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
Business
Non-Jordan investors buy less, sell more at Amman bourse
The net of non-Jordanian investments during January 2022 showed a negative value of JD5 million ($7.05 million).
- The value of shares that were bought by non-Jordanian investors during January 2022 was JD11.2 million ($15.8 million)
- The value of shares sold by these non-Jordanian investors for the same period amounted to JD16.2 million ($22.85 million)
Business
$100m platform set to give MENA esports a boost
Zain-PlayHera joint venture aims to enhance the capabilities of esports professionals and nurture local talent in the regional markets
- The partnership, which delivers the first esports platform in the region, aims to enhance the capabilities of esports professionals
- It will also nurture local talent in the region’s markets by creating an enabling environment for esports content creators and designers
Science
UAE-Bahraini Light-1 CubeSat launched into orbit from ISS
The UAE-Bahraini Light-1 CubeSat was successfully launched into orbit from the International Space Station, in cooperation with the Japan Aerospace...
- Light-1 CubeSat is a collaborative initiative of the UAE Space Agency, Bahrain’s National Space Science Agency, Khalifa University of Science and Technology, and NYU Abu Dhabi.
- The Light-1 CubeSat represents the region’s first scientific mission to monitor and study Terrestrial Gamma-ray Flashes (TGFs) from thunderstorms and lightning.
Science
UAE to host International Conference on Space Operations next year
The Mohammed Bin Rashid Space Center (MBRSC) announced that it will host the 17th International Conference on Space Operations (SpaceOps...
- Scientists, practitioners, engineers and leaders in the space industry will participate in the event.
- UAE’s Mars 2117 Strategy seeks to be the first to establish a human colony on the Red Planet.
Economy
Middle East Energy Event to address future of energy transition
The Middle East Energy Event (formerly Middle East Electricity) will be held at Dubai World Trade Center from 7th-9th March....
- The event, formerly known as Middle East Electricity, will be held at Dubai World Trade Center from 7th-9th March.
- A study by Goldman Sachs revealed green hydrogen could meet 25 percent of global energy requirements in the next 30 years.
Business
Abu Dhabi Judicial Department sells 787 cars for $5 million at auctions
The Abu Dhabi Judicial Department (ADJD) has organized five-car auctions at the Al Mafraq vehicle impound area over the past...
- The vehicles were sold at competitive prices ranging from $544 to $69424.
- The five-car auctions generated a high influx of bidders, whose number exceeded 1,200.
Business
Aldar Education gets $272m
Company's growth plan focused on three locations in Abu Dhabi.
- Aldar Education currently owns nine schools under Aldar Academies and Cranleigh Abu Dhabi and manages a further 11 schools.
- The company aims to increase the existing student capacity in Aldar Education’s owned and managed schools to over 40,000 seats by Academic Year 2024-25.
Geostrategy
GACA and Oracle sign MoU to steer digital transformative initiative
Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed an MoU with Oracle to develop and support a roadmap...
- The memorandum was signed on the sidelines of the Global Tech Conference "LEAP" held in Riyadh.
- It also stipulates mutual coordination regarding cloud seminars, training and guidance, facilitating training.
Economy
Green Hydrogen Production among 98 new activities added to Dubai economy
A total of 98 new economic activities have been added to several sectors of Dubai in 2021, bringing the total...
- The total number of economic activities in the Emirate has reached 2,200. In 2020, the DET had added 58 activities.
- Artificial Intelligence Developing Services, Gaming Localization Services and Industrial Consultancies are among other activities added this year.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...
- This discovery marks the first of Abu Dhabi’s offshore exploration concessions
- Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Dana Gas to pay $85m H1 dividend
Business
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Saudi Steel lands contract
Business
Raydan to cut capital by 53%
Business
UAE-US partnership to spur $100 bn clean-energy financing, development
The Partnership for Accelerating Clean Energy will see the two countries develop, finance and deploy clean projects in the US,...
Economy
ADEX signs line-of-credit pact with National Bank of Iraq
The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a US$10...
Business
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Business
Emirates Steel Arkan Q3 net profit $28m
The net profit for the first nine months of 2022 was $104m.
- Revenues for the first nine months of 2022 rose to AED7.12 billion, while the revenues rose 29 percent to AED2.51 billion in the third quarter.
- The Group's Q3 2022 EBITDA gained 224 percent year-on-year (YoY) to AED269 million. The Group reported EBITDA of AED863 million.
Business
Saudi Aramco, IBM partner to establish Innovation Hub in Kingdom
The partnership will support tech-driven economic growth in the Kingdom by promoting cutting-edge emerging technologies.
- The partnership will support tech-driven economic growth in the Kingdom by promoting cutting-edge emerging technologies
- New York-based IBM has worked with the energy industry since 1947, when the first computer was installed in Aramco
Business
du revenues vault 10.5%
It posted $863.17m in revenues for the first nine months of 2022.
- Mobile service revenues continued their recovery increasing by 10.7% to $393 million while equipment sales generated revenues of $48 million
- Fixed services revenues soared 22.2% to $243 million, buoyed by the continued strong performance of the consumer segment