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
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
Business
Saudi Arabia, Jordan discuss ways to enhance maritime transport relations
A joint panel of the two countries discuss the mechanism to develop and modernize previous agreements related to maritime transport.
- The two countries review the latest developments in the maritime transport sector and ports
- The Saudi-Jordanian Technical Committee for Maritime Transport is holding its third session in Aqaba
Economy
Jordan ranks first in Arab world on budget transparency survey
Jordan ranked first in the Arab world and 32nd globally on the budget transparency, according to the Open Budget Survey...
- Georgia ranked first, South Africa second and Sweden third on the list.
- Only 31 percent of countries provide sufficiently detailed information to understand how their budget addresses poverty.
Business
Iraq to France: Ready to supply European markets oil
Iraq's State Organization for Marketing of Oil (SOMO) has said it approached France about the possibility of Iraq's supplying the...
- About 60 percent of Russia's exports of crude oil go to the European continent, but in the shadow of Ukraine war, it will need new suppliers.
- Italian Prime Minister Mario Draghi recently visited gas powerhouse Algeria as Rome steps up efforts to reduce its heavy reliance on Russian energy imports.
Business
Dubai launches unified electronic platform for building permits
The Dubai Building Permit Development Committee has completed the unified electronic platform for building permits, which includes building permit services...
- The platform is set to provide distinguished services to consultancy offices and contracting companies, according to a statement.
- The window includes building licensing services of Dubai Municipality and Dubai Development Authority among others.
Business
UAE brings in new classification system for private sector
A new classification system for companies in the private sector came into force on Wednesday, according to the Ministry of...
- The new system depends on the extent of companies’ compliance with the law and Wage Protection System and workers’ rights protection
- The classification offers incentives to companies that commit to the prescribed laws and policies on promoting cultural and demographic diversity
Arts & Culture
Disney+ releases a sneak peek at the content line up for MENA region
Disney+ has finally unveiled an extensive sneak peek at the line-up for the Middle East and North Africa (MENA).
- Disney+ has finally unveiled an extensive sneak peek at the line-up for the Middle East and North Africa (MENA)
- Disney+ is the dedicated streaming home for movies and shows from Disney, Pixar, Marvel, Star Wars, and National Geographic, along with The Simpsons and much more
Business
DAMAC buys Swiss diamond jeweler
De Grisogono SA, a Swiss luxury jeweler filed for bankruptcy in 2020.
- The acquisition came three years after the Group purchased Italian fashion group Roberto Cavalli SpA
- Damac announced the launch of Safa One by de Grisogono, a project with cascading waterfalls and hanging gardens
Economy
Saudi central bank net foreign assets climb by $1.07bn in April
The net foreign assets of Saudi central bank rose by SR4.0 billion ($1.07 billion) to SR1.63 trillion in April, according...
- The kingdom's net foreign assets increased by 0.2 percent from SR1.63 trillion in March
- Over the same period, the central bank's total assets fell by SR39.4 billion to SR1.85 trillion
Economy
Jordan’s oil expenditure up by nearly 50 percent in Q1 2022
Jordan's oil bill went up by 49.1 percent in Q1 2022, compared to the same period in 2021, the Department...
- The value of the oil bill in Q1 2022 increased to JD761 million compared to JD510 million in the same period of 2021.
- Jordan’s crude oil import amounted to JD126 million, followed by gasoline with JD142 million and kerosene with JD9 million.
Company News
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Agthia’s profit rises by 14%
Business
Stage set for UAE-Japan business council as Abu Dhabi secures 40% of Tokyo’s crude oil requirements
The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the...
Business
World Cup without booze makes atmosphere less aggressive, more family friendly
Some say the absence of booze in stadiums and its limited availability elsewhere in the Arab nation has detracted from...
Arts & Culture
Saudi Arabia joins Madrid-based International Olive Council
Madrid, Spain---Saudi Arabia has joined the International Olive Council (IOC), a UN affiliated intergovernmental organization aimed at developing and expanding...
Business
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Geostrategy
Jordan, India explore economic cooperation
AMMAN, JORDAN - Jordan's Minister of Investment Kholoud Saqqaf on Sunday received Indian ambassador in Amman Anwar Haleem for a...
- The minister briefed the envoy on the investment climate in the Kingdom and potential opportunities in various sectors.
- She emphasized business-friendly legislation and simplified government service delivery.
Geostrategy
Herzog becomes first Israeli president to visit Bahrain
Israeli President Isaac Herzog arrived in Bahrain, the first visit by an Israeli head of state to the small Gulf...
- Accompanied by an economic delegation, Herzog said he would discuss "ways to strengthen our economic cooperation".
- Herzog said he would then travel to UAE's capital Abu Dhabi.
Science
Indonesia villagers race to escape eruption as sky turns black
LUMAJANG, INDONESIA - Thousands of villagers living near Indonesia's Mount Semeru were racing for refuge Sunday to the wail of...
- Locals fled on motorbikes sometimes three at a time as a mushroom cloud of ash approached and monsoon rains lashed the area in East Java.
- Indonesian authorities raised their alert level for the volcano to its highest after the crater spewed hot ash a mile into the sky.