Sharjah’s ‘Mleiha’ and ‘Al Dhaid’ added to Islamic World Heritage
Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the...
Arts & Culture
Business
Jordan to soon resume oil imports from Iraq’s Kirkuk fields
Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.
- The exports were suspended in early February, pending discussion of details in the MoU
- The oil will reportedly be transported to the Jordan Petroleum Refinery in Zarqa
Economy
Saudi Arabia eases rules for US, UK, and Schengen visa holders
The move comes two weeks after the country lifted all Covid-19-related entry restrictions.
- Citizens of any country can now receive a 12-month tourism visa on arrival in Saudi Arabia without needing to apply in advance
- However, they will have to hold one of the three visas, and travel on one of the country’s national carriers: Saudia, Flynas, or Flyadeal
Economy
S&P gives Saudi economy positive rating after recovery
S&P has revised its outlook for Saudi Arabia from a stable to positive in the light of the recovery of...
- The positive outlook reflects the improved GDP growth and public finances in the medium term, linked to the Kingdom’s recovery from the COVID-19 pandemic impact
- The agency also expected that the Kingdom, in the medium term, will continue its policy to drive growth in the non-oil sectors through planned economic diversification
Business
Barq EV launches smart mobility
The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing...
- The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing the last-mile delivery experience
- The initiative comes in line with the UAE's efforts to support the growth of the logistics, transport, and e-commerce sectors in the UAE
Business
UAE and Dutch export credit firms to bolster cooperation, facilitate halal trade
Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with its Dutch counterpart...
- Etihad Credit Insurance and its Dutch counterpart Atradius DSB to bolster collaboration through joint strategic projects.
- The partnership also seeks to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions.
Business
SALIC of Saudi Arabia to buy 35% of Olam Agri for $1.24bn
SALIC of Saudi Arabia, a subsidiary of the PIF, has said it will acquire 35.43 percent of Olam Agri Holdings...
- SALIC said that the transaction is expected to be completed in 2022 after obtaining the required approvals from the relevant authorities
- Olam is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed
Business
Weeklong real estate deals worth $1.85 billion recorded in Dubai
The real estate and properties transactions worth AED6.8 billion ($1.85 billion) were recorded in Dubai during the week ending 25...
- A total of 330 plots were sold for AED1.65 billion and 1,653 apartments and villas were sold for AED3.42 billion.
- A total of 124 properties worth AED210 million were granted between first-degree relatives.
Business
Multiply Group to invest AED367m in DEWA IPO
Multiply Group has said that it will be investing AED367 million into the Dubai Electricity and Water Authority's (DEWA's) initial...
- The Group's latest investment follows a series of strategic acquisitions, creating a unique technology-enabled ecosystem to pursue growth across five vertical segments
- Multiply Group benefits from a solid leverage-free liquidity position, having raised AED3.1 billion in a pre-listing private placement 16 times oversubscribed
Business
ADNOC to pay $342m in dividend
A similar amount was paid for the first half of 2021 in October.
- The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia.
- ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.
Geostrategy
UAE continues relief air bridge to Ethiopia with 30 tons of food supplies
This is expected to benefit over 7,100 people in the region, including 5,700 women and children.
- The UAE has reportedly sent nine planes carrying 344.2 metric tons of aid to Ethiopia, helping over 81,000 people, including 65,000 women
- This year, it has pledged to donate $85 million to support relief operations in Ethiopia, in collaboration with international organizations
Sharjah’s ‘Mleiha’ and ‘Al Dhaid’ added to Islamic World Heritage
Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the...
Arts & Culture
Company News
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Sipchem posts jump in profit
Business
Americana IPO: UAE retail offer doubled
Saudi retail tranche remains unchanged at 10 percent.
Business
ADFD takes part in foreign investors meet in Uzbekistan
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) participated in the first plenary session of the Council of...
Geostrategy
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Business
Private school operator Taaleem’s IPO oversubscribed 18 times
Dubai, UAE---United Arab Emirates private school operator Taaleem Friday said it has set the price of its Initial Public Offering...
- Taaleem Friday said it has set the price of its Initial Public Offering (IPO) at AED3 per share ($0.8168).
- Raising AED750 million, the IPO drew total gross demand of more than AED13.7 billion.
Geostrategy
UAE Minister discusses economic ties with Caribbean countries
ABU DHABI, UAE - UAE Minister of Economy Abdullah bin Touq Al Marri visited the Havana International Fair 2022 in...
- The visit was aimed at exploring opportunities for cooperation and establishing new economic partnerships between the UAE and Caribbean region.
- The UAE minister met several ministers from the Caribbean nations to discuss mechanisms to enhance economic and trade cooperation.
Business
Dubai Islamic Bank, Al Ramz Corporation announce strategic alliance
Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital.
- Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital
- The brokerage service was earlier provided through its subsidiary Dubai Islamic Financial Services