Neighboring nations fear repercussions of Gaza conflict
As Israel advises around 1.1 million residents of northern Gaza Strip to evacuate, concerns grow about the potential ripple effects...
Geostrategy
UAE invests $36bn in renewable energy projects in 2022, says ADDED chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
Economy
Geostrategy
Saudi, UAE, US, UK welcome efforts to resolve Sudan crisis
Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America have welcomed the announcement that...
- The four countries hailed the UN Interim Transition Assistance Mission's facilitation of discussions.
- The Quad said they look forward to this being a results-oriented process that will guide the country towards democratic elections.
Business
Study to look at green hydrogen alliance between UAE, UK
A new research paper will explore potential green hydrogen collaborations between the United Arab Emirates and the United Kingdom.
- The report, sponsored by HSBC, will seek to uncover mutual opportunities to accelerate the development of the respective clean hydrogen markets of the UAE and the UK
- Research for the report will include stakeholder meetings and workshops to test and validate findings
Business
Close to 1800 hybrid vehicles to join Dubai Taxi Corporation
Dubai’s Roads and Transport Authority (RTA) has signed a contract for the procurement of 2,219 new vehicles to enhance the...
- The total number of hybrid vehicles in Dubai Taxi fleet jumps to 4,105 vehicles, which constitutes 71% of the total number of taxis operated by the DTC
- The Strategic Plan of the Dubai Taxi Corporation (2021-2023) encompasses 51 initiatives based on key pillars highlighted by increasing the market share of DTC taxis from the existi
Business
Trade between Bangladesh and UAE reaches $1.2 billion in 2021
Trade between Bangladesh and the UAE has reached $1.2 billion in 2021, recording a growth of more than 15 percent,...
- The trade could reach $2billion by the 50th anniversary of the establishment of diplomatic relations in 2024, said Bangladesh ambassador to UAE Mohammed Abu Zafar.
- Bangladesh eyes UAE market with the products like readymade garments, pharmaceuticals, jute products, fabrics and home textiles.
Arts & Culture
Saudi Arabia unveils largest Motor festival in Middle East
The management of Autoville has officially started selling tickets for the events of this International festival through its official website.
- The Autoville festival will cover an area of 1.7 million square meters as the audience will watch the stars of art and display cars from all over the world
- The festival will also showcase the latest developments in mobility, and a number of concerts by a group of Arab and international artists
Business
Bahrain to launch e-residency service in Q1 of 2022
The country also mulled the idea of extending the validity of visas to reduce routine procedures.
- Both sides also discussed cooperation at ports and the possibility to extend the validity of visas to reduce routine procedures
- The NPRA and LMRA agreed to intensify inspection campaigns to tackle violations of the labor market and residency rules
Business
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans.
- KCB spokesperson Habari Al-Khashti said the effectiveness of the bank's electronic services saved time and effort for citizens
- She also indicated that 99 percent of the bank’s credit services have become electronic
Business
Gulf Navigation to issue $41m bonds
The company is calling a meeting of all stakeholders for this.
- The company said the date of issuance of the bonds is March 9
- The conversion period of the bonds would be three months from the issuance date
Economy
Saudi Arabia GDP to gain in 2022: Kuwait Financial Center
Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.
- Markaz’s report indicated that investments are expected to pick up as the government initiates major projects like Neom City
- Steady population growth, government subsidies, and the enacted mortgage law are enabling banks to finance home purchases, fueling the growth in the residential sector
Business
EMC picks Mohammad Ghazi as GM
Momani will manage Mercedes-Benz's overall performance at EMC.
- Mohammad Ghazi Al Momani possess an experience of 20 years in motoring and a degree from the University of Technology in Baghdad, Iraq
- Momani specializes in strategic planning, marketing, sales, after sales and operations, and good knowledge of the Middle East
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Neighboring nations fear repercussions of Gaza conflict
As Israel advises around 1.1 million residents of northern Gaza Strip to evacuate, concerns grow about the potential ripple effects...
Geostrategy
Company News
Latest News
Riyad Bank to offer sukuk
Business
UAE stocks gain US$3bn in Wednesday trade
Market Report
Saudi energy minister holds talks with counterparts in India
Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council.
Geostrategy
UAE signs deals worth US$70m to produce medical equipment
The UAE has signed agreements to the tune of $70.8 million with medical companies to manufacture medical equipment at home.
Business
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Business
Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.
- The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
- Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Business
Dubai records $2.17 billion in weekly real estate transactions
Dubai, UAE---A total of 2,703 real estate transactions worth AED8 billion ($2.17 billion) were conducted during the week ending 21...
- A total of 147 plots were sold for AED1.12 billion, and 2,023 apartments and villas were purchased for AED4.79 billion.
- The top transactions were a land Fourth sold for AED85 million in Al Thanayah, and another sold for AED63 million in Island 2.
Business
Arada closes $100m tap on its Sukuk
Its existing Sukuk valued $350m was issued in June.
- The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent.
- Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 million.