finance & economy

February 19, 2019

Tawazun Economic Council, the body tasked with the development of a UAE defence industry, has invested Dh460 million in Russian automotive brand Aurus, which specialises in luxurious and armoured vehicles.

The investments represents 36 per cent of the share capital of the company and will be directed towards the development of the company’s manufacturing facilities and capabilites, Tawazun said on Monday.

The investment is part of the Dh2.5 billion Defence and Security Development Fund recently launched by Tawazun.

“We"...

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February 19, 2019

AIM Start-up, a UAE Ministry of Economy initiative, will feature double the number of start-up exhibitors at its 2019 event, the SME platform said on Monday.

Around 500 start-ups will attend the innovation showcase and pitch competition, now in its third year, which will take place in conjunction with the UAE’s Annual Investment Meeting and Future Cities Show from April 8 to 10 at the Dubai World Trade Centre. Last year 250 companies exhibited at the event.

Adeeb Alafeefi, director of the national programme for SMEs and projects, said AIM Start-up is “one"...

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February 19, 2019

(WAM) -- Dubai Industrial Park,DI, one of the largest industrial hubs in Dubai and a member of TECOM Group, has launched a report titled ‘Global Food Trends to 2030: With a Closer Look at the GCC’ in collaboration with The Economist Intelligence Unit. The report, which DI commissioned in an effort to expand the body of knowledge around the food manufacturing industry in the region, was launched at a special event on the sidelines of Gulfood 2019 in the presence of Mariam Hareb Almheiri, Minister of State for Food Security.

In her keynote speech during the event, Mariam Almheiri said: 'I am excited to be here today during the"...

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February 19, 2019

The Dubai Multi Commodities Centre (DMCC) said on Monday it was in talks with more than one major coffee trading house to bring their business to its newly opened Coffee Centre.

The Coffee Centre near Dubai's Jebel Ali port is a temperature-controlled facility offering infrastructure and services for processing and delivery of coffee, and the only location in the Middle East that offers green bean storage and processing.

The centre, which officially opened on Monday after a soft opening in November, can accommodate both speciality and bulk coffee, and is seeking"...

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February 19, 2019

(WAM) -- H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Member of Abu Dhabi Executive Council and Chairman of Etihad Rail, today witnessed the signing of an agreement between Etihad Rail and Abu Dhabi Ports, with the aim of connecting Khalifa Port to the national rail network.

Sheikh Theyab said that the signing the agreement will have positive effects, as connecting Khalifa Port to the national rail network will raise competitiveness while noting that the train station in Khalifa Port will become the largest in the network, with an annual capacity of 2.4 million containers.

'The"...

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February 19, 2019

Yachting has become an integral part of the luxury lifestyle not only in the Middle East but all over the world. Extraordinary designs and disruptive innovation is what truly reflects the core value of a yacht and Azimut Yachts, part of the Azimut|Benetti Group, has proven itself by delivering exceptional design and cutting edge technology in every product category.

This year Azimut Yachts commemorates the fiftieth anniversary and to celebrate in style, the Company has put together a glittering calendar of international events unfolding over the next 12 months.

The"...

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February 19, 2019

(AETOS Wire)-- ABB has won its largest traction equipment order in India, worth more than $42 million to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), in Varanasi. The converters are custom designed for Indian Railways and will be manufactured at one of ABB’s largest factories for locomotive applications in Nelamangala, near Bengaluru, in Southern India.

ABB’s traction solution is based on the latest technology to bring more reliable trains to passengers, while increasing sustainable transport use by moving from diesel trains to electric. This"...

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February 19, 2019

The countdown to Automechanika Jeddah 2019 has begun, with more than 80 exhibitors from 15 countries making their final preparations ahead of Saudi’s dedicated trade fair for the automotive aftermarket next week in Jeddah.

Taking place at a new venue – from 26-27 February 2019 at the Jeddah Hilton Hotel – Automechanika Jeddah is set to present the latest trends and innovations from some of the biggest names in the global automotive aftermarket and services industry.

The Automechanika brand’s Sub-Licensor Messe Frankfurt Middle East and Saudi-based"...

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February 19, 2019

The Ajman Media City Free Zone is all set to accelerate its growth initiatives and enhance its position as an attractive destination of foreign investment in the UAE with introduction of new incentives, new partners and trade agreements in key markets.

His Excellency Mahmood Alhashmi, CEO of Ajman Media City Free Zone said: “Within the first year of its launch, Ajman Media City Free Zone (AMCFZ), has made significant progress in line with our strategic plan to attract foreign investment and boosting entrepreneurial growth in the UAE.

In the last few months, AMCFZ,"...

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February 19, 2019

Digital Media Services (DMS), which serves as the digital media arm of Choueiri Group launched its latest digital ad performance solution “DMS Perform” on the side-lines of the Step Conference 2019 – The most experiential tech festival in the Middle East.

The Conference ran from Wednesday till Thursday (February 13 – 14) at Dubai Internet City. DMS’ launch was hosted on the Digital Stage on February 13th.

As brands set out to compete in today’s cluttered markets, quality lead generation has become an increasingly more complex task."...

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