Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
Business
Dubai Metro ferries 2 billion people since inauguration: RTA
Dubai, UAE - The passengers of Dubai Metro surpassed two billion since its inauguration on September 9, 2009, the Roads...
- The metro's Red Line transported 1.342 billion commuters while the Green Line served 673.531 million commuters.
- Also, the Dubai Metro maintained a punctuality rate of 99.7%, surpassing international safety standards.
Geostrategy
Iraq president to visit Iran as Middle East peace process gathers pace
Tehran, Iran-- Iraq's President Abdul Latif Rashid will make an official visit to Iran in the near future as the...
- The visit of Iraqi president to Iran was raised in a phone call between the Iraqi Foreign Minister Fuad Hussein and Iranian Foreign Minister Hossein Amirabdollahian
- The two foreign ministers also reviewed ways to widen strategic cooperation and the need for consultations on various issues of mutual interest
Business
Qatar expects Eid bonanza, hotel occupancy rates to go up 80%
Doha, Qatar-- Qatar expects a big boost in hotel occupancy rates by at least 80 percent during the Eid holidays...
- Qatar aims to have at least six million visitors annually and raise the contribution of the tourism sector to the country's GDP to 12 percent by 2030
- Visitors can now apply for a visa using a single platform, on which they can submit their visa applications and then receive the travel documents
Business
Stc to buy assets in Europe
It will acquire a portfolio of towers in Europe for US$1.3bn.
- According to a statement, Tawal infrastructure, an arm of Saudi Telecom will pay cash for a host of more than 4,800 towers in Bulgaria, Croatia, and Slovenia
- A few media reports said that it was close to a deal to buy the assets from United Group, which is backed by buyout firm BC Partners
Business
DFM, ADX account for 20% of Arab exchanges’ liquidity last week
Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) accounted for nearly 20 percent of...
- Arab stock exchanges, according to the Arab Monetary Fund, raked in liquidity to the tune of $10.28 billion last week
- ADX’s liquidity shot up by 2.22 percent last week from US$1.489bn to $1.522bn, while DFM’s liquidity surged by 41.4 percent from US$344.4mn to US$486.06mn
Business
M42 acquires Diaverum
Diaverum is world’s third-largest provider of dialysis services.
- Founded in 1991, Diaverum operates across 23 countries, with 440 clinics and over 13,000 employees.
- It has a strong track record of clinical excellence, providing critical care to around 39,000 patients.
Business
United Arab Bank posts profit
The bank's net profit vaulted to US$15mn in Q1, up 80%.
- The jump in the net profit of the bank come on the back of improved net interest income and lower provision charges
- Its operating income rose 5 percent in Q1 of 2023, as against the same period of last year, due to a 38 percent jump in net interest income
Business
ADNOC, Japan sign deal to bolster low-carbon hydrogen value chain
Tokyo, Japan--Abu Dhabi National Oil Company has signed two agreements with Japanese partners to strengthen the low-carbon hydrogen value chain between...
- One of the agreements, with Kawasaki, aims to explore the production, liquefaction, and transportation of hydrogen to key global markets
- The deal comes as countries around the world ramp up efforts to reduce carbon emissions and meet the goals of the Paris climate agreement
Economy
ACWA Power to build 1,000 megawatt solar power plant in Iraq
Riyadh, Saudi Arabia--ACWA Power will construct a 1,000 megawatt solar power plant in Iraq, the first clean energy project in...
- The joint venture project, according to Iraqi minister, will be developed in Central Iraq’s Najaf city, around 160 km south of the capital
- In 2021, Iraq signed a contract with PowerChina to build 2,000 MW solar plants in the nation to fulfill its growing demand for electricity
Economy
Saudi Arabia and Netherlands discuss export of clean hydrogen to Europe
Riyadh, Saudi Arabia-- Saudi Arabia and the Netherlands have discussed the possibility of exporting clean hydrogen from the kingdom to...
- The two also discussed the kingdom's efforts in clean energy and climate change through its local and regional initiatives
- In a separate meeting, the Saudi Foreign Minister Prince Faisal bin Farhan and the Dutch minister reviewed the bilateral relations between the two nations
Company News
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Chevron Q3 profit falls
Business
UAE signs agreements to develop Kazakhstan renewables sector
Dubai, UAE--The United Arab Emirates (UAE) and Kazakhstan signed an agreement outlining a commitment to co-operation in the development of...
Business
Abu Dhabi-backed fund takeover of Telegraph triggers UK probe into sale
Dubai, UAE--The UK government has ordered a formal probe into the proposed sale of the Telegraph Media Group to an...
Business
UAE marks 52nd National Day with parades, shows
Across the country, the festivities will be characterized by performances of Emirati folk arts, cultural shows, police parades, display of...
Geostrategy
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COP28 UAE
World Bank allots 45% of its financing to climate projects
The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously...
- The bank said that it is helping people to hold off the devastation of climate change
- It has earmarked the financing for the fiscal year that runs from July 1, 2024, to June 30, 2025
Business
Dubai Taxi IPO raises US$315m
It received more than US$41 billion in investor orders.
- The IPO will result in total gross proceeds of approximately US$ 315 million being paid to the Department of Finance, representing the Dubai government
- DTC said the previously announced offering size consists of a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital
Economy
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
- The meeting also covered the UN Climate Change Conference (COP28), starting today at Expo City Dubai
- The two leaders exchanged views on regional and international developments and a number of other issues