Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
Business
IHC acquires stake in Burjeel
The 15% stake in Burjeel will diversify healthcare investment.
- IHC’s revenue grew by 121 per cent to AED21.93 billion in the first six months of 2022, compared to the same period last year.
- The company invested AED7.3bn ($2bn) in the Indian conglomerate, Adani Group, and also acquired a 70 per cent stake in Arena, the global event structures and services company.
Business
Women complain of bias in accounting profession in MENA
In a diversity, equity, and inclusion (DE&I) study in the MENA accounting profession, 63 percent of women across each of...
- The diversity, equity, and inclusion (DE&I) research study focuses primarily on gender, nationality, and ability within the MENA region
- 83 percent of respondents with a disability and 53 percent of female respondents have left an employer due to a lack of DE&I
Business
APICO to list on Nomu
The Arabian Plastic will offer 1m shares at $7.19 per share.
- According to a bourse filing, the offering coverage was 15.43x of the total shares offered during the subscription period
- Yaqeen Capital, the financial adviser and lead manager, will finalize the required procedures with the Saudi Stock Exchange and will determine the date for listing of the shares
Business
Dubai’s RTA earns US$10.12m from auction of number plates
Dubai's Roads and Transport Authority (RTA) fetched $10.12 million from the auction of distinctive vehicle number plates at Grand Hyatt...
- The sale topper was Plate (AA 13), which was exchanged for $1.20 million, followed by Plate (U 70) which was sold for $816,882 Plate (Z 1000) brought back $601,769
- By offering distinctive licensing plates at open or online auctions, RTA seeks to provide a neutral and transparent platform that avails fair opportunities to all bidders
Business
Qatar’s United Development Company and CBQ sign home loan deal
Doha, Qatar - The United Development Company (UDC), a Qatari public shareholding company, signed a deal with The Commercial Bank...
- The UDC property buyers would be eligible to apply with Commercial Bank for a home loan worth 70% of the property value.
- The consumers are likely to be benefited from fast loan processing and flexible added-value options and payment plans.
Business
Muscat Stock Exchange trading value up 5.5 percent in a week
Muscat, Oman - The value of trading on the Muscat Stock Exchange increased last week to 9.6 million Omani riyals...
- The rise came at a time when investors tended to diversify their portfolios, taking advantage of the declines in stock prices.
- Trading data showed a decline in the prices of 40 securities last week, compared to 15 securities whose prices increased.
Economy
Saudi NDF pumped $7.45 billion into Covid relief measures
Riyadh, Saudi Arabia— The National Development Fund (NDF) of Saudi Arabia has since March 2020 financed SAR28 billion ($7.45 billion)...
- Initiatives from the Social Development Bank and Kafalah Program were introduced to finance small and emerging enterprises specialized in health care and education.
- The Fund launched an initiative to postpone outstanding debts and restructure the soft loans for 33 developing countries worldwide to ease their burden.
Business
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.
- Hosted by UAE Ministry of Industry and Advanced Technology (MoIAT), the ISO Annual Meeting 2022 runs from September 19 to 23.
- The event will witness the participation of over 2,000 delegates physically and virtually.
Arts & Culture
Grand celebrations announced to mark 92nd Saudi National Day
Riyadh, Saudi Arabia—From Sept 18-26, Saudi Arabia will be hosting grand celebrations to mark the 92nd Saudi National Day. Chairman...
- Aerial and marine shows by jets, helicopters, civil airplanes, ships and boats will be organized under the theme "A Salute for the Homeland".
- The Ministry of Interior will hold "Events for the Pride of the Homeland", which includes musical shows by a military band, entertainment pavilions and virtual (AD1) theaters.
Business
UAE health ministry inks pact with Mediclinic Middle East
UAE Ministry of Health and Prevention (MoHAP) has signed a memorandum of cooperation (MoC) with Mediclinic Middle East to strengthen...
- UAE Ministry of Health and Mediclinic Middle East will cooperate in exchange of expertise and enhancing health research.
- Both entities will cooperate in organizing scientific conferences, training programs related to health research in the country.
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Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Company News
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Iran says European countries willing to buy our drones
TEHRAN, IRAN - A number of European countries have asked to purchase Iran’s unmanned aerial vehicles, the spokesperson for the...
Geostrategy
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
Business
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Economy
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
- Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.
- Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme