SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
Business
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
- The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
- The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.
Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
- EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
- Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
Geostrategy
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
- The funding for construction and equipping of the library has been through a US$22 million grant provided by the Saudi Fund for Development.
- The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Geostrategy
UAE launches National Program for Infrastructure Development – Salamah 365
DUBAI, UAE – UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei launched the National Program for Infrastructure...
- Salamah 365 aims to enhance public safety by leveraging innovative solutions and interactive warning systems to rectify identified accident blackspots.
- It also aims to implement a locally tailored model of pedestrian crossings, predict floods before they happen by monitoring dams and valleys.
Business
Seventh Al Dhaid Date Festival witnesses huge turnout
SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a...
- The event has been organized by the Sharjah Chamber of Commerce and Industry and is hosted at Expo Al Dhaid.
- The date festival has also attracted various official delegations and representatives from government institutions.
Geostrategy
Erdogan seeks foreign investment on Gulf tour, begins with Saudi Arabia
Turkish President Recep Tayyip Erdogan has embarked on a three-state Gulf tour, beginning with Saudi Arabia, as he seeks to...
- Nine MoUs -- covering energy, real estate, education, and more -- were signed at the Saudi-Turkish business forum
- Turkish government aims to increase its trade volume with Gulf countries, which currently stands at $22 billion
Business
ADNOC in talks with OMV
Talk merger of shareholdings in Borouge, Borealis.
- Borouge is listed on the ADX with 54 percent owned by ADNOC.
- Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.
Business
60 percent of Jordan’s consumption contains plastic, rubber, says JCI
AMMAN, JORDAN - Plastic and rubber products cover 59.7 percent of the Kingdom's domestic consumption, a report by the Jordan...
- The report indicated that plastic and rubber products are well-established industries in Jordan.
- According to the report, the sector has 641 establishments geographically spread across the Kingdom.
Geostrategy
GCC countries, Russia sign five-year joint action plan
The GCC countries and Russia have adopted a joint statement and a joint action plan for 2023-2028 following their meeting,...
- Russia and the GCC countries, traditional US allies, sign a five-year cooperation agreement in a major policy shift
- Arab countries are increasingly cosying up to the US archrivals such as China and Russia
Business
KEZAD Group, GFCF ink deal
GFCF will triple its production after setting up its Phase II in Musasafah.
- Four more chemical products will be added to GFCF's product mix with the opening of the second phase of the factory.
- GFCF's processes minimize water waste, and the production unit will incorporate heat recycling, aligning with KEZAD Group's sustainability goals.
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
Business
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The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
Economy
UAE tax authority issues corporate tax guide for free-zone persons
Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to...
Business
Global tourism set to return to pre-Covid levels in 2024
Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between...
Business
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Business
Women in Tech Global and UN Women launch “Beyond Ceilings” campaign on women’s empowerment
The "Beyond Ceilings" campaign urges people to confront and challenge the glass ceiling, and reminds the audience of the vast possibilities that await women once they overcome...
- Women in Tech Global, in collaboration with UN Women, has initiated a worldwide campaign to highlight the prevalent existence of obstacles, often known as the "glass ceiling"
- "Together, we can break these barriers and ensure that every girl knows that the sky has no limits", said Ayumi Moore Aoki
Business
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
- Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad
- It is expected that Iraq's oil reserves will increase to over 160 billion barrels, thereby boosting Iraq's position in the global oil market
Business
Etihad reports record Q1 profit
Total revenue increased by $269 million in the same period.
- The airline said the revenue increase reflects an increase in network capacity and passenger numbers.
- The airline carried 4.2 million passengers over the quarter, up 41 per cent year-on-year.