Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
Business
Business
Mumzworld CEO says committed to supporting Mideast businesswomen
Mumzworld has over 350 staff, with over 6,000 brands and more than 300,000 products for sale on the website, and...
- Mumzworld was built in 2011 to support women in the Arab world and help them to make informed decisions for their families.
- Ataya told that she would use her new role as a mentor, and sharing the knowledge, skills, and successes with other women.
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
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
Business
Company News
Riyad Bank to offer sukuk
Business
Latest News
UAE stocks gain US$3bn in Wednesday trade
Market Report
Saudi minister calls for road map to enhance OIC “media action”
Riyadh, Saudi Arabia— Saudi Media Minister Majid Al-Qasabi has called for developing a trust-based road map with clear mechanisms to...
Geostrategy
Qatar Chamber to build trade and economic ties with Benin
Doha, Qatar— Qatar Chamber has signed an agreement with the Benin Chamber of Commerce and Industry to develop economic and...
Business
GCC unveils Center for Disease Prevention and Control
Riyadh, Saudi Arabia—The GCC has unveiled the Gulf Center for Disease Prevention and Control in Riyadh to enable the prevention...
Economy
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Science
Shamma bint Sultan calls for collaboration on climate change
Executive Director of the UAE Independent Climate Change Accelerators (UICCA) Sheikha Shamma bint Sultan bin Khalifa Al Nahyan highlighted the...
- Sheikha Shamma made the comments at the keynote address at the inaugural London Climate Technology Show.
- She called for greater innovation and collaboration between nations to identify and execute solutions that would drive positive impact.
Business
ADX records 16.9% surge in FADX 15 during first three quarters of 2022
The traded values (short and long trades) on the exchange reached $177 billion compared with $134 billion during the same...
- The traded values reached $177 billion compared with $134 billion during the same period last year
- The growth was driven by a rising number of institutional and individual investors on the exchange
Business
ACWA Power to start Oman project
It will build the $7bn project with Oman and a US firm.
- The three companies signed a joint development agreement for the multibillion-dollar facility in May this year
- The project is expected to replicate processes put in place for a similar hydrogen and ammonia facility being developed in the $500 billion futuristic city NEOM