Author: gulf-daily.com

DP World has announced the acquisition of 100 percent of syncreon for an enterprise value of US$1.2 billion. This transaction is subject to customary completion conditions and is expected to close in second half of 2021.Syncreon is a US based global logistics provider that specializes in the design and operation of complex supply chains for the high growth automotive and technology industries. syncreon provides specialized value-added warehousing and distribution solutions through a variety of manufacturing, export packaging, transportation management, reverse/repair and fulfillment services. syncreon has a global presence across 91 sites in 19 countries and services a large and diversified…

The impact of the COVID-19 pandemic on tourism could result in a more than $4 trillion loss to the global economy, UN trade and development body UNCTAD said on Wednesday in a report issued jointly with the UN World Tourism Organization (UNWTO). The estimate is based on losses caused by the pandemic’s direct impact on tourism and the ripple effect on related sectors, and is worse than previously expected.Last July, UNCTAD estimated that the standstill in international tourism would cost the global economy between $1.2 trillion and $3.3 trillion. The steep drop in tourist arrivals worldwide in 2020 resulted in…

His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court and Chairman of Etihad Rail, has inaugurated track-laying works at the Seih Shuaib site, which is the centre point for track-laying running to Abu Dhabi and Dubai.Sheikh Theyab reviewed the latest progress during a 10-kilometer trip aboard an inspection and supervision train. The trip started from the operations centre at Seih Shuaib area and travelled in both directions towards Abu Dhabi and Dubai up to Al Maha Forest, where he was briefed on measures in place to preserve wildlife and natural habitats through…

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture & Arts Authority (Dubai Culture), has inaugurated Infinity des Lumières, the GCC’s largest immersive digital art centre. Representing a new era of modern immersive art, the establishment of the centre further enhances Dubai’s position as the city of the future.Sheikha Latifa stressed that opening the centre is another step in the emirate’s journey towards becoming a global cultural centre. This partnership enhances the emirate’s position as a destination of choice for the global creative movement and modern and contemporary arts and enriches the emirate’s knowledge-based economy…

Abu Dhabi National Oil Company (ADNOC) announced that Reliance Industries Limited (Reliance), has signed an agreement to join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi.The agreement capitalizes on growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders. The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ, and represents the first investment by Reliance in the region.The agreement continues the momentum of ADNOC’s downstream and industry…

UAE citizens and other nationalities requiring visas to visit India can avail themselves of gratis permission to travel to India as part of a COVID-19 recovery stimulus announced by Finance Minister Nirmala Sitharaman. The free visa scheme will remain in force until 31 March 2022. Sitharaman urged foreign tourists to take advantage of the scheme as quickly as possible once India resumes issuance of tourist visas. At present, India is not issuing visas in view of the risk of spreading COVID-19 from any influx of tourists.The announcement of free visas suggests that this is set to change. Visa fee has…

His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, chaired a meeting of the General Budget Committee, which was held at Qasr Al Watan. During the meeting, the committee discussed the UAE’s draft general budget for the 2022-2026 period, in addition to the procedures carried out by the the Ministry of Finance (MoF) to draft the general budget of the Union for the 2022 fiscal year, in accordance with Federal Decree-Law No. (26) of 2019 on Public Finance.The meeting also reviewed projections of federal cash flows for the 2022-2026 period, based on the…

A delegation from the Ministry of Defense, took part in the 10th International Exhibition of Arms and Military Machinery (MILEX 2021), which took place in the Belarusian capital Minsk. The delegation, headed by Major General Abdul Rahman Sabt Mubarak Al Marri, Assistant Chief of Staff for Joint Capabilities at the Ministry, attended the exhibition’s opening by Roman Golovchenko, Prime Minister of Belarus.The delegation members toured the various national and company pavilions and stands, showcasing the latest technology in defense and security industry. Major General Al Marri met at the exhibition’s sidelines with Dmitry Pantus, Chairman of the State Authority for…

A powerful car bomb exploded outside the residence of the 2008 Mumbai terror attack mastermind and chief of the banned Jamat-ud-Dawa (JuD) Hafiz Saeed in the provincial capital of Punjab on Wednesday, killing at least three people and injuring 21 others. The blast took place at a police picket outside Saeed’s house at the BOR Society in Johar Town around 11 AM.Eyewitnesses and news camera footage showed that a number of vehicles and motorbikes in the area were damaged. The front of several houses was badly damaged. Police cordoned off the entire area and started an investigation.The blast took place…

The UAE retail e-commerce market reached a record $3.9 billion in 2020, a 53 percent year-over-year increase driven by the COVID-19-led digital shift, while e-commerce accounted for 8 percent share of the retail market during the same year, new analysis from Dubai Chamber of Commerce and Industry has revealed.The study projected the value of the market to grow by a compound annual growth rate (CAGR) to reach US$8 billion by 2025, a growth trend supported by several key factors, such as high-income potential, high Internet penetration rate (99 percent), developed transport logistics network, modern digital payment systems, growing tech-savvy youth…