Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
Geostrategy
Sharjah Consultative Council okays emirate’s draft budget 2024
Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
Business
Business
DEWA IPO biggest since Aramco
DEWA shares soared 19% in the first minutes of trading on Tuesday.
- DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
- Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
Infographics
How do MENA oil prices compare with the world?
Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...
- Russia is a major supplier of oil to European countries and the United States, besides other countries
- However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere
Arts & Culture
Eid Al Fitr likely to begin on May 2: Emirates Astronomical Society
The UAE moon-sighting committee is expected to convene to confirm the official starting date for Eid.
- The International Astronomical Center, which had announced the beginning of Ramadan, is yet to weigh in on the situation
- The IAC had announced, on March 21, that the first day of the holy month would fall on April 2 in most Muslim countries
Business
Dubai records $417m worth of realty transactions on Monday
The Dubai real-estate market recorded transactions amounting to more than AED1.53 billion ($417.72 million) on Monday, April 11.
- Dubai saw 403 sales worth AED1.12 billion (around $305 million) and 80 mortgage deals of AED414.07 million ($112.73 million)
- The emirate also saw 10 gift transactions that amounted to AED18.32 million (almost $5 million) on Monday
Business
dnata of UAE unveils new cargo center at Heathrow airport
dnata, Dubai-based air and travel services provider, has unveiled a new 10,500 sqm cargo center at London Heathrow airport.
- The new facility is part of the firm’s dnata City East complex, and will increase its capacity at Heathrow
- It now operates 13 cargo centers at six airports in the country
Business
Empower pipeline grows 33.2 percent
The growth in Dubai cooling network occurred between 2018 and 2021.
- The new total length of the district cooling network in Dubai is 446 times the length of Burj Khalifa, the world's tallest building.
- The network expansion in 2021 is attributed to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City.
Economy
UAE approves formation of council for digital economy
The United Arab Emirates (UAE) has given go-ahead to the formation of a digital economy council in a cabinet meeting....
- The strategy aims to double the contribution of the digital economy to the UAE's GDP from 9.7 per cent to 19.4 per cent within the next 10 years
- The maturity of GCC digital economies could match that of Organization of Economic Co-operation and Development (OECD) countries within five years if they continue at the same pace
Business
SIIG of Saudi Arabia to buy all shares of Petrochem
SIIG, also known as Saudi Industrial Investment Group, has obtained the approval to buy all shares of Petrochem.
- SIIG will now fully own Petrochem and as a result the latter will be suspended from trading on the Saudi Stock Exchange beginning Monday
- The acquisition transpired as Saudi Arabian energy companies are restructuring their operations in response to a market that has lost some of its demand
Business
Saudi Eastern Province launches 11 investment projects in Dammam
Saudi Arabia’s Eastern Province has launched 11 investment projects in Dammam metropolis. The Undersecretary for Investments and Revenue Development, Eng....
- The launch of these investment sites is part of the objective of 40 investment projects with an area of ​​3 million square meters.
- The duration of investment projects is 25 years, subject to extension, according to Undersecretary for Investments and Revenue Development, Eng. Hamdan Al-Aradi.
Business
Al Seer begins VLGC construction
Lucky Gas is the company's first Very Large Gas Carrier.
- Last year, Al Seer Marine formed a joint venture named ABGC DMCC with BGN International to build two new VLGCs.
- Lucky Gas is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022.
Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
Geostrategy
Company News
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Aircraft orders drive US manufactured goods demand
A pick-up in aircraft orders boosted demand for big-ticket US manufactured goods in October, with numbers rising more than expected,...
Economy
Jordan, Egypt discuss various aspects of transportation
ALEXANDRIA, EGYPT - Jordan's Minister of Transport Maher Abu Al-Samen discussed with his Egyptian counterpart Kamel Al-Wazir ways and means...
Geostrategy
First batch of Certified Government Legal Advisors graduate from ADJA
ABU DHABI, UAE - The Abu Dhabi Judicial Academy (ADJA) celebrated the graduation of the first batch of the foundation...
Economy
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Business
Abu Dhabi DoH, Eversight to jointly set up UAE’s first eye, tissue bank
ABU DHABI, UAE - Abu Dhabi's Department of Health (DoH), the regulator of the healthcare sector in the Emirate, and...
- Department of Health Abu Dhabi and Eversight will focus on implementing the necessary arrangements for the eye and tissue bank.
- Eversight will develop a comprehensive medical framework to standardize and operate procedures on all clinical functions.
Business
ADFD, AIIB to strengthen cooperation over sustainable economic development
Al Suwaidi welcomed AIIB’s decision to opt for Abu Dhabi as the preferred location to have its first operational office...
- Al Suwaidi welcomed AIIB’s decision to opt for Abu Dhabi as the preferred location to have its first operational office outside of China
- He and Jin Liqun discussed ways to enhance cooperation between ADFD and the bank over the Energy Transition Accelerator Financing initiative
Business
Aldar ties up with ADGMA to nurture local talent
Abu Dhabi— Aldar has partnered with the Abu Dhabi Global Market Academy (ADGMA) to develop a range of talent development...
- Since the introduction of the NAFIS program in September 2021, Aldar has hired more than 260 Emiratis across the group
- The collaboration aims to enhance both entities’ contribution towards the UAE’s knowledge-based economy and foster the next generation of business leaders in the private sector