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Tag Archives: UAE

UAE, Saudi economy improves in Feb


ABU DHABI: Economic sentiment in the UAE and Saudi Arabia ticked up slightly in February, following a mild recovery in oil prices from the 12-year lows scraped the month before, according to a monthly survey. The UAE purchasing managers’ index, a measure of business activity, increased slightly to 53.1 in February, up from 52.7 the previous month. A score above ... Read More »

UAE, India trade rapidly grows over past two decades


ABU DHABI: Trade between the UAE and India has rapidly grown over the past two decades due to their strong political, social and economic links, with the bilateral exchange topping Dh216 billion in fiscal year 2014-2015. The figure includes around Dh122 billion worth of Indian exports to the UAE and Dh94 billion worth of UAE export to India, mainly oil ... Read More »

UAE business ready for huge investment in Poland

business delegation

WARSAW: A United Arab Emirates real estate developer Emaar is ready to carry out “the biggest investment project in the world” in Poland, the firm’s owner Mohamed Alabbar said during a recent visit to the country. Emaar is ready to build a 20-hectare estate with apartments, hotels, a retail complex and road infrastructure in the center of a select Polish ... Read More »

UAE business ready for huge investment in Poland

business delegation

WARSAW: A United Arab Emirates real estate developer Emaar is ready to carry out “the biggest investment project in the world” in Poland, the firm’s owner Mohamed Alabbar said during a recent visit to the country. Emaar is ready to build a 20-hectare estate with apartments, hotels, a retail complex and road infrastructure in the center of a select Polish ... Read More »

New Zealand exports stand $1.4 billion to UAE, Saudi Arabia


WELLINGTON: John Key, New Zealand’s Prime Minister, is to lead a business delegation to the UAE and Saudi Arabia this week. The visit to the UAE comes as the GCC ranks as New Zealand’s fifth largest export destination with goods exports worth $1.4 billion in the year to December 2014. Exports of goods have grown by an average 10 percent ... Read More »

74% of GCC’s $2.2 trillion private wealth resides in Saudi Arabia, UAE


RIYADH: Management consultancy Strategy & formerly Booz & Company disclosed that Saudi Arabia and UAE, together control 74 percent of GCC’s private wealth and GCC (Gulf Cooperation Council) market has doubled its total private wealth from $1.1 trillion to $2.2 trillion for an overall compound annual growth rate (CAGR) of 17.5 percent, making it an even more lucrative market for local ... Read More »

MoF announces annual plan for financial procedures


ABU DHABI: The Ministry of Finance (MoF) has planned to build system among ministries and federal government entities within the UAE as it announced annual plan of the capacity building initiative for specialists on the implementation of the financial procedures. This is in line with its commitment to raise the efficiency levels of the systems for government financial work. His ... Read More »

UAE exports to Brazil reach $11.22 billion in 2014: ABCC


BRASILIA:  Arab exports to Brazil recorded a substantial increase in 2014 to reach $11.42 billion, according to statistics released by the Arab-Brazilian Chamber of Commerce (ABCC). The key products exported from the region to Brazil comprised plastic, aluminium, organic chemicals, mineral fuel and oil, and fertilisers, it said. The imported products came primarily from Saudi Arabia, Algeria, Morocco, Kuwait and ... Read More »

UAE expects to recover oil prices in middle of 2015

saeed_2014_10_27 (Mobile)

DUBAI: UAE economy minister Sultan bin Saeed Al Mansouri said that prices in oil expected to recover in the middle of 2015, with positive improvement in economics. “My expectation is that by the middle of this year we should see some turn in oil prices and an expected positive turn in the economies of Europe, the US and China,” he ... Read More »

UAE, UK governments vow to boost bilateral trade up £12 billion in 2015


DUBAI: The governments of United Arab Emirates  and United Kingdom have decided to boost bilateral trade to £12 billion (around $18 billion) by 2015. The Lord Mayor of London, Alderman Alan Yarrow, will be visiting the UAE from January 24-26 to promote bilateral ties, specifically pertaining to the UK’s financial and professional services sector, it was announced on Thursday. Lord Mayor ... Read More »

UAE ADNOC seeks 288,000 tonnes of gasoline for delivery over March to April

UAE,National oil company

DUBAI: The United Arab Emirates’ Abu Dhabi National Oil Company (ADNOC) is seeking 288,000 tonnes of gasoline for delivery over March to April, a tender document showed on Monday. This is slightly higher than the usual volumes that the company buys, a Singapore-based trader said The company is seeking four cargoes of 30,000 tonnes each of 95-octane gasoline for delivery ... Read More »

Iranian oil cargo ships warned for violating sanctions at UAE port


UNITED ARAB EMIRATES: Iran has been warned about oil cargoes loaded ships to ship at a port in the UAE that contained Iranian crude disguised as Iraqi barrels, that it cannot accept these volumes and they would be considered as violation by Tehran. Insurer West of England sent a letter to its members this week stating that Iranian crude labeled ... Read More »

Tajik woman heroin trafficker jailed for 10 years in Dubai


DUBAI: A tourist who is said to be a Tajik woman handed hefty fine of DH 50, 000 besides jail term for having drugs for promotional purpose. She was carrying heroine and methadone from Iran and was taking them to UAE for promotional purposes. The 33-year-old Tajik woman, M.N., smuggled around 1kg of heroin and 59 methadone pills in her ... Read More »

Dubai Customs arrests Afghan at airport with heroin in intestines


DUBAI: A visitor who visited Dubai was allegedly said to have 80 capsules of heroine inside his intestines which was found by a special scanning device at airport. There was 960 grams of drugs in his belly. A customs inspector was said to have caught the 25-year-old Afghan visitor, M.A., after a special detecting device showed he was carrying the ... Read More »

Brent, US West Texas crude oil prices fall as UAE defends holding production


LONDON: Brent and US West Texas Intermediate crude oil prices fell to their lowest levels since March 2009 as a big Organisation of the Petroleum Exporting Countries (OPEC) producer stood by the group’s decision not to cut output to tackle a glut in the market. Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising ... Read More »

GCC plans legislation to curb fuel smuggling: UAE Minister

Boats are docked at the Omani port of Khasab

ABU DAHBI:  Gulf countries including the UAE and Saudi Arabia are formulating new legislation to curb fuel smuggling, the UAE energy minister said. UAE ministry is working on law to prevent smuggling of diesel and other products, says Al Mazroui Smuggling of fuel, including diesel, gasoline and other products, is frequent across the borders of some Gulf Arab states, where ... Read More »

Pakistanis in Dubai, Oman contribute in growth of remittances during Q2


ISLAMABAD: Overseas Pakistanis living in Dubai and Oman contributed significantly in increasing foreign remittances to the country in the second half of the current fiscal year. “Another source of getting enhanced volume of remittances was the foreign trade,” a source in the Finance Ministry told Customs Today on Saturday. “Remittance growth in first quarter of the current fiscal year came ... Read More »

Fujairah Port anticipates increased trade volume between UAE, Saudi Arabia


ABU DHABI: The Port of Fujairah due to its beneficial location is to become the second largest bunking port of the world. This positioning of Fujairah Port has increased the foreign trade of Fujairah by 40% volume which will be beneficial for both UAE and Saudi Arabia. The growth of the Port of Fujairah was given a major boost in 2008 when it ... Read More »

Etihad Airways launches its first Airbus A380 between Abu Dhabi and Heathrow


ABU DHABI: UAE, Etihad Airways launched its first Airbus A380 route between Abu Dhabi and Heathrow on Saturday (December 27) featuring its new range of seats and cabins. James Hogan, Etihad’s CEO said the response from air travellers to our new A380, particularly The Residence by Etihad penthouse suite, has been incredible and we are delighted to introduce the aircraft into ... Read More »

Sri Lanka, UAE join hands on customs technical cooperation


COLOMBO: Sri Lanka Customs joind hands with UAF Federal Customs Authority to initiate the operations of customs technical cooperation. In its plan to enhance ties with foreign partners, the FCA relies on the location of the UAE as a global trade hub having strong trade relationships with most of the world’s countries. In this field, the customs regulator is keen ... Read More »