NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Business
GHD, Fraunhofer–Gesellschaft to help develop UAE hydrogen policy
The Ministry of Energy and Infrastructure (MoEI) of UAE announced that it had signed an agreement with GHD Group, in...
- UAE's National Hydrogen Strategy will help in formulating policies for energy-mix diversification strategies and net-zero targets by 2050.
- Crucial elements must be in place for a booming hydrogen-based economy, including proper infrastructure, technological readiness and market access.
Geostrategy
Freed Moroccan prisoner of war speaks of Ukraine struggle
A Moroccan prisoner of war released as part of an exchange between Moscow and Kyiv said he wanted to draw...
- Saadoun was freed on Wednesday, one of 10 foreign prisoners of war - including five British and two American citizens.
- He transferred to Saudi Arabia as part of the exchange between Moscow and Kyiv.
Geostrategy
UAE to provide Germany gas, diesel under ‘energy security’ deal
As part of the deal, the UAE will provide "an LNG cargo for delivery in late 2022, to be used...
- The fact that we are dependent on one supplier and also dependent on its decisions will certainly not happen to us again, Scholz said.
- In Qatar, the last stop on his two-day Gulf tour, the chancellor said the emirate's rights record is improving.
Economy
Saudi launches five projects to produce electricity using renewable energy
Riyadh, Saudi Arabia--Saudi Arabia has launched five new projects to produce electricity using renewable energy, which is part of the...
- Saudi Energy Procurement Company (the main buyer) launched the projects for competition.
- These projects, with a total capacity of 3300 MW, include three projects to exploit wind energy and two projects to exploit solar energy.
Business
AlBabtain launches IPO
The company has set a price range of $18 to $21 per share.
- The Riyadh-based firm will conduct a three-day offering period beginning Sunday, Sept. 25, and concluding on Wednesday, Sept. 28
- The company is offering 544,000 ordinary shares, 16 percent of its capital, for subscription as it seeks to join the kingdom’s parallel Nomu market
Business
Bayt survey says 71% of professionals may quit jobs in 2023
When asked why professionals may change their careers entirely, “to find their real passion” ranked first (37%) followed by opportunities...
- More than half (51%) of the respondents deem it necessary to work in the same field as their educational background but 49% are open to working in different fields
- 16% of respondents believe that they should stay in their current role for at least a year before they switch to another one
Business
WETEX and Dubai Solar Show hosts 1,750 global companies
DEWA CEO said that the exhibition will introduce the world to the UAE’s achievements in the renewable and clean energy...
- Dubai Electricity and Water Authority (DEWA) will organize the exhibition from September 27 to 29 at the Dubai World Trade Center
- The summit will bring together officials and decision-makers from around the world
Business
Iraq and Qatar look to boost cooperation in aviation sector
Iraq and Qatar are looking to enhance cooperation in the field of civil aviation, especially in technical, air transport, and...
- Head of the Iraqi Civil Aviation Authority and Minister of Transport and Qatar Aviation Authority discussed the prospects for joint cooperation
- The two looked at boosting ties in technical, air transport, air safety and aviation security, as well as scholarships and training for the Civil Aviation Authority
Geostrategy
UAE, Russia review bilateral relations, strategic ties
The UAE foreign minister noted both the countries support each other to achieve sustainable economic growth and enhance the prosperity...
- Sheikh Abdullah discussed Ukraine crisis with Lavrov and promised full support to efforts aimed at finding a peaceful solution to the conflict.
- The two also discussed issues of common concern including energy and food markets and the importance of their stability to the global economy.
Geostrategy
UAE, UN Women discuss gender equality, empowerment
NEW YORK, US - UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan discussed enhancing the prospects of women empowerment...
- Both sides reviewed UAE’s efforts in areas of women’s empowerment across all segments of society.
- The two also discussed the critical role of women in conflict prevention, resolution and peacebuilding
Company News
Alcoa, EGA ink supply pact
Business
Latest News
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
Business
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
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
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Business
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....
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
Business
IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
- The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
- This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.
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.