Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
Business
Qatar’s business conditions continue to improve in October
DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of...
Business
Business
Spotlight on Saudi model cargo villages as the sector grows in 2021
Saudi Arabia recorded a growth in air cargo traffic during 2021 compared to 2020, with the total air cargo until...
- The total air cargo until the end of December of 2021 amounting to more than 653,000 tons.
- The model cargo village at King Khalid International Airport in Riyadh is an advanced logistics platform with an estimated capacity of 500,000 tons.
Geostrategy
Arab Economic and Social Council backs Saudi bid to host Expo 2030
The League called upon the Arab countries to contribute to mobilizing international support for the Kingdom’s request to host the...
- The League called upon the Arab countries to contribute to mobilizing international support for the Kingdom’s request to host the exhibition
- The League held 109th ministerial session of the Economic and Social Council of the Arab League, which was held Thursday at the headquarters of the Arab League
Business
Work begins on $6.2bn Borouge 4 project in Abu Dhabi
The facility is being built at the Borouge’s polyolefin manufacturing complex in Ruwais in Abu Dhabi.
- The project is expected to play a significant role in meeting the projected growth of the global demand for polyolefins
- It will also apparently provide critical feedstock for the TA’ZIZ Chemicals Industrial Chemicals Zone in Ruwais in Abu Dhabi
Business
ADNIC 2021 profit is AED401.8 mn
The Company’s earnings per Share are AED 0.70
- ‘The Company’s diversified investment portfolio delivered excellent results with an increase in the Investment Income of 25.6% compared to 2020’
- In the fourth quarter of 2021, ADNIC extended its partnership with Al Bayt Mitwahid Association to support the association’s wide range of community welfare initiatives
Economy
UAE ranks 1st in Global Entrepreneurship Index 2022
The Global Entrepreneurship Monitor (GEM) has ranked the UAE 1st globally in its Global Entrepreneurship Index 2022, which was unveiled...
- The UAE also emerged as the number one global destination for establishing and starting businesses
- According to the report, the UAE has achieved an improvement on 11 out of the 13 axes covered by the index
Geostrategy
Sheikh Khaled and Prince William discuss global sustainability initiatives
Chairman of Abu Dhabi Executive Office Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Prince William of the UK...
- The two were briefed on Environment Agency - Abu Dhabi's (EAD's) ongoing work to protect the environment and enhance biodiversity.
- The initiative marks Prince William's visit, aiming to establish the emirate as a leading global center for research and innovation.
Business
Agthia Group revenue up 49 percent
The company posted a net profit of $58.81 million in 2021.
- The growth in revenues was attributed to strong growth in the Protein and Snacking segments.
- The Consumer-Business contribution to Agthia's top-line almost doubled versus last year, reflecting the positive growth.
Geostrategy
Turkey eyes cooperation in agriculture sector with Iraq, says minister
Turkey wants joint cooperation with Iraq regarding the exchange of products, its Minister of Agriculture and Forestry Bekir Pakdemirli said....
- Tuekey suffers from lack of water, climate change and migration for several reasons, including wars and clashes
- Turkish minister discussed with the Iraqi Minister of Agriculture, cooperation in the agricultural field
Geostrategy
Saudi fund signs debt deferral MoU with Cameroon
The debt deferral agreement has been signed in line with the G20 initiative of 2020 led by Saudi Arabia which...
- Saudi Fund for Development has signed agreement to postpone the debt owed for development projects in Cameroon
- The agreement signed between two party reschedules debt on Cameroon over a period of 6 years
Business
Milaha 2021 profit $199m
The company's profit in 2020 was $16.20 million.
- The Board of Directors decided to recommend to the General Assembly to distribute a 30 percent cash dividend of the par value of a share.
- It is equivalent to QAR 0.30 per share, representing a payout ratio of 47 percent of 2021 net profit.
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Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
Business
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AlBabtain launches IPO
Business
Saudi, Turkish media leaders discuss cooperation
The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations.
Business
ACWA Power to build 10 gigawatts wind project in Egypt
Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts...
Business
GCC states raise interest rates after Federal Reserve’s hike
Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to...
Economy
Most Read
Business
ADNOC and Siemens Energy to develop low-carbon energy certificates
Abu Dhabi, UAE---Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to...
- The the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels.
- This information will be automatically recorded onto a decentralized blockchain ledger.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.