Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
Business
Geostrategy
US National Security Advisor makes phone call to Kuwaiti PM
During the conversation, the two sides discussed the partnership between the US and Kuwait, regional security.
- During the conversation, the two sides discussed the partnership between the US and Kuwait, regional security
- In a statement, the US NSA said the two leaders discussed the need to turn the UN-mediated truce in Yemen into a lasting settlement
Geostrategy
Qatar renews call for nuclear-free Middle East
The establishment of nuclear-free zones is a key step to boost non-proliferation system and achieve a full nuclear disarmament, says...
- The establishment of nuclear-free zones is a key step to boost non-proliferation system and achieve a full nuclear disarmament, says a top Qatari official
- Over the past decades, five nuclear weapon-free zones have been established that include the commitment of the signatories not to possess nuke arms
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.
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Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Company News
Musabbeh Al Kaabi to join ADNOC
Business
Latest News
India Jewelry Exposition Center launches in Dubai
DUBAI, UAE - The Gem and Jewelry Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewelry Exposition Center (IJEX)...
Business
WEF meet to shed light on global economic transformation
Geneva, Switzerland - The 14th World Economic Forum (WEF) Annual Meeting of the New Champions is scheduled to take place...
Economy
Most Read
Geostrategy
UN says over 700,000 displaced within Sudan since beginning of conflict
Heavy fighting in Sudan has displaced 700,000 people within the country since the middle of April, the United Nations said,...
- Even before the beginning of the fighting, 3.7 million people were registered as internally displaced in Sudan.
- Another 150,000 people have fled Sudan since the beginning of the conflict, as per numbers released by the UN refugee agency.
Business
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.
- Fertiglobe reported free cash flow of $271 million in the first quarter.
- The firm continues to have a strong order book for the coming months.
Geostrategy
ADFD finances US$30m sustainable water project in Mauritania
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to...
- The total value of the project, financed by several Arab and international financing institutions, is US$320 million.
- The main objective of the project is to provide potable water to around 92 cities and villages in Mauritania.