Airlines suspend or reduce flights in Middle East after Iran strikes
British Airways cancelled flights between London's Heathrow Airport and Dubai and Doha on Sunday following the US strikes on Iran....
Geostrategy
MENA brief Jun 11: Umrah returns, ADGM surges, Abu Dhabi property market up
China has extended visa-free entry for up to 30 days to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain—boosting bilateral...
Geostrategy
Business
AD Ports acquires Noatum
The ports operator paid $680 million for the deal.
- AD Ports said that Noatum has a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively.
- The acquisition will be fully funded through a new acquisition loan, AD Ports said. Subject to regulatory approvals, the transaction is expected to close in H1 2023.
Geostrategy
ADFD takes part in foreign investors meet in Uzbekistan
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) participated in the first plenary session of the Council of...
- The discussions focused on fostering economic development in Uzbekistan by facilitating investment in various fields.
- Many development institutions and international financial organizations participated in the conference.
Business
EGA, ITOCHU sign agreement
They would set up UAE's largest aluminum recycling facility.
- EGA's relationship with ITOCHU stretches back to the 1980s, with the Japanese company marketing the UAE company's metal in Japan.
- The two companies will work in the development of new aluminum alloys with third parties for niche applications.
Business
Private school operator Taaleem’s IPO oversubscribed 18 times
Dubai, UAE---United Arab Emirates private school operator Taaleem Friday said it has set the price of its Initial Public Offering...
- Taaleem Friday said it has set the price of its Initial Public Offering (IPO) at AED3 per share ($0.8168).
- Raising AED750 million, the IPO drew total gross demand of more than AED13.7 billion.
Geostrategy
UAE Minister discusses economic ties with Caribbean countries
ABU DHABI, UAE - UAE Minister of Economy Abdullah bin Touq Al Marri visited the Havana International Fair 2022 in...
- The visit was aimed at exploring opportunities for cooperation and establishing new economic partnerships between the UAE and Caribbean region.
- The UAE minister met several ministers from the Caribbean nations to discuss mechanisms to enhance economic and trade cooperation.
Business
Dubai Islamic Bank, Al Ramz Corporation announce strategic alliance
Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital.
- Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital
- The brokerage service was earlier provided through its subsidiary Dubai Islamic Financial Services
Economy
Qatar issues licenses to 3500 holiday homes to house World Cup visitors
Qatar faces the challenge to accommodate 1.2 million fans expected to attend the FIFA World Cup.
- Qatar faces the challenge to accommodate 1.2 million fans expected to attend the FIFA World Cup
- More than 160 round-trip flights are scheduled daily from neighbouring Gulf countries to allow them to accommodate supporters
Geostrategy
Saudi crown prince arrives in Thailand on official visit
Prince Mohammed was received by Thai Prime Minister Prayut Chan-o-cha upon his arrival, and the prince then proceeded to review...
- Prince Mohammed was received by Thai Prime Minister Prayut Chan-o-cha upon his arrival, and the prince then proceeded to review a guard of honour.
- The Saudi and Thai national anthems were played during the crown prince's ceremonial greeting ceremony
Business
Deepening synergies to further strengthen bilateral economic and commercial ties between Sharjah, India
He was speaking at the Sharjah–India Business Roundtable -- organized by the Sharjah FDI Office (Invest in Sharjah), in collaboration...
- The roundtable sought to promote investment opportunities in competitive sectors and highlighted the range of services and facilities offered by various government organizations
- With 15,868 Indian firms operating in mainland Sharjah and 10,000 across its specialized free zones, the economic and commercial relations between the two has strengthened
Geostrategy
Abu Dhabi inks MoU with African Union in public health
ABU DHABI, UAE - Abu Dhabi Public Health Center (ADPHC) has signed an agreement with the Africa Centers for Disease...
- The partnership aims to bolster collaboration and information exchange between ADPHC and Africa CDC.
- The partnership’s priorities include promoting disease information and surveillance.
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Airlines suspend or reduce flights in Middle East after Iran strikes
British Airways cancelled flights between London's Heathrow Airport and Dubai and Doha on Sunday following the US strikes on Iran....
Geostrategy
Company News
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Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
Geostrategy
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
Business
Sheikh Hamdan issues resolution regulating single-use products in Dubai
DUBAI, UAE - Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive...
Geostrategy
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Geostrategy
Egypt leads Arab world in population with 113m citizens
DUBAI, UAE – Egypt stands as the most populous Arab country with 113 million people, marking it the 14th largest...
- Iran and Turkey, with populations of 89 million and 86 million respectively, demonstrate substantial numbers in the Middle East region.
- The data, highlighting population sizes of various countries worldwide, pointed out that the global population has reached 8.082 billion.
Business
Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
- The draft was presented to the council by Sheikh Mohammed bin Saud Al Qasimi, Head of the Sharjah Finance Department for a final review and approval
- After a final review, the council approved the draft law regarding the 2024 general budget for the Sharjah Government departments
Business
IsDB, SWCC sign agreement
The collaboration will involve efforts from both parties.
- The agreement includes a mechanism for exchanging knowledge and experiences.
- It would involve transferring the experience of SWCC to the member countries of IsDB.