Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Business
Aramex H1 profit is $0.75 bn
The company sustains a very healthy liquidity profile.
- On a group level, GP margins remained stable over six-month period, driven by accelerated growth in the Logistics and Freight-Forwarding business
- Aramex's strong balance sheet will support the company's growth strategy, including investments in digital and technological infrastructure
Business
Dana Gas posts $110m profit
The better results were driven by high hydrocarbon prices.
- The company said that its profitability was driven by elevated hydrocarbon prices, in addition to the company's commitment to maintaining a low-cost base in Kurdistan
- The company's board expects to maintain its semi-annual dividend payment in keeping with its dividend policy
Business
SAMI revenue vaults to $605m
The Saudi firm says weapons business fueled growth.
- The firm has made it to the list of the 100 largest defense companies for the year 2022
- The kingdom has been consolidating companies within SAMI to achieve a 50 percent technology transfer target
Business
14 UAE businesses to pitch on Beban 2 for investment
The shortlisted entrepreneurs will receive training through a customised bootcamp delivered by international venture capital startup accelerator "Brinc MENA."
- The shortlisted entrepreneurs will receive training through a customised bootcamp delivered by international venture capital startup accelerator "Brinc MENA."
- UAE-based entrepreneurs will further develop their businesses before getting to pitch for equity investment and strategic business development opportunities on Beban
Geostrategy
Iran dismisses claims Russia-launched satellite for ‘spying’
Iran's Space Agency said the Khayyam satellite is entirely designed and built to meet the needs of the country in...
- Hassan Salarieh, the head of Iran’s Space Agency, told reporters that the spying allegation was 'basically childish'
- Iran maintains that he purpose of Khayyam is to monitor the country’s borders, boost agricultural productivity and monitor water resources and natural disasters
Business
SEIC buys stakes in Egypt firms
The Saudi Egyptian company bought stakes worth $1.3bn.
- The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co.
- The companies operate in sectors such as fintech, logistics, and fertilizer
Economy
Central Bank of Kuwait raises discount rate by 2.75%
CBK Governor said the decision was taken in light of the recent international economic and geopolitical developments.
- CBK Governor said the decision was taken in light of the recent international economic and geopolitical developments
- The Governor added that the rate hike was to keep up with the major international interest rates, and to reinforce a favourable environment for economic growth
Geostrategy
Saudi delegation discuss energy, climate action at Tokyo conference
A delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (KAPSARC), participated in Tokyo’s 43rd International Association for...
- The discussions included the future role of fossil fuels, decarbonization risks and opportunities, renewables, energy economics.
- Titled “Mapping the Energy Future, Voyage in Uncharted Territory,” the conference functioned from July 31 to August 4, 2022.
Business
Air Arabia H1 profit $122.8m
More than 2.7 million passengers flew with Air Arabia from Mar-June.
- More than 5.2 million passengers flew with Air Arabia between January and June 2022 across the carrier’s five hubs.
- The company’s turnover for the second quarter of 2022 increased by 125 percent as demand for air travel increased.
Business
Saudi finance ministry partners with Al-Ahly to develop savings bonds
Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and...
- Saudi Finance Ministry and National Center for Debt Management partner with Al-Ahly Financial Company.
- The deal between the two entities is aimed at promoting the culture of saving in the Kingdom.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Jordan, India explore economic cooperation
Geostrategy
Latest News
UAE, Switzerland discuss enhancing bilateral relations
BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common...
Geostrategy
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,...
Science
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...
Business
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Geostrategy
MoHAP inks deal with Coursera to upgrade skills of employees
The agreement also provides for the creation of a cohesive relationship between the ministry's strategic priorities and training needs, as...
- Under the agreement, MoHAP’s teams will gain the requisite skills to expedite innovation and digital transformation within the Ministry.
- The agreement sets a training plan that prioritizes the development of employees' capabilities in leadership, technical and behavioral skills.
Geostrategy
Flight carrying humanitarian aid from Red Cross lands in Sudan
KHARTOUM, SUDAN - A first Red Cross plane laden with humanitarian aid on Sunday landed in Sudan, where deadly clashes between...
- The shipment took off from the Jordanian capital Amman and arrived in the eastern city of Port Sudan.
- Only 16 percent of hospitals are functioning in the capital Khartoum, according to the World Health Organization.
AI key to global opportunities, practical solutions
"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
- Key research projects at MBZUAI focus on sustainable environment, infrastructure, healthcare, education, and large language models, says an official
- AI has the potential to contribute to the UAE's net-zero strategic initiative by reducing greenhouse gas emissions and advancing climate progress