UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
Business
Israel pauses bombing in Rafah for four hours
Tel Aviv, Israel - The Israel Defense Forces (IDF) suspended its military operation in Rafah in the southern Gaza Strip,...
Geostrategy
Infographics
How economically free are GCC countries?
In economically free societies, governments allow labor, capital, and goods to move freely.
- Economic freedom may be described as the fundamental right of every human’ to control their own labor and property
- In an economically free society, individuals are said to be free to work, produce, consume, and invest in any way they please
Business
Etisalat 2021 revenue up 3.2%
The consolidated revenue stood at AED53.34 billion ($14.52 billion).
- The company attributed the growth to increased demand for data connectivity and digital services
- The growth was also attributed to international operations and improvement in domestic operations
Business
UAE launches Nationals Development Pathway for food security
The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food...
- The UAE Food & Beverage Business Group enables the active participation of professionals, Emiratis and SMEs to support the food sector
- The Middle East Sugar and Calorie Reduction Programme was also unveiled at Gulfood as the first series under the NDP
Geostrategy
UAE, Turkey sign 13 agreements, MoUs in key areas
The signing of cooperation agreements and MoUs ‘mark the beginning of a new era in relations’ between the two countries...
- Erdogan visits UAE for first time in nearly a decade to revive relations that were long strained by regional disputes
- The two countries vow 'to confront a number of common challenges" through dialogue and diplomatic resolve
Business
Mubadala closes Brazil fund
Brazil Special Opportunities Fund I is Mubadala's first fund in Brazil.
- The fund raised capital from a diverse set of global investors, including a leading public pension fund, family offices and corporates among others.
- Mubadala Capital manages over $10 billion of assets in third-party managed funds across its Brazil, private equity, public equities and venture capital businesses.
Geostrategy
Islamic Development Bank sets up fund for providing aid to Afghanistan
The Islamic Development Bank (IsDB) approved the establishment of the Afghanistan Humanitarian Trust Fund (AHTF), which will channel humanitarian and...
- The Afghanistan Humanitarian Trust Fund will be administered by the bank and receive contributions from member states.
- For project financing, it approved $337.63 million for transport, agriculture, and human capital development projects in Guinea, Cote d’Ivoire, and Senegal.
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.
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UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
Business
Company News
Latest News
Saudi, Australian ministers discuss trade, bilateral ties
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met the Australian Assistant Minister of Industry for Manufacturing...
Geostrategy
Total broad money supply in Qatar reaches US$189bn in September 2022
The Planning and Statistics Authority (PSA) has released the 105th issue of (Qatar; Monthly Statistics) bulletin for the month of...
Analysis
FANR highlights its robust nuclear safeguards regime
UAE's Federal Authority for Nuclear Regulation (FANR) has recently participated in the 14th Symposium on "International Safeguards: Reflecting on the...
Science
Most Read
Business
Marafiq IPO oversubscribed
It attracted total orders of nearly $1.7 billion.
- A minimum of 10 shares were allocated per individual subscriber, while the remaining shares will be allocated pro-rata, with an allocation factor of 4.91 percent
- Retail investors started the subscription of about 21.93 million shares of Marafiq, or 30 percent of total offered shares, at SR46 each on Oct. 26
Economy
S&P raises Qatar’s credit rating citing its declining debt load
The rating agency predicts that increased oil prices would lead to significant fiscal surpluses in 2022–2023.
- The rating agency predicts that increased oil prices would lead to significant fiscal surpluses in 2022–2023
- One of the biggest natural gas exporters in the world, Qatar has reaped significant rewards from the sharp rise in oil and gas prices
Arts & Culture
Saudi Arabia’s embassy in United States participates in ‘Cat Walk’
The Saudi ambassador to the United States, and a number of embassy staff were present on the occasion.
- The Saudi ambassador to the United States, and a number of embassy staff were present on the occasion
- The participation included a number of embassy staff walking a distance of 7 kilometers to raise awareness about the conservation of 40 species of endangered wild cats