Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
Business
Geostrategy
Finland provides $2.27m to fund Palestinians’ hospital referrals
Finland will give €2 million ($2.27 million) to the Palestinian Authority to support the payment of medical referrals to East...
- This contribution will be channeled through the EU Program of Direct Financial Support to the Palestinian Authority’s PEGASE mechanism
- The aid will help the Palestinian Authority meet its obligations towards East Jerusalem hospitals
Arts & Culture
Winners of King Faisal International Prize felicitated in Riyadh
The winners of King Faisal International Prize (KFIP) for the years 2020 and 2021 were honored at Prince Sultan Grand...
- The Service to Islam prize for the year 2021 was awarded to Founder and Chairman of SAKHR Software Company, Mohamed bin Abdulrahman Al-Sharekh.
- Mohammed Hashim Ghosheh was awarded the Islamic Studies prize for his topic called the Islamic Heritage of AlQuds in year 2020.
Economy
School of Government and ADGM Academy launch investment program
The Abu Dhabi School of Government (ADSG) and Abu Dhabi Global Market Academy (ADGM Academy) have launched the ‘Investment Foundations'...
- The program aimed at equiping Abu Dhabi government employees with knowledge and skills related to finance, ethics, and investment practices.
- Participants will receive a certification jointly accredited by the ADSG and Abu Dhabi Global Market Academy.
Business
Dana Gas receives $39 million payment from Egyptian government
Dana Gas has received a payment of $39 million (AED143 million) from the Egyptian Government in December, the company announced...
- The payment reduced its receivables in Egypt below $30 million to its lowest levels since commencing operations there in 2007.
- Dana Gas has invested over $2 billion since first entering Egypt in 2007 and is currently the fifth-largest gas producer in the country.
Geostrategy
Arab Parliament reiterates call for a free Palestinian nation
The Arab Parliament has praised the results of the trilateral summit which was held on September 2 in Cairo between...
- The Parliament praised the outcomes of a trilateral meeting held in Cairo on September 2, 2021
- Arab parliament has called global community and the Quartet of the Middle East to offer real support and assistance for Palestine and its people.
Geostrategy
US condemns Houthis’ attacks on Saudi, calls group a threat
The United States has condemned the Houthis' continuous attacks on the Kingdom of Saudi Arabia, stressing that the group is...
- US State Department Spokesman Ned Price said that Saudi Arabia was able to eliminate about 90 percent of Houthi attacks.
- Houthis launched a military projectile that hit a commercial store in the Samtah governorate in the southern Jazan region on 24 December.
Business
Saudi designates China’s NIPA as patent searching and examining authority
The Saudi Authority for Intellectual Property (SAIP) has designated the National Intellectual Property Administration of China (CNIPA) as International Searching...
- The move allows international patent applicants in the kingdom to select CNIPA to issue international search reports for their applications.
- Saudi authorities see the development as an enhancement of cooperation between the two sides in the field of intellectual property.
Geostrategy
Saudi Fund invests in education, road projects in Lanka
The Saudi Fund for Development is investing USD60 million to develop the infrastructure of the transport sector to reduce death...
- The Saudi Fund for Development is investing USD60 million to develop the infrastructure of the transport sector to reduce death and injury rates resulting from traffic accidents
- The Fund will also invest USD28 million to support education opportunities for more than 5,000 students each year and increase the quality of education
Business
Multiply to invest in Getty Images
The deal is expected to close in the first half of 2022.
- The deal is expected to close in the first half of 2022, after which a newly formed parent company of Getty Images is expected to be listed on the NYSE
- The merger, which was announced in early December, involves a total equity investment of $1.3 billion, valuing Getty Images at US$4.8 billion, including debt
Geostrategy
Kuwait forms new Sheikh Sabah-led govt
Prime Minister Sheikh Sabah Al Khaled Al Hamad Al Sabah’s new cabinet represents Kuwait’s fourth government over the last year...
- The new government announcement came after an Emiri order assigning Sheikh Sabah Al-Khaled as Prime Minister on November 23
- The cabinet has a new finance minister and includes three opposition legislators following a standoff between previous govts and parliament.
Company News
Latest News
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...
Economy
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Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
- From January this year to June 2022, DEWA commissioned a new 400 kV transmission substations.
- Now the total number of 400 kV transmission substations in Dubai has risen to 26.
Business
SABB posts 26% profit rise
The profit touched $931m in the first nine months of 2022.
- The bank said in a bourse filing that it recorded a profit of $746 million in the same period of the last year
- SABB said the rise in associate earnings also contributed to the results
Business
DEWA shares drop 2.8%
The decline came amid reports of economic slowdown.
- There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed
- The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility