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
Economy
UAE aims to increase economy to more than $800bn by 2030
This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said Minister of Economy Abdullah...
- The UAE aims to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030
- In 2020, the UAE attracted FDIs worth some $20 billion, which was an increase of 17 percent compared to the previous year
Business
PIF opens 3 overseas firms
The new companies’ offices are in London, New York, and Hong Kong.
- The PIF is an active investor in several industries and businesses, including in the UK, Europe, the US, Asia, and South America
- The new subsidiary companies’ offices are expected to enable the PIF to continue to work with partners across these regions
Business
Borouge opens fifth polypropylene unit
PP5 will increase Borouge’s PP annual production capacity by 25 percent.
- Its total polymer capacity of polyolefins will also be increased by 11 percent from 4.5 to 5 million tons per year.
- Raw materials produced at PP5 would be enough for making water supply pipes for 6,500 Burj Khalifa buildings.
Business
Thailand’s only Fortune Global 500 company opens office in Abu Dhabi
The new trading office of PTT, Thailand’s largest corporation and the only Thai company listed in Fortune Global 500, was...
- PTT becomes part of the growing energy trading community-based at ADGM, alongside ADNOC Global Trading and ADNOC Trading.
- PTT is a long-standing and partner and customer of ADNOC and one of the founding partners in the IFAD Exchange to trade to Murban Futures.
Business
New South Wales displays agri-food innovations at Expo 2020
The Australian state of New South Wales (NSW) displayed its agri-food innovation and manufacturing capabilities to strengthen further its ties...
- New South Wales highlighted its prominent companies in agtech, food & beverages besides prime investment opportunities.
- The event saw six NSW companies pitched their businesses to the buyers, investors, distributors and retailers present in the audience.
Business
Aramco closes deal with consortium
The Global Investor Consortium acquires 49pc stake in Aramco Gas Pipelines.
- This lease and leaseback deal between the two companies was previously announced on December 6, 2021.
- Global Investor Consortium is an international investor consortium led by affiliates of BlackRock and Hassana.
Business
Etihad Rail and FAB sign pact
The bank will arrange finances worth $541m for passenger transport.
- The agreement comes as part of the UAE National Railways Programme, the largest land transport system of its kind in the UAE.
- With the launch of the railway passenger services, the passenger trains will strengthen connectivity between the UAE by connecting 11 cities and locations in the country.
Business
Etisalat rebranded e& in pursuit of global tech and investment ambitions
UAE’s biggest telecom operator Etisalat will now be called as e& after its rebranding on Wednesday, which was launched by...
- The rebranding was launched by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
- Abu-Dhabi based Etisalat was founded in 1976 and it has operations in the MENA region and Asia, serving more than 156 million customers.
Economy
Saudi Arabia overall export rose 62.6% y-o-y in December
GASTAT data said the value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021.
- The total value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021
- This was up from the SAR65.3 billion ($17.41 billion) that Saudi Arabia had in December 2020
Business
UAE Defense Ministry signs deals worth $544m at UMEX & SimTEX
Deals worth more than AED2 billion ($544 million) were made by UAE’s Ministry of Defense during the fifth edition of...
- This was the largest edition of this event in terms of exhibition area and exhibitors, with 134 exhibitors from 26 countries from around the world.
- The Ministry of Defense’s deals on the third and final day of UMEX & SimTEX 2022 included deals with local companies valued at AED 51 million.
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Company News
Tadawul market cap vaults
Business
SAFEEN, Amaan Baghdad sign MoU
Business
Latest News
Jordan imported 405k barrels of Iraqi crude in October
AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels...
Geostrategy
UAE, Russia discuss ways to bolster medical collaboration
DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) discussed with the Russian Ministry of Industry and Trade ways...
Geostrategy
Most Read
Business
ADNIC 9M net profit $72m
Net investment and other income reached AED93.8m.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said ADNIC's gross written premiums growing by 32.4 percent to AED4.29 billion.
- "The performance was driven by robust growth in the commercial division of 50.7 percent, and stable growth in consumer lines of 10 percent," he said.
Geostrategy
UAE-India manpower technical panel discuss collaboration
DUBAI, UAE - The UAE-India joint technical committee for manpower held its first meeting where it explored areas of collaboration...
- Both parties highlighted their keenness to enhance cooperation to ensure a safe, organized and legal transition of Indian laborers.
- The UAE delegation presented key insights on its job market, which is one of the preferred global destinations for work.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year