Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
Economy
Dubai reduced carbon emissions by 21 percent in 2021
The Dubai Supreme Council of Energy had a virtual meeting in which it was revealed that Dubai had reduced carbon...
- The Dubai Supreme Council of Energy in a meeting discussed increasing the share of solar energy.
- The meeting deliberated waste recycling in power and water production, industry, ground transport and waste treatment.
Economy
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent....
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government.
- The issue date of the bills is 21 September 2022 and the maturity date is 21 December 2022.
Economy
UAE financial restructuring body holds second meeting
The UAE finance ministry's Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.
- The meeting discussed the development of the financial reorganization service.
- It deliberated on the best ways to communicate relevant information about financial restructuring procedures.
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.
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Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
Company News
Ajman Bank, EIH ink deal
Economy
Latest News
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
UAE looks to deepening trade relations with ASEAN bloc
Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the...
Business
Global space economy is worth billions, say experts
ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going...
Business
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Geostrategy
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
- The primary objective of this cooperation is to regularize the electronic connection between the bureau and SJC.
- SJC will supply the bureau with the outcomes of the rulings related to its work in quest of achieving data accuracy.
Geostrategy
BRICS, SCO membership to reduce West’s sanctions effect, says Iran
"Given our numerous capabilities, we consider Iran’s membership in BRICS and the SCO as well as participation in other regional...
- The Iranian president noted that Iran’s economic potential will help bolster the position of both organizations on the international stage
- "The effect is reciprocal because all the participants of these unions, including ourselves, will benefit from Iran’s membership," he explained
Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
- SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
- Exports can start within a month and after the required permits are issued by Russian authorities.