Fourth Industrial Revolution centers announced for Riyadh, Muscat, Pretoria
Davos, Switzerland -- The World Economic Forum (WEF) has announced signing agreements for three new Centers for the Fourth Industrial...
World Economic Forum
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
Geostrategy
UAE delegation attends meetings on sidelines of UNGA session
The UAE delegation attended the fifth day of high-level meetings on the sidelines of the 77th Session of the United...
- Khalifa Shaheen Al Marar, Minister of State, participated in a meeting organized by the US with the GCC and Egypt, Iraq, Jordan and Yemen.
- Omar Saif Ghobash, Assistant Minister for Culture and Public Diplomacy, met Frederick Mitchell, Minister for Foreign Affairs of the Bahamas.
Economy
‘More efforts needed for net zero carbon emissions by 2050’
More efforts are required to make the world reach net zero emissions by mid-century, according to the International Energy Agency's...
- Recent technology developments and policy actions suggest momentum is accelerating in some important regions and sectors to achieve net zero by 2050.
- Initial estimates point to 2022 being a record year for renewable electricity capacity additions, with an increase of about 340 gigawatts.
Economy
Dubai emerges as a driving force for a green economy
Dubai is consolidating its position as a pioneer in transitioning to a green economy to support the efforts of the...
- Dubai had launched an in-depth study that showed how the Emirate can achieve carbon neutrality (net zero emissions) by 2050.
- The Dubai Net Zero Carbon Emissions Strategy 2050 aim to provide 100 percent energy from clean energy sources by 2050.
Business
Algeria’s export of natural gas to Italy to soar 20% in 2022
Last April, Italy entered into an agreement with Algeria to increase imports through the Trans-Med pipeline.
- Data from Italy’s gas network reveals that the country has bought 20.9 bcm of natural gas from Algeria in 2021
- Since Russia invaded Ukraine, several European countries are looking for alternative energy suppliers
Saudi Arabia celebrates 92nd National Day with military parades, other festivities
Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the...
- Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the slogan, ‘This is our home.'’
- The roads and public spaces in the capital city of Riyadh and other major cities were decorated with national flags and portraits of King Salman and Crown Prince
Business
Salik IPO oversubscribed
The company raised $1.017 billion in IPO on the DFM.
- In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent
- The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK"
Business
UAE starts third unit of Barakah Nuclear Energy Plant
UAE has successfully started Unit 3 of the Barakah Nuclear Energy Plant, located in Abu Dhabi's Al Dhafra Region, its...
- The launch has been achieved a year after the start-up of Unit 2, with the next key milestone being the connection of Unit 3 to the national electricity grid in the coming weeks
- Once operational, Unit 3 will add another 1,400 MW of zero-carbon emission electricity capacity to the national grid
Economy
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
- A total of 243 plots were sold for $351 million (AED1.29 billion) in Dubai.
- A total of 1,659 apartments and villas were purchased for $955 million (AED3.51 billion).
Market Report
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks...
- In the eurozone, recession fears deepened as data showed its economic activity fell once again in September.
- Traders were keeping a close eye also on developments following the Japanese finance ministry's intervention to support the yen.
Business
ADNOC, TAQA conclude $3.8 bIllion offshore decarbonization deal
Abu Dhabi, UAE---ADNOC and Abu Dhabi National Energy Company (TAQA) Friday announced the financial closing of their $3.8 billion project...
- This is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.
- A Consortium will build, own, operate and transfer the transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.
Fourth Industrial Revolution centers announced for Riyadh, Muscat, Pretoria
Davos, Switzerland -- The World Economic Forum (WEF) has announced signing agreements for three new Centers for the Fourth Industrial...
World Economic Forum
Company News
Latest News
ICIEC inks deal with SNB
Business
Fertiglobe Q1 net profit $135m
Business
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
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...
Business
Most Read
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.
Geostrategy
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...
- The minister made the comments during high-level meetings on the sidelines of the 78th United Nations General Assembly in New York.
- Mariam Almheiri, who is also the COP28 Food Systems Lead, highlighted the prominence placed by the UAE on food and agriculture in COP28 agenda.