EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
Business
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
Economy
Economy
Jordan passes 2022 budget with spending volume of over JD12 billion
The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon.
- The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon
- The budget seeks to increase the coverage of domestic revenues for current expenditures this year to about 88 percent
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
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
Business
Company News
IHC buys 54% stake in Emircom
Business
ADNOC Distribution to pay $349m
Business
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ADC sets price for IPO
Business
‘Five including four police officers killed in Iran’
Four Iranian police officers and one "terrorist" have been killed in separate incidents in the strife-torn country, state media and...
Geostrategy
World Cup: Saudia to operate 780 flights to ferry fans to Doha
Riyadh, Saudi Arabia---Saudi Arabian Airlines (SAUDIA) has announced it will allocate 780 scheduled, additional and shuttle flights connecting Riyadh, Jeddah,...
Business
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Geostrategy
UAE, Jordan ministers discuss global, regional issues
Jordan's Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Ayman Safadi met with UAE Minister of Foreign Affairs...
- The meeting between the two ministers was held on the sidelines of the Sir Bani Yas Forum in Abu Dhabi.
- The ministers highlighted the progress on joint projects and cooperation programs adopted by UAE and Jordan.
Business
Thousands of cyclists take part in annual Dubai Ride
Tens of thousands of cyclists rode down the skyscraper-lined superhighway that meanders through the middle of Dubai on Sunday morning,...
- The bikes raced down Sheikh Zayed Road, a 10-lane asphalt jungle that gives drivers a view of the world’s tallest building
- As dawn broke, bicyclists posed for photographs along the highway and cheered as they zipped along
Business
Qatar Civil Aviation Authority braces for arrival of football fans
Doha, Qatar— Qatar Civil Aviation Authority has promised a "unique travel experience" for football fans of the World Cup in...
- The authority's Air Navigation Department has completed its preparations for the World Cup as well
- The landing and take-off procedures have been separated into two runways to increase the capacity for take-off and landing operations