News

Egypt’s prominent financial institution, EFG Hermes Holding, announced a remarkable first-quarter profit after tax of EGP 885 million ($28.58 million) for 2023, demonstrating an astounding surge of 157% compared to the previous year. Despite grappling with inflationary pressures and currency devaluation in Egypt, the bank achieved record-breaking revenues of EGP 4.5 billion, marking an impressive …

EFG Hermes Holding Reports Remarkable Q1 2023 Profit Surge of 157% Despite Inflationary Challenges Read More »

ABU DHABI — The United Arab Emirates (UAE) has achieved remarkable economic growth, surpassing expectations and positioning itself among the world’s highest performers with a growth rate of 7.6% in 2022. Led by surging oil and gas prices, the UAE’s expansion included a robust 6.6% growth in the non-oil sector, solidifying its position as a …

UAE Economy Surpasses Expectations, Set to Outpace Global Growth in 2023 Read More »

ABU DHABI — Abu Dhabi National Oil Co. (ADNOC) and Abu Dhabi National Energy Co. PJSC (TAQA) have jointly announced their partnership in a groundbreaking sustainable water supply project valued at approximately $2.4 billion. The majority stake in the project will be held by ADNOC and TAQA, while a consortium will retain a 49% stake …

Abu Dhabi’s ADNOC and TAQA Collaborate on $2.4 Billion Sustainable Water Project Read More »

– Madras High Court: The court ruled that under the Right to Education, economically weaker section (EWS) students should not be required to pay any fees for their education. The court emphasized that the state cannot evade its responsibility by claiming reimbursement of tuition fees alone. – Supreme Court Constitution Bench Tracker: A significant number …

India: Stories & Developments on Tuesday 23 May 2023 Read More »

In a significant development, the Federal National Council (FNC) of the UAE has given its approval to extend the duration of work permits from two years to three. The move aims to alleviate the financial burden associated with obtaining work permits for individuals and employers. Presently, work permits in the UAE are issued for a …

UAE Federal National Council Approves Proposal to Extend Work Permit Duration Read More »

Legal authorities in the UAE have issued a warning about the enforcement of stricter penalties for online abuse and defamation. The law explicitly prohibits the use of foul language and defamatory remarks online, including on popular social media platforms and messaging services like WhatsApp. Offenders found guilty of these offenses may face severe consequences, including …

Stricter Penalties for Online Abuse and Defamation in the UAE Read More »

The UAE’s Ministry of Foreign Affairs and International Cooperation has announced a significant change as it officially becomes the Ministry of Foreign Affairs. This name change signifies a more focused approach towards handling foreign affairs and highlights the ministry’s core responsibilities. Sheikh Abdullah bin Zayed Al Nahyan, the Minister responsible for the portfolio, will now …

UAE Ministry of Foreign Affairs Renamed as Ministry of Foreign Affairs Read More »

In a groundbreaking move, London-based law firms Allen & Overy and Shearman & Sterling have announced their plans to merge, forming one of the world’s largest and most influential legal practices. The merger aims to provide enhanced access to the U.S. corporate client base for Allen & Overy, leveraging Shearman & Sterling’s extensive global reach. …

Allen & Overy and Shearman & Sterling Announce Merger, Creating Global Legal Powerhouse Read More »

In a groundbreaking move, Ireland has become the first country in the world to introduce comprehensive health warnings on alcoholic beverages. The legislation, set to take effect in May 2026, aims to raise awareness of the potential cancer risks associated with alcohol consumption. This historic decision by the Irish government has been widely applauded by …

Ireland Leads the Way with Mandatory Health Warnings on Alcoholic Beverages Read More »

The United Kingdom is preparing for the future of digital currencies with the potential issuance of a central bank digital currency (CBDC), commonly referred to as the digital pound. To accommodate this digital transformation, new laws or amendments to existing finance and data rules will be required. This move signals the UK’s commitment to staying …

Implications of New Digital Pound Laws in the UK Read More »