Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
Economy
Economy
IsDB sanctions US$1.12bn financing for member countries
The Islamic Development Bank (IsDB) has approved a $1.12 billion financing for development projects in various sectors in nine member...
- In the Republic of Uganda, the financing of US$ 100 million, part of the Islamic tranche, will enable the country to untap its oil reserves and export oil to international markets
- In the Health sector, sovereign financing of $207 million was approved for the Strengthening of the National Referral Hospital on Oncology Center for Indonesia
Geostrategy
Summit in UAE discusses global partnerships, prosperity
Over 200 senior officials convened in the "Ambassadors Forum", organized by the World Government Summit Organization in partnership with UAE...
- The summit discussed role of diplomacy in shaping future governments and achieving global prosperity.
- UAE Minister of Economy spoke on the critical priorities for governments in the next decade.
Business
‘Jordan not affected by India’s decision to restrict rice exports’
President of Foodstuff Traders Association (FTA), Khalil Haj Tawfiq, said India's decision to restrict its exports of some rice varieties...
- India's decision will not affect availability of rice in Jordan's local market, neither hike its prices.
- The decision of banning export of certain varieties of rice are not imported by Jordanian traders.
Science
World Green Economy Summit 2022 theme revealed
Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) announced that the theme of the 8th...
- The theme reflects the UAE’s vision of advancing climate action and strengthening partnerships.
- It also reflects international efforts to achieve climate goals.
Business
Crypto firm Blockchain.com set to operate in Dubai
According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open...
- According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open an office in the region and hire staff
- As economic competition heats up in the Gulf region, the UAE is developing virtual asset regulation to attract new forms of business
Economy
Egypt hikes price of customs dollar to highest ever
Egypt has raised customs dollar to its highest level in history, a measure likely to inflate the price of imported...
- The Egyptian Ministry of Finance raised the price of the customs dollar to 19.31 Egyptian pounds with immediate effect
- In June, the Egyptian government released the customs dollar price, which was recorded at 18.64 pounds, at that time equal to the dollar price in banks
Business
Mubadala, TAQA Group to invest in power sector in Uzbekistan
The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants.
- The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants
- The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade
Business
Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.
- The figure is equal to the combined profits of Apple, Google’s parent company Alphabet, and Microsoft
- Apple, the leader among global companies in terms of market capitalization, ranked second in the profitability index, with profits of $120.5 billion during the 12 months
Business
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...
- The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
- The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.
Geostrategy
Ajman Chamber, Russian delegation discuss trade ties
The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation...
- ACCI Chairman highlighted investment opportunities in the real estate, building and construction sectors to the Russian delegation.
- The Chairman stressed Ajman Chamber's keenness to develop economic ties and attract investors to the emirate.
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Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
Company News
Yahsat 2022 revenue up 6%
Business
Latest News
Amwaj merges with Shaqab, Atyab
Business
International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
Geostrategy
Most Read
Geostrategy
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
- Addressing climate change, promoting secure, reliable, affordable, sustainable supplies of energy are shared strategic priorities of Saudi Arabia and France.
- Both countries acknowledge the importance of implementation of the United Nations Framework on Climate Change and the Paris Agreement.
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.