Al Buraimi Industrial City, a key part of the Public Establishment for Industrial Estates (Madayn), has signed 16 new investment contracts in the second half of 2024. These agreements bring a total investment value of OMR7.97 million and mark a significant development for the industrial hub. The newly secured projects span a combined area of...
Author: UPPERNEWS TEAM (UPPERNEWS TEAM)
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30.12.202430.12.2024Investments
Saudi Arabia’s AlMoosa Health IPO Closes with 408.7% Retail Oversubscription
Saudi Arabia ended 2024 on a high note with the successful IPO of AlMoosa Health, which saw overwhelming interest from retail investors. The offering attracted 395,986 individual investors who subscribed at SR127 per share, resulting in a staggering 408.7% oversubscription for the retail tranche. This marks the second healthcare IPO in Saudi Arabia this year,...
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29.12.202429.12.2024Workforce
Dubai Confirms January 1st as Public Holiday for Government Employees
The Dubai Government Human Resources (DGHR) Department has officially announced that January 1, 2025, will be a public holiday for government departments in Dubai to celebrate New Year’s Day. Work is scheduled to resume on January 2, 2025, as usual. However, not all employees will have the day off. Departments and institutions that operate on...
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UAE to Lead GCC with Strongest Economic Growth in 2025
The UAE is set to retain its position as the fastest-growing economy in the GCC in 2025, with a projected growth rate of 6.7%, according to KPMG’s latest CEO Outlook report. As reported by Khaleej Times, this marks a significant rise from the 3.8% growth expected this year. The growth is being driven by the...
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29.12.202431.12.2024Business
UAE Introduces New Law to Regulate Medicines and Pharmacies
The UAE has introduced a comprehensive new law to regulate medicines, pharmacies, and pharmaceutical businesses, aiming to enhance oversight and ensure safe management of medical products. Announced on December 29, the law applies to a wide range of items, including medical devices, pharmaceutical and healthcare products, dietary supplements, cosmetics, and biological products. It also covers...
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29.12.202429.12.2024Free Zones
Dubai Free Zones Council Reflects on 2024 Milestones and Future Direction
The Dubai Free Zones Council (DFZC) has highlighted the achievements of Dubai’s free zones in 2024, attributing their strong performance to efforts in economic diversification. These developments align with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai As ARN News mentioned in their piece,...
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28.12.202428.12.2024Business, Investments
Abu Dhabi’s Astra Tech Unit Secures $500 Million Funding from Citi
Abu Dhabi-based FinTech company Astra Tech, through its subsidiary Quantix Technology Projects, has secured $500 million in funding from Citi. This asset-backed securitisation financing is among the largest ever for a UAE FinTech firm. According to The National UAE, the announcement was made during the Abu Dhabi Finance Week, where the company shared its plans...
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28.12.202428.12.2024Technology
UAE Astronauts May Lead Missions on New Space Station Projects
UAE astronauts might play a key role in a new chapter of space exploration, with private companies eyeing them as potential first crew members for upcoming commercial space station missions. As the International Space Station (ISS) approaches retirement, opportunities are opening up for nations like the UAE, which has an emerging astronaut program but lacks...
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28.12.202428.12.2024Finance
Dubai Sets New Rules for Foreign Banks with Penalties for Violations
Dubai has introduced new regulations targeting foreign banks operating in the emirate. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, approved Executive Council Resolution No. (101) of 2024. This move aims to ensure that foreign banks comply with administrative guidelines while conducting business in...
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28.12.202428.12.2024Economy
UAE Trade Set to Close 2024 at AED 3 Trillion
The UAE is set to end 2024 with a record-breaking AED 3 trillion in non-oil foreign trade, according to recent figures. This milestone reflects the country’s effective trade strategies and ambitious economic policies aimed at achieving its “We the Emirates 2031” vision. According to Al Khaleej, in the first half of 2024 alone, the UAE...