Business & Money | Sunday 23 June, 2024 9:45 am

Edarat wins SAR 125.8M project from MIS

Edarat Communication and Information Technology Co. received on June 13 the award letter for a project worth SAR 125.77 million, including VAT, from Al Moammar Information Systems Company (MIS) (related party), to provide support services for Sahayeb project’s data center facilities. In a...

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Business & Money | Sunday 23 June, 2024 9:40 am

MESC Ras Al Khaimah inks SAR 225M supply contract

Middle East Specialized Cables Co.'s (MESC) UAE-based subsidiary MESC Ras Al Khaimah signed on June 19 a final contract with an Emirati joint venture (JV), comprising National Petroleum Construction Co. (NPCC) and Saipem S.p.A., for the supply of various products worth $60 million (SAR 225...

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Business & Money | Saturday 22 June, 2024 6:10 am

CBUAE projects UAE’s real GDP growth to reach 6.2% in 2025

The Central Bank of the United Arab Emirates (CBUAE) expected the country's strong foreign trade performance to continue in 2024 and 2025, sustaining its projected growth for the UAE’s real GDP in 2024 at 3.9 percent, with expectations for it to further accelerate to 6.2 percent in 2025.In its...

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Business & Money | Saturday 22 June, 2024 6:07 am

DP World completes $400-million Callao Port expansion project

DP World has completed a major US$400 million expansion project at the Port of Callao in Peru, boosting container handling capacity at the South Terminal by 80 percent and solidifying Callao’s position as the key gateway for global trade on the west coast of South America. The Bicentennial...

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Business & Money | Saturday 22 June, 2024 6:06 am

Dubai Chamber of Commerce launches Mexican Business Council to boost bilateral trade, investment

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Mexican Business Council to boost bilateral trade and investment opportunities and strengthen the ties between the business communities in Dubai and...

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Business & Money | Saturday 22 June, 2024 6:00 am

UAE reaping fruits of visionary leadership's forward-looking approach: Al Zeyoudi

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the UAE continues to reap the rewards of its visionary leadership's forward-looking approach through increased global trade and investment openness. “This is reflected in the record growth in foreign direct...

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Business & Money | Saturday 22 June, 2024 5:54 am

Microsoft back as world's most valuable public company

Microsoft regained the title of the "world's most valuable public company" after Nvidia stock fell sharply on Thursday.   Computer chip maker Nvidia slipped 3.5% to $130.78, leaving the company valued at $3.2 trillion.   Meanwhile, Microsoft fell 0.15% to $445.70, but...

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Business & Money | Saturday 22 June, 2024 5:02 am

Details of amendments to Finance Companies Control Law

The Saudi Cabinet, chaired by King Salman, recently approved amendments to Finance Companies Control Law.  The official gazette Umm Al-Qura published on Friday details of the amendments, which include the necessity of obtaining the bank's approval on practicing any non-finance activities, ...

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Business & Money | Friday 21 June, 2024 6:20 am

European Commission green lights PIF’s acquisition of German autonomous car manufacturer

The European Commission announced its approval of the acquisition and joint control of the German autonomous electric vehicle company Holon by the Public Investment Fund (PIF) and Austrian company Benteler.   The Commission said in a statement that, under European Union merger law,...

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Business & Money | Friday 21 June, 2024 6:13 am

UBS CEO warns Switzerland may lose world’s wealth hub status

UBS CEO Sergio Ermotti warned that Switzerland could lose its position as the world's wealth management center if policymakers overreact to the collapse of Credit Suisse. Ermotti, who was chosen once again as head of Switzerland's largest bank a few days after his former rival was rescued last ...

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