ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Business
Jordan’s tourism income grows by 88.4 percent in first quarter
Dubai, UAE – Jordan’s tourism revenue increased by 88.4 percent in the first quarter of 2023 to reach 1.18 billion...
- The revenue reached 1.18 billion Jordanian dinars ($1.66 billion) as nearly 1.5 million tourists visited the country.
- Jordan as a whole received 4.6 million visitors in 2022 -- almost four times the level from 2020 -- earning the country $5.3 billion.
Business
ADCB-BLME partnership brings UK digital banking to UAE customers
Dubai, UAE -- Abu Dhabi Commercial Bank and its Shari’ah compliant digital banking subsidiary Al Hilal Bank have announced a...
- They can also apply for UK home financing, from their smartphones using the newly launched ADCB-Nomo and Al Hilal-Nomo banking apps.
- Abu Dhabi Commerical Bank and Al Hilal Bank sign partnership with Bank of London and the Middle East to make this service available.
Business
KPMG ordered to pay $231 million for Abraaj fund audit failure
Dubai, UAE -- KPMG Lower Gulf has been ordered by a Dubai court to pay more than $231 million to...
- The award is one of the largest ever against an accounting firm and exceeds KPMG Lower Gulf’s revenues of $210 million in its most recent financial year.
- KPMG Lower Gulf’s operations were already in the spotlight after allegations of nepotism and cronyism led to the resignation of its former head last October.
Geostrategy
Countries need $97 billion to achieve education targets: UNESCO
Paris, UAE -- Without $97 billion in extra funding, a range of countries will fail to meet their 2030 national...
- The largest financing gap is in sub-Saharan Africa: $70bn per year. The region has the furthest distance to travel, with 20 percent of primary school age children not in school.
- Around one third of the gap could be filled if donors fulfilled their aid commitments and prioritized basic education in the poorest countries, the report found.
Business
UAE India’s second biggest export destination, third for imports
Dubai, UAE -- The UAE continues to be the second most important export destination for India, according to annual trade...
- India's Ministry of Commerce and Industry said the US and the UAE retained the first and second place as top export destinations for the country.
- The number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total to 83,000 companies.
Business
Dubai records real estate deals worth $1.03bn in two days
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED1.1 billion ($299 million) on Friday, according to...
- On Friday, deals worth AED1.1 billion ($299 million) on Friday, according to the data released by Dubai's Land Department.
- The sales on Thursday included 388 villas and apartments worth AED791.15 billion, and 55 land plots worth AED236.4 million.
Economy
Gender equality in agrifood systems can add $1 trillion to global GDP: FAO
Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience...
- Globally, 36 per cent of working women are employed in agrifood systems, along with 38 per cent of working men.
- The gap in food insecurity between men and women widened from 1.7 percentage points in 2019 to 4.3 percentage points in 2021.
Business
Barwa Q1 net profit $64.55m
The company had reported a 2.18 percent rise in profit for 2022.
- For the first quarter of 2023, Lesha Bank announced a net profit of QR22 million, compared to 21 million the same quarter previous year.
- Qatar Fuel Company recorded a 15 percent decrease in net profit to QR223 in Q1 2023 compared to more than QR262 million for Q1 2022.
Economy
Italy calls for unconditional pre-reform bailout package for Tunisia
Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking...
- EU leaders including Italian Prime Minister Giorgia Meloni have warned of the risks of an economic collapse which could drive more people to cross the Mediterranean Sea.
- Migrants from across Africa and Tunisia itself regularly use Tunisia's coastline, less than 150km from the Italian island of Lampedusa, to reach Europe.
Business
Investment in rose market in Saudi Arabia’s Taif reaches $17m
Dubai, UAE -- The ongoing Taif rose season in Saudi Arabia, which starts at the beginning of March and last...
- Rose farms in the Sarawat Mountains in Taif Governorate harvest about 550 million roses annually.
- About 70 rose factories and laboratories extract and manufacture more than 80 rose derivatives.
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
Company News
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Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
Business
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
Business
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
Business
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Business
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...
- A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
- While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
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...
- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
- Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
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...
- Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
- This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.