ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Business
Egypt sells MENA’s first ‘sustainable panda bonds’ in US$500m issue
Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with...
- Egypt's Finance Minister Mohamed Maait said the country succeeded in having a discounted pricing for the panda bonds at 3.5% annually for three years
- He said the bond issuance is guaranteed by international banks including the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AFDB),
Economy
Global CEOs rank political uncertainty as biggest risk to business
Dubai, UAE-- CEOs from around the world consider geopolitics and political uncertainty as the greatest risk to the growth of...
- The findings of the survey undertaken by KPMG noted that CEOs worried about the effect of political uncertainty on business growth
- The top-notch executives recognize AI’s seemingly limitless potential and are keeping their foot on the gas in terms of their investment
Business
Nakilat profit jumps 4.8%
The company's profit swelled to US$327 million in Q3 of 2023.
- Its earnings per share (EPS) amounted to QR 0.21 as of Sep. 30, 2023, versus EPS of QR 0.20 for the same period in 2022
- The company, in March, obtained approval to raise the ceiling for non-Qatari ownership in the company's capital to 100%
Geostrategy
Iran president warns of escalation in war in Palestine
Tehran, Iran-- President of Iran, Ebrahim Raisi, has warned of an escalation in the war in Palestine if in his...
- The Iranian president said the situation can become more complicated and the battle will broaden if Israel's crimes are not ceased
- Nearly 2,269 people, including over 700 Palestinian children, have been killed so far and 9,814 others injured in Israel's bombing
Economy
GCC states post 7.3 percent GDP growth in 2022: Albudaiwi
Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the...
- The secretary general was speaking at the Arab governors' meeting with the President of the World Bank Group, Ajay Banga, in Morocco
- He warned that economic challenges present a risk to the mutual objective of a poverty-free world characterised by sustainable development
Geostrategy
MSNBC takes top three Muslim presenters off air
Dubai, UAE--American cable channel MSNBC has quietly taken three prominent Muslim journalists “out of the anchor’s chair” since the onset...
- MSNBC quietly took Mehdi Hasan, Ayman Mohyeldin, and Ali Velshi “out of the anchor’s chair” after the war broke out on October 7
- The channel did not broadcast its scheduled Thursday night episode of The Mehdi Hasan Show on the streaming platform Peacock
Business
Phoenix set for IPO on ADX
It is the first crypto entity to be listed on a Middle East bourse.
- The firm specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products
- The IPO on Abu Dhabi Securities Exchange would be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market
Economy
UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...
- The minister made the announcement during the International Monetary and Financial Committee (IMFC) gathering in Marrakech
- The allotment of money aligns with the UAE’s efforts to realize the United Nations’ Sustainable Development Goal to eradicate poverty
Business
Kuwait Fund and Central American Bank sign MoU
Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed...
- The MoU between the two entities is designed to respond to humanitarian crises and natural disasters, and to exchange information
- The agreement was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive Vice President Jaime Palacios in Marrakech
Economy
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...
- OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
- The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies
Company News
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Arab countries public expenditure climbs to US$957.5bn in 2022: AMF
Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to...
Economy
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
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Economy
UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
- The ratings agency said the country's high oil production and support from non-oil sectors will drive economic growth in the UAE in 2024
- The agency affirmed that several banks in the UAE achieved record profits in 2023 due to strong credit growth in a rising interest rate climate
Business
Qatar and Egypt discuss ways to boost economic, trade ties
Doha, Qatar-- Qatar and Egypt are looking to boost trade and economic ties between the two countries, besides exploring ways...
- The Qatar Chamber first vice-chairman said Egypt offers abundant opportunities, which are attractive to Qatari investors
- The Egyptian official said that his country has brought in a host of reforms relating to investment for foreign investors
Business
ADNOC Drilling to expand fleet
The company aims to reach 142 operational rigs this year.
- The company's CEO said that it was looking to support ADNOC's 5 million-barrels-per-day-capacity target
- It has assembled one of the largest multi-disciplined fleets in the world, backed by the latest innovations