Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
Business
Dubai Center for Family Businesses issues guidelines
DUBAI, UAE – The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample...
Business
Business
Saudi Arabia, Azerbaijan sign MoU to boost accounting services
The MoU aims to enhance cooperation between the two countries in the areas of financial auditing and performance control.
- For Saudi Arabia, the MoU was signed by Saudi General Bureau for Auditing president Hossam bin Abdul Mohsen Al-Angari
- The other signatory was Vugar Gulmammadov, chairman of the Chamber of Accounts of Azerbaijan
Economy
Saudi-US cooperation to spur growth of digital content market in KSA
Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the...
- Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm
- The meeting also included several specialized technological companies in the fields of FinTech, software, and administrating alternative investments
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
Business
Prince Alwaleed bin Talal now sees Musk as ‘excellent leader’ for Twitter
Saudi investor Prince Alwaleed bin Talal, who initially spurned Elon Musk’s bid for Twitter, agreed to roll his $1.89 billion...
- On April 14, Alwaleed opposed Musk’s buyout bid saying the price offered by him did not come close to the intrinsic value of Twitter given its growth prospects.
- Alwaleed agreed to roll his $1.89 billion stake into the deal rather than cashing out.
Economy
Financial institutions exposed to high risk by global water crisis: Report
Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon...
- A first-of-its-kind report by CDP and Planet Tracker shows how global companies in key industries are already losing billions as a result of the global water crisis.
- By focusing on oil & gas, electric utilities, coal and metals & mining sectors, the report found that $13.5 bn in assets are already stranded and $2 bn at risk due to water issues.
Economy
Saudi Central Bank raises interest rate to curb inflation
In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest...
- SAMA raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent respectively
- The Saudi decision came in the wake of the US Federal Reserve decision to hike the interest rate
Business
AD Ports to develop Egypt projects
AD Ports to develop, operate, and manage a terminal in Safaga seaport.
- Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority sign a term sheet and a head of terms agreement for the development of these projects.
- AD Ports Group will also develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.
Economy
UAE Central Bank raises base rate by 50 basis points after Fed hike
The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility...
- This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by 50 basis points.
- The bank also decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate
Business
Egypt to launch project for capturing and storing carbon di oxide
There will be a total of three projects on which Egypt and the Italian company Eni will work together.
- Egypt's Minister of Petroleum & Mineral Resources Tarek El Molla announced that investment cost of project is $25 million.
- The first project focuses on the extraction of 350,000 tons of algae oil annually to be used in biofuel production .
Business
Qatar records real estate transactions worth $57m from Apr 17-21
Qatar recorded real estate transactions worth 207.8 million riyals ($57 million) during the third week of April, a decrease of...
- The deals in the third week include 32 vacant land deals worth 66.7 million riyals, accounting for 32 percent of the total value of the weekly transactions.
- The highest average price for residential properties was recorded in Doha Municipality, which witnessed the execution of six deals worth 36.05 million riyals.
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Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
Business
Company News
e& posts 1.9% jump in profit
Business
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JAHEZIYA, Enekom ink pact
Business
‘Dai Gallery’ for Arab artists kicks off in Cairo with Qatari participation
The month-long exhibition includes works by 142 Arab artists in photography, painting, sculpture, and graphics.
Arts & Culture
Qatar’s records trade balance surplus of $6.8 billion in Oct 2022
Doha, Qatar---Qatar's merchandise trade balance recorded a surplus of QR 25.1 billion ($6.8 billion) in October this year, an increase...
Economy
Tehran protests after US football body posts modified Iran flag
Iran has seen more than two months of demonstrations sparked by the death in custody of 22-year-old Kurdish-Iranian woman Mahsa...
Geostrategy
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Economy
Jordan makes two big seizures of captagon pills on Syrian border
Amman, Jordan— Jordan has seized a big haul of drugs being smuggled into the kingdom from Syria in two different...
- Border guards at the Jaber border crossing, Jordan’s main border crossing with Syria, on Sunday seized 10,000 Captagon pills and 1 kg of crystal meth hidden inside a truck
- A day earlier the Eastern Military Zone in Jordan seized 564 palm-sized sheets of hashish, 20,000 Captagon pills, a Kalashnikov rifle and ammunition
Economy
AMF signs US$1bn agreement to shore up Yemeni government reforms
Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the...
- The program seeks to contribute to backing efforts made to implement reforms to strengthen the financial status of the Yemeni government,
- It seeks to promote comprehensive and sustainable economic growth, create job opportunities and push sustainability of Yemen's economy
Economy
Egyptian Exchange rises on buying by FIIs
The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion.
- The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion
- The broader EGX 70 EWI index of the leading small and mid-cap enterprises (SMEs) increased by 1.37 percent, ending at 2,550.95 points