Saudi-US higher education partnerships forum launched
Riyadh, Saudi Arabia - Minister of Education Yousef bin Abdullah Al-Benyan alongside U.S. Ambassador to Saudi Arabia Michael Ratney, on...
UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
Business
Science
First fully Bahrain satellite to be named ‘Al Munther’
Manama, Bahrain -- The first fully Bahraini satellite will be named “Al Munther”, Bahrain News Agency (BNA) reported on Sunday,...
- The mission of the satellite will include capturing images of Bahrain and its regional waters and collecting data that will feed into several sectors
- It will provide space data on Bahrain that will be analysed using a line-up of Bahraini innovations that will be part of the satellite's load
Geostrategy
COP28 President Designate meets with key US government officials
WASHINGTON DC, US - UAE Minister of Industry and Advanced Technology and COP28 President Designate Dr. Sultan bin Ahmed Al...
- The UAE minister discussed multilateral development bank reform as weel as an update on recent US climate policy action.
- They discussed the need to invest in global clean energy supply chains, and the role of the US-UAE Partnership for Accelerating Clean Energy.
Economy
Egypt inflation soars to 31.9%, highest in five and a half years
Cairo, Egypt - Egypt's official annual headline inflation rate rose in February to 31.9 percent, the highest in five and...
- The jump in inflation is likely to further squeeze households already struggling with high unemployment and poverty
- Soaring inflation follows currency devaluations in March 2022, a prolonged foreign currency shortage, and a backlog of imports
Geostrategy
In Israel, Pentagon chief raises Iran, Ukraine concerns amid judicial reform stir
Austin's talks with his hosts were centred on the changing geopolitics of the region, which is currently roiled by rising...
- Netanyahu and his defence minister raised concerns Iran is developing nuclear weapons, something the Islamic republic has always denied
- Austin said "diplomacy is the best way to prevent Iran from getting a nuclear weapon", while adding the US would not allow that to happen
Geostrategy
Jordan Senate, Arab Parliament speakers discuss regional issues
AMMAN, JORDAN - The Speaker of Jordan's Senate Faisal Fayez met with Arab Parliament Speaker Adel Abdulrahman Al-Asoomi and discussed...
- The Speaker of Jordan's Senate is heading a delegation to Cairo at the invitation of the Egyptian Senate Speaker.
- The Jordan Senate Speaker stressed the need for Arab parliaments to play a more effective role in addressing the region's challenges.
Economy
OFID to provide $25m for Niger’s solar energy development
Vienna, Austria - The OPEC Fund for International Development (OFID) is offering a US$25 million loan for solar energy development...
- The OPEC Fund is joining forces with the African Development Bank, Power Africa, the Green Climate Fund and the Government of Niger
- The project also includes extending 2,600 km new transmission lines connecting cities in Niger’s south and the capital Niamey
Economy
Lebanon banks ‘have no liquidity,’ says bank association member
Beirut, Lebanon - Lebanon's commercial banks do not have enough liquidity to pay back depositors, the secretary general of the...
- Since 2019, Lebanon has suffered an unprecedented economic decline caused by decades of mismanagement and corruption
- The World Bank last year said Lebanon was likely to rank among the world's worst financial crises since the mid-19th century
Geostrategy
Iran threat, China-Russia influence prime focus of Pentagon chief’s Middle East visit
US Defense Secretary Austin also visits Baghdad to assure US support for Iraqi security, stability, and sovereignty ahead of the...
- Austin wrote on Twitter that he would meet key leaders and reaffirm the US commitment to regional stability and advancing the shared interests of our allies."
- Some areas for collaboration sought to be pursued are “integrated air and missile defense, maritime security, intelligence sharing and early warning systems”
Geostrategy
Saudi Arabia hints Syria could return to Arab League
As relations thaw after more than a decade of isolation, Saudi Arabia has suggested that closer cooperation with Syria may...
- Foreign Minister Prince Faisal bin Farhan Al Saud reaffirmed the Arab world's growing understanding that communication with Damascus was necessary
- Syria was largely cut off from the rest of the Arab world following its leader Bashar al Assad's brutal suppression of 2011 uprisings against his government
Business
KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
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Saudi-US higher education partnerships forum launched
Riyadh, Saudi Arabia - Minister of Education Yousef bin Abdullah Al-Benyan alongside U.S. Ambassador to Saudi Arabia Michael Ratney, on...
Company News
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Iranian Army reveals advanced Kaman 19 drone
Geostrategy
Halliburton, Hamriyah Free Zone in pact
Halliburton has been operating in the UAE for five decades.
Business
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
Economy
Israel rejects Hamas’ new proposal for release of Gaza hostages: report
Washington, United States - Israel has rejected a new proposal from Hamas through Qatari and Egyptian mediators for a deal...
Geostrategy
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Business
Albilad Capital to pay dividend
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.