Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Business
Mubadala Health, G42 to form new firm
Both companies will merge their healthcare businesses.
- Hasan Jasem Al Nowais has been appointed CEO of the new entity and will continue to lead Mubadala Health.
- The new entity will also focus on collaboration with leading researchers and pharmaceutical and health-tech ecosystems.
Business
UK in talks with Qatar and Norway to import energy
Amid crippling energy shortages, the British government is negotiating with Qatar and Norway to secure new long-term gas contract, according...
- Senior civil servants are more hesitant, with figures in the Treasury warning that Britain would be stuck with higher prices if the cost of gas more generally dips after the hike
- Truss told Sky News that no agreement had been signed as it stands, but that she was committed to providing long-term energy security for the UK
Business
Investopia partners discuss investment opportunities in ME region
The discussions took place during a business session held in collaboration with Abu Dhabi Department of Economic Development.
- The discussions took place during a business session held in collaboration with Abu Dhabi Department of Economic Development
- The global investment platform also announced its next annual conference on 1 and 2 March 2023 in Abu Dhabi
Business
Dubai Industrial City unveils plant to manufacture electric cars
The ceremony was attended by Dr. Majida Al Azazi, Chairman of the Board of Directors of M Glory Holding Group,...
- The new plant houses the temporary assembly line, which has a maximum production capacity of 10,000 cars per year
- The setting up of the factory, according to DIC, will enable regional manufacturers like M Glory to establish businesses and further the 'Make it in the Emirates’ initiative'
Business
Alpha Pharma signs MoU for plasma
It becomes first Saudi firm to enter plasma products' field in GCC region.
- Under the MoU, Biotest AG will provide the knowledge and technical expertise and supply plasma medicines to Saudi until Alpha Pharma becomes capable of producing them.
- Biotest AG will continue to guarantee the supply of plasma-derived products to the kingdom through the supply and distribution agreement with Cigalah Healthcare.
Business
Burjeel IPO raises $300m
VPS Healthcare Holdings will continue to own a 70 per cent stake.
- Oversubscribed 29 times, the total gross demand for the IPO was more than AED32 billion ($8.7 billion).
- Based on the Final Offer Price, Burjeel’s market capitalization upon listing is expected to be approximately AED10.4 billion.
Economy
S&P says UAE non-oil economy posts growth in September
S&P Global's latest data reveals that the UAE has recorded a strong growth in business across the non-oil economy even...
- August had recorded a slightly higher PMI of 56.7, but S&P considers any readings above 50 as growth while those below 50 are marked as contraction
- S&P noted that firms also encountered relatively mild price pressures, as input costs rose only slightly after a renewed fall in August
Geostrategy
Jordan king discusses trade, regional issues in talks with Oman sultan
The two leaders focused on maintaining coordination and consultation on various issues of mutual concern, especially food security and energy.
- The two leaders focused on maintaining coordination and consultation on various issues of mutual concern, especially food security and energy
- King Abdullah expressed appreciation for Oman’s position and continuous efforts to bolster security and stability in the region
Business
SEIC strikes US$150m deal
The PIF-backed firm buys 34% stake in an Egyptian firm.
- SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International
- B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company
Economy
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...
- The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a period of 50 years
- Fresh Water Norway will be able to avail of DMCC’s services, global connections and network across supply chains and its ability to drive trade flows through Dubai
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Company News
Latest News
Red Sea International Film Festival to showcase 14 short films
Jeddah, Saudi Arabia - The Red Sea International Film Festival (RSIFF) unveiled Monday the lineup of international short films participating...
Arts & Culture
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
Economy
Most Read
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.
Business
Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
- Hotel establishments in the country hosted 16 million guests in in the first seven months of 2023, said the UAE economy minister.
- Some 56 million hotel nights have been booked while the occupancy rate reached 75 percent from January to July.
Business
Dubai Customs strengthens partnerships with courier firms to expand e-commerce
DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering...
- Dubai Customs unveiled its cutting-edge e-commerce project, strategically leveraging blockchain technology to streamline supply chain operations.
- It also addressed all queries from participating companies and shared insights into the department's systems in this context.