ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
Business
Geostrategy
Turkish president Recep Erdogan’s visit reflects growing relations: UAE
Erdogan's visit on Monday will be marked by a visual display on the Burj Khalifa façade, lighting up several landmarks...
- Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan had visited Ankara in November 2021 on the invitation of the Turkish President.
- Turkey is the 11th largest trading partners of the UAE, while the UAE is Turkey’s 12th biggest trading partner globally and the largest in the Gulf region.
Business
Saudi firm BinDawood eyes expansion by way of acquisition
Future Tech Retail, a firm owned by Saudi retailer BinDawood Holding, will acquire a sixty-two percent stake in International Applications...
- Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co
- The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence
Business
2021 edition of World’s Coolest Winter raises UAE hotel revenues by 50 percent
UAE government's World's Coolest Winter campaign, which was launched in December 2021, has raised revenues of hotel establishments to AED1.5...
- The campaign promoted tourism, natural sites and entertaining destinations and experiences across the seven emirates of the UAE.
- The campaign also raised the number of domestic tourists from 950,000 to 1.3 million, an increase of 36 percent over the first edition of the campaign.
Business
QLM net profit up 8 percent
The insurer reported a growth of 16 percent in underwriting income.
- The Company’s net profit for the Year 2021 is QAR 106.2 million compared to QAR 98 million in 2020, a growth of 8 percent.
- The company’s board has recommended a cash dividend of 22 percent (QAR 0.22 per share).
Business
Ras Al Khaima issues 1,749 business licenses in 2021
The Emirate of Ras Al Khaima has given out 1,749 business licenses in 2021, a thirty-six percent jump over the...
- Commercial sector licenses increased by 921, accounting for 53 percent of the total issued licenses, an annual growth of 30 percent compared to 2020
- It was followed by industrial and professional licenses at annual growth rates of about 47 percent and 46 percent respectively
Geostrategy
Dubai Municipality planted on average 466 trees a day in 2021
Dubai Municipality has added 2.83 million square meters of green areas to the city by planting more than 170,000 trees...
- The Municipality has added 2.83 million square meters of green areas to the city by planting more than 170,000 trees in various locations.
- The total area of green spaces under the Municipality’s supervision to around 43.83 million square meters.
Expo 2020 DUBAI
Expo 2020 Dubai warns of fraud over Coldplay concert tickets
Some free tickets for the February 15 concert of British music band Coldplay were apparently being resold online for money.
- Expo 2020 Dubai has warned that the many copies of the same ticket may be sold online
- Each ticket has a QR code that can be scanned only once, to deter exactly such practices
Geostrategy
Norway vows to increase funding for UNRWA
Norway's Minister has called on other donors as well to increase their funding for UNRWA.
- Norway has vowed to provide NOK 1.1 billion ($124 million) over a period of four years to UNRWA
- It is expected to help the organization protect children and boost initiatives to combat sexual and gender-based violence
Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Business
The annual Sharjah Heritage festival to kick off in March
Armenia will be the official guest of honor this year due to its rich and diverse cultural stock, while Indonesia...
- The Sharjah Institute for Heritage (SIH) announced that the festival’s slogan will be "The Heritage and the Future"
- A total of 33 countries would participate in the event including Saudi Arabia, Oman, Kuwait and Qatar from GCC
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
Company News
Latest News
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...
Business
Great editors act as teacher, help create great authors
“I have two very important roles - the first, to be the mouth-piece for my authors in the publishing house,...
Business
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
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Science
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...
- The symposium in Austria aims to reflect on the experience gained and lessons learned over the past six decades of implementation of nuclear safeguards.
- It also tries to verify that member states are honoring their international legal obligations to use nuclear material and technology only for peaceful purposes.
Business
Awareness campaign of DEWA digital services ends
Dubai Electricity and Water Authority (DEWA) has successfully concluded its awareness campaign among customers about its innovative digital services on...
- The campaign provided guidelines and advice through DEWA's social media and internal and external channels.
- This helps customers make smart decisions to manage their consumption and benefit from DEWA's advanced digital services and initiatives.
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