Climate chaos impact on millions frames discussions at COP28
With the countless repercussions of extreme weather conditions, the planet is witnessing increasing political unrest, deaths and diseases.
COP28 UAE
Business
Sanad and Thales sign MoU
The two companies will collaborate on aviation services.
- Knowledge exchange will be a key focus under the terms of the agreement, and Thales will serve as a partner in diversifying Sanad’s business portfolio towards industrial services.
- Sanad and Thales will work collaboratively on regional and international projects, wherein Sanad would lead on providing cutting-edge industrial systems.
Business
Jadwa of Saudi Arabia launches a $800m real estate fund
Jadwa Investment of Saudi Arabia has launched a new Shariah-compliant real estate fund to the tune of $800 million. The...
- The Riyadh-based company, which provides asset management and financial advisory, partnered with Tatweer Group, NUMU Holding Co. and Riyad Bank to launch this closed-ended fund
- The fund provides investors with a stable stream of income by investing in differentiated, income-generating properties in the Kingdom
Business
Sadara Chemical Co. posts SR3.1bn profit
Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., has posted a net...
- On the back of higher selling prices, the giant JV, specialized in producing a wide range of specialty chemicals, erased losses of SR3.2 billion sustained a year earlier
- The 200-percent increase in profit was coupled with a rise in revenue of over 67 percent to as high as SR17.6 billion during the year
Business
Al-Dawaa starts trading on TASI
The pharmacy chain operator collected $500 million from shares buyers.
- The operator of one of Saudi largest pharmacy chains, Al-Dawaa offered 25.5 million shares in an initial public offering, representing 30 percent of capital.
- Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 bn riyals ($1.3 bn) and profit of 246m
Business
Valor International partners with HFZA
The companies will expand regional operations, boost production capacity.
- Valor International FZC will invest another AED77 million to build a multifunctional mini refinery over 193,750 sq. ft leased from the free zone
- With the new expansion plans, the total value of Valor’s investments in the free zone will reach close to AED200 million
Business
Muscat raises foreign ownership in joint stock companies to 100%
The decision to raise the percentage of foreign investment in public companies is one of the most important steps to...
- The decision to raise the percentage of foreign investment in public companies is one of the most important steps to include the market in global emerging market indices
- Oman plans to list 35 state-owned companies in the next five years, with a focus on listing one or two firms from the oil sector during the current year
Geostrategy
Jordanian-Saudi joint military drill kicks off in KSA
The exercise aims to enhance joint cooperation, exchange expertise between the Saudi and Jordanian armed forces, the head of the...
- The exercise aims to enhance joint cooperation, exchange expertise between the Saudi and Jordanian armed forces, the head of the Jordanian delegation Colonel Khaled Shamaileh said
- Director of the exercise from the Saudi armed forces, Brigadier General Muqbel bin Mohammad Al-Harbi were provided field training to tackle weapons of mass destruction
Economy
Post-Covid retail outlook bright in GCC
Saudi Arabia and UAE, two biggest economies in the Gulf Cooperation Council region, rely heavily on retail industry.
- UAE and Saudi Arabia witnessed growth, albeit low, in the retail sector even during the pandemic.
- Professional services network Deloitte has said that 2022 offers an opportunity for the long-overdue retail reset.
Business
Jordan’s trade deficit with EU expands 12.9% to $3.77bn
Jordan’s trade balance deficit with the European Union countries expanded by 12.9% in 2021 compared to 2020.
- Total trade deficit reached about JD2.671 billion ($3.77 billion) in 2021
- The value of national exports to EU countries increased by 29.9 per cent during 2021
Business
Bahrain to keep managing air traffic over Gulf waters
Bahrain will keep managing air traffic in the airspace over international waters in the Arabian Gulf, extending from the borders...
- The Minister of Transportation and Telecommunications, Kamal bin Ahmed Mohammed announced this on Sunday
- Bahrain has successfully managed the ICAO mandate since 1959, providing air traffic control services garnering ICAO's approval
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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
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ADNIC, JAFZA sign insurance pact
Business
UAE capital records real estate deals worth $5.72 billion in third quarter
Abu Dhabi, UAE--- Abu Dhabi's real estate market recorded a total of 4,441 transactions amounting to over AED 21.04 billion...
Business
UAE, Indonesian Presidents to enhance bilateral relations
SOLO, INDONESIA - President Sheikh Mohamed bin Zayed Al Nahyan and President Joko Widodo of Indonesia held talks aimed at...
Geostrategy
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Business
TAQA posts 53% income rise
The income vaulted to $1.77bn in the first nine months of 2022.
- The company also reported group revenues of $10.61 billion, 14% higher than the prior-year period
- TAQA’s Board of Directors also declared an interim cash dividend of $184 million (0.60 fils per share)
Economy
Addressing climate change global responsibility
"Today's world is witnessing a scientific and technical boom, which is the fastest and most advanced through all the stages...
- Parliaments play a key role in enacting, legislating, or amending laws related to investment and the national transition to renewable energy sources
- Facing the phenomenon of climate change is no longer confined to one country over another, but is a duty and shared responsibility that the entire world
Business
UAE to launch feature-rich, faster EmaraTax platform on Dec.5
Abu Dhabi, UAE --UAE's Federal Tax Authority said Sunday it will launch EmaraTax platform on Dec.5, 2022. The migration to...
- Migration to EmaraTax will begin from end of 30 Nov. and it will be available for use from 5 Dec.
- EmaraTax significantly enhances taxpayer access to the FTA’s services, payment of taxes and obtaining refunds.