OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
Economy
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
Business
Business
Jordan, Tunisia discuss economic cooperation
The discussion happened at the first session of the Jordanian-Tunisian Joint Trade Committee.
- The meeting was attended by Secretary-General of Jordan’s Ministry of Industry, Trade and Supply Dana Al-Zoubi
- Head of the Cabinet of Minister of Trade and Export Development in the Tunisian Ministry of Trade, Khaled bin Abdullah, also attended
Business
Paramount picks new group CEO
Steve Griessel, the new CEO of the Paramount Group will be providing strategic, financial and operational leadership to the company...
- South Africa born Griessel has served several companies as CEO in South Africa and the US
- Griessel has business leadership and senior management experience of more than 30 years
Business
Masdar, W Solar Investment partner to develop renewable energy projects
Masdar, one of the world’s leading renewable energy companies, and W Solar Investment, a subsidiary of Alpha Dhabi Holding, and...
- The new company, MW Energy Limited, will act as a development platform, focusing initially on a pre-identified pipeline of projects
- The JVC will focus initially on the development of pre-identified projects, primarily in Africa and in the Commonwealth of Independent States (CIS) region
Economy
Jordan ranks 5th among Arab countries on Corruption Perceptions Index
The report shows that Jordan has progressed by several indicators, and maintained its rank in some other indicators in 2021.
- The report shows that Jordan has progressed by several indicators, and maintained its rank in some other indicators in 2021
- Transparency International found countries that violate civil liberties consistently score lower on the CPI
Geostrategy
Saudi Arabia, Romania sign wide-ranging defense agreement
Saudi Arabia and Romania signed on Tuesday a defense cooperation agreement that covers training, exchange of expertise, technologies, developing communications...
- The pact includes training, exchange of expertise, technologies and developing communications systems.
- The agreement is in line with the two sides’ commitment to promote and encourage international peace, media reports said.
Economy
Saudi merchandise exports shot up 82.5 percent
According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5%...
- The value of exports amounted to SAR 107.3 billion ($28.61 billion) in November 2021, up from SAR 58.8 billion ($15.68 billion) in November 2020
- This increase originated mainly from oil exports, which rose by SAR 43.1 billion ($11.49 billion) or 112.8% in the same period
Economy
American companies willing to invest in Tunisia: Ambassador Blome
A number of US companies are willing to invest in basic infrastructure and logistics to support Tunisia's efforts in this...
- Tunisian Transport Minister Rabii Majidi expressed the will to further strengthen cooperation with the United States.
- Both parties exchanged views on the draft bilateral agreement in the field of air transport. The US ambassador urged stepping up talks to materialize this agreement.
Economy
Abu Dhabi passes new family business ownership law
The new law, issued by the ruler of Abu Dhabi, President Sheikh Khalifa bin Zayed Al Nahyan, aims to further...
- The new family business ownership governance law empowers owners of family business to: prevent selling of shares or dividends to individuals or companies outside the family
- The current law is not applicable to family-owned businesses where non-family members own more than 40 per cent of shares
Business
Ras Al Khaimah to allow ‘gaming’ at upcoming resort in Marjan
The emirate of Ras al-Khaimah on Tuesday announced a multibillion-dollar deal with casino giant Wynn Resorts and said it will...
- The emirate announced a multibillion-dollar deal with casino giant Wynn Resorts, but did not elaborate on 'gaming', a euphemism for gambling in the US.
- Ras Al Khaimah Tourism Development Authority said a new gaming division would require “compliance with all applicable laws and regulations".
Business
Saudi Arabia to build $79m tourism facility in Taif region
Saudi Arabia’s Tourism Development Fund (TDF) today announced a strategic partnership with Al-Ameen Real Estate, part of Al Nahla Group,...
- ‘Taif Front’ would be a 100,000 sqm project featuring upscale accommodation with more than 150 keys.
- The Tourism Development Fund has enabled projects with an investment value of around $1.6 billion.
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
Economy
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IHC acquires stake in Burjeel
Business
APICO to list on Nomu
Business
Egypt to grant ‘golden license’ in order to boost investment
The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities...
Economy
Savola Group posts 36% increase in profit
It recorded $173m profit in the first nine months of 2022.
Business
Upcoming climate events to boost UAE-Egypt ties
The bilateral relations between the two countries are based on mutual respect and appreciation. The significant advancement in the bilateral...
Geostrategy
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Business
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.
- The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
- The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Business
DEWA commissions 389 11kV substations in Q3 of 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
- DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
- These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.
Geostrategy
Investment to tackle climate change falls in 2022, says UNCTAD
Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global...
- Mitigation projects accounted for 94 percent of international climate investments, whereas adaptation ones continued to lag far behind.
- Developed economies made up two thirds of international project finance deals and greenfield investments in renewables.