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Category: Business
The Qatar Financial Centre (QFC) has announced a significant reduction in its application fee for licensing entities, slashing it from USD 5,000 to just USD 500. This new fee structure applies to all applicants aiming to conduct non-regulated activities within the QFC, with the exception of Single Family Offices. This decision is part of QFC’s...
On Monday, President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE and President Volodymyr Zelenskyy of Ukraine witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between their countries. This agreement aims to create new opportunities for trade, investment, and economic collaboration. His Highness emphasized the importance of this agreement in...
Abu Dhabi National Hotels announced a remarkable net profit of AED 1.33 billion for the year 2024, marking a significant increase of 216% from the previous year’s profit of AED 422.51 million, according to the company’s income statements. This growth reflects the company’s successful strategies and operations over the past year. The revenue from contracts...
Mubadala Investment Company, based in Abu Dhabi, has announced its agreement to acquire a minority stake in Apleona, a prominent European provider of integrated facility management located in Neu-Isenburg, Germany. This investment is made in partnership with a consortium led by Bain Capital’s Private Equity team in Europe, aiming to support Apleona’s growth and establish...
The Abu Dhabi Department of Economic Development (ADDED), in partnership with The Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has announced a new resolution for the establishment and licensing of endowment institutions in Abu Dhabi. This resolution marks a significant advancement in enhancing endowment structures and supports the sustainability of family-owned businesses while...
Wynn Resorts CEO Craig Billing is optimistic about the UAE’s gaming market, projecting it could grow to between $3 billion and $5 billion (Dh11 billion to Dh18.35 billion) in the coming years. During a conference call discussing the company’s fourth-quarter financial results, Billing described the UAE as the “most exciting” new market for the gaming...
Abdullah Bin Touq Al Marri, the Minister of Economy, has reiterated the United Arab Emirates’ strong commitment to implementing the provisions of the Agreement on Facilitating and Developing Trade Exchange among Arab Countries. He emphasized the necessity of updating this agreement to reflect current economic developments and challenges. During his speech at the 115th session...
The Tony Elumelu Foundation (TEF) has finalized a strategic partnership agreement worth USD $6 million with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. This collaboration aims to provide business training, mentorship, and access to networks, as well as non-refundable seed capital of $5,000 to an additional 1,000 young...
A Memorandum of Understanding (MoU) has been signed between Fiji and the United Arab Emirates (UAE), marking the establishment of the first UAE-Fiji Joint Business Council. This council aims to identify and facilitate trade and investment opportunities between the two nations. Manoa Kamikamica, Deputy Prime Minister and Minister for Trade, described the signing of this...
Abu Dhabi is enhancing its defense and aerospace capabilities with significant upgrades at XRANGE, an international facility focused on training, testing, and evaluation (TT&E) in multiple domains. Operated by REMAYA, XRANGE aims to strengthen its services for clients in the defense, aerospace, and commercial sectors. One of the key developments includes the construction of a...