Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...
Geostrategy
Business
Mubadala, Trafigura complete mining sale
They have sold 100 percent of Spanish operation MATSA to Sandfire Resources.
- MATSA owns and operates two mines in the municipality of Almonaster La Real and one mine in the province of Huelva, Andalucia.
- The company’s processing plant can process more than 4.4 million tons of copper and polymetallic ore per year.
Business
Saudi Arabia clocks high growth in ‘contactless’ payment
Saudi Arabia has witnessed a big jump in 'contactless' payment during the last three years, from hovering in single digits...
- Looking at Saudi Arabia’s workforce, Torre said that the large number of foreign workers in the Kingdom should provide ample opportunities for Visa in terms of offshore remittances
- Torre indicated that his company offers a Visa Direct solution which allows people to send money to any of their 3.7 billion cards or directly to bank accounts in 88 countries
Business
Aramco officially launches $1 billion Venture Capital fund Prosperity7 Ventures
Saudi Aramco has officially launched Prosperity7 Ventures, a $1 billion Venture Capital fund. The fund has been operational for over...
- The fund has been operational for over a year but was launched officially on Tuesday.
- The fund aimed at supporting the development of next-generation technologies and business models.
Business
CBUAE to start new terms for credit and liquidity facilities
The Central Bank of the UAE will introduce a new set of terms and conditions for its standing credit and...
- The new terms and conditions define the discretionary powers related to the activation of these facilities and the guidelines for collateral management
- In addition, the CBUAE may activate the Contingent Liquidity Insurance Facility in response to any actual or prospective stress of an exceptional nature
Economy
Iraq confirms distributing residential lands under Dari initiative
Iraqi Prime Minister Mustafa Al-Kadhimi has directed contracting with investment companies to build infrastructure in the areas where residential land...
- The “residential parts will be distributed”, and service buildings will be “built from health and school centers.
- During its meeting on September 22, 2021, the cabinet voted on the mechanism for the distribution of residential land.
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
Sharjah Shopping Promotions sees 40 percent more shoppers this season
The Sharjah Chamber of Commerce and Industry (SCCI) has seen off another season of the 48-day "Sharjah Shopping Promotions" campaign....
- The volume of purchases throughout the 48-day campaign grew by 25 percent.
- Some 653 shops and stores took part in the event, offering attractive discounts of up to 75 percent on leading brands and various types of goods
Economy
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green...
- The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable projects.
- The program plays a crucial role in the Palestinian ecological system since energy services’ costs are high.
Business
Saudi Arabia receives investment of $2bn in cloud computing
In the last two years, Saudi Arabia has attracted more than $2 billion in investments in cloud computing according to...
- Saudi Arabia has implemented several initiatives to attract more foreign investments and encourage non Saudi companies including startups to invest in the Kingdom
- Many international companies announced plans to move their headquarters to Riyadh for investment opportunities
Business
DP World begins construction of Banana Port in Democratic Republic of Congo
DP World and Government of the Democratic Republic of the Congo (DRC) Tuesday laid the first stone to mark the...
- DP World and Congo government laid the first stone to mark the construction of the port capable of handling the largest vessels in operation.
- The port will have a container handling capacity of about 450 000 TEUs (20-foot equivalent units) per year, and a 30-hectare yard to store containers.
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Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...
Geostrategy
Company News
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DEWA, Desolenator ink pact
Business
ADNOC sets Upstream Methane Intensity target of 0.15 percent by 2025
Abu Dhabi, UAE--- Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane...
Business
Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022
As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...
Economy
Empower IPO priced AED1.31-1.33 per share
The total offering size expected between $357m and $362m.
Business
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Business
Taaleem to raise US$204.21 million in IPO
Dubai school operator plans to expand its network.
- Taaleem will offer 10% of its shares to retail investors starting Nov 10, and 88% of its shares to professional investors on Nov. 17
- The company said another 2% will be offered to Eligible Employees and Eligible Parents
Business
Qatar and Azerbaijan to enhance trade, energy relations
Doha, Qatar— Qatar and Azerbaijan have decided to enhance relations in the fields of energy and trade and in this...
- Minister of Economy of Azerbaijan, Mikayil Jabbarov, lauded the relations both countries enjoy, noting that Azerbaijan is eager to further develop its relations with Qatar
- The Qatar-Azerbaijan Joint Business Council aims to assist in setting up direct partnership links between business entities of both countries
Videos
New industrial policy seeks to diversify Saudi economy
The program, launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman, has identified more than 800 investment opportunities...
- The new industrial strategy envisages tripling the country’s industrial domestic product and doubling the value of industrial exports to $148.2 billion.
- The Crown Prince said the program will make the kingdom a leading industrial power that “contributes to securing global supply chains and exporting high-tech products to the world”