Sharjah records real estate transactions worth US$980m in October 2023
SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
Business
Economy
Lebanon fuel distributors say no diesel crisis in the country
Lebanon’s Fuel Distributors Representative Fadi Abu Chakra has confirmed that "there is no diesel oil crisis" in the country. The...
- The rumors of oil crisis started to circulate after a ship carrying 42 thousand tons of diesel met with a marine accident.
- The representative confirmed that diesel will be available during the next week and there is no crisis but a shortage.
Business
CBD signs a debt financing deal with Postpay
Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later...
- The strategic partnership with CBD will provide support to Postpay on several fronts including Transaction Banking
- The continued support from CBD will also enable Postpay’s planned expansion in the UAE, KSA, and other GCC countries
Geostrategy
WIPO and Qatar sign pact to promote Intellectual Property education
The World Intellectual Property Organization (WIPO) in collaboration with Hamad Bin Khalifa University (HBKU) will now promote education in intellectual...
- The World Intellectual Property Organization and Hamad Bin Khalifa University will collaborate for IP law teaching.
- The WIPO will provide expertise under the terms of the agreement.
Geostrategy
Saudi Arabia, Norway discuss relations and joint cooperation
The discussion took place in Riyadh between the Saudi-Norwegian Parliamentary Friendship Committee of the Shura Council and Norway’s Ambassador to...
- The two countries discussed aspects of bilateral cooperation between them
- The focus was on the level of parliamentary relations between the Shura Council and the Norwegian Parliament
Business
AD Ports raises $1bn in share sale a day before it lists on ADX
Abu Dhabi Ports Group has raised $1.1 billion from a share sale a day before it is to list on...
- The company offered 1.25 billion shares at 3.20 dirhams ($0.87) each, people familiar with the matter said last month
- ADQ, whose assets are estimated at $110 billion by sovereign fund tracker Global SWF, ranks as the UAE's third-biggest sovereign wealth fund
Infographics
How much gold and forex do Arab countries have?
Foreign exchange and gold reserves come in handy in many ways when a country is trying to ride out an...
- Foreign exchange reserve usually refers to how much foreign currency a country or its apex financial institution holds in reserve
- Gold reserve is a similar tranche, except that it pertains to the yellow metal that has been purified to a standardized degree
Economy
MoU signed to enrich Investopia summit’s discussions and workshops
Investopia investment summit has announced the signing of a Memorandum of Understanding (MoU) with Deloitte Middle East for collaboration to...
- The MoU was signed between Deloitte Middle East and Investopia investment summit taking place on March 28.
- The two parties will jointly study significant economic areas such as investments in AI, social and environmental sustainability and governance.
Business
German firm to build $3bn hydrogen plant in Egypt
The Egyptian government has partnered with the German energy storage firm H2 Industries to set up a green hydrogen plant...
- The German firm will invest $3 billion to establish the plant east of Port Said
- The plant will have a production capacity of 300 million tons of green hydrogen per year
Business
Turkey lifts ban on importing scrap metals from Lebanon after ministerial meet
Turkey has lifted the ban on importing scrap metals from Lebanon, which could secure about $100 million annually for Lebanon,...
- The embargo was imposed in 2018. Lebanon exported to Turkey more than 40 percent of the total exported scrap metal.
- The ban was lifted after Lebanon Minister of Economy and Trade Amin Salam's meeting with Turkish ministers in Ankara.
Business
DEWA and Tajik diplomats discuss tie-up in energy sector
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), met with Ilhom Abdurahmon, Consul-General of...
- The meeting at DEWA Head Office discussed ways to develop cooperation in energy and water sectors and topics of mutual interes
- Abdurahmon expressed his appreciation for DEWA’s efforts to enhance partnership and friendly relations
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Sharjah records real estate transactions worth US$980m in October 2023
SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
Business
Company News
Latest News
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
UAE president, Biden meet virtually to discuss energy transition
The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition.
Economy
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...
Business
Most Read
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.
Videos
Video: IMF echoes what TOP CEO Conference forecast about inflation in May 2022 – MENA growth may slow
Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people...
- Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people in the region, one of the experts had said at the event
- The MENA economies will continue to remain resilient this year, but double-digit inflation is expected to slow growth in 2023, the latest IMF report highlights
Economy
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.
- The two ministers also talked about the progress in the electrical interconnection efforts
- They also discussed ways to improve cooperation between their specialized businesses