MENA region can create 10m jobs by 2050 via climate action, says ILO
DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the...
COP28 UAE
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...
Business
Business
UAE, Bangladesh to expand cooperation in trade, investment
The UAE-Bangladesh Business Forum discussed ways to enhance cooperation between the two countries in the field of trade and investment,...
- An MoU was signed between the two to establish a joint UAE-Bangladesh Business Council.
- The UAE-Bangladesh Business Forum was held at DP World Pavilion at Expo 2020 today in the presence of ministers.
Business
Dubai records $3.64 bn worth of weeklong real estate transactions
Dubai witnessed real estate and properties transactions worth AED13.4 billion ($3.64 bn) during the week ending 11 March 2022, according...
- The top three transactions were a plot of land in Trade Centre Second sold for AED198.15 million, followed by a plot of land that was sold for AED160.14 million in Palm Jumeirah.
- The sum of the amount of mortgaged properties for the week was AED3.83 billion, with the highest being a building in Palm Jumeirah, mortgaged for AED1 billion.
Business
Sharjah Chamber and Argentina to foster ties between businesses
The Sharjah Chamber of Commerce and Industry (SCCI) and an Argentinian delegation discussed ways to enhance cooperation between the business...
- Sharjah Chamber and a delegation from Argentina discussed economic, trade and investment relations at a forum.
- Abdallah Sultan Al Owais, Chairman of the SCCI highlighted the importance of joint work to advance the existing relations.
Business
DP World revenue up by 26.3 percent
The adjusted EBITDA growth was 15.3 percent ($3.828 bn) and capital expenditure $1.393bn.
- The revenue increase from $2.245 billion to $10.778 billion is supported by acquisitions and new concessions including Angola, Unico and Transworld.
- Like-for-like non containerized revenue grew 9.5 percent with a strong performance from the Feedering business.
Geostrategy
Qatar third Gulf country to become major non-NATO ally of US
Qatar became the third country in the Gulf region after Kuwait and Bahrain to be designated by the United States...
- The move gives Qatar special economic and military privileges in its relationship with the US.
- The US and Qatar have had close relations for years, collaborating on a number of issues, including the evacuation of Afghan refugees after Taliban takeover.
Business
UAE, New Zealand partner to strengthen trade relations
According to Statistics New Zealand, the total two-way trade between New Zealand and the UAE in 2021 reached AED8.63 billion...
- ECI and NZEC have agreed to promote the UAE and New Zealand exports and export-related investments
- They will provide tailored trade credit insurance and financial guarantees, backed by their governments
Business
Aramco JV inks China deal
The refinery, in China’s Panjin, should be operational by 2024.
- The liquids-to-chemicals complex is being built by Huajin Aramco Petrochemical Company (HAPCO), of which Aramco is a part
- The other members of the JV are North Huajin Chemical Industries Group Corporation and the Panjin Xincheng Industrial Group
Business
SeaBubbles launches UAE’s first hydrogen flying boat in Dubai
The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022.
- The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022
- The new boat represents the future of green mobility by combining the sensations of flying and sailing for a zero-wave, zero-noise, zero-emission navigation.
Business
Saudi startups collect 58% of $375m in funding in MENA
Saudi startups have secured 58 percent of the total $375 million in funding in the MENA region in February.
- Startups in the logistics sector raised the most funding in February with $120 million in the region, and the Kingdom’s startup Trukker secured $96 million in its series B round
- Saudi Arabia was also the most active in terms of investor participation with 27 deals, while UAE investors participated in 22 agreements
Business
Number of new companies in Ajman China Mall up 12 percent
Ajman China Mall has registered a growth of 12 percent in the number of registered companies in 2021 compared to...
- Out of 1,000 enterprises operating in the mall, the retail sector topped the list followed by the fashion and textile sector.
- The Mall’s yearly import value reached an average of AED 3.65 billion, with export products valued at AED 2.1 billion.
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MENA region can create 10m jobs by 2050 via climate action, says ILO
DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the...
COP28 UAE
Company News
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QNB posts 7% rise in profit
Business
G20 health, finance ministers agree to launch US$1.4bn pandemic fund
The G20 health ministers have agreed to establish a pandemic fund.
Geostrategy
COP27 focuses on ways and means to feed 8 billion people
The adaptation and agriculture thematic day at COP27 focused on how the world will feed eight billion people.
Science
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Business
PIF sells 10 percent stake in Tadawul Group at $51 per share
The offering size was SAR 2.3 billion ($611 million), making it the second largest Accelerated Bookbuild Offering to ever take...
- Last year, the PIF, which is led by the Crown Prince and Prime Minister Mohammed bin Salman, sold a 30 percent stake in Tadawul in a $1 billion IPO.
- This transaction is in line with PIF’s strategy to recycle the Fund’s capital and invest in emerging and promising sectors in the local economy, PIF said.
Geostrategy
Bahrain sees record voter turnout in general elections
Manama, Bahrain—At least 73 percent of voters have turned out to cast ballots in the 2022 Bahrain general election, the...
- The elections, according to Bahrain News Agency, went smoothly across the kingdom and the eligible voters used the right of franchise
- The minister said that the success of the record turnout was a culmination of the democratic progress led by His Majesty King Hamad bin Isa Al Khalifa since 2002
Geostrategy
Jordan King and UK PM meet to discuss strategic relations
London, UK— King Abdullah of Jordan and UK Prime Minister Rishi Sunak have met in London to discuss the development...
- The king expressed Jordan’s keenness to advance its friendly ties with the UK and bolster cooperation in the political, economic and defense fields
- He told the British PM that Jordan would continue to safeguard Islamic and Christian holy sites in Jerusalem under the Hashemite Custodianship