Business
DEWA launches nanosatellite
DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket.
- DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket from the Cape Canaveral Space Launch Complex (SLC-40) in Florida in the US
- The launch made DEWA the world’s first utility to use nanosatellites to improve the maintenance and planning of electricity and water networks
Arts & Culture
Dubai seeks feedback on social services to enhance quality of life
The UAE has issued a decree which seeks to obtain feedback from Emiratis on their requirements for social services, with...
- The Decree seeks to obtain feedback from Emiratis on their requirements for social services, with the aim of enhancing their quality of life.
- The Decree also seeks to promote a positive outlook in the community and enhance the role of youth and children through targeted programs.
Business
Mineral resources key to supporting Saudi economy: Investment Minister
Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih said that the mineral resources sector is among the most important...
- General program for Geological Survey results in issuing 75 new exploration licenses after the launch of the new Mining Investment Bylaw in January 2021.
- Estimations put the value of mineral resources in the Kingdom of Saudi Arabia at $ 1.3 trillion.
Geostrategy
DEWA invites people to live coverage of its nanosatellite launch
The U3 nanosatellite was designed and developed at DEWA’s R&D Centre
- The satellite will be launched by SpaceX Falcon 9 rocket from Cape Canaveral Space Launch Complex (SLC-40) in Florida, USA.
- MD & CEO of DEWA Saeed Mohammed Al Tayer will attend the launch along with officials from DEWA, SpaceX, and NanoAvionics.
Economy
EU expects more GCC investors for its special program: Official
On 12th October 2021, the European Commission issued its first-ever NextGenerationEU green bond
- The program is a temporary recovery instrument to help Europe repair the immediate economic and social damage brought about by COVID-19.
- Since June 2021, the European Commission has rolled out five issuances and raised around €71 billion in long-term EU-Bonds, and short-term EU-Bills
Business
Oman and UK sign agreement to bolster trade relations, investments
Oman and the United Kingdom have agreed to bolster relations and high-value investment volume, Omani media reports said. To this...
- The trade volume between the two countries reached GBP 1 billion ($1.37 billion) annually.
- Direct British investments comprise 50 percent of the foreign investments volume in Oman over the past years.
Business
Saudi Central Bank issues controls for electronic issuance of banking documents
The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports...
- The controls oblige banks to provide e-verification services of banking documents issued electronically or on paper.
- These controls included the minimum limit of banking documents necessary for being electronically issued.
Geostrategy
FANA flays attempts to block info on Palestine, approves 2022 budget
The Federation of Arab News Agencies (FANA) has stressed on the significance of the Palestinian cause and flayed the attempts...
- The next general assembly of FANA will be held in Abu Dhabi on November 15-17 this year, coinciding with the Global Media Congress.
- News agencies of Jordan, UAE, Bahrain, Sudan, Oman, Kuwait, Lebanon, Iraq, Mauritania, Yemen, Qatar, Tunisia, Palestine and Libya attended.
Geostrategy
Jordan calls on donors to fund national water carrier project
Jordan is the second-most water scarce country in the world, according to Unicef.
- The project is aimed to be able to provide "sufficient and sustainable" desalinated water
- It will produce an estimated 300 million cubic meters of water annually to cover Jordan’s needs
Business
Aramco expands global downstream presence with key European investment
The Saudi Arabian oil company Aramco, the world’s largest integrated energy and chemicals company, is expanding its global downstream presence...
- The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland
- Another MoU was signed by Aramco and PKN Orlen which focuses on exploring potential opportunities for research and development
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Company News
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Infographics
Doha Bank net profit climbs up 4.6 percent
It recorded the profit at $256m in the first nine months of 2022.
Business
Qatar urges separating politics from the oil and gas trade
Qatar energy minister also called on governments and multilateral institutions to condemn sabotage and military attacks on energy infrastructure or...
Economy
IHC scales up IT business, makes deals worth US$272m
International Holding Company (IHC) has scaled up its IT business, making deals to the tune of $272 million in the...
Business
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Business
Sharjah Islamic Bank’s profit rises 24%
Operating profit before provisions rose by 12%.
- Operating profit rose by 11.9 percent, amounting to $198 million for the 3rd quarter of 2022, compared to $178 million
- The bank recorded impairment provisions of $44 million, compared to $53 million during the last period
Analysis
UAE-UK partnership may unlock potential of clean hydrogen, boost economy, create 200,000 new jobs
The latest WGEO study is part of "our efforts to support the Dubai Clean Energy Strategy 2050 and the Dubai...
- By 2050, hydrogen is estimated to deliver more than $8.7bn annually to the UAE economy and $14.8bn GVA to the UK, says the latest WGEO report
- A UAE-UK collaboration -- involving policy, innovation, trade, and investment - has potential to create over 100,000 new jobs in each country, it adds
Economy
UAE-Egypt trade touches $67 billion in the last 22 years
The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for...
- The UAE is Egypt’s second leading trade partner in the region while Egypt is the fifth leading trade partner of the UAE in terms of non-oil trade
- The UAE is also the largest international investor in Egypt, with cumulative investments worth over $15 billion