Saudi chocolate industry booms with over 3,500 commercial records
Riyadh, Saudi Arabia -- On the World Chocolate Day, Saudi Arabia's Ministry of Commerce announced that the total number of...
Business
Geostrategy
Blinken to visit Doha to launch US-Qatar Strategic Dialogue
Washington, US— US Secretary of State Antony Blinken will travel to Qatar on November 21 to launch the fifth annual...
- State Department Spokesperson Ned Price said in a statement that Blinken will meet with senior Qatari officials
- The statement added that the US top diplomat will also "recognize Qatar's important contribution to international sports diplomacy as it hosts the World Cup
Business
ADGM partners with ADIB, RAKBANK, Wio Bank to support Abu Dhabi businesses
The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM.
- The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM
- The week-long event serves as a platform for in-depth conversations around the MENA region’s thriving financial sector
Geostrategy
GCC renews commitment to strengthen ties with EU
Manama, Bahrain—The Gulf Cooperation Council (GCC) has stressed the importance of strengthening ties between the GCC and the European Union...
- During the meeting, a number of issues of common interest were reviewed, and GCC-EU relations were reviewed
- The file of free trade negotiations between the two sides was also reviewed, and the importance of inviting technical teams to review their developments
Geostrategy
Several MoUs give a boost to Saudi-Thai relations
The two countries agree to set up Saudi-Thai Coordination Council, vow to enhance investments and cooperation in sectors such as...
- The two countries agree to set up Saudi-Thai Coordination Council, vow to enhance investments and cooperation in sectors such as energy and tourism and fight corruption
- Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz and Thai Prime Minister General Prayuth Chan-ocha also discuss ways to develop bilateral ties
Business
Qatar eyes investments ahead of FIFA World Cup
"We seek to boost long-term partnerships between local and foreign investors to enhance added values and the knowledge transfer, to...
- The Qatar Free Zones Authority is intensifying cooperation with all concerned agencies in the country to make the FIFA World Cup Qatar 2022 a success, says official
- Qatar seeks to boost long-term partnerships between local and foreign investors to enhance added values and boost the economic diversification objectives, he adds
Science
Indonesian Govt, 3 organizations to protect marine environment
ABU DHABI, UAE - The Indonesian Government, G42, a UAE-based AI and cloud computing company, a global nonprofit OceanX and...
- The project recognizes the importance of mapping of marine resources through advanced technologies to protect and preserve the ocean environment.
- The project intends to provide marine genomics applications by G42 Healthcare in support of OceanX’s social welfare mission.
Business
Americana IPO: UAE retail offer doubled
Saudi retail tranche remains unchanged at 10 percent.
- The company plans to plans to sell a 30 percent stake in the IPO remains unchanged. It will list both on ADX and Saudi Arabia’s Tadawaul likely on or around Dec.6.
- The company is selling more than 2.52 billion of its existing shares in the IPO, which expected to run until 21 Nov. for retail investors in the UAE and Saudi Arabia.
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.
Company News
DEWA Q3 2023 revenue $2.5bn
Business
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Emaar 9M net profit $1.1bn
Business
Al Ansari 9M profit US$105m
Business
Dragon Oil, Turkmennebit ink MoU
Aim is to expand Dragon Oil’s investments in Turkmenistan.
Business
Dubai Center for Family Businesses issues guidelines
DUBAI, UAE – The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample...
Business
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Arts & Culture
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
- Riyadh Season attracts large number of visitors with different kinds of activities and experiences.
- It is one of the major Saudi events that establishes new concepts in the world of entertainment.
Geostrategy
Jordan takes steps to raise position in Global Food Security Index, says minister
AMMAN, JORDAN - Agriculture Minister Khaled Al-Hneifat said the ministry has been working hard over the past year to create...
- One of the points to achieve this goal are the creation of a national database for food security.
- The other is the issuance of a unique system for the Food Security Council, the minister said.
Economy
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
- This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
- The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies