Jordan, Oman sign agreements to ramp up investments
Amman, Jordan--Jordan and Oman have signed a raft of agreements to boost direct investment in both the countries. The first...
Economy
Iran oil minister blames Israel for gas pipeline sabotage
Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least...
Geostrategy
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
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
Jordan, Oman sign agreements to ramp up investments
Amman, Jordan--Jordan and Oman have signed a raft of agreements to boost direct investment in both the countries. The first...
Economy
Company News
NMDC posts bumper profits
Business
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New CEO appointed in SRC
Business
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
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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