China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Saudi Crown Prince meets minister of defense, commanders
Prince Mohammed bin Salman bin Abdulaziz expressed his appreciation for the progress achieved in the implementation of the ministry's development...
- Prince Mohammed bin Salman bin Abdulaziz expressed his appreciation for the progress achieved in the implementation of the ministry's development program
- Defence minister Prince Khalid bin Salman bin Abdulaziz affirmed the ministry will continue to implement the development programs drawn up by the Crown Prince
Economy
UAE economy achieves pre-pandemic level growth: WB regional director
Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and...
- Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and fiscal stimulus packages
- He added that the GCC region is projected to expand by 5.9 percent in 2022 before moderating to 3.7 percent and 3.3 percent in 2023 and 2024, respectively
Geostrategy
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...
- The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
- The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
Business
Abu Dhabi Exchange, MSX sign cooperation agreement
Abu Dhabi, UAE---The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU)...
- The two sides will cooperate in a number of areas, including advisory services, training, development of systems, and promotion of integration.
- It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.
Science
Jordan, Germany discuss scientific research, ties in water sector
Jordan's The Royal Scientific Society (RSS) and the Princess Sumaya University for Technology (PSUT) discussed with the German Research Foundation...
- A German Research Foundation (DFG) delegation visits Jordan and discusses scientific and research ties in the water sector.
- The delegation included 22 researchers, professors and representatives from the German Academic Exchange Service (DAAD).
Business
CMA clears three new IPOs for listings on Saudi bourses
The CMA has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell...
- IPOs in Saudi Arabia are on course for a record year, with the number of listings already exceeding last year
- The main TASI index accounted for eight listings generating $4.4 billion, and the parallel Nomu market had nine listings worth $649 million
Geostrategy
Bahrain and Japan resolve to boost ties in various fields
The two leaders also agreed to explore opportunities that would aid the advancement of Bahrain and Japan’s strategic partnership in...
- The crown prince discussed the depth of Bahrain-Japan relations, emphasizing Bahrain’s commitment to strengthening bilateral relations between the two nations
- The two leaders discussed the latest regional and international economic developments, and issues of common interest
Business
IHC buys 54% stake in Emircom
Firm buys stake for $68 million via its subsidiary IHC Digital
- Emircom is the Middle East’s leading information and communications technology (ICT) provider.
- This $68 million purchase comes as part of IHC’s strategy to grow its digital assets portfolio and expand into new growth areas.
Business
ADNOC Distribution to pay $349m
This is the first payment of a full-year AED2.57 billion dividend.
- The second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.
- The 2022 full-year dividend would offer a 4.9 percent annual dividend yield (based on a share price of AED4.21 as of 27th September 2022).
Business
ADC sets price for IPO
Its share will be available in the price range of $24-$27.
- the process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital
- ADC is offering 30 percent of its capital, representing 26.7 million, and will list on Nomu
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China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
Company News
Alcoa, EGA ink supply pact
Business
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Qatar launches ‘Istamer’ platform to employ retirees in private sector
DOHA, QATAR - The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...
Business
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
Business
UAE minister calls for climate action by promoting nature-based solutions
NEW YORK, US – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri called upon the global...
Geostrategy
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Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.
Geostrategy
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
- The Russian defense minister announced readiness to take joint steps to strengthen stability and security in the Middle East.
- The Russian minister said that cooperation and dialogue between Moscow and Tehran has enhanced recently.
Business
Real estate transactions in Ajman totaled US$408m in August
AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in...
- The performance of the market and the exceptional figures recorded underscore the attractiveness of real estate investments in Ajman
- This is basically due to the growing demand for properties of all categories, price ranges and a comfortable lifestyle.