Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
Business
Central & Southern Asia and Oceania region leads the world in cryptocurrency adoption
The fifth annual Chainalysis Global Crypto Adoption Index looks at both on- and off-chain data to determine which countries are...
Economy
Economy
Adoption of new technologies tops Saudi Maritime Congress agenda
The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge...
- The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
- This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain
Business
AD Ports ups stake in Egypt firms
The majority stake in the two companies was valued at $140m.
- The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
- Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa
Geostrategy
Lebanon-Israel maritime talks to conclude in days: Lebanese official
Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border.
- Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border
- US mediator Amos Hochstein, who visited Beirut on September 9 said talks were making progress
Business
First phase of ADNOC Refining’s WHR project nears completion
ADNOC Refining's Waste Heat Recovery (WHR) project is designed to capture exhaust heat from the gas-powered turbines at ADNOC Refining's...
- The firm is looking to reduce its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative
- ADNOC has announced partnerships to decarbonise its operations at scale, with up to 100% of the company's grid power being supplied by clean nuclear and solar energy sources
Business
Dubai records realty transactions worth $517 million: Land Department
Dubai, UAE--- Dubai real estate market recorded 344 sales transactions worth AED1.77 billion ($481 million), in addition to 67 mortgage...
- The sales included 286 villas and apartments worth AED600.16 million, and 58 land plots worth AED1.17 billion.
- The emirate's real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade.
Business
Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.
- It has three main business lines: digital banking apps, embedded finance and banking-as-a-service, the provision of banking through third-party distributors
- Wio is 65 percent owned by Abu Dhabi sovereign wealth fund ADQ and Alpha Dhabi, 25 percent by Etisalat and 10 percent by First Abu Dhabi Bank
Business
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.
- Seera Group said in a bourse filing that the PIF wants to hold 30 percent of Almosafer’s capital
- Almosafer aims to use the capital injection to scale up its tourism operations and strengthen its position as a leading travel agency in the kingdom
Business
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.
- TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange
- The company has significant investments in power and water generation, transmission and distribution assets
Geostrategy
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of...
- The G-20 accounts for 85 percent of global GDP, 75 percent of international trade and two-thirds of the world population.
- This is the first of a series of announcements being made by India preparatory to its assumption of the G-20 Presidency on December 1, 2022.
Geostrategy
High-level UAE economic delegation visits Georgia
A UAE economic delegation led by Minister of State Ahmed Ali Al Sayegh visited Tbilisi, Georgia.
- UAE-Georgian economic relations have witnessed remarkable development in recent years.
- Total non-oil trade between UAE and Georgia in 2020 and 2021 grew by 52 percent to reach US$223 million.
Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
Business
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Dana Gas proposes dividend
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...
Business
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
Geostrategy
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Geostrategy
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...
- A spokesperson for the Iranian Defense Ministry said Tehran is prepared to export military drones after fulfilling its domestic needs,
- Political and security considerations will be taken into consideration before finalizing such deals, the spokesperson added.
Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Business
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...
- Demand for products made from polypropylene is set to rise in the coming decades thanks to its versatility and recyclability.
- Polypropylene market in Asia, Africa and the Middle East is valued at $10 billion and is predicted to grow by 5.5 percent annually.