Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
Geostrategy
e& pledges $6 billion to advance connectivity in 16 countries
Barcelona, Spain -- e& Friday pledged to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development, and...
Business
Business
Al Dahra, CLAAS sign deal
The two firms will cooperate in agriculture sector.
- Al Dahra Holding Company and the German company "CLAAS" signed an MoU for the cooperation.
- The MoU oversees the purchase of new machines, and maintain appropriate level of after-sales service.
Economy
Ma’aden H1 net profit at $1.6bn
H1 2022 net profit increased by 232 percent
- H1 2022 EBITDA increased by 128 percent, compared with the same period in the prior year, to $ 3billion.
- Q2 2022 EBITDA increased to $1.8 billion reflecting robust sales performance.
Business
ADNOC hires 13 jack up barges to boost offshore efficiency
Abu Dhabi National Oil Company (ADNOC) signed a $1.17 billion (AED4.3bn) for hiring 13 self propelled jack-up barges to drive...
- The jack up barges will enhance the capacity of its crude oil production to five million barrels per day (mmbpd) by 2030.
- Deployed across ADNOC's offshore fields, it will support extensive operations, including project work and maintenance.
Economy
MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore...
- UAE's Ministry of Climate Change and Environment hosts a meeting with licensed feed manufacturers to talk of enhanced food production
- Participants highlight the importance of modern technologies in feed production and to adhere to the highest safety standards
Economy
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...
- Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
- The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
Business
IHC acquires stake in Kaylon
The 50 percent stake was acquired for $490m.
- Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the Construction, Energy and Aviation industries.
- The acquisition comes four months after its AED7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.
Business
Dubai Clear and Muqassa to cooperate in central clearing services
Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), and the Securities Clearing Centre Company "Muqassa", a subsidiary of...
- The two sides signed a Memorandum of Cooperation that also stresses knowledge sharing.
- Under the agreement, the two sides also agreed to organize training and events.
Business
Savola sells KEC stake for $122m
Savola wants to focus on core food and retail businesses.
- The company said it wants to focus on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses
- Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56
Jordan, Canada talk cooperation, regional developments
Safadi lauded Canada's efforts to support the Kingdom's development process and help Jordan face economic challenges
- Safadi lauded Canada's efforts to support the Kingdom's development process and help Jordan face economic challenges.
- The two ministers reviewed a number of regional and international issues of common interest and efforts to resolve the region's crises
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Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
Geostrategy
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Jordan, India explore economic cooperation
Geostrategy
UAE minister calls for using digital tech in building peace
New York, USA - Omar Sultan AlOlama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications,...
Geostrategy
UAE delegation explores investment opportunities in US
“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the...
Business
Iran, Syria pledge to strengthen ties, develop economic relations
During late-night talks Thursday, Raisi and his Syrian counterpart Bashar al-Assad discussed "ways to develop and strengthen bilateral relations" and...
Geostrategy
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Science
Sharjah okays Genetic Coding Program to classify emirate’s biodiversity
Sharjah, UAE - The Sharjah Executive Council (SEC) approved Tuesday the "Genetic Coding Programme" project to classify biodiversity in Sharjah,...
- The project aims to create a unified database of genetic coding for the types of living organisms, harness labs to determine the identity of living organisms at the DNA level.
- Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the SEC approved the program.
Business
UAE, Morocco discuss ways to strengthen trade relations
Rabat, Morocco - The UAE is keen to strengthen economic and trade relations with Morocco, in a way that enhances...
- The two sides discussed the importance of intensifying mutual investments in areas of technology, cyber security and artificial intelligence.
- They also discussed launching a new program to support agricultural investments and stimulating joint cooperation.
Business
Arabian Travel Market unveils Monday in Dubai
DUBAI, UAE - The 30th edition of Arabian Travel Market (ATM) will open Monday at Dubai World Trade Center (DWTC),...
- The event, on May 1-4, will see global travel, tourism, and hospitality experts discuss how their industry is ‘Working Towards Net Zero’.
- Exhibitor participation in the event has risen by 27 percent compared to last year’s event, with growth registered across all show sectors.