Ground operation likely in Gaza Strip, says Israeli envoy to Russia
MOSCOW, RUSSIA - The probability that the Israel Defense Forces (IDF) will launch a ground operation against Palestinian group Hamas...
Geostrategy
Geostrategy
UAE’s Day 1 at UN Security Council: Vows peace building, inclusion
Besides the UAE, Albania, Brazil, Gabon and Ghana formally took up the posts they won in an election in June....
- The Security Council president, which rotates each month, sets the Council’s agenda and chairs the Council’s standing committees.
- The 15-member council is the UN’s most powerful body. China, France, Russia, the UK and the US are permanent members, with veto power.
Economy
Kuwait to increase crude output by 27,000 barrels per day from Feb 1
Kuwait will increase its crude production by 27,000 barrels per day (bpd) to 2.6 million bpd from 1 Feb. 2022...
- With the fresh raise, which is in compliance with OPEC decisions, Kuwait's total production will reach 2.6 million bpd.
- OPEC+ has decided to proceed with a production hike of 400,000 bpd, keeping their current policy of slight monthly increases in output.
Business
ADNOC awards $946m EPC contract
The contract awarded to NPCC for the development of Umm Shaif field.
- Over 75 percent of the total award value will flow back into the UAE economy under ADNOC’s In-Country Value (ICV) program.
- The award covers engineering, procurement, fabrication, installation and commissioning activities required to maintain Umm Shaif’s 275,000 mbd of crude production.
Business
Ooredoo, Hutchison merge
New company is named as PT Indosat Ooredoo Hutchison Tbk.
- The newly merged company will do business as PT Indosat Ooredoo Hutchison Tbk
- Indosat Ooredoo Hutchison has the scale to accelerate Indonesia's transformation into a digital society
Geostrategy
OIC reiterates its unwavering support for Palestine
Organization of Islamic Cooperation is the second-largest inter-governmental organization after the UN.
- OIC secretary general received Palestine Permanent Representative to the OIC at the headquarters of the General Secretariat
- Representatives from both side discussed the recent political developments in Palestine, among other things
Geostrategy
Qatar Charity signs $500k UNHCR deal to support Yemen refugees
After more than six years of the conflict in Yemen, it remains the largest humanitarian crisis in the world, with...
- As a result of this contribution, UNHCR will be able to provide urgently assist more than 2,000 families — around 12,252 people
- It is expected to be done through the distribution of relief items which includes blankets, kitchen sets, and solar lamps
Economy
USAID to fund surface water usage project in Jordan
Water loss reduction projects can also boost water reserves, upgrade water facilities in the Jordan Valley and maintain water and...
- Water loss reduction projects can also boost water reserves, upgrade water facilities in the Jordan Valley and maintain water and irrigation infrastructure
- Jordan water ministry said it is committed to supporting farmers and providing them with all capabilities to maximize the national agriculture output
Economy
Lebanon currency falls further as leadership placates Saudi Arabia
The midmarket rate for the Lebanese pound is around 1,500 to the dollar, but the reality on the ground is...
- The local currency is now trading at more than 30,000 to the dollar in the black market
- It has lost more than 95 percent of its purchase power since end-2019 as the economy sags
Economy
Jordan to set up US$80m industrial support fund
Jordanian Minister of Industry, Trade and Supply Youssef Shamali noted that industrial production inputs will continue to be exempt from...
- Jordanian Minister of Industry, Trade and Supply Youssef Shamali noted that industrial production inputs will continue to be exempt from any customs duties
- He said that the Jordan Enterprise Development Corporation (JEDCO) will continue to support the industrial sector by covering part of shipping costs
Arts & Culture
UAE launches Great Arab Minds initiative to identify, support talent
The Prime Minister of Dubai, Sheikh Mohammed bin Rashid Al Maktoum launched the Great Arab Minds initiative on 4th January,...
- The initiative is backed by an AED100 million fund which will support local and global partnerships in fostering research, development and innovation.
- The five-year initiative will oversee working with regional and global partners, and focus on fields including physics and mathematics, and software.
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Company News
Mubadala to buy Fortress
Business
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BinDawood CEO resigns
Business
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
Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.
Business
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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.
Business
Dlala Holding to resume trading
The authorized capital of the company is US$78 million.
- The QSE announced after completing the process of reducing the company's issued capital from 284.16 million shares to 190.387 million shares.
- Dlala Holding Company was established and listed on Qatar Stock Exchange in 2005.
Business
UAE-UK Business Council to promote trade, investment
The UAE-UK Business Council hosted its 20th Plenary Meeting in Abu Dhabi, co-chaired by Ahmed Al Sayegh, Minister of State,...
- A new project on opportunities for UK-UAE collaboration on the decarbonization of the built environment was also announced.
- The Business Council announced it will support the Cherie Blair Foundation for Women.