Business & Money | Tuesday 2 April, 2024 11:58 am

Drake & Scull International General Assembly approves restructuring plan, capital increase up to AED 600 million

The General Assembly of Drake & Scull International PJSC, held on April 1, 2024, approved the recommendations made by the Board of Directors aimed at the implementation of the capital restructuring of the company and increasing the share capital by AED 600 million to become about 3.470 billion...

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Business & Money | Tuesday 2 April, 2024 11:56 am

MoIAT signs agreements with 16 strategic partners and sponsors of Make it in the Emirates Forum 2024

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, and Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), witnessed the signing of 16 sponsorship agreements ahead ...

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Business & Money | Tuesday 2 April, 2024 11:54 am

Abu Dhabi’s non-oil economy expands 9.1%, drives real GDP to grow 3.1% in 2023

The Statistics Centre - Abu Dhabi (SCAD) has issued preliminary statistical estimates of the Gross Domestic Product (GDP), revealing a strong performance of the non-oil economy, which recorded a remarkable growth of 9.1 percent, and 3.1 percent growth of Abu Dhabi’s real GDP during 2023 compared...

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Business & Money | Tuesday 2 April, 2024 11:53 am

ADQ launches holding company Arcera to build a global life sciences powerhouse anchored in Abu Dhabi

ADQ, an Abu Dhabi-based investment and holding company, has announced the formation of Arcera, a global holding company in the life sciences sector headquartered in Abu Dhabi, UAE, that is aiming to be a leader in addressing and mitigating healthcare challenges by offering products that improve the ...

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Business & Money | Tuesday 2 April, 2024 11:46 am

UAE's GDP to grow by 4.2% in 2024, rising to 5.2% in 2025: Central Bank

The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP) to grow by 4.2 percent in 2024, rising to 5.2 percent in 2025, while maintaining its estimate for a 3.1 percent growth in 2023. In its quarterly economic review report for the fourth quarter ...

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Business & Money | Tuesday 2 April, 2024 11:41 am

Al Akaria signs SAR 159.6M deal for Tilal Al Riyadh project

Saudi Real Estate Co. (Al Akaria) signed on April 1 a contract to implement the civil, structural, architectural, electromechanical and external works for Tilal Al Riyadh mixed-use project in Al Malqa district. Al Akaria signed the SAR 159.6 million contract with its 100%-owned subsidiary...

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Business & Money | Tuesday 2 April, 2024 11:36 am

SAMA says share of e-payments reaches 70% in 2023

The Saudi Central Bank (SAMA) announced that electronic payments in the retail segment accounted for more than 70% of total payments in 2023, compared to 62% in 2022.   The electronic payments represent one of the Financial Sector Development Program (FSDP) indicators, SAMA...

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Business & Money | Tuesday 2 April, 2024 11:34 am

GFSA awards 795,000 tons of imported wheat in 1st batch for 2024

The General Food Security Authority (GFSA) completed the procedures for awarding the first batch of imported wheat for 2024, amounting to 795,000 tons, for local market supply from the European Union, North and South America, Australia, and the Black Sea.   Governor Ahmed Al-Faris...

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Business & Money | Tuesday 2 April, 2024 10:57 am

Emaar EC reschedules SAR 1B loan with PIF for 3 months

Emaar The Economic City (Emaar EC) announced rescheduling a loan agreement worth SAR 1 billion with the Public Investment Fund (PIF) from 18 to 21 months, according to a statement to Tadawul today, April 1. Accordingly, the facility term will end on Nov. 19, 2024, instead of Aug. 19, 2024,...

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Business & Money | Tuesday 2 April, 2024 10:54 am

Industry Ministry starts expanding scope of industrial customs exemption

The Ministry of Industry and Mineral Resources commenced its plan to expand the scope of industrial customs exemption for all industrial establishments that have a valid industrial license from the ministry, on imports of specified materials and products.   The new customs exemption, ...

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