GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
Investment in Qatar free zones reaches US$1.3bn, says QFZ chairmanÂ
DOHA, QATAR - Minister of State and Chairman of Qatar Free Zones Authority (QFZ) Dr. Ahmad bin Mohammed Al Sayed...
Business
Business
Kuwait awarded nearly $6 billion worth of tenders in 2021
The Central Agency for Public Tenders of Kuwait (CAPT) has awarded 235 tenders worth $5.9 billion in 2021. Secretary-General of...
- The Ministry of Electricity, Water and Renewable Energy had won the lion's share of the tenders in 2021.
- The Ministry of Health (MoH), with 25 tenders worth $364.6 million, grabbed the second position.
Business
Jordan, Egypt sign deal to develop and operate logistics areas
Jordan and Egypt held a meeting Monday to discuss mutual cooperation in the field of establishing, operating and developing logistic...
- The two nations had signed a cooperation deal on the sidelines of the 30th session of the Joint Jordanian-Egyptian Higher Committee.
- The virtual meeting between the two highlighted the importance of implementing partnership projects for strengthening self-sufficiency.
Business
Jordan’s FDI in 2021 reaches $622million, Arab region’s $53 billion
The Foreign Direct Investment (FDI) in Jordan amounted to $622 million in 2021, constituting 1.2 percent of the Arab region's...
- UAE was the topmost FDI destination in the Arab world, with $20.7 billion or 39.1 percent of the region's total FDI.
- UAE was followed by Saudi Arabia with $19.3 billion, Egypt with $5.1 billion, Oman with $3.6 billion, and Morocco with $2.2 billion.
Geostrategy
Arab League calls for efforts to counter global economic crisis
The Arab League says the world is facing challenges from political, economic crises and armed conflicts and that unified efforts...
- Arab League says unified efforts are needed among countries in the region to confront challenges facing the global economy
- The League says the world is facing a massive challenge from political, economic crises and armed conflicts
Geostrategy
Biden to visit Middle East from July 13-16; meet Saudi crown prince
US President Joe Biden will make history next month with a direct flight between Israel and Saudi Arabia where he...
- Biden is likely to secure a boost in Saudi oil production, in an attempt to tame spiralling fuel costs and inflation at home
- The US president will engage with nearly a dozen leaders during the brief yet intense journey, says a senior official
Business
Jordan energy ministry inks MoUs for copper, gold exploration
Jordan's Ministry of Energy signed an MoU with a local company to explore for copper and it also signed another...
- Jordan's energy ministry inked an MoU with a local company to explore for copper in the Dana region of the Kingdom's south
- The ministry signed an MoU with a Turkish company to explore for gold in the Abu Khashiba region, also in the south
Geostrategy
Sharjah, Costa Rica strengthen economic, cultural relations
Sharjah is building on the long-standing historical ties the emirate shares with Costa Rica to bolster and deepen diplomatic and...
- The strong relations between Sharjah and Costa Rica are serving as a base for enhancing economic cooperation
- The two sides can benefit through the mutual exchange of expertise in industries, culture, science, technology and economy
Business
Abu Dhabi Export Office signs financing pact with Capital Bank of Jordan
Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement...
- Under the agreement,$20m will be opened to support collaborative efforts to enhance UAE’s exports to the region and boost economies of the two countries.
- The agreement will allow ADEX to open a credit line with Capital Bank that can re-lend importers on competitive terms to buy Emirati goods and services,
Business
ADQ to acquire Turkish pharma company Birgi Mefar Group
As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes...
- As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes used for vaccines
- Investment expands ADQ’s life sciences capabilities in sterile injectables and wider pharmaceutical services segments, while complementing its broader commitment to Turkey
Business
Commercial Bank closes $750m loan
The three- and the five-year facility was led by Mizuho Bank as coordinator.
- The bank said that the syndication was launched at an initial value of $400 million but was oversubscribed at $940 million.
- The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
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Qatar Central Bank’s foreign reserves surge 6.82 percent in Nov
Doha, Qatar---The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 6.82 percent to reach QR...
Economy
Lebanon parliament fails to elect president for the ninth time
Parliament is split between supporters of the powerful Iran-backed Hezbollah movement and its opponents, neither of whom have a clear...
Geostrategy
WHO member states agree to develop draft of pandemic accord in early 2023
GENEVA, SWITZERLAND - Member states of the World Health Organisation (WHO) Thursday agreed to develop the first draft of a...
Geostrategy
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Business
ADEX to provide US$25m funding to Togo to raise solar park capacity
The Abu Dhabi Exports Office (ADEX) has signed an agreement with Togo’s Ministry of Economy and Finance to raise the...
- The Abu Dhabi Exports Office will provide a loan of US$25 million, while the Emirati company EMEA Power will undertake the construction and operation of the new complex
- In 2021, Abu Dhabi Fund for Development financed the first phase of Mohamed bin Zayed Solar Energy Complex at a value of $15 million
Geostrategy
Foreign ministers of Jordan, Egypt, Iraq hold tripartite meeting
The ministers agreed to maintain "institutional" communication to follow up on the implementation of the trilaterally agreed upon projects and...
- The ministers agreed to maintain "institutional" communication to follow up on the implementation of the trilaterally agreed upon projects and coordinate future steps
- They also agreed to hold upcoming meetings within the framework of the tripartite cooperation mechanism in preparation for the fourth summit in Egypt next year
Arts & Culture
Saudi Arabia launches drive to embed role of culture in development
Riyadh, Saudi Arabia— Saudi Arabia has unveiled the "Culture & Green Future" initiative, aiming to enhance the role of culture...
- Prince Badr bin Abdullah bin Farhan, Minister of Culture and Chairman of the National Committee for Education, Culture and Science, launched the drive
- The initiative will include five themes, including culture and sustainable development to create the green future, climate change and local cultural policies