UAE In-Focus: Dubai Chambers and Citi sign agreement; $544m Dubai road improvement project begins

The partnership bolsters Dubai Chambers’ strategy to attract multinationals to the emirate (Shutterstock)
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Updated 01 June 2022
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UAE In-Focus: Dubai Chambers and Citi sign agreement; $544m Dubai road improvement project begins

DUBAI: Dubai Chambers and Citi UAE have reached an agreement to boost competitiveness of the business community and drive economic growth in the UAE, according to a Dubai Media Office statement.

The memorandum of understanding was signed by Dubai Chambers President and CEO Hamad Buamim and Citi UAE CEO and Head of Middle East and North Africa Elissar Farah Antonios.

The two entities will coordinate events and initiatives that will support their common goals and encourage businesses to set up shop in the UAE, the statement said.

Buamim said the agreement would raise the standard of banking services and solutions that enable business growth, thereby creating a more competitive business environment.

He explained that the partnership bolsters Dubai Chambers’ strategy to attract multinationals to the emirate.

$544m Dubai-Al Ain Road project begins

Construction of the Dubai-Al Ain Road Improvement Project, set to cost AED2 billion ($544 million), was inaugurated on Sunday, according to Dubai Media Office.

The project will involve widening the road from three to six lanes in each direction and building six interchanges along with bridges and ramps stretching over 11.5 kilometers.

It will benefit 1.5 million people living and working on both sides of the road, the statement claimed.


Closing Bell: Saudi main index closes in green at 11,382 

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Closing Bell: Saudi main index closes in green at 11,382 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 111.21 points, or 0.99 percent, to close at 11,381.83. 

The total trading turnover of the benchmark index was SR6.37 billion ($1.70 billion), as 204 of the listed stocks advanced, while 56 retreated. 

The MSCI Tadawul Index also rose, adding 13.85 points, or 0.91 percent, to close at 1,533.33. 

The Kingdom’s parallel market Nomu gained 8.39 points, or 0.04 percent, to close at 23,749.38. This came as 30 of the listed stocks advanced, while 45 retreated. 

The best-performing stock was East Pipes Integrated Co. for Industry, with its share price surging 9.94 percent to SR146. 

Other top performers included Tourism Enterprise Co., which saw its share price rise by 9.93 percent to SR14.17, and Thob Al Aseel Co., which saw a 7.84 percent increase to SR3.99. 

On the downside, Saudi Arabian Mining Co. was among the weaker performers, with its share price falling 2.64 percent to SR77.40. 

Saudi Paper Manufacturing Co. saw its shares fall 2.54 percent to SR57.50, while Yamama Cement Co. declined 2.07 percent to SR27.40. 

On the announcements front, Future Vision for Health Training Co. signed a two-year cooperation agreement with King Saud University aimed at strengthening links between academia and professional readiness. 

According to a Tadawul statement, the partnership focuses on the joint development and execution of specialized training programs for university students, aiming to enhance their practical skills and employability. 

The initiative includes coordinated efforts in training design, academic supervision, and program evaluation, with the goal of better preparing graduates for the labor market. 

The agreement, which is renewable by mutual consent, is expected to start generating a positive financial impact in the second half of 2026. The company said no related parties are involved in the deal. 

The company’s share price closed at SR7.30 on Nomu, marking a 1.39 percent decrease.