFT bandwagon, crypto lawyer warns shoppers As Gulf retail brands venture into non-fungible tokens (NFTs), customers need to be careful not to fall for fear-of-missing-out (FOMO) syndrome, and jump on the digital bandwagon without fully understanding what they’re buying into, a leading cryptocurrency and blockchain lawyer has said. Her warning comes as Dubai-based retail giant Majid Al Futtaim (MAF) and blockchain […] June 2, 2022
From Austria to the UAE: Monkeypox cases around the world Over 20 countries where monkeypox is not endemic have reported outbreaks of the viral disease, with more than 300 confirmed or suspected infections mostly in Europe. The outbreaks are raising alarm because monkeypox, which spreads through close contact and was first found in monkeys, mostly occurs in west and central Africa, and only very occasionally […] June 2, 2022
Business of Sport Formula One appoints Shaila-Ann Rao as new interim head Shaila-Ann Rao, who was previously a special advisor to Mercedes team boss Toto Wolff, took over as interim head of Formula One at the governing FIA on Wednesday in place of departed Peter Bayer. The Paris-based FIA, which voted in Emirati Mohammed Ben Sulayem as president last December to succeed departing Frenchman Jean Todt, thanked […] June 2, 2022
