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
Construction of 230 MW Masdar solar plant in Azerbaijan begins
Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan,...
- Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year.
- The project will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses.
Business
Etisalat to up stake in Mobily
This comes as Etisalat aims to expand its footprint in Saudi Arabia.
- Etisalat Group currently holds a 28-percent stake in Saudi-listed Mobily and it plans to see this going up to 50 percent
- The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5)
Business
ADNIC to pay $62m in dividends
The year 2022 marks the 50th anniversary of the company.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said the distribution of 40 percent cash dividends demonstrated the company’s robust financial performance.
- Futoon Hamdan Mohammed Al Mazroui was welcomed as the first woman to join the company's Board of Directors.
Economy
Saudi economy grows 3.2% in 2021, the highest rate in 6 years
Saudi Arabia has reported a robust growth in its economy, posting a 3.2 percent increase in the gross domestic product,...
- The economy expanded in 2021 by the highest annual rate since 2015
- The economy grew thanks to the rise in non-oil sector by 6.1 percent, while oil activities showed a modest growth of 0.2 percent
Economy
UAE citizens can travel visa-free to Israel
Israel has announced that all UAE citizens can now travel visa-free to Israel. The move is part of a wider...
- Both vaccinated and unvaccinated tourists of all ages are permitted to enter Israel upon presenting a negative PCR test before departure and after arriving in Israel
- The announcement follows a recent agreement between the UAE and Israel extending visa-free entry to all UAE nationals as part of the ongoing strategic partnership between them
Economy
Jordan to provide facilities to its businessmen in China
Secretary-General of the Ministry of Investment, Zaher Qatarneh held a virtual meeting with a group of Jordanian businessmen in China.
- Secretary-General of the Ministry of Investment, Zaher Qatarneh held a virtual meeting with a group of Jordanian businessmen in China
- He added that the work is underway to develop a strategy to draw foreign investments in priority sectors, especially in industry, tourism, information technology and health sectors
Interview
Skills gap challenge for GCC digitization, says du CEO
GCC companies should work closely with digital and software companies to expedite digital transformation, says Fahad Al Hassawi, CEO of...
- du is the second largest telecom service provider in the UAE, and its 2021 revenues grew by 5.4% to $3.19 billion
- Agility will be key to the telecommunications industry and requires telecom operators to look beyond connectivity, says al Hassawi
Business
Dubai to list DEWA in the biggest IPO by April
In a first, the state-owned DEWA will be listed on the Dubai Financial Market by April as part of Dubai's...
- Dubai Electricity and Water Authority plans to float 3.25 million shares, or a 6.5-percent stake, by April in what is expected to be Dubai’s biggest ever listing
- The retail offering subscription will run from Mar. 24 until Apr. 2, while the qualified investor offering period will be from Mar. 24 to Apr. 5
Business
Emirates to launch daily flights to Israel from June 23
Emirates will offer multiple daily and weekly flights throughout Australia, India, Philippines, Thailand and South Africa, many of which are...
- Emirates will operate its three-class Boeing 777-300ER on the route, featuring eight private suites in First Class.
- The new service to Tel Aviv will also provide 20 tonnes of cargo capacity on each flight, providing channels for Israeli businesses.
Business
Foxconn and Saudi in talks to create microchips manufacturing facility
Foxconn Technology Group and Saudi Arabia are expected to jointly build a $9 billion facility that can make microchips, electric-vehicle...
- The facility expected to be constructed by both is said to worth $9 billion.
- Foxconn, which is a supplier to Apple Inc., is yet to confirm the deal.
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
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Al Awali to raise US$133m
Business
Saudi Arabia, UAE key partners in Indonesia’s growth
The two Gulf countries play a major role in strengthening the economic and sustainable development in Indonesia, which is hosting...
Geostrategy
Real estate transactions worth $390m recorded Tuesday in Dubai
Dubai, UAE -- Dubai real estate market recorded transactions worth AED1.8 billion ($490 million) on Tuesday, Dubai Land Department said....
Business
Liquidity Group first Israeli firm to join ADIO Innovation Programme
Abu Dhabi, UAE---Liquidity Group, a FinTech company, became the first Israeli firm to join the $545 million Abu Dhabi Investment...
Business
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Business
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services.
- With this pact, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
- Presently, AGDM supports over 330 SMEs in health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech.
Business
TECOM Group to pay dividend
Firm approved interim dividend payment of US$54m.
- The approved US$54 million (AED200 million) cash distribution is in line with the Group’s previously announced dividend policy of distributing $217 million annually.
- All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.
Business
TECOM approves $54.45m in dividend
The firm's policy allows AED800m dividend annually.
- The Group will distribute AED200 million for October 2022; AED200 million for April 2023 and AED400 million for October 2023.
- TECOM Group's net profit for the first nine months of 2022 increased by 51 percent year-on-year (YoY) to AED639 million.