OIC to hold extraordinary meeting on Israeli aggression on March 5
Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign...
Geostrategy
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Business
AD Ports, Hutchison to explore investments in GCC, Asia, Africa
Abu Dhabi Ports and Hutchison Ports have signed an MoU to identify joint investment and business opportunities related to feedering,...
- They will partner to operate within Tanzania to enhance the capabilities and market competitiveness of port operations in the country, including Dar Es Salaam Port.
- Potential areas of focus include improving servicing to several of Tanzania’s landlocked remote areas and neighboring countries.
Geostrategy
UAE minister discusses economic cooperation, trade with Mongolia
During the meeting, the minister emphasized the UAE's commitment to solidifying its economic and trade partnership with Mongolia to support...
- Minister of Economy Abdullah bin Touq Al Marri held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu
- The meeting was held in Dubai with an aim to strengthen trade and economic cooperation between the UAE and Mongolia
Economy
Krush Brands first firm to join UAE’s NextGen FDI initiative
Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI...
- Krush Brands will relocate its global headquarters to the UAE to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
- The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
Business
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021
- The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
- The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
Fertiglobe revenue up 105%
The EBITDA grew 155 percent to $770 million in Q2 2022
- The EBITDA grew 155 percent to $770 million compared to Q2 2021
- Free cash flow rose to $789 million in Q2 2022 from $328 million in Q2 2021
Business
Aramco buys Valvoline’s petro unit
The Saudi oil giant acquired the company for $2.65bn.
- With the acquisition, Aramco deepens a bet on the long-term demand for petrochemicals
- The oil giant has been expanding its presence in the sector, known as downstream, and bought petrochemical maker Saudi Basic Industries Corp in 2020
Business
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn.
- The company’s consolidated revenues reached AED 26.3 billion, an increase of 3.8 percent over the corresponding period last year at constant exchange rates
- Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while it increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent
Business
Chimera Capital unveils new ETF
The Income Share Class B fund will be listed on ADX.
- The fund is a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF), and will track the performance of Türkiye-listed, Shariah-compliant securities
- The index is provided by S&P Dow Jones Indices and tracks the performance of the most liquid Shariah-complaint stocks listed on the Borsa Istanbul
Economy
UAE plays pivotal role in securing global energy supplies: OPEC Secretary-General
Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in...
- Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy
- He said that December 2022 will mark six years since the conclusion of the OPEC+ agreement, of which the UAE is a pivotal part
Business
Swvl drops plan to buy Zeelo
The agreement was broken off due to a market downturn.
- The $100 million acquisition plan has been terminated because of a market downturn
- Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023
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OIC to hold extraordinary meeting on Israeli aggression on March 5
Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign...
Geostrategy
Company News
Latest News
UAE highlights ways to enhance education system at UK meet
DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed...
Arts & Culture
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
Science
Miami to host next edition of Global Priority Summit in 2024
According to FII CEO Richard Attias, the report on the Global Priority Summit will be ready by October 2023, and...
Economy
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Business
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s...
- The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached $58.7 million in 2022
- The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.
Geostrategy
UAE launches National Genome Strategy for healthcare efficiency
Genome programs will also help create new economic opportunities in the UAE by attracting partnerships in fields such as artificial...
- The strategy will also support doctors in taking proactive steps to reduce the prevalence of certain diseases, enable early intervention.
- UAE aims to collect one million whole genome sequencing data samples nationwide, said Sara bint Yousef Al Amiri, Secretary-General of the Emirates Genome Council.
Economy
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
- The Technology Innovation Institute's AI and Digital Science Research Center will partner with Mohamed bin Zayed University of Artificial Intelligence.
- Over a period of three years, the researchers will work on developing advanced AI models for cybersecurity and smart city applications.