$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
Business
Business
MENA Transport Congress Exhibition kicks off in Dubai
The fourth edition of the MENA Transport Congress & Exhibition began on Monday in Dubai.
- The three-day event is organized by Dubai’s Roads and Transport Authority, and includes 13 sessions, five of which are main sessions
- The sessions will discuss the smart transport service, eco-friendly electric buses, artificial intelligence and big data, first and last-mile trips
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.
$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
Business
Company News
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AlBabtain launches IPO
Business
UAE-China trade $64 bn in first eight months of 2022: Ambassador
Dubai, UAE---China-UAE bilateral trade has exceeded US$64 billion during the first eight months of 2022, which marked a 27.93 percent...
Geostrategy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
Economy
Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and...
Business
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Business
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.
- The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
- Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Business
Arriyadh posts 20% profit drop
Its profit declined to $69.6m in the first nine months of 2022.
- According to a bourse filing, the developer had posted $87 million profit in the corresponding period the year earlier
- The decline in profit is mainly due to the 17 percent reduction in income from the associate company’s business, resulting from lower land sales volume
Business
Saudi, Turkish media leaders discuss cooperation
The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations.
- The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations
- The Turkish Ambassador to the Kingdom Fatih Ulusoy was also part of the meeting besides President of the Saudi Press Agency Dr. Fahd bin Hassan Al Aqran