Business
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.
- The Saudi central bank has announced that it will use Bloomberg's Auction System from January
- It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
Business
AD Ports Group revenue grows 22% to US$760mn in 2021
AD Ports Group signed several partnerships to accelerate trade and the development of industry in the UAE and beyond, including...
- AD Ports Group closed 2021 with the signing of a number of strategic agreements with the Aqaba Development Corporation
- The Group received global interest in its issuance of a US$1 billion bond and subsequent listing on the ADX and the LSE
Business
Masdar to build Georgia’s biggest solar energy plant
Renewable energy company Masdar will be developing Georgia's largest solar power plant, with a capacity of 100 megawatts (MW), jointly...
- The 100-megawatt plant will be built jointly with Georgian Energy Development Fund (GEDF).
- GEDF is a joint-stock company, founded by the Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia.
Business
Iran making efforts to ease travel of expats to country: Ebrahim Raisi
Iranian expats are free to travel to and from the country and the government's plans and decisions should ensure that...
- President Raisi said "ill-wishers of the Iranian nation" were intimidating Iranian expatriates so that they will not come back to their country.
- Iranian laws recognizes even the second and third generation Iranians abroad as Iranian citizens.
Business
EGA repays Al Taweelah loan
The repayment four years and seven years early totaled $361 million.
- The project finance facilities had been extended by 13 export credit agencies and banks for the development of the company’s Al Taweelah smelter in Abu Dhabi.
- EGA’s said its financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5 billion
Arts & Culture
Dubai Racing Club to celebrate #DubaiDestinations initiative on 1 Jan
The Dubai Racing Club announced that its seventh race meeting at the Meydan Racecourse on 1 January 2022 will be...
- Each of the day’s seven races will be named after one of Dubai's iconic destinations, beginning with the ‘Etihad Museum’ maiden race.
- The Meydan Racecourse attracts thousands of visitors every year from all over the world to follow its events and races, the statement said.
Economy
CBUAE fines exchange house $160,000 for using civilian vehicle to transport money
The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent.
- The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent
- The CBUAE works to ensure that all licensed financial institutions operating in the UAE, including exchange houses, abide by UAE laws
Business
NMDC wins $354m contract
The contract is for the Shamal Development marine works.
- The Shamal Development is part of the Khalifa Port located in Taweelah in Abu Dhabi
- It was built on a reclaimed artificial island reaching 4.5 km offshore
Economy
Jordan signs pact with Germany, EU to build water projects
The project will improve wastewater treatment and environmentally friendly sludge disposal.
- The project will improve wastewater treatment and environmentally friendly sludge disposal.
- The value of the EU’s bilateral support to the water and sanitation sector in Jordan is over 150 million euros
Economy
Jordan approves measures to stabilize commodities prices
Procedures, approved in a session chaired by Prime Minister, Bisher Khasawneh, included reducing inspection fees on imported foodstuffs by 30...
- Procedures, approved in a session chaired by Prime Minister, Bisher Khasawneh, included reducing inspection fees on imported foodstuffs by 30 percent for three months
- The procedures also included reducing customs duties on some basic foodstuffs, increasing work efficiency and expediting completion of customs transactions, inspecting containers
Company News
Tabby launches in Egypt
Business
Latest News
CARACAL signs ‘Make in India’ partnership with ICOMM
The agreement was signed during DEFEXPO 2022, the Land, Naval and Homeland Security Systems Exhibition, which is being held in...
Geostrategy
DXB to welcome 2.1m passengers over 10-day school holiday break
October 30 is expected to be the busiest day with daily traffic exceeding 259,000 passengers.
Business
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Business
SABB nine-month net profit $926m
The net profit for the same period last year was $738m.
- The bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.
- SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.
Economy
Dubai to host 3 healthcare events next week
The United Arab Emirates is set to host three healthcare events next week in Dubai where over 4,000 healthcare professionals...
- Over 4,000 healthcare professionals and participants are expected to attend.
- Around 140 expert speakers will deliver 110 scientific sessions and over 40 participating countries will also be present.
Business
Aramco launches Taleed program to accelerate SMEs growth in Saudi
Riyadh, Saudi Arabia--Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises...
- Aramco said the program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives.
- It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding $800 million.