Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Rising global temperatures in focus as COP28 kicks off in Dubai
Dubai, UAE--Rising sea levels, vanishing Arctic landscapes, fading coral reefs, acidic oceans, and raging forest fires are common occurrences today....
COP28 UAE
Business
Shurooq to invest in GCC, Arab countries, Australia, says its Executive Chairman
Shurooq is currently considering in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar,...
- Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US.
- It is now engaged in tourism, environment, transport and project management sectors and will soon invest in health, education and robotics.
Business
UAE ratifies $3.26bn loan for Sheikh Zayed Housing Program
The UAE has approved a $3.26 billion housing loan budget for Sheikh Zayed Housing Program in a cabinet meeting on...
- "The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years", said Sheikh Mohammed bin Rashid
- He said the cabinet also approved the establishment of the Emirates Council for Balanced Development to develop plans, implement projects and build government-private partnerships
Business
EGA of UAE posts record net profit of $1.5bn for 2021
Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.
- The company's record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices
- “These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said
Business
Saudi Exports organizes Commercial Mission for 30 businesses to Oman
Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in...
- The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various economic fields.
- Saudi non-oil exports to Oman reached $932 million till November 2021---food sector SAR 884 million, petrochemicals SAR 709 million and the constructions sector SAR 529 million.
Business
Lucid Motors to manufacture electric vehicles in Saudi Arabia
Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in...
- The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
- Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047
Business
Al Arabia sets up e-commerce subsidiary
The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products.
- The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products
- Al Arabia will announce any material impact regarding setting up the new subsidiary once developed
Geostrategy
Saudi Deputy Defense Minister meets Abu Dhabi’s Crown Prince
Prince Khalid bin Salman conveyed the greetings of the Custodian of King Salman bin Abdulaziz Al Saud.
- Prince Khalid bin Salman conveyed the greetings of the Custodian of King Salman bin Abdulaziz Al Saud
- The two kingdoms discussed strategic cooperation and the developments in the regional and international arena
Economy
Makkah governor launches $4bn projects in the region
The new initiatives are expected to support environmental and water sustainability in accordance with the Saudi Vision 2030.
- The total cost of the 72 projects is said to be more than SAR15 billion ($4 billion)
- They are said to spread across several sectors, including water and the environment
Economy
Jordan, Saudi Arabia talk ways to raise trade exchange
According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint...
- According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint Commercial Committee meetings
- The meetings will tackle many topics aimed at increasing the volume of joint trade exchange and economic cooperation
Business
UAE, Egypt sign reinsurance pact to bolster trade, economic cooperation
The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export...
- The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations
- The broad range of trade credit insurance amongst these two entities will mitigate risks they might encounter due to various political and commercial reasons
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Company News
Burjeel IPO raises $300m
Business
Latest News
SEIC strikes US$150m deal
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.
Burjeel’s nine-month net profit $55.83m
The company's revenue grew 17.8 percent year on year.
Business
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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
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.
- The law which will come into effect from January 2023 aims to increase UAE’s attractiveness as investment destination
- It allows the creation of a package of incentives and enablers for the industrial sector that support national strategic objectives