PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
Russia’s Putin offers assistance in Gaza Strip de-escalation
MOSCOW, RUSSIA - Russian President Vladimir Putin has offered assistance in helping to deescalate the tense situation in the Gaza...
Geostrategy
Business
Unit 2 of Barakh Nuclear Energy Plant starts operations
The Emirates Nuclear Energy Corporation (ENEC) announced today the start of commercial operations of Unit 2 at the Barakah Nuclear...
- Unit 2 adds 1,400 megawatts of zero-carbon emission electricity to the national grid, bringing the total produced by Units 1 and 2 to 2,800 megawatt.
- This new addition takes ENEC and its subsidiaries to the halfway mark of delivering on its commitment to supply a quarter of the country's electricity needs.
Geostrategy
UN agency to spearhead early warning plan covering every person on earth
“Early warnings and action save lives,” UN Secretary-General António Guterres said in a video message during a ceremony marking the...
- The agency will lead the effort and present an action plan in November at this year’s UN climate conference (COP 27) in Egypt.
- The new plan seeks to build on existing WMO activities and partnerships, including with key agencies, countries and groups already active in the field.
Business
KSA mining sector grew 27% to $194 million in 2021
Saudi Vice Minister of Industry and Mineral Resources Eng. Khalid Saleh Al-Mudaifer estimated the total value of mineral wealth in...
- Saudi Vice Minister of Industry and Mineral Resources Eng. Khalid Saleh Al-Mudaifer estimated the total value of mineral wealth in Saudi Arabia at around $1.3 trillion
- He stressed that competition among countries is increasing to assume leading positions in the global mining markets
Geostrategy
Jordan, India discuss cooperation in fertilizer industry
The Jordanian Minister of Investment, Khairy Amr voiced Jordan's readiness to provide facilities for Indian investment in Jordan and invited...
- The Jordanian Minister of Investment, Khairy Amr voiced Jordan's readiness to provide facilities for Indian investment in Jordan and invited Indian experts to his country
- Indian minister reaffirmed the Indian government's keenness to prioritize Jordan in importing phosphates and fertilizers
Economy
Ukraine war sends Middle East food prices soaring: Guterres
The world must not forget the millions of people in need across the Middle East and North Africa, UN chief...
- The UN chief issued the warning during a meeting on the expanding cooperation between UN and the 22-member League of Arab States
- At the meeting, ambassadors of the Arab countries adopted a presidential statement praising the increasingly critical partnership
Economy
UAE Fatwa Council sets value of Zakat for Ramadan at AED25
The council has also set minimum values of iftar meals and atonement for not fasting during the previous Ramadan.
- Within this fatwa, the council set the value of iftar meal at a minimum of AED15
- This amount can be paid to the registered charities which provide iftar meals
Business
UAE, Turkey chambers of commerce review advancing cooperation
During the meeting, prospects for collaboration between private sector institutions in the countries and ways to enhance them were reviewed.
- The FCCI expressed readiness to promote the opportunities presented by Turkey among Emirati business-owners
- The two sides also mulled over the possibility of signing an MoU between ULUSKON and FCCI
Business
UAE to boost cybersecurity ecosystem in cooperation with Huawei
The parties will jointly establish a Cybersecurity Center of Excellence to deliver talent training that addresses the cybersecurity capacity-building needs.
- Both parties have agreed to work together in building visibility and promoting thought leadership in the area of cybersecurity.
- They will also cooperate in the field of cybersecurity research and development through an independent think tank that both parties will establish.
Business
DET of Dubai and du launch Digital Business Hub
The Department of Economy and Tourism (DET) in Dubai and du, from Emirates Integrated Telecommunications Company (EITC), have opened the...
- This will reportedly help to provide value-added services and facilitate doing business
- It would contribute to enhancing the competitiveness and sustainability of Dubai's business sectors
Business
ADQ and Turkey Wealth Fund set up a venture capital fund
ADQ of Abu Dhabi has partnered with Turkey Wealth Fund to launch Turkey Technology Fund that will invest in venture...
- ADQ and TWF established the fund to undertake investments in high-growth, Turkish start-ups with innovative business models
- Turkey Technology Fund – ADQ TWF will invest in companies developing emerging technologies or improving existing technologies in significant sectors such as energy and utilities
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
Company News
QIB’s profit shoots up 13%
Business
Latest News
Gunmen kill 9 in two separate shootings in protest-hit Iran cities
Tehran, Iran— Assailants on motorbikes shot dead nine people, including a woman and two children, during protests in two separate attacks...
Geostrategy
HSBC Oman, Sohar International Bank decide to merge
The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to...
Business
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Economy
Israel’s Q3 growth slows due to weaker consumer spending
The gross domestic product increased 2.1 percent annually between July and September compared to the previous three months.
- The gross domestic product increased 2.1 percent annually between July and September compared to the previous three months
- The annual inflation rose to 5.1 percent in October from 4.6 percent in September, well above an official 1-3 percent target, the statistics bureau said on Tuesday
Business
Masdar-led consortium to develop 4 GW green hydrogen projects in Egypt
Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost.
- Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a competitive cost
- Egyptian authorities are reportedly working to revise the country’s renewable energy strategy to include green hydrogen
Business
QatarEnergy, Chevron Phillips to build US$8.5bn Texas plastic plant
Doha, Qatar— QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an...
- The plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum, making it the largest in the world
- It will be owned by Golden Triangle Polymers Company LLC, a joint venture in which QatarEnergy holds a 49 percent equity interest with 51 percent held by CPChem