Category : Business
Masdar wins bid to build $174 million solar project in Armenia
Masdar (Abu Dhabi Future Energy Company) has won a tender to build a US$174 million utility-scale solar project in Armenia. The Armenian Government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019. After a competitive process, Masdar submitted a final price of $0,0290/kWh. The 200-megawatt......
UAE, Austria to amend agreement to avoid double taxation
As part of its endeavors to strengthen cooperation frameworks in tax matters, protect taxpayers from double taxation, and avoid impeding the flow of trade and investment, the Ministry of Finance (MoF) signed a protocol to amend the agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion concerning......
US-based syncreon acquired by DP World for $1.2 billion
DP World has announced the acquisition of 100 percent of syncreon for an enterprise value of US$1.2 billion. This transaction is subject to customary completion conditions and is expected to close in second half of 2021. Syncreon is a US based global logistics provider that specializes in the design and......
ADNOC and Reliance to develop integrated chemical plant
Abu Dhabi National Oil Company (ADNOC) announced that Reliance Industries Limited (Reliance), has signed an agreement to join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi. The agreement capitalizes on growing demand for these critical industrial raw materials and leverages......
General Budget Committee meet chaired by Sheikh Mansour
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, chaired a meeting of the General Budget Committee, which was held at Qasr Al Watan. During the meeting, the committee discussed the UAE’s draft general budget for the 2022-2026 period, in addition to the......
UAE retail e-commerce predicted to grow to $8 billion by 2025
The UAE retail e-commerce market reached a record $3.9 billion in 2020, a 53 percent year-over-year increase driven by the COVID-19-led digital shift, while e-commerce accounted for 8 percent share of the retail market during the same year, new analysis from Dubai Chamber of Commerce and Industry has revealed. The......
CBUAE report predicts 2.4 percent growth for UAE GDP in 2021
The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around 4 percent in both years, according to the Financial Stability Report (FSR) released by the Central Bank of the UAE (CBUAE). The CBUAE has published......
CBUAE and CBE sign MoU to establish cooperation
The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding (MoU) with the Central Bank of Egypt (CBE) to strengthen supervisory cooperation. The MoU outlines the mechanisms of information exchange to facilitate the performance of their supervisory and financial stability mandates. The MoU establishes the cooperation mechanisms......
$750 million Emirates NBD bond listed on Nasdaq Dubai
Shayne Nelson, Group CEO of Emirates NBD, rang the market-opening bell at Nasdaq Dubai to celebrate the listing of a US$750 million bond. The listing of this additional Tier 1 Capital bond reinforces Emirates NBD’s position as the largest financial services bond issuer on Nasdaq Dubai through seven listings with......
Al Maryah bank to transform digital banking
Al Maryah Community Bank, UAE’s first fully integrated digital bank, has announced the completion of its pragmatic architectural design of technology platform which is infused with an artificial intelligence capability that will lead to the complete transformation of digital banking, dispensing maximum customer satisfaction. Mohammed Wassim Khayata, CEO, Al Maryah......