ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
Business
Economy
Money-laundering, terror financing penalties fetch UAE $1bn
UAE authorities have collected AED3.848 billion ($1 billion) in penalties from anti-money laundering and terrorism financing offenders in 2021. The...
- UAE is currently amending the anti-money laundering law’s executive regulation.
- The Office for Anti-Money Laundering and Counter-Terrorist Financing was established in Feb 2021.
Business
AMEA Power awarded $100m
Under the agreement, a 100MW solar plant will be built in Tunisia.
- In December 2019, a consortium formed by AMEA Power and TBEA Xinjiang New Energy was awarded the 100MW solar power plant located in Kairouan in Tunisia.
- The solar power plant construction is expected to begin by the end of this year.
Business
SEWA links up Al-Arqoub with its power grid
The Sharjah Electricity Water and Gas Authority (SEWA) will start to provide electricity to the Al-Arqoub area, aiming to meet...
- Work is ongoing to strengthen the network and light the leading and internal roads to the area with approximately 700 lighting poles
- Dr. Hassan Al Zarooni, Director of the Electricity Services Department, lauded the Authority's strategy in providing services to all regions
Business
SFD postpones Pakistan debts for development projects
The projects that the SFD contributes to financing through loans and grants in Pakistan amount to around SAR5 billion ($1.33...
- The fund signed an agreement with Pakistan’s Undersecretary of the Ministry of Economic Affairs Mian Asad Hayauddin in this regard
- The signing took place in the presence of Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Maliki and senior officials from both sides
Economy
Jordanian-German corporate partnership program launched
Jordan Ministry's Secretary-General Dana Zoubi stressed the deep-rooted relations between Jordan and Germany.
- Jordan Ministry's Secretary-General Dana Zoubi stressed the deep-rooted relations between Jordan and Germany
- The program is an opportunity to exchange expertise to promote exports to German counterparts, she added
Interview
Saudi Crown Prince opens up on every little thing
Saudi Arabia’s Crown Prince Mohammed bin Salman has created quite a few ripples with his views on all things important...
- The crown prince said he was leaning towards taking Saudi Arabia towards the ‘real teachings’ of Islam
- He also said the country was working towards codifying Islamic law as had been handed down directly by the Prophet
Geostrategy
UAE sends 46 tons of food supplies to Malawi
Over the past 10 years, the UAE has reportedly sent relief supplies to Malawi amounting to AED85.3 million ($23.23 million).
- The aid is expected to support efforts to meet children's needs for food and nutritional supplements in several villages and regions
- The UAE has reiterated its commitment to a humanitarian approach that supports emergency relief for countries in need
Economy
Jordan, World Bank discuss skills development opportunities
Jordan is counting on the World Bank's support to strengthen Jordan's social protection network, increase job opportunities.
- Jordan is counting on the World Bank's support to strengthen Jordan's social protection network, increase job opportunities
- The country also wants to promote investment by supporting major economic and partnership projects between the public and private sectors
Business
QOIC profits drop 25%
It will distribute cash dividends of QAR0.01 per share.
- QOIC saw a net profit of QAR4.99 million ($1.84 million) in the period ending December 31, 2021
- In comparison, its net profit was QAR6.7 million ($1.37 million) for the previous year
Business
The UAE-India trade to touch $100bn by 2030
The economic ties between the UAE and India have been reinforced by growing trade between the two countries that stood...
- According to the UAE Embassy in India, the cumulative bilateral FDI stands at $67 billion
- The Indian Embassy in the UAE estimates that the UAE’s investments in India are about $17-18 billion, of which over $11 billion is in the form of FDI (2000-June 2021)
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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
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
Company News
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Burjeel IPO raises $300m
Business
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,...
Economy
UAE president issues new law on regulation, development of industry
The law which will come into effect from January 2023 aims to increase UAE’s attractiveness as investment destination.
Economy
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Geostrategy
COP27: ACG to give $24bn for climate action by 2030
The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems,...
- The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems, and the promotion of energy security
- The financial commitment by the Arab Coordination Group comes as part of a joint Call for Climate Action for Equitable Development at COP27
Business
AD Ports, IDB ink deal to enhance UAE-Iraq trade flows
Abu Dhabi, UAE - AD Ports Group and International Development Bank (IDB) have signed a deal to review opportunities for...
- IDB aims to provide its services to corporate clients and support a range of key infrastructure projects in UAE and Iraq.
- The UAE and Iraq have continued to strengthen trade ties in 2022, with several trade agreements and development deals.
Business
UAB posts $32.39 million net profit
Third quarter operating income grows by 4 percent.
- In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
- The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.