People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
Business
EDB, Valiant Healthcare sign pact
EDB credit facility will extend to both capital investment and expenditures.
- The signing ceremony was attended by Ahmed Mohamed Al Naqbi, CEO of EDB, Faisal Juma Belhoul, Chairman of Valiant, and Ahmed bin Juma Belhoul, CEO of Valiant Healthcare.
- We will introduce our patients to additional highly valued premium inpatient rooms, in addition to a state of the art Cath-lab &Â EP lab, said Belhoul.
Business
Dubai ruler issues decree establishing toll operator Salik as company
Dubai road toll operator Salik has been established as a Public Joint Stock Company according to a law issued by...
- According to a law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum the Dubai Government owns all the shares of Salik Company.
- The Executive Council of Dubai is authorized to determine the percentage of shares that can be offered for subscription either through an IPO or private placement.
Business
FAB completes Bank Audi Egypt merger
FAB's Egypt assets will operate under the new brand "FABMISR".
- The system integration under the new identity is expected to be completed in the fourth quarter of this year.
- Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market.
Geostrategy
G7 nations to stop financing fossil fuel projects abroad by end 2022
Japan Friday for the first time joined fellow members of the Group of Seven industrialised nations in pledging to end...
- Ending subsidies for the international fossil fuel energy sector was already part of a series of commitments agreed to by around 20 countries at COP26 climate summit in Glasgow.
- Six of the G7 club of rich nations were among the signatories at the time -- Britain, Canada, Germany, France, Italy and the United States -- but Japan had resisted until now.
Geostrategy
World’s tallest building engulfed as Mideast sandstorms hit UAE
The world's tallest building disappeared behind a grey layer of dust on Wednesday as sandstorms that have swept the Middle...
- The 828-metre Burj Khalifa, which is usually visible across the busy financial hub, retreated behind a curtain of airborne dirt that shrouded much of the country.
- The Middle East's sandstorms are becoming more frequent and intense, a trend associated with overgrazing and deforestation, overuse of river water and more dams.
Geostrategy
Six dead, 48 rescued after migrant ship capsizes off Lebanon
At least six people died, including a little girl, and almost 50 others were rescued after a migrant boat capsized...
- The boat capsized on Saturday night near the northern port city of Tripoli, the departure point for a growing number of people attempting a potentially lethal sea escape.
- The deadly accident, weeks ahead of parliamentary elections scheduled for May 15, is not the first of its kind for the crisis-hit country.
Business
ADNOC to build two LNG vessels
The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
- The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
- Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business
Kuwait’s CGC signs deal
The $125m deal includes engineering works for PAHW.
- The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
- CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Business
ADNEC’s hall 40 percent complete
It would be the biggest exhibition hall in the MENA region.
- The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
- The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business
Tabreed to pay highest ever dividend
The payout will be in the form of cash and bonus shares.
- The firm said the shareholders will get a cash dividend of six fils per share and a bonus of one share for every 40 shares held, which is equivalent to 12 fils per share.
- Last year, group revenue increased by 12 percent to 1.95 billion dirhams ($530 million), while net income grew 6.3 percent to 585 million dirhams.
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
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TAQA H1 net income $3.67bn
Business
UAE banks to perform strongly in 2023: Standard & Poor’s report
Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...
Business
Cruise Saudi partners with leading firms to outfit premium AROYA
Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the...
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
Business
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Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24Â percent.
Arts & Culture
Riyadh to host 45th session of UNESCO’s World Heritage Committee
Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10...
- This session anticipates the participation of 3,000 individuals representing 21 member states of the World Heritage Committee.
- Minister of Culture and Chairman of the Saudi National Commission for Education, Culture, and Science, Prince Badr bin Abdullah bin Farhan will attend the meeting.