UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
Business
Careem acquires MUNCH: ON
MUNCH: ON offering will be rebuilt on the Careem app.
- MUNCH: ON, a subscription-based food delivery platform which connects customers to meals at a discount by tapping into underutilized kitchen capacity.
- Careem said the two firms will work together to deliver even greater value by introducing low-cost meal segments.
Economy
‘Make it in the Emirates’ helps in growth of industries
The two-day 'Make it in the Emirates' event hosted by Abu Dhabi, highlight the UAE's capacity to ensure the growth...
- The two-day ‘Make it in the Emirates' event highlight the UAE's capacity to ensure the growth of national industry
- The event helps in identifying a number of products the country will depend on in the coming years
Business
EGA to produce silicon metal
Silicon metal is added to aluminum to create high-strength alloys.
- Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
- The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.
Economy
UNCTAD ranks UAE first regionally, 19th globally in attracting FDI inflows
The UAE also emerged 17th globally in terms of FDI outflows that totaled $22.5 billion in 2021, a 19% growth...
- The UAE also emerged 17th globally in terms of FDI outflows that totaled $22.5 billion in 2021, a 19% growth compared to the year 2020
- The report, which compares FDI performance of countries in 2021 with that of 2020, noted that in 2021, the UAE attracted $20.7 billion worth of FDI
Economy
UAE gets 41% of all FDI projects to Arab countries in 2 decades
The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and...
- The UAE received 41 percent share of the entire foreign direct investment projects all Arab countries attracted between 2003 and 2021
- As per the Arab Investment Export Credit Guarantee Corporation Arab countries received a total capex of US$1.3trn over the last 19 years
Business
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.
- EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
- EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
Economy
UAE keen to create sustainable food systems in GCC: Minister
Mariam bint Mohammed Almheiri, UAE’s Minister of Climate Change and the Environment, has said UAE is keen to enhance efforts...
- Mariam bint Mohammed Almheiri was speaking at the 32nd Meeting of the GCC Agricultural Cooperation Committee.
- Participants at the meeting also discussed nontariff barriers and the GCC’s cooperation with Jordan and Morocco.
Economy
Saudi Arabia’s merchandise exports up 98 percent in April: GASTAT
Saudi Arabia’s overall merchandise exports increased by 98 percent in April 2022 compared to April 2021, according to General Authority...
- The value of exports amounted to SAR137.1 billion ($36.53 billion) in April 2022, up from SAR69.3 billion in April 2021.
- This increase was attributed mainly to oil exports, which rose by SAR60.5 billion or 123 percent in the same period.
Economy
‘Renewable energy is 20 percent of Jordan’s power output’
Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable...
- Jordan has the highest transition rates to renewable energy sources and electric vehicles, says the Secretary-General of the Arab Renewable Energy Commission
- The Secretary-General called upon Arab nations to develop their own renewable energy industries rather than importing foreign technology
Economy
Energy security vital for economic growth, says Saudi minister
Saudi Arabia's Minister of Finance Mohammed bin Abdullah Al-Jadaan said energy security is very important for the economic growth and...
- Saudi Arabia's finance minister says energy security is important for the economic growth and prosperity of the world
- The finance minister says energy supplies, economic development and climate change vital aspects of the world
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Company News
Mubadala acquires stake in ACX
Business
Latest News
Aramco, Shandong Energy to collaborate on downstream projects in China
Dhahran, Saudi Arabia---Saudi Aramco and China's Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China....
Business
Japan provides $110m soft loan to support Jordan’s energy sector
The loan is part of Japanese government's pledges to the Jordanian government at the 2019 London Conference.
Economy
e& partners with Bespin Global to offer cloud managed services in METAP region
The Joint Venture will be 65 percent owned by e& enterprise and 35 percent by Bespin Global.
Business
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Geostrategy
Saudi Arabia, UAE mediation efforts aid the US-Russia prisoner swap
The mediation efforts were led by the Emirati president Sheikh Mohammed bin Zayed bin Sultan Al Nahyan and the Crown...
- The mediation efforts were led by the UAE president Sheikh Mohammed bin Zayed bin Sultan Al Nahyan and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud
- Brittney Griner, a top basketball player for the United States, was released in exchange for Russian arms dealer Victor Bout
Geostrategy
Six years later, Saudi King Salman and China’s Xi sign comprehensive strategic partnership agreement
Beijing is ready to expand its crude oil trade with Riyadh and will "list Saudi Arabia as a destination country...
- Beijing is ready to expand its crude oil trade with Riyadh and will "list Saudi Arabia as a destination country for outbound tourism organized by Chinese citizens, says Xi Jinping
- Xi and Saudi Crown Prince witness signing of energy agreements on hydrogen as well as a plan to "harmonize" Vision 2030, with China's trillion-dollar Belt and Road Initiative
Business
‘Investment in sports a key part of global economy’
“Sports economies involve infrastructure, new talents, air traffic, travel, and other components,” Al Marri adds, noting that there are many...
- Investment in sports is a key part of the global economy, being one of the main pillars of the new economy, says UAE’s Minister of Economy Abdullah bin Touq Al Marri
- Sports economies involve infrastructure, new talents air traffic, travel, and other components, adds Al Marri, who is also the Chairman of Investopia