14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
Egypt jumps to third place in Offshore BPO Confidence Index
Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
Business
Business
GCC’s first tire storage and distribution hub coming up in Abu Dhabi
AD Ports Group has signed an agreement with China-based Shandong Port Group, to establish a Tyre Hub at KIZAD for...
- China's Shandong Port Group and AD Ports Group sign an agreement to set up a hub at KIZAD for the storage and distribution of tires.
- AD Ports Group will provide space for an upcoming 150,000 sqm facility in KIZAD under its Industrial Cities and Free Zone Cluster.
Economy
Iraq saw rise of positive economic indicators in 2021: Planning Ministry
Iraq's Ministry of Planning has said several positive economic indicators have risen during 2021 and several measures are being taken...
- People regaining their jobs after easing of Covid restrictions helped boost projects in the private sector.
- Although the Planning Ministry is yet to prepare a report on economic indicators for 2021, there is an improvement in many fields, says a spokesman.
Arts & Culture
UAE issues first civil marriage license for non-Muslim couple
The UAE issued its first civil marriage license for a non-Muslim couple, state media reported Monday, as the Gulf country...
- A Canadian couple was the first to marry under a new law on the personal status of non-Muslims in the Emirati capital Abu Dhabi.
- Late last year, the UAE revamped an array of laws in a social liberalization drive designed to burnish its progressive brand.
Business
Borouge and ADNOC sign agreement
ADNOC L&S will manage integrated logistics for Borouge.
- The pact covers transportation and handling operations for Borouge-manufactured polymer products at Khalifa Port for export.
- The new agreement will see 85 percent of its value flow back to the UAE’s economy, accelerating the development of critical local supply chain functions.
Business
Mubadala acquires stake in Sibur
This is the company's largest investment in Russia yet.
- The acquisition terms were agreed upon before Sibur's recent merger with TAIF.
- In 2015, Mubadala invested in Sibur’s transshipment terminal in Ust-Luga.
Business
NMC gross revenue in Q3 up
The number of patient encounters was 6.7m, compared to 3.7m in 2020.
- NMC Group's operating companies would exit administration and hand over the responsibilities to new ownership by the end of this year.
- The company, creditors and advisers are working to finalize the regulatory and approvals to enable the exit.
Business
Sharjah-Sao Paulo Business Forum explores economic cooperation
A forum organized by the Sharjah Chamber of Commerce and Industry (SCCI) brought together more than 100 businesspersons from the...
- More than 100 businesspersons from the two countries attended the forum organized by the Sharjah Chamber.
- Sau Paulo state accounts for 30 percent of the entire Brazilian economy and has the largest manufacturers of sugar, juices, coffee, and fruits.
Geostrategy
UN calls for more climate adaptation cash from COP26
Climate adaptation means adjusting to the current effects of climate change and preparing for its predicted impacts in the future.
- The approach is crucial in developing countries, which are more vulnerable to extreme weather caused by climate change.
- The cost of adapting to climate change in developing nations could reach $300 billion in 2030, said UNCTAD.
Economy
Tunisia in bailout talks with Saudi Arabia, UAE: Central banker
The birthplace of the Arab Spring uprisings, Tunisia has faced years of economic woes exacerbated by the coronavirus pandemic, with...
- Power grab in July by President Kais Saied put on hold Tunisia's talks with the IMF for a fourth bailout package.
- Years of political deadlock following 2011 revolution have left it with less than one percent growth and six percent inflation.
Geostrategy
UN urges ceasefire in Yemen’s Marib for ‘safe passage’
The security situation has been particularly difficult in Marib's Abdiya district, where the UN says the movement of aid and...
- Many displaced people have been caught in the line of fire in Marib, home to around 2.2 million refugees.
- The Huthis began a big push to seize Marib in February and, after a lull, they renewed their campaign in September.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
Company News
ADNIC net profit $55.64m
Business
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Eshraq Q2 profit $9.79m
Business
TAQA’s $1.5bn dual-tranche bonds listed on Abu Dhabi Exchange
Abu Dhabi, UAE -- Abu Dhabi National Energy Company (TAQA's) dual-tranche $1.5 billion bonds were listed on Abu Dhabi Securities...
Business
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
Economy
G20 shirking ‘critical’ climate issues: UN climate chief
The G20, which accounts for about 85 percent of the world's economy and greenhouse gas emissions, will meet in New...
Geostrategy
Most Read
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Business
ADEX and National Bank of Egypt sign $100m financing agreement
This is aimed at supporting UAE export transactions to Egypt.
- Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt.
- The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion.