EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
Business
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
Economy
Business
Iran seeks barter trade with Pakistan to strengthen ties
The option of barter trade was available to cement the mutual relationship between Iran and Pakistan, an Iranian envoy has...
- The Consul General of the Iran has stressed the need for his country to sign a barter agreement with Pakistan
- Hamid Reza Ghomi said he was eying such a deal between the Pakistan Chambers of Commerce and Iranian provinces
Business
Umm Al Qura inks $800m deal
The project will see an investment of SAR3 billion ($800 million).
- The development of Masar destination has reportedly been planned according to a modern concept
- It is based on complementary and interrelated foundations, including environmental and urban aspects
Economy
UAE, IRENA to give clean cooking energy to communities
The initiative, called Beyond Food, was launched in collaboration with the Nama Women Advancement Establishment.
- The UAE and IRENA will have tied up to promote the deployment of clean cooking solutions across the world
- The partnership aims to expand and bring in more key actors working on this issue in the coming days
Business
Tajikistan to team up with Iran to build renewable energy sources
Tajikistan’s minister of energy and water resources said that his country is engaged in a program that includes construction of...
- Tajikistan Minister Juma Daler Shofakir held a meeting with the Iranian Energy Minister Ali-Akbar
- The minister said that the Raqoon PowerHouse can generate 3,700 megawatts of hydropower
Economy
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the...
- Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
- Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said
Geostrategy
GCC to boost international cultural ties for strategic partnerships
The Gulf Cooperation Council (GCC) seeks to boost its participation in international cultural arenas and events to activate strategic partnerships...
- Secretary-General of the GCC, Nayef Al-Hajraf, said this on Friday at second International Forum for Just Peace Culture
- He added that the peace culture is a concept that contains a system of positive values to be translated into actions
Business
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.
- Malaa has concluded its integration efforts with the Arab National Bank’s systems to become the first lender whose customers can link their accounts directly through open banking
- It seeks to contribute to the National Savings Strategy and plans to work with the financial sector development program partners to achieve these goals
Science
SABIC chairman urges chemical companies to ‘decarbonize’
The head of Saudi Basic Industries Corporation (SABIC) has urged ‘chemical companies’ to decarbonize promptly in order to improve what...
- Yousef A. Al-Benyan, chairman of SABIC, was speaking at the Gulf Petrochemicals and Chemicals Association Leaders’ forum in Dubai
- Al-Benyan identified three priority transformation areas for the chemical industry: partnerships and collaborations; agility; and new business and operating models
Business
Saudi Arabia and Jordan to boost trade ties to more than $1bn
The Makkah Chamber of Commerce and Industry and Jordan have signed an agreement to boost economic ties between the two...
- The deal holds considerable significance as trade exchange between Saudi Arabia and Jordan was still “below expectation” despite common interests
- Saudi Arabia is the second-largest commercial partner for Jordan
Economy
Food Price Index hit record high in February: UN agency
The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly...
- The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly four percent up from January
- As the Food Price Index measures average prices over the month, the February reading only partly incorporates market effects stemming from the conflict in Ukraine
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EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
Business
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Tihama’s stock surges 10%
Business
ADX adds 5 single stock futures
Market Report
Saudi Ports register 15% growth in October container activity
Container throughput the Kingdom's ports continued its upward year-on-year movement during October 2022, soaring to 694,517 twenty-foot equivalent unit at...
Economy
Private school operator Taaleem offers 25 percent stake in IPO
Taleem set the price range at AED2.95 ($0.80) and AED3 per share, implying a market capitalization at time of listing...
Business
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Business
Burjeel’s nine-month net profit $55.83m
The company's revenue grew 17.8 percent year on year.
- The company said the net profit increased mainly due to the Group’s service mix "delivering improved yield and utilization across the network".
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion.
Business
e& commits to net-zero operations by 2030
The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions.
- The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions
- It will focus on reducing its carbon footprint through improving energy efficiency and sourcing renewable energy among other initiatives
Economy
S&P says GCC economies to get a boost from Qatar World Cup
Dubai, UAE— The economies of the Gulf Cooperation Council will likely receive a boost from the FIFA 2022 World Cup,...
- Dubai, according to the report, would benefit the most outside Qatar because of its proximity, tourism industry, airline connections and multiple-entry tourist visa provisions
- According to S&P rating estimates, Qatar's real gross domestic product growth in 2022 will be 4.8 percent, a sharp increase from 2021