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
ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
Geostrategy
Business
SAIB shares vault more than 2%
The stock rose after it declared cash dividends of $80 million.
- The bank’s stock touched SR20.88 on Sunday, up from an opening price of SR20.5
- Last year, SAIB paid an annual dividend of SR0.7 per share – the highest in years after freezing dividends for two straight years
Geostrategy
Iraq seeks to boost relations with Algeria in multiple sectors
Prime Minister Mustafa Al-Kadhimi affirmed Saturday Iraq aspires to strengthen the relations with Algeria in various fields. "PM Al-Kadhimi received...
- The Algerian Foreign Minister noted his country's desire to enhance communication with Iraq.
- Both the countries are looking to face common challenging issues like energy and food security.
Geostrategy
Sharjah Education Council reveals new educational strategy
The Sharjah Education Council launched its 2023-2025 strategy at a meeting held at its headquarters in Sharjah, in cooperation with...
- The strategy was prepared after considering various aspects of stages of the council’s strategic plan.
- Sharjah Education Council said the council's strategy is a result of changing educational standards.
Arts & Culture
Iraq receives 125 antiquities borrowed from Germany
Iraq has received 125 antiquities borrowed from Germany, Foreign Ministry spokesman Ahmed Al-Sahaf announced Sunday. "The Embassy of the Republic...
- Iraqi ambassador to Germany Luqman Abdel Rahim Al-Faili praised the efforts of the Institute of Archeology.
- Al-Faili wished continued cooperation with the German side in the cultural field and archaeological excavations.
Economy
Dubai most expensive city in Arab world
Mercer’s 2022 Cost of Living City Ranking ranks the emirate the 31st most expensive city in the world.
- Mercer survey is aimed at providing employers data to help them navigate compensation strategies for their mobile employees in the world.
- Urkaine conflict, rising inflation and volatility of markets has affected the cost of living for most of the people in the world.
Economy
Dubai to provide 2,000 residential plots at Umm Nahad Fourth
The Higher Committee for Development and Citizens Affairs, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince...
- The Higher Committee for Development and Citizens Affairs approved immediate allocation of 2,000 residential plots at Umm Nahad Fourth area
- The step comes as part of the Housing Program for Dubai Citizens to meet the requirements and needs of Emirati families
Business
Center to combat financial fraud inaugurated in Saudi Arabia
A Joint Operations Center for Saudi Banks tasked with following up and monitoring cases of financial fraud that bank customers...
- The center brings together all Saudi banks under one roof to improve the customer experience and tackle confirmed cases of financial fraud.
- The Center’s establishment came from from the Saudi Central Bank’s support for the stability of the banking sector, said SAMA governor.
Arts & Culture
Nearly 30 percent of Saudi residents exercise for 150 minutes a week
About 30 percent of Saudi residents practiced a physical activity for at least 150 minutes per week in 2021, compared...
- Only 20 percent of residents exercised in 2019, according to the General Authority for Statistics (GASTAT).
- 48.2 percent of the resident population practice activity for at least 30 minutes per week, an increase of 3.2 points compared to 2019 (45 percent).
Economy
DEWA says 287 11kV substations commissioned in H1 2022
Dubai Electricity and Water Authority (DEWA) has commissioned 287 11kV substations in Dubai in the first half of 2022. This...
- These 287 11kV substations are primarily in Al Merkad, Jabal Ali First, Saih Shuaib 2, Al Jadaf and Burj Khalifa areas
- Building these substations included 177,875 working hours as per the highest quality, efficiency and safety standard
Business
Ataa acquires Saudi firm Naba’a
The acquisition made through Ataa subsidiary.
- The financial impact will be visible on the financial results for the year ending on July 31, 2022.
- In January 2021, Ataa inked a partnership agreement to acquire 52 percent of Riyadh-based Al Wasat National Schools for Training and Education Company.
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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
Company News
Latest News
UAE, Italy enhance bilateral relations to Strategic Partnership level
ABU DHABI, UAE - The United Arab Emirates and Italy on Saturday announced the enhancement of their bilateral relations to...
Geostrategy
UAE records fastest growth rate in 10 years, says economy minister
Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE...
Business
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Business
RAKEZ supports F&B industry investors to set up, expand in UAE
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) is participating in the Gulfood exhibition to showcase its...
- With an aim to promote the F&B industry, RAKEZ regularly participates in the annual Gulfood exhibitions.
- RAKEZ supports investors to gain a foothold in the local, regional and global markets through its business ecosystem.
Business
Amwaj merges with Shaqab, Atyab
Qatar-based Gulf International Service has successfully accomplished the merger.
- The merger is an all-share combination of Amwaj with in-kind contribution from two new incumbent strategic merging shareholders
- New strategic shareholders of Amwaj along with GIS have jointly agreed to make the Merger's effective date as the Jan. 1, 2023
Business
Emirates Steel Arkan 2022 profit $138.44m
Revenue in fourth quarter of 2022 was $630m.
- The Group’s net profit for the full year 2022 was AED508.5 million compared to a pro-forma loss of AED636.7 million in financial year (FY) 2021.
- The Group’s 4Q22 EBITDA was AED300 million, showing a continuing growth on the AED269 million achieved in the third quarter (3Q) of 2022.