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
Geostrategy
Iran shows off new ballistic missile designed to carry 1,500 kg warhead
Tehran, Iran--Iran has displayed a new long-range missile capable of carrying 1,500 kg warhead with the capacity to hit targets...
- The ballistic missile designed by the country's Aerospace Organization is seen as one of the most advanced missiles with a range of 2,000 km
- Iran claims the missile has a liquid-fuel engine fitted in the fuel tank, which reduces the length of the missile to about 13 meters
Economy
GCC secretary general exhorts boosting trade relations with UK
Riyadh, Saudi Arabia--The GCC has called for the strengthening of trade and investment relations with the United Kingdom amid the...
- The GCC secretary general made the remarks during a meeting with Kemi Badenoch, UK business secretary in Riyadh
- Albudaiwi and Badenoch reviewed joint preparations for holding the fourth round of negotiations to be held in London, in July
Economy
Sharjah witnesses 22% population growth to 1.8mn, reveals census
Sharjah, UAE-- The emirate of Sharjah has seen a 22 percent growth in population to 1.8 million inhabitants, as against...
- The census revealed that the emirate's working population has shot up to 1.1 million from 856,000, a growth of 22 percent
- Out of the total population of 1.8 million, the number of expatriates living in the emirate is 1.6 million, and the rest are the local citizens
Business
Iran seeks economic integration and multilateralism: Raisi
Tehran, Iran-- Iran seeks economic integration and multilateralism in international relations, according to the Islamic Republic's President Ebrahim Raisi. The...
- The president told reporters at the airport in Tehran that Iran's relationship with different countries is based on regionalism and neighborhood policy
- The Islamic Republic, according to the president, signed agreements with Indonesia in energy and economic fields, in addition to signing other MoUs
Business
Abu Dhabi Housing Authority to build new homes worth US$1.90bn
Abu Dhabi, UAE--Abu Dhabi Housing Authority has joined hands with Q Holding to build new housing projects in West Baniyas...
- Nearly 1,500 residential villas will build in the West Baniyas, besides other infrastructure such as gardens, public facilities, services, mosque and commercial buildings
- The other housing project in Al Samha will see the construction of 242 residential villas, mosques and retail units and would cost close to US200 million
Business
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...
- The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
- The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Business
Al Dahra Group signs supply agreement with Estonian firm Golden Fields
Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production...
- Under the terms of the deal Al Dahra Group will be supplied forage commodities by Golden Fields through its agreements in Estonia, Lithuania, Latvia and Finland
- Al Dahra Group CEO Arnoud van den Berg said that owing to the partnership with Golden Fields, a promising new page has been turned for agriculture in the Baltic region
Business
Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister...
- The Iraqi minister exhorted international companies to take part in developing oil fields as "these investments play a big role in securing financial resources of Iraq"
- Baghdad signed deals with UAE firm Crescent Petroleum and two Chinese companies in February this year for the development of six oil and gas fields
Business
Al Mahhar to list on QSE
Some 207mn shares will be on QSE through direct listing.
- Firms wanting to list in the QEVM category need to have at least 20 non-funding shareholders who own no less than 10% of the company's capital upon listing
- Upon listing the company's founders have permission to sell and trade no more than 30% of their shares, provided they retain 60% of their shares
Economy
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...
- The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
- It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
Company News
AD Ports net profit up
Business
Latest News
Inter Miami to play two ‘friendlies’ in Saudi Arabia next year
Miami, United States--Inter Miami on Monday confirmed details of two upcoming friendlies in Saudi Arabia next year which will include a...
Economy
ADX and Abu Dhabi Housing Authority sign agreement to boost data exchange
Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Abu Dhabi Housing Authority signed a service level agreement to...
Business
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Business
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
- The chairman of the SCA board applauded the UAE for its commitment to sustainability
- He highlighted the SCA's decision to exempt companies wishing to list from registration fees
COP28 UAE
ITFC looks to ramp up green financing to 30% of its portfolio
Dubai, UAE-- The International Islamic Trade Finance Corporation (ITFC) is looking to ramp up its sustainable and green financing to...
- Sonbol anticipates a big boost in green financing within their portfolios and significant acceleration in this trend in the years to come
- He noted the significance of helping farmers with innovative financial solutions and new technologies so that food security can be ensured
Economy
Doha Forum debates advantages in Gulf-Europe green ties
Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to...
- The discussion focused on opportunities for green cooperation between the Middle East and Europe, and the importance of enhancing the cooperation
- The session highlighted opportunities this transformation provides for both regions, such as diversifying their economies and stimulating development cooperation