EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
Business
Business
Emirates opens office in Fujairah
The office is located in Al Ghilaila Building, overlooking the Fujairah corniche.
- Emirates has worked in partnership with dnata Representation Services as its General Sales Agent (GSA) in Fujairah for the past three decades.
- The new retail sales office four customer service counters dedicated to flight reservations, ticketing, and general customer enquiries.
Business
Demand for gas and wheat drives Suez Canal’s business up 15%
The Suez Canal has seen a fifteen percent jump in business as ships carrying wheat and gas have filled the...
- Grain exports will make their way to Northwestern Europe while iron exports will go to Canada and Northwestern Europe
- the Suez Canal will begin applying additional fees, ranging from 5 to 10 percent of the transit fees, for various categories of ships transiting the channel
Geostrategy
UAE makes $5m donation to UN’s Humanitarian Plan for Ukraine
The United Arab Emirates has offered $5 million in assistance to Ukraine to tide over problems suffered by civilians in...
- The contribution is made to the United Nations’ Humanitarian Flash Appeal and the Regional Refugee Response Plan for Ukraine
- The UAE has underscored the importance of focusing on the deteriorating humanitarian situation for civilians
Business
Yahsat revenue $123m in 2021
The company signed several contracts in Data and Mobility solutions businesses.
- Yahsat said it is well-positioned to grow in 2022, with approximately 70 percent of the Group's 2022 projected revenues contracted as of 31 December 2021.
- In 2021, Yahsat achieved an Adjusted EBITDA margin of 59 percent with Adjusted EBITDA of AED883.2 million [$240.5 million].
Business
Romania-UAE Business Forum promotes economic collaboration
Romanian business leaders were speaking at Romania-UAE Business Forum at Expo 2020 Dubai.
- Romanian business leaders were speaking at Romania-UAE Business Forum at Expo 2020 Dubai
- Private sector representatives from the UAE and Romania called for harnessing available opportunities to create joint investment ventures
Business
Master Works raises $40m
The transaction was done by Merak Capital.
- Founded in 2010, Master Works offers products and services across multiple technology fields
- They include data management, AI, data strategy, API management, software development, and RPA
Business
Saudi Central Bank licenses new payment fintech company
Named Moyasar Financial Company, the new entity is expected to provide ecommerce payment services.
- The total number of payment companies licensed by SAMA now stands at 16
- This is in addition to nine companies that were granted an in-principle approval
Economy
Jordan reduces entry fees at tourist sites for Arab visitors
The tourism ministry will treat Arab tourists as Jordanians to spur tourism.
- The tourism ministry will treat Arab tourists as Jordanians to spur tourism
- The decision would remain in force through 2022 to strengthen Jordan's position as a tourist destination
Business
Saudi Arabia unveils farm exporting high-yielding Murciano goats
Saudi Arabia's Ministry of Environment, Water and Agriculture (MEWA) has inaugurated the first Saudi farm exporting Murciano goats in Riyadh....
- The Murciano goats produces 800-1000 liters of milk every year on average.
- The goats, also known as Murcia-Granada, have a lactation period of around 210 days.
Business
Service fees of real estate owners, investors reduced in UAE
The UAE's Department of Municipalities and Transport (DMT) said that service fees for real estate units’ owners and investors in...
- In 2020, the service charges were reduced by 18.1 percent, with another 8.3 percent reduction introduced in 2021.
- DMT introduced a comprehensive mechanism to monitor and regulate residential units' service charges in 2020.
Most Read
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
EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
Business
Company News
ADX adds 5 single stock futures
Market Report
Latest News
Burjeel IPO raises $300m
Business
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
NEOM has a strict data and information security strategy: CEO
Eng. Al-Nasr called for developing new and innovative ways to confront escalation in cyber-attacks and address them quickly.
Most Read
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
Business
Agthia’s profit rises by 14%
The food firm's revenue shot up to $260 million in Q3.
- Its net profit was up 14 percent to $11 million during Q3 of 2022
- Agthia lasty year also acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry