Sidra Medicine, GlobeMed Qatar sign pact on medical services
DOHA, QATAR – Sidra Medicine and GlobeMed Qatar have signed an agreement to offer eligible insured members of payers contracted...
Business
MENA region can create 10m jobs by 2050 via climate action, says ILO
DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the...
COP28 UAE
Business
$1.59 bn worth of deals signed on Day 3 of Global Entrepreneurship Conference
On the third day of the Global Entrepreneurship Congress (GEC) in Riyadh, SAR 6 billion ($1.59 bn) worth of agreements...
- The Small and Medium Enterprises Financing Guarantee Program “Kafalah" signed a number of agreements with a number of ministries as well as public and private sector institutions.
- Monsha'at) also signed various cooperation agreements and launched National Industrial Development and Logistics Program “Thousand Mile” Initiative.
Economy
‘Saudi Arabia spending on technology is globally the highest’
Digital Government Authority has launched the Digital Government Investment and Procurement Program (SADAF) initiative to accelerate digital procurement in government...
- Digital Government Authority has launched the Digital Government Investment and Procurement Program (SADAF) initiative to accelerate digital procurement in government agencies
- SADAF will be a gateway to digital investment for the public and private sectors, leading to a sustainable digital economy
Business
Artificial intelligence will add $10 trillion to global economy: IBM CEO
Greater adoption of AI in the UAE could also add up to $200 billion in productivity gains by 2030, he...
- Arvind Krishna, Chairman and CEO of IBM, was speaking at the World Government Summit 2022
- He warned that the planet lacks skilled people to keep up with the pandemic-induced disruptions
Business
DFM, DME to jointly explore financial products opportunities
The Dubai Financial Market (DFM) and Dubai Mercantile Exchange (DME) will jointly explore financial products opportunities following the signing of...
- The two exchanges are planning to create a working group, following Dubai’s strategy to further develop financial markets.
- DFM plans to launch a new retail product derived from the Oman Crude Oil Futures, DME’s flagship contract that provides investors an opportunity to access this asset class.
Business
Nahdi shares fall 1.26 percent
The firm made a strong debut on the Saudi stock exchange on Mar 22.
- Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
- Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Economy
Saudi private equity, capital growth doubled in five years : Al Quwaiz
Private equity and capital growth in Saudi Arabia has reached SR12 billion ($3.2 billion), Mohammad Al-Quwaiz, chairman of the board...
- Mohammad Al-Quwaiz, chairman of the board of the Capital Market Authority, was speaking at the Global Entrepreneurship Congress 2022 in Riyadh.
- He cited the vitality of fintech companies in the business sector, and explained how the advent of these companies has reshaped the Saudi economy.
Economy
Government institutions need to provide youth skills: UAE minister
Shamma bint Suhail Al Mazrouei, Minister of State for Youth Affairs and Vice President of the Arab Youth Center (AYC),...
- Appropriate skills enable the youth to become drivers of sustainable human and economic development, said Shamma bint Suhail Al Mazrouei.
- The minister was speaking during a session, Power of the Youth: The Multiplier Effect’.
Business
Global Entrepreneurship Conference records $7.71bn in deals on Day 2
The Global Entrepreneurship Conference (GEC) recorded 28.9 billion ($7.71 billion) worth of agreements and launches on the second day. The...
- Monsha’at signed a memorandum of understanding with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi store.
- On Day 2, a total value of innovative financing banking programs, amounting to more than SAR 7.3 billion ($2 billion) for the next five years was announced.
Business
Amak of KSA sees 30% jump in shares on first trading day
Shares of Saudi mining firm Amak surged 30 percent on its debut on the kingdom's main stock exchange.
- The company saw its share price surge to a closing price of SR81.9 ($22), against an initial public offering price of SR63
- In its IPO, the firm saw strong demand from institutional and retail investors, generating SR95.8 billion worth of orders collectively
Business
Waha approves dividend in 2021
Shareholders of Waha Capital have approved a cash dividend of 7.55 fils per share and a stock dividend of 2.45...
- The company recorded investment gains and fee income of AED902 million and a net profit of AED603 million.
- Waha Capital had total assets of AED5.8 billion as at 31 December 2021, compared to AED5.1 billion in 2020.
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Sidra Medicine, GlobeMed Qatar sign pact on medical services
DOHA, QATAR – Sidra Medicine and GlobeMed Qatar have signed an agreement to offer eligible insured members of payers contracted...
Business
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Sipchem posts jump in profit
Business
Qatar issues licenses to 3500 holiday homes to house World Cup visitors
Qatar faces the challenge to accommodate 1.2 million fans expected to attend the FIFA World Cup.
Economy
Saudi crown prince arrives in Thailand on official visit
Prince Mohammed was received by Thai Prime Minister Prayut Chan-o-cha upon his arrival, and the prince then proceeded to review...
Geostrategy
Deepening synergies to further strengthen bilateral economic and commercial ties between Sharjah, India
He was speaking at the Sharjah–India Business Roundtable -- organized by the Sharjah FDI Office (Invest in Sharjah), in collaboration...
Business
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Business
Educational Holding net profit $20.3m
The profits grew by 1,3 percent compared to 9M period last year.
- The Group provides educational services in Kuwait in accordance with Shariah principles.
- Earlier this month, Kuwait Capital Markets Authority approved the merger between Educational Holding Company and Boubyan Petrochemical Company.
Business
Mawani felicitated at the Maritime Standard Awards 2022
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) won an award at the ninth edition of the Maritime Standard...
- The awards is an annual industry event that felicitates top performers in the shipping, ports, and related sectors in the Middle East and the Indian subcontinent.
- The award crowns Mawani’s efforts in revolutionizing the Saudi maritime ecosystem and facilitating global trade.
Business
Mubadala acquires stake in ACX
ACX is setting up a carbon trading exchange in Abu Dhabi.
- ACX, based in Hub71, is a global environmental commodities exchange that uses distributed ledger technology leveraging blockchain architecture to create securitized carbon credits.
- In March, the Abu Dhabi Global Market teamed up with ACX to create the “world’s first fully regulated” carbon trading exchange in Abu Dhabi.