Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Geostrategy
UN adopts Qatar-sponsored resolution on human rights training center
New York, USA - The UN General Assembly (UNGA) adopted a resolution by 185 votes on 'The UN Human Rights...
- Qatar sponsored and facilitated negotiations every two years since its establishment in 2008, with its headquarters in Doha
- In its resolution, the General Assembly reaffirms the role of regional cooperation in promoting and protecting human rights
Arts & Culture
Sharjah’s ‘Mleiha’ and ‘Al Dhaid’ added to Islamic World Heritage
Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the...
- The Sharjah Archaeology Authority (SAA) has completed the nomination dossier of the Mleiha archaeological site titled "Mleiha: The Pre-Islamic Period in Southeast Arabia"
- The nomination highlights the historical and archaeological value of Mleiha and its archaeological and architectural elements that were unearthed during continuous excavations
Business
Bayanat, Yahsat to merge          Â
It will benefit from revenue synergies, economies of scale.
- The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
- The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.
Business
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
- The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
- BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
Geostrategy
UAE, Kazakhstan sign MoU to combat financial crimes
ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
- The MoU aims to increase cooperation in combating money laundering, terrorism financing and proliferation financing.
- It will focus on four key areas: virtual assets, public-private partnership, education and capacity building, and asset recovery.
Geostrategy
NCSC seeks to regulate Jordan’s cybersecurity market
AMMAN, JORDAN - National Cyber Security Center (NCSC) seeks to regulate the Kingdom's cybersecurity market by outlining and endorsing the...
- One of the NCSC's key measures focuses on issuing Cybersecurity Services Licensing System, its director said.
- This would "effectively" contribute to strengthening and supporting Jordanian companies to enter the cybersecurity market.
Business
Hyundai Motor, Mubadala ink MoU
The two firms will seek to unlock investment opportunities.
- The agreement between the two firms will allow both parties to jointly invest and share expertize.
- Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
Business
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Â Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
- This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
- The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.
Economy
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
- This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
- This achievement adds to the recent major records, including a score of 77.66 during Q3.
Business
MBC IPO retail subscription begins
MBC Group runs a group of TV and radio channels.
- The subscription process for the retail tranche of MBC Group will run for five days until December 18.
- The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.
Company News
EIC to pay $22m dividend
Business
Latest News
Burjeel Holdings net profit up
Business
UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
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Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Business
Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
- Dubai Investment Fund (selling shareholder) had announced 749 million shares, or 24.99% of Parkin's total issued share capital, for the IPO.
- Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.