OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
Economy
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
Business
Business
Saudi Arabia to issue second local sukuk for the year
For the second time this year, the Saudi government will issue riyal-denominated sukuk for the year, seeking to take advantage...
- The local issuance comes amid rising demand for both international and domestic fixed income markets that provide safe and guaranteed returns
- Countries are resorting to fixed income instruments to settle budget obligations in a bid to fuel economic recovery
Business
YGS awarded $247m mandate
The company will provide enhanced managed services to the UAE government.
- The agreement augments the previous operations and maintenance services provided, to include technology management support, from Jan 2022 until the end of 2026.
- Yahsat has been providing operations and maintenance services since 2011 on its first two satellites, Al Yah 1 and Al Yah 2.
Business
Nawy raises $5m in funding
Nawy, a Cairo-based property dealer, obtained a seed funding round of $5 million, led by the Sawiris family office.
- Nawy is focused on capitalizing on digital technologies and expanding the business to create an informed and transparent decision-making process for its customers
- “We were one of the initial investors in Nawy because we saw the company's potential,” said Onsi Naguib Sawiris, who leads the family office
Business
Apollo to invest in Aldar
Apollo-managed funds and clients will invest $1.4bn in Aldar.
- A total of $500 million would be invested into a land joint venture, $500 million are meant as perpetual Subordinated Notes issued by Aldar Investment Properties.
- Aldar said the land joint venture will allow it to realize long-term value tied up in its vast landbank while maintaining flexibility to develop or sell the land.
Economy
Hassyan Power Complex adds 1,200 MW to Dubai’s capacity
Dubai Electricity and Water Authority (DEWA) has said the production capacity of Hassyan Power Complex reached 1,200 megawatts (MW), using...
- A further 600 MW will be added in Q4 of 2022, and an additional 600 MW will be added by Q3 of 2023.
- This will raise the capacity of Hassyan Power Complex, which has been converted recently to run only on natural gas instead of clean coal, to 2,400MW.
Business
Jafza’s AED3.5bn food valley set to attract companies at Gulfood 2022
Jafza is home to some of the world’s leading brands, including Unilever, Nestle, Heinz, McCain, Hunter Foods, Alokozay Group of...
- Jafza is home to some of the world’s leading brands, including Unilever, Nestle, Heinz, McCain, Hunter Foods, Alokozay Group of Companies, Al Khaleej Sugar, Bayara, to name a few
- The F&B markets account for an annual increase of 3.8 percent, and the Middle East and Africa region are positioned as global gateways for Halal industries
Economy
JEA to provide jobs for Jordanian engineers in KSA
One in every 40 Jordanians is an engineer, making Jordan the country with the most engineers per capita globally.
- One in every 40 Jordanians is an engineer, making Jordan the country with the most engineers per capita globally
- Ahmad Zu'bi, who is the President of the Jordan Engineers Association, said Saudi Arabia and its companies in various engineering fields appreciate Jordanian engineers
Business
DEWA expands fibre optic ducts
The company lays 394 kms of Fibre Optic ducts in 2021.
- The company increased the total length of these cable ducts since 2015 and until the end of last year to 3,275 kilometres
- The external FO ducts protect and direct all Fibre Optic Cables in communication, data transfer and remote operations.
Videos
Most in-demand jobs in UAE as Covid shifts priorities
The pandemic, digitalization, change in employee priorities and new government policies in the region have influenced the most in-demand jobs,...
- About 78 percent of professionals in the UAE are considering changing their jobs this year
- About 48% expected an improved salary, while 45% hoped that opportunity to learn new skills will help them in switching jobs
Chelsea bags FIFA world champion title in Abu Dhabi
Chelsea was handed the prestigious trophy by FIFA president Gianni Infantino.
- A total of 32,871 fans at the Mohammed bin Zayed Stadium in Abu Dhabi witnessed the finals between Chelsea and Palmeiras
- Goals from Romelu Lukaku and Raphael Veiga saw the game finish 1-1 in normal time before Kai Havertz hit the winning goal
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
Economy
Company News
UAE’s mobile internet fastest in Arab world
Infographics
Latest News
Jordan’s King meets Russian minister, urges stability in southern Syria
AMMAN, JORDAN - Jordan's King Abdullah received Russian Foreign Minister Sergey Lavrov in Amman on Thursday and stressed the importance...
Geostrategy
Abu Dhabi Ship Building signs MoU
The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
Business
Arab nations to hold economic development summit every four years
Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League.
Geostrategy
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Interview
UAE a safe global oil, energy supply source: OPEC chief
Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification...
- Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification through other sources, and reduce costs
- The UAE, one of the largest OPEC producers, has attained a significant stature in global energy and oil markets in terms of production, refinery, storage, transport and shipping
Business
Fertiglobe Q3 revenues up $1.32bn
Adjusted EBITDA grew 64 percent to US$606 million.
- Free cash flow increased to US$189 million from US$56 million in Q3 2021
- The company will pay US$700 million, equivalent to AED0.31 per share, to shareholders in April 2023
Geostrategy
UAE-China trade $64 bn in first eight months of 2022: Ambassador
Dubai, UAE---China-UAE bilateral trade has exceeded US$64 billion during the first eight months of 2022, which marked a 27.93 percent...
- China has become the UAE’s largest non-oil trading partner in the world, said Zhang Yiming, Ambassador Extraordinary and Plenipotentiary.
- UAE remained China’s second-largest trading partner and the largest export market in the Arab region, he said.