Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
Business
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
Geostrategy
Business
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
- A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
- As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.
Economy
Saudi Arabia to set up five new renewable energy projects
The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use...
- The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use solar energy
- The projects are part of the National Renewable Energy Program as part of Saudi Arabia’s target to reach the best energy mix
Business
Sure Global to list on Nomu
The Saudi tech firm has set the price at $19 per share.
- The company has reached an agreement with its shareholders to allocate 1.284 million shares, representing 25 percent of its capital, to offer and sell in the market
- It received approval from the Capital Market Authority on June 30 for its registration to trade on Nomu
Geostrategy
EU to support Iraq in boosting economic activity in five sectors
The European Union has shown interest to be part of the process of decentralization in Iraq and in this regard...
- The European Union confirmed its endeavor to achieve the decentralization file in Iraq, while revealing a program that enhances the activity of 5 sectors
- The EU officiaI said Iraq has lots of oil wealth, and on the other hand, people in all provinces were not provided with the service that should be provided by their provinces
Economy
Germany vows to protect its SMEs from energy crisis
The German economy, like the economy of the vast majority of European countries, faces major challenges due to the Russian...
- Habeck said that the German government should not leave small and medium-sized companies to face the risk of recession alone
- The German minister seeks to include about one million small and medium-sized companies under the protectionist umbrella
Economy
Egypt’s gas export revenues up 13-fold in 8 years
Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022.
- Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022
- Egypt has quadrupled its exports of LNG and natural gas over the past eight years from 1.9 million tonnes to 7.2 million tonnes
Geostrategy
Global Islamic Refugee Fund launched, seeks to raise $400m
The funds are scheduled to be deposited in a trust account to finance programs as per the needs of refugees...
- The fund consists of an endowment account and a non-endowment account, to receive and invest donations per the principles of Islamic finance.
- Islamic Solidarity Fund for Development contributed $50 million to endowment account, and UNHCR contributed $50 million to non-endowment account.
Geostrategy
Jordan PM meets Iraqi, Syrian, Lebanese agriculture ministers
Jordan Prime Minister Dr. Bisher Khasawneh has a joint meeting with the agriculture ministers of Iraq, Syria and Lebanon.
- The Jordan PM stressed the importance of the four countries' cooperation to enhance sustainable food security.
- The PM said COVID-19 pandemic and Ukraine war have affected basic commodities supply chains.
Business
Sudan seeks investment from Qatari private sector in various sectors
Doha, Qatar - Qatar Chamber explored, with the Ruler of Darfur region in Sudan, investment cooperation and enhancing the role...
- Ruler of Darfur Region in Sudan, Minni Arko Minawi and Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwary discussed investment prospects.
- Arko Minawi said that the region is rife with a host of investment opportunities in various sectors such as mining and infrastructure.
Videos
Gender bias in MENA workforce raises concerns
The latest study on Diversity, Equality and Inclusion sheds light on the diversity gap in the region while offering solutions.
- Middle East – IMA and IFAC recently release DEI report: "Diversifying Accounting Talent in the MENA region: A Critical Imperative to Achieve Transformational Outcomes”.
- The study focuses primarily on gender, nationality, and ability within the MENA region, assessing deeply rooted issues inhibiting DEI progress within the accounting profession.
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Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
Business
Company News
Alcoa, EGA ink supply pact
Business
Latest News
Saudi Arabia launches program to document football clubs’ chants
Riyadh, Saudi Arabia - The Saudi Commission launched Wednesday "Saudi Football Trouq", a unique initiative that is dedicated to the...
Arts & Culture
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
Geostrategy
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
Business
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Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
- Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
- Maintaining the Islamic financial industry's achievements requires focusing on capacity building.
Business
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...
- The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
- The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.
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...
- A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
- ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.