Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
Economy
UAE-Egypt trade touches $67 billion in the last 22 years
The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for...
- The UAE is Egypt’s second leading trade partner in the region while Egypt is the fifth leading trade partner of the UAE in terms of non-oil trade
- The UAE is also the largest international investor in Egypt, with cumulative investments worth over $15 billion
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Infographics
UAE, Saudi pension systems improve performance on 2022 Mercer CFA Index
The 2022 Mercer CFA Institute Global Pension Index compares 44 retirement income systems against more than 50 indicators and benchmarks.
- The CFA Institute said the index highlights both the considerable diversity and the positive features present in many systems.
- The study also confirms that no pension system is perfect and that every system has shortcomings.
Business
Empower to sell 10% stake, list on DFM
Empower will make 1 bn shares, each valued AED0.10, available in IPO.
- The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
- The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Economy
Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly...
- The report noted prices of education group increased by 5.1 percent.
- The prices of health group and food group surged by 3.5 percent and 5 percent respectively.
Business
Aliph Capital secures $125m investment for its maiden fund from ADQ
Aliph Capital is an alternative investment firm focused on private equity investing.
- Aliph Fund I (LP) is a $250 million target private equity fund domiciled in ADGM aiming to invest in high-quality mid-sized companies in the UAE.
- Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals, the company said.
Business
Mubadala, KKR in $1bn capital tieup
The two firms signed a partnership to provide bespoke credit solutions.
- In APAC, KKR has deployed nearly US$3 billion in credit capital since 2019.
- The APAC credit business is part of KKR's approximately $178 billion global credit platform.
Geostrategy
UAE-Bahrain non-oil trade surges to $6.5bn in 2021
The UAE Foreign Minister stressed that the trade growth didn’t reflect the “true potential” of the two countries.
- The UAE Foreign Minister stressed that the trade growth didn’t reflect the “true potential” of the two countries
- He highlighted the importance of intensifying cooperation between the government and private sectors of the two countries
Business
CITC unveils initiatives, launches at Digital Technology Forum 2022
The company also announced the winning products of the Co-Innovation Award, the launch of the first Local Technology Guide in...
- The company also announced the winning products of the Co-Innovation Award, the launch of the first Local Technology Guide in the Middle East and North Africa
- It also issued the first Local Technology Products Guide in the MENA to facilitate access to local products developed by IT and emerging technologies companies
Geostrategy
Iran signs contract with Russia to supply it with 40 turbines
Tehran, Iran— Iran announced Sunday a contract with Russia to supply it with 40 turbines to help its gas industry amid...
- Iran did not specify when the contract was signed, and when the turbines are due to be delivered
- Russia and Iran hold some of the world's largest gas reserves, and are both under strict US sanctions
Company News
stc Group begins work in Europe
Business
Latest News
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
Business
Israel pauses bombing in Rafah for four hours
Tel Aviv, Israel - The Israel Defense Forces (IDF) suspended its military operation in Rafah in the southern Gaza Strip,...
Geostrategy
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Business
Al Ghurair to use Oracle solution
This will help HR teams improve business operations.
- Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
- Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.
Business
Sharjah records real estate transactions worth US$980m in October 2023
SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
- This reflects a substantial increase compared to September's real estate activity, where the trade volume reached $544 million.
- The report underscored the confidence of clients in the emirate's real estate sector and its capacity to attract investors.
Business
EVIQ to set up infra for EVs in KSA
PIF, SEC JV's brand name for EV infrastructure is EVIQ.
- EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
- This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.