Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
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.
Economy
UAE calls for investment in oil, gas to protect global economy
The UAE has called for a stronger investment in oil and gas resources in order to protect the global economy...
- The two ministers warned that divesting from energy sources that drive the global economy will lead to a systemic supply crunch that erodes economic growth
- The Global Energy Forum is being organized by the Atlantic Council in collaboration with WGS2022, and moderated by Frederick Kempe, President and CEO, Atlantic Council
Geostrategy
US Special Envoy for Yemen to visit Gulf for conflict resolution
US Special Envoy for Yemen Tim Lenderking will travel to the Gulf starting March 28 to continue leading U.S. diplomatic...
- Yemenis deserve a more peaceful, prosperous country where they can live in safety and dignity, the US State Department said.
- In Riyadh, Special Envoy Lenderking will also participate in the opening of the Gulf Cooperation Council-led Yemeni-Yemeni dialogue and engage with Yemeni participants.
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
Company News
Dlala Holding to resume trading
Business
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EasyLease net profit $8.91m
Business
UAE sets 31 Dec. deadline for availing redetermination of tax penalties
Abu Dhabi, UAE---The Federal Tax Authority (FTA) has called on registered taxpayers to benefit from the decision to re-determine administrative...
Business
FIFA World Cup Qatar will be the best, says Infantino
Regarding the rights of workers, it is unfair that the world does not see the great progress and clear development...
Arts & Culture
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Business
FIFA World Cup 2022: Third floating hotel arrives at Doha port
MSC Opera will join MSC World Europa and MSC Poesia which arrived at Doha Port earlier, to offer a luxurious...
- MSC Opera will join MSC World Europa and MSC Poesia which arrived at Doha Port earlier, to offer a luxurious hospitality experience to fans of the FIFA World Cup Qatar 2022
- According to the estimates of the MSC Cruises Group, owner of the three floating hotels that will serve the tournament, the capacity of the three cruise ships is 10,000 beds
Economy
GCC, Bangladesh ink MoU to strengthen economic cooperation
The MoU was inked on the sidelines of the 18th edition of Manama Dialogue 2022.
- The MoU was inked on the sidelines of the 18th edition of Manama Dialogue 2022
- The GCC is a regional, intergovernmental, political, and economic union
Geostrategy
Blinken to visit Doha to launch US-Qatar Strategic Dialogue
Washington, US— US Secretary of State Antony Blinken will travel to Qatar on November 21 to launch the fifth annual...
- State Department Spokesperson Ned Price said in a statement that Blinken will meet with senior Qatari officials
- The statement added that the US top diplomat will also "recognize Qatar's important contribution to international sports diplomacy as it hosts the World Cup