Masdar, PLN push to build world’s largest floating solar plant
Dubai, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed agreements to collaborate with Indonesia’s state-owned utility company, PLN,...
Business
Arts & Culture
Marilyn Monroe portrait may fetch $200m at auction
Christie's said it expects Andy Warhol's 1964 "Shot Sage Blue Marilyn" to become the most expensive 20th century artwork when...
- Christie's described the 40 inch (100 centimeter) by 40 inch portrait as "one of the rarest and most transcendent images in existence."
- Warhol began creating silkscreens of Monroe following the actress's death from a drug overdose aged just 36 in August 1962.
Geostrategy
Soft power index: UAE first in Middle East, tenth globally
The UAE advanced to 15th place globally in the overall Global Soft Power Index ranking, up from last year's 17th...
- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said 'this reflects our leading position and good reputation worldwide'.
- The country is perceived to have managed the pandemic of COVID-19 effectively, which made it a distinguished model regionally and globally.
Business
Number of educational firms in Ajman Free Zone grew by 17 percent in 2021
The number of registered educational companies within the Ajman Free Zone (AFZ) grew by 17 percent in 2021 compared to...
- Ajman Free Zone is home to more than 240 educational facilities in 2021.
- AFZ attributed the growth to its strategic location, modern facilities and infrastructure, innovative and seamless services.
Economy
UAE and Israeli firms hold 200 business meetings at Dubai event
The ‘Dubai-Israel: Future Horizons Mission’ was hosted by the Dubai International Chamber, which is one of the three chambers operating...
- The event was the focus of a high-level trade mission which was joined by 50 businessmen representing 25 Israeli companies listed in Tel Aviv Stock Exchange.
- Dubai’s non-oil trade with Israel reached nearly AED 2 billion in the first half of 2021.
Business
Mubadala invests in SX Global
Media reports said Mubadala will be investing at least $50 million.
- The investment will support SX Global’s expansion plans for a global supercross series in a new competitive format.
- Mubadala has previous experience in the sports industry. It invested in talent agency Endeavor, which subsequently bought the UFC and the Professional Bull Riders tour.
Business
Pakistan’s Fatima Group inks $1billion deals at Expo with Chinese, Saudi firms
Fatima Group, a Pakistani industrial conglomerate, has signed two MoUs of over $1 billion with two key global agriculture stakeholders...
- Fatima Group is known as Pakistan’s fastest-growing industrial conglomerate with investments in fertilizers, textiles, sugar and cement.
- The collaboration is expected to boost agriculture in Pakistani, which has 20 percent of the country’s GDP tied to it.
Business
Conference in Dubai to bring together Emirati investors and Israeli companies
A conference that brings together Emirati investors and Israeli public companies listed on the Tel Aviv Stock Exchange (TASE) will...
- The conference is collaboration between the UAE Embassy in Israel, Tel Aviv Stock Exchange and the Dubai International Chamber.
- Some of the TASE-listed companies that will participate include Altshuler Shaham, Amos Luzon Dev & Energy, Beeio Honey, Bezeq, Delek Drilling, Energix, Enlight Enregy, Epitomee.
Business
Air travel momentum up as countries lift Covid restrictions: IATA
Air travel recovery was gaining momentum as countries were lifting restrictions, with a sharp 11-percentage-point increase for international tickets sold...
- There was an 11-percentage-point increase for international tickets sold in recent weeks.
- The 11-percentage point improvement between the January and February periods is the fastest such increase for any two-week period since the crisis began.
Business
Pandemic turns business models upside down, says Fjord Trends report
Nearly two years of disruption to the fabric of society due to global pandemic has resulted in a collective shift...
- The rising individualism underlined by a “me over we” mentality has profound implications for organizations in how they lead their employees.
- The metaverse will be a new frontier of the internet, combining all the existing layers of information, interfaces, and spaces with which people interact.
Economy
Dubai imposes tariff on single-use plastic bags to limit their use
Dubai has approved a policy to limit single-use plastic bags by imposing a tariff of 25 fils on such bags...
- The policy will be evaluated over several stages until the single-use bags are completely banned within two years.
- The emirate will charge a tariff of 25 fils per bag from 1 July 2022.
Company News
TAQA H1 net income $3.67bn
Business
Latest News
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
Business
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...
Economy
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Business
$17.32bn projects launched on first day of Cityscape Riyadh
Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
- ROSHN Group will have four strategic partnerships of over SAR 9 billion in the fields of construction and infrastructure, Argaam reported.
- National Housing Co. (NHC) also unveiled three luxury projects in Al Forsan and Khuzam suburbs, which provide 86,000 housing units with a value exceeding SAR 42 billion.
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.