ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Geostrategy
West imposed nearly 800 sanctions on Iran since Sept 2022: Analyst
Tehran, Iran -- The West has intensified economic pressures on Iran in recent months and imposed nearly 800 sanctions on...
- Several Western governments imposed new sanctions on Iran in the aftermath of the protests against the death in custody of Mahsa Amini.
- Mohsen Pakaeen, a foreign policy analyst, asked Iran to improve the economic structure of the country to avoid the negative consequences of the sanctions.
Business
Iraq’s entry into SWIFT platform positive business message
Baghdad, Iraq -- The Federation of Iraqi Chambers of Commerce FICC has said that Iraq offers promising investment opportunities and...
- Iraq has thousands of promising investment opportunities in oil, agro-industries, commercial and tourism, said FICC head Abdul Razzaq Al-Zuhairi.
- He called on the government to "improve these processes and eliminate red tape, bureaucracy, nepotism and other things that keep the investor from investing his money in Iraq."
Arts & Culture
Yara, Fouad Wahed enthrall Arab music fans at Eid al Fitr concert
Abu Dhabi, UAE -- Arab music and culture fans in Al Ain were treated to a special Eid al Fitr...
- The concert was organized by the Department of Culture and Tourism at Al Ain Convention Centre.
- Fouad Abdul Wahed showcased the depth of regional music with some of his classics, including Yal Beed, Al Hob Al Kbeer and Awsafek 3ajab.
Business
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...
- Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
- The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Geostrategy
ACT initiative to support developing nations achieve climate goals
Launched by the World Economic Forum, the World Trade Organisation (WTO) and the World Bank Group, the scheme aims to...
- ACT will use the expertise of the three participating organizations to provide participating economies with tailored trade analysis.
- Vulnerable populations in developing economies often suffer disproportionately damaging outcomes in terms of health, food insecurity and livelihood.
Business
Dubai real estate sector deals increase by 80% in Q1 to $42.75 billion
Dubai, UAE – Dubai’s real estate sector recorded deals worth AED157 billion ($42.75 billion) in the first quarter of 2023,...
- Transactions worth AED528 billion were recorded during the year 2022, a 44.7 percent increase in volume and 76.5 percent increase in value compared to 2021.
- The number of new investors entering the emirate’s real estate market in Q1 2023 rose to 13,338, a 12 percent growth from Q1 2022
Business
Asian Development Bank sells $3.5bn global benchmark bond
48% of the bond went to central banks and official institutions.
- The issue achieved wide primary market distribution with 49 percent placed in Europe, Middle East, and Africa.
- The bank plans to raise about $28 billion–$30 billion from the capital markets in 2023.
Business
Abu Dhabi announces $100m Culinary Investment Fund
Dubai, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) Wednesday announced a new $100...
- DCT said the fund will support building and establishing a Culinary School to aid with recruitment, training, and other staffing resources in the sector.
- The first two recipients of the new Abu Dhabi Culinary Investment Fund would be announced in the coming months.
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ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Company News
Latest News
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
Business
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Business
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
- In the first nine months of 2023, a total of 120 new ventures joined in5's portfolio, which amounts to a new start-up almost every other day between January and September 2023.
- Since its establishment in 2013, in5 has nurtured more than 850 start-ups, with representation from over 50 nationalities, including Canada, China, France, India and Russia.
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Geostrategy
Israeli bombardment kills 2,670 in Gaza: Health ministry
Israel's strikes on the Gaza Strip have led to an "unprecedented human catastrophe" in the Palestinian territory, the United Nations...
- UN Security Council members hold difficult talks Sunday on a possible resolution over the war between Israel and Hamas, with two drafts on the negotiating table.
- Egypt, which controls the only passage in and out of Gaza not controlled by Israel, has said it plans to host a summit on the future of the Palestinian cause.