Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
Business
Business
ADNOC Drilling H1 profit $379mn
The firm's revenue increased 13 percent to US$1.27 billion
- ADNOC Drilling revenue increased 13 percent to US$1.27 billion compared to the same period last year
- First half EBITDA was $580 million, up 16 percent year-on-year, with a market-leading margin of 45.7 percent
Geostrategy
Jordan, Yemen foreign ministers discuss ties, regional issues
Safadi said Jordan welcomes the announcement of extending the cease-fire in Yemen for two months.
- Safadi said Jordan welcomes the announcement of extending the cease-fire in Yemen for two months
- The ministers stressed efforts to reach a political solution to end the Yemeni crisis and restore stability in the embattled country
Economy
Exports drive growth in Saudi and UAE
Saudi and the UAE's reliance on oil to drive economic growth has tapered off in recent years as the non-oil...
- In May Saudi Arabia's non-oil sector of the economy continued strong growth, notching its 21st consecutive month of expansion
- In the United Arab Emirates, non-oil sector grew in May to a five-month high as demand remained strong despite inflationary pressures
Business
SABIC profit surges to $2.1bn
The Saudi firm's net profit was fueled by higher sales volume.
- Analysts had predicted a 23-percent decrease in profit along with a 25.7 percent surge in sales
- SABIC Agri-Nutrients, which posted a 262 percent rise in quarterly profit, also beefed up the company’s performance
Business
IHC H1 profit surges to $3bn
The company slew of acquisitions helped its earnings.
- The performance across all IHC subsidiaries has resulted in a strengthening of the conglomerate’s balance sheet
- The company's strategic acquisition of companies in H1 2022 had a positive impact on the organisation's net worth
Business
Apple to open outlet in Riyadh
The firm will sell its full range of products and spare parts.
- The Saudi investment minister Khalid Al-Falih told media that said several international companies, including Google, Alibaba, Microsoft and IBM, intend to invest in the kingdom
- The minister said that investments will be coupled with the development of human resources through partnership of these companies with academies, universities and training centers
Business
Mubadala to buy Canada Cartage
Canada Cartage provides national fleet solutions.
- Canada Cartage has a wide network of 33 facilities across Canada and has two business segments, Dedicated Transportation and Logistics
- Mubadala's Head of Private Equity Adib Martin Mattar said Canada Cartage operates in a sector in which "we have significant expertise, which is business services"
Economy
Sharjah steps up emergency response to extreme weather conditions
More than 3,400 rescue and evacuation operations were conducted in the eastern regions of the emirate by the Sharjah Police...
- More than 3,400 rescue and evacuation operations were conducted in the eastern regions of the emirate by the Sharjah Police General Headquarters
- In flood-hit Kalba, 2,069 residents were moved into schools, while nurses were transferred from Fujairah to support medical efforts at Kalba Hospital
Sharjah supports low-income families with $3 million
The Sharjah Charity International has provided $3 million assistance in the first half of this year.
- The Sharjah Charity International has provided $3 million assistance in the first half of this year
- The society relies on the charitable contributions of benefactors to support deserving families
Economy
UAE’s Q1 public spending rises by nearly 20 percent to $23.79 billion
The UAE’s public spending in the first quarter of 2022 totaled AED87.4 billion ($23.79 billion), an increase of 19.6 percent...
- AED28.7 billion spent on employee compensation payments, compared to AED24.6 billion in the same reporting period in 2021.
- Revenues amounted to AED123.8 billion in the first quarter of 2022, an increase of 39.1 percent or equivalent to AED34.8 billion, compared to AED88.9 billion in Q1 2021.
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Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
Business
Company News
Jordan, India explore economic cooperation
Geostrategy
Latest News
Iraqi PM, Lebanese minister discuss economic cooperation
BAGHDAD, IRAQ - Iraq Prime Minister Muhammad Shia'a Al-Sudani said that the country is continuing regional economic communication. A statement...
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
Most Read
Geostrategy
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...
- A UAE minister said financial dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.
- He also mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022.
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.