EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite...
Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
Business
Geostrategy
UAE, EU discuss measures to boost regional economic cooperation
Speaker of the UAE Federal National Council (FNC) Saqr Ghobash discussed the ongoing cooperation between the UAE and European Union...
- Ghobash and White strongly condemned the Houthi attacks on civilian facilities in the UAE and stressed the need to find peaceful solutions to conflicts
- They also highlighted the importance of continuing their coordination on matters of mutual concern, and addressing terrorism and helping establish security, stability and peace
Business
QDB inks deal with QSC
Qatar Development Bank (QDB) will support Qatari entrepreneurs and innovators, small and medium-sized companies, to help diversify the country's economy.
- The MoU provides for the support of innovators of the Qatar Scientific Club by providing financial grants
- It also helps by providing technical consultancy to manufacture and test the prototype for innovation
Business
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.
- The retail offering was 12.63 times covered after allocating one million shares to individual investors
- The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
Business
Israel Diamond Exchange in Dubai
The exchange is based in Dubai Multi Commodities Centre.
- Dubai Multi Commodities Centre said the office is set to increase the ease of doing business for Israeli diamond companies.
- The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub.
Geostrategy
Qatar to recall two infant products on suspicion of contamination
The Ministry urged all consumers to report any violations by communicating with the Consumer Protection and Anti-fraud Department.
- The decision is taken due to the possibility of contamination of these products with Salmonella and Chronobacter bacteria.
- The Ministry stated in a statement today that this move comes to ensure the immediate cessation of the use of the products.
Business
ICESCO to cooperate with Qatari institutions and authorities
The Director-General of ICESCO Salim bin Mohammed Al-Malik met with Ambassador of Qatar to Morocco Sheikh Abdullah bin Thamer
- During the meeting, they discussed ways to enhance the distinguished relations of cooperation between ICESCO and Qatar
- The officials also reviewed aspects of the success achieved during the celebration of Doha, Capital of Culture of the Islamic World 2021
Business
Saudi real estate to contribute 9% to GDP by 2030
The Saudi real estate sector will contribute close to nine percent to the national gross domestic product by 2030, according...
- The kingdom's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030
- Real estate witnessed growth in land and property registration by 85 percent in 2021
Business
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.
- Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
- The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Business
Iraq to team up with Halliburton and Aramco to explore oil
Iraq is looking to partner with Halliburton Co. and Aramco to tap into oil and gas reserves in the Western...
- The Iraqi ministry is finalizing the commercial terms of work
- The country is also discussing with Aramco the possibility of funding and developing a natural gas field, also known as Akkas
Geostrategy
Post-Covid recovery needs to be green, human centered: UN chief
As the pandemic grinds on, poverty is rising, inequalities are widening, and household incomes are dwindling, while billionaires have seen...
- António Guterres was addressing Global Forum for Human-centered recovery, organized by the International Labor Organization.
- The three-day forum is being held online and brings together world leaders, heads of international organizations and multilateral development banks.
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EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite...
Business
Company News
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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...
Geostrategy
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Business
BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.
- The company attributed the weak figures to lower gross profit and higher operating expenses combined
- For the third quarter of the year, BinDawood accrued losses of $12.80 million from profits of $18.66 million in the same period of last year
Business
Al-Othaim’s profit up by 436%
Its profit rose to $235m in the first nine months of 2022.
- The company’s share price went up 1.57 percent to SR116.80, after releasing its earnings report on Monday
- Thanks to a 13 percent increase in revenue to $1.86 billion, the retailer’s profit surged 486 percent from $40 million in the same period last year
Business
Global financial industry leaders set to descend on Abu Dhabi
Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem...
- Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem Ben-Gacem, Co-CEO of Investcorp
- The event now has Abu Dhabi Islamic Bank (ADIB), HSBC Bank, Mubadala and Standard Chartered as official partners, MidChains and OKX as supporting partners