Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
Science
Saudi Arabia presides over CSTD session to advance science, technology
Riyadh, Saudi Arabia--Saudi Arabia has presided over the 26th session of the Commission on Science and Technology for Development (CSTD)...
- The participants deliberated on ways to develop science, technology, innovation for the environment, and development of society
- The session also took a review of the progress made in implementing the World Summit on the Information Society (WSIS) outcomes
Business
Alistithmar Capital, Safa Investment set up real estate funds worth US$293m
Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around...
- Capital Market Authority, in March, approved Alistithmar Capital's application to set up Alistithmar Capital Quarterly Dividend Fund
- Owing to rise in residential property value, real estate prices in Sauid Arabia shot up by 1.6 percent in the fourth quarter of 2022
Business
Global Carbon Council, EGX sign MoU to launch voluntary carbon market
Doha, Qatar--The Doha-based Global Carbon Council (GCC) and Egyptian Exchange (EGX) have signed a memorandum of understanding (MoU) to launch...
- EGX will list carbon credits issued by GCC, widening offerings to investors looking for a diversified portfolio of CCs
- They will also collaborate on development initiatives aimed at improving the efficacy of carbon offsetting mechanisms
Economy
UAE okays 24 initiatives to double re-export industry by 100%
Abu Dhabi, UAE--The UAE government has endorsed 24 national initiatives to double the country’s re-export industry by 100 per cent...
- The cabinet approved the hosting of the IUCN World Conservation Congress 2025, which is set to draw 10,000 environmental experts and specialists from 160 countries
- It will demonstrate the country's commitment to sustainable economic development and preserving the environment for future generations
Business
Qatar opens new derivatives market, investors can trade options, futures
Doha, Qatar--Qatar's bourse intends to open a new derivatives market that will allow investors to trade options and futures on...
- The country's financial regulator has issued a new regulatory framework for listed derivatives after a long consultation with investors and market participants
- Qatar is now focused on building its equities market by opening it up to a wider investor base and introducing more listings
Business
Presight stock jumps 143%
The stock rocketed to AED3.7 from an offer price of AED1.34.
- Its initial public offering (IPO), which was oversubscribed 136 times, received total gross demand amounting to US$25.8 billion
- The company's listing gives investors a chance to buy shares in the region’s leading international big data analytics company powered by AI
Business
Presight begins trading on ADX
Its IPO had been oversubscribed by 136 times.
- The company's IPO, witnessing huge demand from retail and professional investors, raised nearly US$496 million
- Its chairman said the company has created a reputation for combining big data, analytics, and AI expertise to support insight-driven decision-making
Business
Standard Chartered to sell Jordanian business to AJIB
Amman, Jordan--Standard Chartered has decided to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), according to both the...
- The emerging markets-focused lender intends to exit seven markets in Africa and the Middle East
- The bank wants to focus on faster-growing markets in the region, such as Saudi Arabia and Egypt
Business
Zain KSA posts record profit
The company's profit vaulted 157% to US$147m in 2022.
- The company's revenue jumped from $2.10 billion in 2021 to $2.40 billion in 2022, propelled by growth in business-to-business, 5G and other revenue streams
- The telecom operator invested $244 million in 2022 in order to develop the quality of services provided to its clients
Business
AD Ports launches new service to boost trade between UAE and Kuwait
Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched...
- The preliminary data for 2022 has shown a rise in non-oil trade exchange between the two countries to $12 billion
- Owing to a series of partnerships, trade acitivity between the UAE and its neighboring countries has witnessed significant growth
Company News
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New CEO appointed in SRC
Business
Multiply Group profit soars
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
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...
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...
Business
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Economy
Gulf Air hit by data breach
It said client database may have been compromised.
- The airline said its operations and critical systems "were fully intact" and that there were no disruptions to its flight schedule
- It said the details of the breach were shared with the authorities and it was working with them to investigate "the matter thoroughly"
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
- The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
- The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached
Geostrategy
Hamas leader Ismail Haniyeh terms Gaza ceasefire ‘political victory’
Dubai, UAE--Senior Hamas leader Ismail Haniyeh has called the ceasefire in the Gaza Strip a political victory at a meeting...
- The Hamas leader said the ceasefire amounts to a political victory because of the success of the resistance forces on the ground
- The Iranian foreign minister said that despite Israel's aggressive military action it had failed to destroy Hamas and had to negotiate with it