FGCC Chambers to hold GCC-Egyptian Business Forum in Saudi Arabia
AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business...
Business
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
SCCI teams up with Emirates Creative to support innovation
The Sharjah Chamber of Commerce and Industry (SCCI) has signed a strategic cooperation agreement with the Emirates Creative Association to...
- Both have agreed to develop methods for systematic research, sponsoring and organizing conferences
- They also agreed to launch an action plan to implement joint projects in creativity and innovation
Business
Al Rajhi issues $1.17 bn Sukuk
The settlement issuance was set on 23 January 2021.
- The number of Sukuk stands at 6,500, based on the minimum denomination and total issue size.
- The return on the Sukuk offering is estimated at an annual fixed rate of 3.5 percent.
Business
Expo 2020 hits a new milestone with 10m visits so far
Expo 2020 Dubai visitor numbers continue to rise, reaching 10,188,769 visits as of 18th January, while Expo 2020 Dubai’s virtual...
- The visitors were attracted by the first Global Goals Week to be held outside of New York and a star-studded K-pop concert
- All Expo visitors ages 18 and above must show either proof of vaccination or a negative PCR test result taken within the previous 72 hours
Geostrategy
Russia condemns Houthi drone attack on UAE
The Russian Federation Parliament (State Duma) has strongly condemned the Houthi militia attack targeting civil facilities in the UAE yesterday.
- Leonid Slutsky, Chairman of the State Duma Committee on International Affairs, said, in a statement on the RT TV network, that the Russian parliament strongly condemns the attack
- He added that the attack is especially heinous due to the fact that Abu Dhabi has been implementing a policy to promote peace and stability in the region
Science
Abu Dhabi’s Blue Carbon Project to check emissions, climate change: EAD
Abu Dhabi's Blue Carbon Project is a promising initiative to prevent increased carbon emissions caused by the destruction of ecosystems,...
- Blue Carbon refers to the ability of coastal vegetation to store carbon and if this vegetation is destroyed, buried carbon could be released into atmosphere.
- Blue carbon ecosystems, which include mangrove forests, salt marshes, and seagrass beds, store and sequester carbon in biomass and sediments
Business
Bahrain private sector keen to strengthen trade ties with Saudi: BCCI chairman
BCCI chief reviewed ways to further increase the volume of bilateral trade
- Chairman Sameer bin Abdulla Nass appreciated the 'depth and solidity' of the Bahraini-Saudi economic and investment relations.
- Nass praised the role played by Saudi Arabia to enhance the progress and prosperity of the people of GCC.
Economy
Lebanon govt may hike power supply to 8-10 hours
Lebanon ministers said they aim to increase the hours of EDL’s power supply in the near future by securing Egyptian...
- Lebanon's economic crisis has seen its currency lose around 95 percent of its purchasing power
- This has caused fuel shortages that has led to power being supplied for just a few hours per household every day
Science
Fat causes chronic diseases, which kill 73% Saudis: SFDA
The Saudi Food and Drug Authority has issued a guide explaining what fats are, their benefits, their sources and types,...
- The Saudi Food and Drug Authority was warned against the overconsumption of fats, citing WHO figures
- The WHO says consuming too much fat can cause chronic diseases, which account for approximately 73 percent of all deaths in Saudi Arabia
Business
Emaar EC inks $16m contract
Emaar EC signed the $16-million contract with SAFE.
- As part of the contract, SAFE will provide security services at the King Abdullah Economic City
- It has a duration of five years from the date of signing, which happened on Monday, January 17
Infographics
Gender bender: GCC moves to empower more women
Member countries of the Gulf Cooperation Council are increasingly working towards the empowerment of women.
- The UAE and Canada held discussions last month on how to enhance cooperation to empower women
- Statistics from Saudi Arabia from last year showed more women had entered the workforce, even as unemployment dropped
FGCC Chambers to hold GCC-Egyptian Business Forum in Saudi Arabia
AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business...
Business
Company News
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Agthia to pay $17m dividend
Business
Multiply Group reports $2bn in net profit for Q3 2022
The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million.
Business
Egyptian pound plummets after 2% interest rate hike
The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation.
Economy
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
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Business
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.
- Expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment.
- The bank's total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
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.