UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi....
Economy
Geostrategy
GCC chief stresses importance of strategic partnership with US
Riyadh, Saudi Arabia--GCC Secretary General Jasem Albudaiwi has emphasized the importance of Gulf-US strategic relations that support joint cooperation and...
- Albudaiwi, in a statement, underscored the outcome of the joint meeting which was held last June between the GCC foreign ministers and the USA
- He pointed to the importance of strategic partnership between the GCC countries and the United States in maintaining peace and security in the Middle East
Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
- According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
- The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
Business
Jadwa buys stake in Gissah
The investment bank bought a 35% stake in Kuwaiti firm.
- The Saudi investment bank bought the stake through its private equity arm Jadwa Retail Opportunities Fund
- It will help Kuwaiti perfume company to prepare for a public listing on the Tadawul, Saudi Arabia's stock market
Business
Subway to sell for US$9bn
The fast-food chain has some 37,000 outlets across the world.
- In February, the company said it had hired JPMorgan to advise it on a possible sale, while saying it "remains committed to the future"
- A few months back, it unveiled a franchising agreement to open some 4,000 restaurants in mainland China over the next 20 years
Economy
Suez Canal ship traffic normal after tanker collision
Cairo, Egypt--Shipping traffic was flowing normally on Egypt's Suez Canal on Wednesday, two shipping sources based in the country said,...
- According to ship tracking company MarineTraffic, the two tankers briefly collided in the canal citing eyewitnesses
- A media outlet quoting a Suez Canal official said that a ship that broke down in the canal was starting to be towed
Geostrategy
Iran ready to boost military ties with Russia: General Heidari
Tehran, Iran-- Iran will boost military cooperation with Russia as the two countries look to strengthen strategic partnership. According to...
- The Iranian army commander made the remark during a meeting with the Commander-in-Chief of the Russian Army, General Oleg Salyukov, in Moscow
- The two generals pledged to continue promoting mutual ties between the ground forces of the two countries in various fields in the coming months
Business
Saudi Esports Federation to launch ‘Next World Forum’ in Riyadh
Riyadh, Saudi Arabia--The Saudi Esports Federation will launch the "Next World Forum" on August 30 and 31 in Riyadh, at...
- Next World Forum will discuss opportunities in the gaming and esports industry valued to be at $170 billion globally
- The forum will also hold a discussion on the challenges women are facing in achieving leadership roles in the industry
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
Economy
Kuwait looks to boost cooperation with WHO in ‘all health services’
Kuwait City, Kuwait-- Kuwait is looking to strengthen cooperation with the World Health Organization in all health services, according to...
- The minister pointed out to the WHO official how Kuwait addressed health challenges and implemented strategies to handle medical emergencies
- The WHO assistant director praised Kuwait's efforts toward saving lives during global crises, which align with the country’s commitment to the UN Charter
Business
Qatar partners with African Civil Aviation Commission to boost cooperation
Nairobi, Kenya--African Civil Aviation Commission (AFCAC) and Qatar have signed a partnership agreement to strengthen cooperation in the aviation field....
- Mohamed Faleh Al Hajri, in charge of Civil Aviation Authority, represented Qatar at the 8th Africa and Indian Ocean (AFI) Aviation Week, holding bilateral meetings
- He highlighted Qatar Airways' role in connecting Africa with the world, saying that the national carrier operates more than 185 flights per week, linking Africa with Qatar
UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi....
Economy
Company News
Latest News
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The...
Business
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
Economy
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World Economic Forum
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...
- The WEF report offers a re-evaluation of global economic growth, introducing a new framework that takes a holistic look at GDP
- The report adds that high income economies in 2023 saw average annual GDP per capita growth of 1.01% over the past five years
Business
Qatar Islamic Bank profit up
It posted a 7.5% jump in net profit to US$1.18bn last year.
- The bank's basic earnings per share for the year 2023 are QAR 1.73 compared to QAR 1.62 for 2022
- Its board of directors proposed a dividend distribution to shareholders of QAR 0.725 per share
Economy
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...
- The UAE central bank's balance sheet maintained a steady 21.2% growth rate throughout the first eleven months of 2023
- According to the CBUAE, investments and deposits also played a huge role, totaling $56.63 billion and $26.53 billion respectively