Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
SCA to waive off registration fee for listing of green bonds, sukuk in local market
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to...
- The SCA's decision corresponds with the UAE's agenda to achieve the objectives of sustainable development in relation to economic growth
- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry, said the world as a whole needs to do more to advance sustainability in the financial space
Economy
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a...
- The wind farm will enable Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030
- The project will help Egypt bring down annual carbon emissions by 9 percent, displacing 23.8 million tonnes of carbon dioxide annually
Economy
UAE looks to deepen trade and investment ties with Vietnam
Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun...
- Al Zeyoudi's visit also marked the start of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam
- The UAE minister also spoke at the UAE-Vietnam Business Forum, in addition to meeting with representatives of Vietnamese companies
Business
Airline industry’s net profits to shoot up to US$9.8bn in 2023: IATA
Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is...
- According to IATA, some 4.35 billion people are expected to travel in 2023, which is closing in on the 4.54 billion who flew in 2019 around the globe
- The outlook for cargo volumes is upbeat too, expected to touch 57.8 million tonnes, which slipped below the 61.5 million tonnes carried in 2019
Business
National Bonds ups stake in Taaleem
With a 22% stake, it is now the biggest stakeholder in the firm.
- The raising of the stake in Taaleem represents the largest acquisition of its kind since its listing on the Dubai Financial Market in November 2022
- National Bonds Company CEO said the upping of the stake highlights the company's commitment to supporting the education sector in the UAE
Business
Air Arabia to double fleet
The plan will boost Abu Dhabi's tourism market.
- The airline CEO Adel Al Ali said that since tourism is one of the key pillars of the UAE economy, the doubling of fleet will support the current inbound tourism
- He added that last year some 15.9 million travelers passed through Abu Dhabi, nearly a threefold increase in the number of visitors from 5.26 million in 2021
Geostrategy
Iran calls for expansion of ties between Tehran and Ankara
Tehran, Iran-- Iran has called for expansion of ties between Tehran and Ankara after the victory of the incumbent president...
- The Iranian foreign minister said that Tehran hopes to achieve close cooperation between the two neighbors during Turkish president's new term
- The Turkish foreign minister emphasized continuity in relations between Turkey and Iran, adding that he will do his best to help develop bilateral relations
Business
Oman looks to entice investors at Dhahran Expo to its fishing industry
Muscat, Oman-- Looking to entice investors to the country's fisheries sector, Fisheries Development Oman (FDO) is taking part in Saudi...
- The Omani delegation to the event will showcase investment prospect in the country in areas such as aquaculture, commercial fishing, management of fishing posts
- FDO was set up to develop the fisheries industry in the country by investing in profitable projects that could highlight its economic value to investor
Economy
SEWA concludes extension of ‘crucial’ pipeline to supply fresh water
Sharjah, UAE-- In order to supply water from Al Zubair station to Al Shanouf suburb, Sharjah Electricity Water and Gas...
- Started in July 2022, SEWA employed environmentally-friendly materials to ensure water quality, while catering to the growing demand for freshwater
- Residents in Mahdub, Hadibah, and the new sections of Al Shanouf suburb will now have a sustainable supply of fresh and pure water
Business
AD Ports signs deal with Crystal Offshore to develop repair facilities
Abu Dhabi, UAE--AD Ports Group has signed a 25-year agreement with the Singapore-based company Crystal Offshore, a recognised one-stop logistics...
- As per the deal, Crystal Offshore will construct a base, featuring office facilities and fabrication workshops to provide advanced repairs and refits to jack-up rigs
- According to AD Ports Group, the partnership will add significant value to Khalifa Port's customers and furthermore will expand the many services it offers
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
Company News
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Dubai Investment posts profit
Business
Qatar receives more than 3-million tourists in 2023
Doha, Qatar-- Qatar received more than three million tourists from around the world during the ongoing year, making the oil-rich...
Business
ADQ and Azerbaijan’s AIH set up joint-investment platform
Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund...
Business
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Geostrategy
Saudi, Iran top diplomats discuss bilateral ties, Gaza ceasefire
Tehran, Iran-- Saudi Arabia and Iran's foreign ministers have stressed the need for an immediate ceasefire in Gaza and sending...
- The two foreign ministers met in Geneva, discussed bilateral ties between the two countries, and the latest developments in Gaza
- The Saudi foreign minister said there is a positive trend in bilateral relations and "we welcome the development of relations"
Business
ADX signs MoU with SZSE
The agreement will bolster cross-border ETF cooperation.
- ADX is looking to enhance ties with with leading global financial institutions, including the recent agreement with the New York Stock Exchange
- The agreement between the two bourses is set to provide a robust platform for financial growth and connectivity between the UAE and China
Business
Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn
Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the...
- By listing sukuk on Nasdaq Dubai, the Philippines government intends to deepen its partnership with the GCC region
- The emirate of Dubai is recognised as one of the world's largest centres for sukuk issuances, with a total of US$87.61 billion