Saudia records 50 percent growth in operations during Umrah season
JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
Business
Science
Global vaccine program COVAX seeks $5.2b in funding
COVAX's initial goal was to deliver 2 billion doses by the end of 2021, but its lack of cash when...
- COVAX's initial goal was to deliver 2 billion doses by the end of 2021, but its lack of cash when vaccine deals were made delayed its delivery
- Nearly 1 billion doses of the United Nations-backed COVAX program have been delivered since the shipments began nearly a year ago
Business
DEWA says 35% of work completed on Hatta power plant
The project is also part of DEWA’s initiative to develop the area to meet its social, economic, and environmental needs.
- The plant’s production capacity is set to reach 250 megawatts (MW) with a storage capacity of 1,500 megawatt-hours and a lifespan of up to 80 years
- This is the first of its kind in the Gulf region, with investments of around AED1.421 billion ($0.39billion)
Geostrategy
Islamic Development Bank keen to cooperate for achieving SDGs
The Islamic Development Bank (IsDB) affirmed that it would work together with all Multilateral Development Banks, International Finance Institutes, and...
- IsDB Group actively pursues counter-cyclical financing to its 57 member countries when they need it most, said its President Muhammad Al Jasser.
- To boost the economy and recovery of the member countries, the Bank has approved development programs and projects amounting to $1.6 billion.
Business
REIT signs $200m financing commitment with FAB
Masdar Green Real Estate Investment Trust (REIT) has signed a financing commitment to the tune of $200 million with First...
- The announcement was made during an official signing ceremony held at the 4th Abu Dhabi Sustainable Finance Forum during Abu Dhabi Sustainability Week
- In 2018, Masdar signed the first green revolving credit facility in the Middle East, helping to support its investments in global clean technology
Geostrategy
US agency designates three Hezbollah-linked financial facilitators
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Hezbollah-linked financial facilitators and their Lebanon-based...
- This action comes at a time in which the Lebanese economy faces an unprecedented economic crisis.
- OFAC designated Adel Diab, Ali Mohamad Daoun, Jihad Salem Alame, and their company, Dar Al Salam for Travel & Tourism.
Science
SEHA of Abu Dhabi kicks off cervical cancer awareness drive
Abu Dhabi Health Services Company (SEHA) has launched an awareness campaign about cervical cancer and the importance of vaccination and...
- Cervical cancer is the second most common type of cancer and a leading cause of death among women in the UAE
- Almost all cervical cancers are caused by the human papilloma virus (HPV) that spreads through sexual intercourse
Business
Saudi PIF joins tripartite pact to produce green hydrogen for export
Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, POSCO and Samsung C&T signed here today a tripartite memorandum of...
- PIF, POSCO and Samsung C&T have signed an MoU on the sidelines of the Saudi-Korean Investment Forum.
- The MoU included the implementation of feasibility studies to develop a green hydrogen production project in Saudi Arabia for export purposes.
Science
Abu Dhabi and South Korea to boost cooperation in life sciences
Abu Dhabi and South Korea have signed a partnership agreement to boost cooperation in the field of logistics and industries...
- The move is part of Abu Dhabi’s endeavors to strengthen its collaborations with partners from around the world to cement its position as a global logistics center for life sciences
- This collaboration focuses on several fields including clinical research, public health promotion, disease prevention, innovation in life sciences among many other
Business
Most UAE consumers believe natural is healthier, says a survey
UAE consumers show a growing interest in natural foods, backed by the understanding that natural produce is the healthier choice,...
- Nearly 60 percent of the participants agreed that the naturalness of the product influences their grocery choices, the highest of all markets.
- 84 percent of UAE consumers confirmed making an effort to limit their consumption of artificial additives in the last 12 months.
Geostrategy
Two day long Water-Food-Energy Summit concludes in Dubai
In order to explore solutions for water, food, and energy challenges, the UAE, Jordan, and the Netherlands wrapped up the...
- The UAE, Jordan, and the Netherlands issued a trilateral declaration affirming their commitment to supporting a nexus approach that optimizes resource use
- The joint statement encouraged governments to incorporate practical solutions to water, food, and energy challenges into policy-making
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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
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Emerging sectors are creating thousands of new jobs in the Kingdom, says Saudi Economy Minister
Saudi Arabia is focused on offering solutions that make global trade more predictable and reliable, says Faisal bin Fadhil Alibrahim...
Business
Emirates NBD profit rises 25 percent to $2.47 bn for Jan-Sept period
Q3 profit was AED3.8 bn, up 51 percent year-on-year, exceeding the $1bn mark.
Business
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.
Business
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Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Geostrategy
Arab-Israeli banker talks up Saudi market at investor forum
Samer Haj-Yehia, the Arab-Israeli chairman of Bank Leumi since 2019, was addressing the Future Investment Initiative, a three-day conference held...
- "You see the economy is very healthy, unlike other economies around the world, and the prospects for the future are very positive," he said.
- His comments follow rampant speculation about future bilateral ties between Saudi Arabia and Israel, which US officials stoked ahead of Joe Biden's visit to Jeddah in July.
Economy
UAE tops list of foreign direct investors in Egypt: Egyptian PM
The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently...
- The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently on several occasions
- Egypt eyes the effective participation of UAE investors under the umbrella of the State Ownership Policy Document, Egyptian PM Madbouly said