Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
Business
Masdar achieves financial close on three solar projects in Uzbekistan
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV)...
- The company will begin construction on the plants at once, which will have a combined capacity of around 900 megawatts
- Under the ETAF initiative, a climate finance paltform, Masdar and AIIB have committed capital to the Uzbekistan projects
Business
Talent Outsourcing in UAE to touch US$6.8bn by end of 2023
Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over...
- The total spending by UAE-based organizations on outsourcing was around $4.8bn in 2018 and is expected to reach $6.8bn in 2023, a report said
- It highlighted the UAE's initiative to diversify its economy toward economic development, cutting-edge innovation, digital transformation, and security
Business
Emirates NBD arranges Al Rajhi’s US$1bn inaugural Sukuk
Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest...
- Priced at a reoffer yield of 4.774 percent, the sukuk was in heavy demand, attracting orders worth more than $3.75 billion
- The bank will use the proceeds from the sukuk to finance and refinance sustainable projects in line with its Sustainable Finance Framework
Economy
Egypt’s non-oil private sector contracts for 28th month as inflation surges
Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in...
- According to S&P Global, a drop in client demand and high inflationary pressures continued to impact non-oil businesses, leading to reduction in new orders
- In spite of its currency depreciating in value by half since last year and the signing of a $3 billion support package with the IMF, the country remains short of foreign currency
Economy
Iraq to speed up resumption of oil exports from Kurdistan region
Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of...
- The ministry stressed the importance of resuming oil exports in the wake of the decision by the international court, and resolution of "technical issues"
- It also highlighted the significance of revenues in supplying the federal budget as per the agreed quantities, saying that it expressed all of this in bilateral meetings
Economy
Iraq and Jordan to set up economic city on common border
A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender...
- The Iraqi-Jordanian Company for Industry, which will carry out the project, urged international companies to make a bid
- The economic city is expected to boost trade cooperation between the two countries and achieve integration in many fields
Economy
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
- The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
- The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
Business
Agility posts US$221m profit
Its revenue for 2022 rose to US$2.8bn, a 78% jump.
- The company has ramped up its credit facilities in order to fund its growth plan, which includes the acquisition of John Menzies
- Agility enjoys a healthy balance sheet with $10.72 billion in assets. and the company's net debt stands at $2.60 billion
Geostrategy
UAE dispatches fresh aid shipment to quake-hit families in Afghanistan
Abu Dhabi, UAE--The UAE has dispatched a plane carrying 38 tonnes of urgent medical and food supplies to Afghanistan to...
- The food and medical supplies will assist families hit by the earthquake, which has worsened the current humanitarian situation in Afghanistan
- During the last few years, the UAE has ramped up its humanitarian assitance to Afghanistan by dispatcing 28 aircraft loaded with 623 tonnes of medical and food supplies
Business
ADNOC Gas records earnings’ rise
ADNOC sold 5% stake in ADNOC Gas to investors through an IPO.
- In an initial public offering early this month, the energy giant raised $2.5 billion by selling a 5 percent stake in ADNOC Gas to investors
- The company in a bourse filing revealed that its pro forma adjusted core earnings for the last year were $8.7 billion, up from $6.6 billion in 2021
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
Company News
Investcorp to float IPO
Business
NMDC posts bumper profits
Business
Latest News
CBUAE and People’s Bank of China renew currency-swap agreement
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to...
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
Business
Most Read
Business
DP World and IRENA sign agreement to cut emissions in maritime sector
Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
- DP World chairman said that cooperation agreement will enable both the sides drive meaningful change and set new standards for a greener future
- IRENA director general said that the partnership is a ground-breaking step towards accelerating innovative renewables-based energy solutions
Business
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
- The acquisition of two vessels represent a combined investment of US$35 million, and are specifically tailored for the Caspian Sea's shallow draft
- The new investment by AD Ports Group and KazMorTransFlot brings the total number of oil tankers operating under the KMTF agreement to five
Economy
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
- The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
- The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides