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
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.
Business
Al-Dawaa raises $27bn in IPO
Al-Dawaa, Saudi pharmacy chain, has raised $27 billion in equity from institutional investors after its first sale of shares to...
- With the order book 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing
- Individual subscriptions will be invited between Feb. 27 and March 1, offering a maximum of 2.55 million shares
Economy
Palestine exports rose 23% y-o-y in December
The rise in exports was 7 percent when compared to November of the same year.
- Exports to Israel increased in December by 12 percent compared to November
- Exports to other countries decreased by 19 percent during the same period
Economy
QAIA saw passenger traffic grow 161% in January
Passenger and aircraft movement and air cargo traffic at QAIA remained far lower than pre-pandemic levels.
- Aircraft movements grew to 4,630 in January, 127.2 percent up from the same period last year
- Air freight traffic also reached 4,048 tons in January, 13.6 percent up from the same period in 2021
Geostrategy
Jordan, Egypt discuss cooperation in rail transport
Jordan Ministry of Transport spokesperson, Ali Odaibat, said the visit follows a meeting between Minister of Transport Wajih Azaizeh, and...
- Jordan Ministry of Transport spokesperson, Ali Odaibat, said the visit follows a meeting between Minister of Transport Wajih Azaizeh, and his Egyptian counterpart, Kamel Al-Wazir
- He added that the delegation will discuss the economic feasibility study for the railway between Zarqa, Amman and Queen Alia International Airport
Geostrategy
UAE sends 47 tons of emergency relief to Mozambique
The aid is expected to improve the humanitarian situation of hurricanes, drought, and terrorist attacks faced by some countries in...
- The assistance is reportedly part of provisions to support casualties and the displacement of many residents
- The unrest is said to have left families, including children and women, homeless and without basic food needs
Geostrategy
India, UAE have historic friendship, partnership: Speaker of Lok Sabha
Birla made this statement during a joint Emirati-Indian session chaired by Saqr Ghobash, Speaker of the Federal National Council.
- Birla made this statement during a joint Emirati-Indian session chaired by Saqr Ghobash, Speaker of the Federal National Council
- He also affirmed that the bilateral relations between India and the UAE have significantly improved, developing into a comprehensive strategic partnership
Business
UAE signs deals worth $263m on Day 2 of UMEX & SimTEX 2022
UAE’s Ministry of Defense said on Tuesday that it signed three new deals worth AED966.25 million ($263 million) on the...
- The fifth edition features 15 live shows in the Tilal Swaihan area, showcasing grounded and aerial unmanned systems and AI and robotics technologies.
- The total number of deals during the first two days of this year’s edition was six, with an overall value of AED1.620 billion.
Business
Aramco is targeting investment in China : CEO Amin Nasser
Saudi Aramco is interested in investing in China, its President and CEO Amin H Nasser, said. He asserted that Aramco...
- Aramco is holding initial talks with partners, including the state-owned defense contractor Norinco.
- The talks were reportedly about the development of a $10 billion refining and petrochemicals complex in China.
Business
Mubadala invests in PDG
Singapore-based Princeton Digital Group (PDG) has closed an equity investment from Mubadala Investment Company (Mubadala) as a lead investor for...
- PDG is a leading Pan-Asia data center operator with a footprint across key Asian digital economies
- PDG has a portfolio of 20 data centers with over 600MW of secured capacity and spanning five countries
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
SAFEEN, Amaan Baghdad sign MoU
Business
Latest News
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...
Business
UAE views creativity through the lens of openness
"While living in Dubai, and through my performances in the UAE, I found that the culture of tolerance here is...
Arts & Culture
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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...
- The two sides discussed ways to encourage more Russian companies to transfer some of their production lines to the UAE.
- The two sides discussed exchange of medical expertise and ways to expand partnerships in the pharmaceutical sector between UAE and Russia.
Business
Ahlibank 9M net profit $65m
Customer deposits up by 9.2% to reach $5.79 bn.
- Net loans, advances and financing grew by 7.3 percent, reaching RO 2.538 billion.
- The bank's operating income and expenses also increased to the tune of 13 percent (RO 67.93 million)
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.