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
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Business
Ajman Free Zone’s technology sector records 21% growth in 2021
The positive growth in results indicate the growing confidence of foreign investors and technology companies in AFZ's offerings in the...
- The positive growth in results indicate the growing confidence of foreign investors and technology companies in AFZ's offerings in the sector
- The business hub currently hosts more than 550 registered companies in the sector – cementing its position as one of AFZ’s strongest business areas
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
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
Company News
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Infographics
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Tadawul market cap vaults
Business
AIIB, GEAPP partner to fund the energy transition in Asia and beyond
The partnership will address the energy transition challenges around the world through the identification of co-financing opportunities for projects.
Economy
Video: TOP CEO Conference discusses fake news in May, months later social media giants take action
Facebook, Instagram, Twitter and other social media platforms have reportedly blocked campaigns aimed at influencing opinion in Central Asia and...
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Economy
Global tourism now at around 70% of pre-pandemic levels: UNWTO
“Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market.
- “Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market
- The WTM offers a platform for public and private sector leaders, addresses tourism’s most pressing issues and sets the agenda for the years ahead
Business
Saudi signs agreements with Oman, Egypt to boost energy ties
Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field....
- The MoU between Saudi Arabia and Oman also includes cooperation on hydrogen as well as enhancing digital transformation in the energy field
- The Saudi-Egypt deal aims to enhance cooperation in the production and export of electricity from renewable energy, transport of clean hydrogen, and electrical interconnection
Business
UAE, Jordan and Israel advance Project Prosperity
The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil...
- The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil Mangrove Alliance for Climate at COP27
- Led by the UAE and Indonesia, the MAC initiative seeks to scale up and accelerate the conservation and restoration of mangrove ecosystems for the benefit of communities worldwide