Michael Fahy | The National

Changes to the Commercial Companies' law are expected to boost FDI to the UAE and spur business activity. Reem Mohammed/The National

UAE develops strategy to crack down on financial crime

Ministry of Economy has set up an anti-money laundering department to oversee compliance to local laws

EconomyNovember 24, 2020

A tunnel at the Riyadh Metro project, where CCC is part of a consortium building lines 1 and 2. CCC chairman Samer Khoury said the company will break even this year despite revenue more than halving to $2 billion. Reuters

CCC cuts headcount and debt as it looks to preserve cash

Middle East's biggest contractor is looking to redeploy affected staff or place them on secondment with competitors

PropertyNovember 22, 2020

Red Sea Development Company’s masterplan covers a 28,000 square kilometre site containing 90 islands. Set to welcome its first visitors in 2022, the project is expected to be completed by 2030. Photo: Courtesy The Red Sea Development Company

Young Saudis prefer tourism jobs over any other sector, report finds

About 91% of those surveyed are either very or somewhat interested in working in the industry

Travel and TourismNovember 22, 2020

A computer-generated image of Aldar Properties' Noya development on Yas Island, which sold out in four hours. Image courtesy of Aldar Properties.

Aldar's Noya project sells out in four hours

Developer says the Dh940m of sales recorded brings its total for the year to more than Dh3bn

PropertyNovember 22, 2020

A line of Fenix scooters. The UAE-based start-up says it will have the biggest fleet of of e-scooters that have been "purpose-built for continuous shared use". Image courtesy of Fenix

UAE e-scooter start-up gets push start from Israeli VC

Fenix co-founders Jaideep Dhanoa and IQ Sayed exited former company Circ after it was bought out by Bird in January

TechnologyNovember 20, 2020

Grounded Boeing 737 Max aircraft at Boeing facilities in Washington. Reuters

Boeing forecasts above-average growth for new aircraft in Middle East

Routes between Europe and the Middle East will continue to account for the biggest portion of air traffic

AviationNovember 19, 2020

A Boeing 737 Max jet piloted by Federal Aviation Administration chief Steve Dickson on a recent test flight in Seattle ahead of the regulator giving its clearance for the plane to beging flying again. AP Photo

FAA clears Boeing's 737 Max for take-off

The company's most popular jet has been grounded since March last year

AviationNovember 18, 2020

Oilfield services company Baker Hughes says moving its Surface Pressure Control Projects business to Abu Dhabi will bring more operational experience to the region and enhance local skills. Victor Besa / The National.

Baker Hughes to move business unit from Texas to Abu Dhabi

The relocation brings it closer to customers and helps to support in-country value requirements, company says

EnergyNovember 18, 2020

The UAE has continued to attract foreign investment during the pandemic, with Adnoc agreeing a $20.7bn deal in June for a group of global asset managers to acquire part of its pipeline network. WAM

UAE looking to build on achievements and boost foreign investment, industry minister says

Development of a new manufacturing ecosystem 'will provide excellent partnership opportunities', Dr Al Jaber says

EconomyNovember 17, 2020

Tabreed's cooling plant on Yas Island in Abu Dhabi. The company is targeting opportunities in markets with high-density populations, such as Egypt, India and Saudi Arabia, chief executive Bader Al Lamki said. Victor Besa / The National

Sukuk offers firepower for Tabreed's next growth phase, CEO says

District cooling company tapped debt capital markets for $500m last month

MarketsNovember 17, 2020

The Petronas Twin Towers in Kuala Lumpur, Malaysia. The country retained its position as the world's biggest Islamic economy in the 2020-2021 State of the Global Islamic Economy Report. Getty Images

Global Islamic economy to grow 3.1% to touch $2.4 trillion by 2024

State of the Global Islamic Economy Report forecasts five-year growth despite an 8% decline this year

EconomyNovember 16, 2020

Oil tanks at Saudi Aramco's Ras Tanura oil refinery in Saudi Arabia. Reuters

Saudi Aramco makes return to bond markets

Oil producer has hired six banks to underwrite dollar-denominated debt issuance

MarketsNovember 16, 2020

A robot carries out temperature checks of shoppers at Aldar Properties' Yas Mall. The developer has extended about Dh190m to retail tenants and schools customers since the onset of Covid-19. Victor Besa /The National

Cash-rich Aldar weighs up buying opportunities

The company had Dh2.5bn of free cash and Dh4bn of available credit as of September 30

PropertyNovember 12, 2020

Damac Properties' Park Towers project in the Dubai International Financial Centre. The company paid down Dh500m worth of debt in the first nine months of 2020. Image courtesy of Damac Properties.

Dubai's Damac Properties swings to Q3 loss on impairments

Company has written down Dh1.19bn of assets in the nine-month period but its strong balance sheet has allowed it to absorb market shock, chairman says

PropertyNovember 12, 2020

Aldar's spherical Abu Dhabi headquarters will be framed by blue skies on Friday.. Victor Besa/The National

Aldar Properties reports third quarter revenue jump on higher sales and management fees

Development management income doubled as the company oversees more work for the Abu Dhabi government

PropertyNovember 12, 2020