8 pacts on trade, investment inked in Saudi-Algerian Business Forum
RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at...
Business
Earth to warm up to 2.9C even with current climate pledges, says UN
PARIS, FRANCE - Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
Geostrategy
Economy
Bahrain updates Covid protocols, cancels isolation for contacts of active cases
Tests will be only be conducted for individuals experiencing COVID-19 related symptoms if the result of the rapid test is...
- Tests will be only be conducted for individuals experiencing COVID-19 related symptoms if the result of the rapid test is positive.
- All passengers arriving in the Kingdom of Bahrain do not need to conduct a PCR test upon arrival
Economy
National Water Carrier Project will be completed by 2027: Jordan PM
The government is "serious" in finding solutions to many pending investments, including Amman's Sixth Circle Towers project, the PM said.
- The government is "serious" in finding solutions to many pending investments, including Amman's Sixth Circle Towers project, the PM said.
- The PM announced that the government may provide incentives to the industrial city in both southern Karak and Tafileh governorates
Business
Abu Dhabi saw real-estate transactions worth $19.47bn in 2021
The entire amount resulted from a total of a combined 14,958 sales and mortgage transactions.
- Yas Island is said to have topped the list of best performing areas, with real-estate deals worth AED4.1 billion ($1.12 billion)
- Reem Islands comes second with AED3.2 billion ($871.34 million), and Saadiyat was third with AED2.5 billion ($680.74 million)
Analysis
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
- The global trade volume in the year gone by was an increase of 25 percent on 2020
- It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Business
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
- The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
- The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
Business
G42 Cloud and Serbia to develop cloud computing solutions
G42 Cloud, a subsidiary of G42, the UAE-based AI and cloud computing company, and Serbia signed a Memorandum of Understanding...
- The new agreement will see both parties progress the joint development of Artificial Intelligence (AI) and cloud computing solutions across sectors
- The signing ceremony took place at Expo 2020 Dubai at the Investment Conference held in conjunction with the Statehood Day of Serbia
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
Geostrategy
Arab countries review discussion topics for IPU Conference in Cairo
The speakers of the parliaments and councils of the Arab countries, in a meeting, reviewed the topics to be discussed...
- Speaker of the Shura Council Sheikh Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh chaired the Kingdom of Saudi Arabia's delegation in the conference.
- During the meeting, the Committee discussed the amendment of the charter and the internal system of the Arab Inter-Parliamentary Union.
Business
Dubai imports 8 million tons of food in 2021
Dubai has imported eight million tons of food during 2021 and re-exported 6.277 million shipments through all its ports, a...
- Dubai issued 78,812 food export health certificates, while the quantity of food exported last year amounted to 3.272 tons to 157 countries
- The municipality said all types of food are registered electronically through a global system, a unique systems in controlling imported and locally produced foods in the emirate
Business
ADNOC framework agreements declared
The $1.94 bn agreements have been awarded to four companies.
- The wireline logging and perforation services are the largest of such awards in the oil and gas industry.
- The framework agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.
8 pacts on trade, investment inked in Saudi-Algerian Business Forum
RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at...
Business
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UAE, Turkish FMs discuss food and energy security
The two ministers also discussed prospects of bilateral cooperation and partnership between the UAE and Türkiye.
Economy
UAE removes most Covid restrictions and eases mask rules
Dubai, UAE—The United Arab Emirates has dropped almost all Covid restrictions as the rate of infection considerably drops in the...
Economy
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Business
Suez Canal Authority to invest US$550m in current fiscal
Cairo, Egypt— Suez Canal Authority will make an investment of $550 million in the current fiscal year, according to Minister...
- The revenue of Suez Canal increased in the third quarter of this year by 23.5 percent year-on-year to hit $2.1 billion — the highest figure ever recorded
- As many as 6,252 ships crossed the canal from July to September, with a total net payload of 372.7 million tons
Economy
UAE to unveil its Net Zero by 2050 roadmap at COP27: Almheiri
‘The UAE is also working on a comprehensive assessment of the status and movement of sustainable financing solutions, including green...
- ‘The UAE is also working on a comprehensive assessment of the status and movement of sustainable financing solutions, including green bonds’
- ‘The country would focus on intensifying efforts to promote climate-smart initiatives to benefit the private sector, through a set of reports and evidence’
Geostrategy
UAE’s climate initiatives to benefit private sector
The Gulf country will reveal the mechanisms for implementing its strategic initiative to achieve climate neutrality 2050, as part of...
- At COP27, the Gulf country intends to reveal the details for the mechanisms and pathways for implementing its strategic initiative to achieve climate neutrality 2050
- This is alongside a comprehensive assessment of the status and movement of sustainable financing solutions, including green bonds, says the UAE minister