Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
Business
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
Economy
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
Shanghai to build 200 smart factories to shore up its manufacturing status
Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent...
- The city as China's largest smart-solutions provider and a core equipment hub sees such innovation as vital for industrial competitiveness
- Its vice mayor said that "intelligent manufacturing" plays a key role in new industrialization and is pivotal in the city's digital economic transition
Economy
Qatar National Bank forecasts world economic growth to be 2.9% in 2024
Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same...
- QNB said that its view is more bullish than others as the bank believes the global economy to expand by 2.9 percent roughly the same rate as last year
- It believes the US economy would slow down as the US fiscal thrust is set to decelerate from a positive 1.9 percent in 2023 to a negative 1.4 percent in 2024
Business
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe
Business
Alba sets new production record
It produced 1,620,665 metric tonnes of aluminium in 2023.
- The CEO of Alba said that the company was not just celebrating numbers but the human capital behind "such achievement"
- He expressed his gratitude to the chairman of the board and also members of the board for their support during 2023
Business
Abu Dhabi Islamic Bank adopts AI
The bank expects to enhance operations with AI tools.
- The bank seeks to leverage technology in order to increase productivity and efficiency in code generation and error identification
- The bank says GitHub Copilot will help empower IT teams to streamline their workflows by harnessing the artificial intelligence
Business
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
- The decision to enhance ties came up in a meeting between the UAE's minister of state for foreign trade, and Jordan's prime minister
- Al Zeyoudi said the two countries wish to develop economies driven by innovation and the unhindered exchange of trade and investment
Business
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
- The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
- The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion
Business
Qatari exports to clients surge in 2023 to US$412m: Tasdeer
Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
- According to the agency, some 260 Qatari exporters and 130 companies took part in eight international exhibitions during the past year
- The trade missions undertaken by Qatari companies to Iraq and India generated deals worth approximately $57.41m and $31.31m respectively
Business
Dragon Oil starts oil production
The Al Wasl field is its first oil discovery in Egypt.
- Dragon Oil discovered the Al Wasl field, “North Safa” in 2021, making it the largest oil discovery in the Gulf of Suez region during the last twenty years
- The oil company will begin setting up a new offshore production platform, extending a production line and an electricity line to operate oil pumps
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
Business
Company News
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Qatar and China entrepreneurs explore partnerships, JVs in tech and energy
Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships...
Economy
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Economy
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
- The $13.89 billion joint investment with RWE is expected to provide a huge boost to the UK economy
- The investment builds on the $12.63bn UAE-UK Sovereign Investment Partnership to invest in energy transition
Geostrategy
UAE and Russia look to deepen parliamentary cooperation
Abu Dhabi, UAE-- The UAE and Russia have held talks to enhance the parliamentary cooperation between the two countries. In...
- The meeting between the two addressed the role of parliamentary diplomacy in supporting efforts to promote security and peace in the region
- The officials also discussed the 10th BRICS Parliamentary Forum, to be held in the city of St. Petersburg, Russia, from 10th to 11th July, 2024
Business
Emaar unveils new projects
The new projects are estimated to value US$26.14 billion.
- The first development valued at $15 billion is poised to set a new standard in premium high-end living
- The second valued at $11.16bn is designed to house wellness facilities, a new standard in luxury hospitality