Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
Geostrategy
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
Business
Business
Emaar Properties tops Forbes list of 50 Middle East real estate firms
Forbes Middle East also unveiled a ranking of the "Top 10 Construction Companies in MENA 2021".
- Developers from nine countries feature in the Forbes Middle East list. The UAE leads with 17 companies on the list.
- The list was developed based on financials, reputation, company’s age, value of projects completed and projects under construction.
Business
Trade between Mexico and UAE grew by 38 percent in last five years
Mexico-UAE bilateral trade has witnessed an approximate 38 percent upsurge in the past five years (2016-2020), a senior Mexican official...
- The bilateral trade between 2016 and 2020 registered an average annual growth rate of 6.7 percent, from $511m in 2016 to $705.1m in 2020.
- Mexico has the capacity to be a strategic partner for it in the agri-food sector, said Martha Delgado Mexican Vice Minister for Multilateral Affairs.
Business
DP World, Congo to develop Banana Port
The Port is likely to save time and cost for the country’s trade.
- The agreement enables DP World to begin construction within 12 months of Congo's first deep-sea port.
- DP World will develop an initial 600-meter quay with an 18m draft, capable of handling the largest vessels in operation.
Geostrategy
UAE honored with UN Public Service Award for government modernization
The UN has awarded the UAE with the United Nations Public Service Award in recognition of its role in government...
- The award also came in recognition of the UAE’s achievements building new models of future governments.
- The award ceremony was attended by Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, and Catherine Pollard, Under-Secretary-General.
Geostrategy
Abraham Accords established deep relations in the region: Israel PM
Bennett was speaking on the outcomes of the Abraham Accords Peace Agreement between the UAE and Israel.
- Israel’s PM marked his first visit to the UAE within a very short period after the signing of the Abraham Accords
- Naftali Bennett said that the relations that bind the State of Israel with the United Arab Emirates cover every possible field
Economy
Abu Dhabi Investment Office concludes investor interaction program
The Abu Dhabi Investment Office (ADIO) has connected with hundreds of global business leaders, entrepreneurs and innovators in a series...
- A series of six inaugural events by its international offices discussed expansion opportunities to the UAE capital.
- ADIO’s offices in London, Paris, Beijing, Seoul, New York and San Francisco each organized an event.
Business
FAHR releases a circular on new week system
The Federal Authority for Government Human Resources (FAHR) has issued a circular to all federal ministries and authorities on the...
- FAHR clarified that the official working week for federal government employees starts from Monday till Friday from 7:30am till 3:30pm daily
- Additionally, federal authorities can activate remote working system on applicable jobs, provided that they coordinate with FAHR before implementing this system
Business
Chimera Capital fund closes at $75m
The company's first venture capital fund exceeds initial target.
- Chimera Global Fund I LP ("the Fund") is backed by a number of regional and global Limited Partners including Mubadala Investment Company
- The Fund’s third and final funding round saw it exceed its initial US$65 million target in less than two months
Business
Mubadala and AD Gaming sign MoU
Both will cooperate to build a gaming and esports ecosystem in UAE.
- Part of the MoU is content creation, as well as support gaming initiatives and events in the UAE.
- The gaming and esports markets in the MENA region are growing faster than anywhere else in the world, says the AD Gaming Director of Strategy.
Business
Lockheed appoints Chief Executive for ME
Lockheed Martin has appointed retired U.S. Army Gen. John W. Nicholson as their new Chief Executive for the Middle East.
- Nicholson led the PenFed Foundation, a non-profit organisation that provides U.S. military service members and veterans with support to improve their financial well-being
- Bob Harward announced his intention to retire from Lockheed Martin at the end of this year after eight years of service
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Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
Geostrategy
Company News
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Tibbiyah suffers H1 loss of $6m
Business
Abu Dhabi’s Environment Agency holds training for industries
The Environment Agency - Abu Dhabi (EAD) organized two training workshops on the Green Industries environmental labeling program.
Economy
QatarEnergy becomes 100 percent owner of Siraj Energy joint venture
QatarEnergy bought 49 percent of Qatar Electricity and Water Company’s share in Siraj Energy.
Business
Dubai records real estate deals worth $571 million on Thursday
Dubai, UAE---Dubai real estate market recorded realty transactions worth AED2.1 billion ($571 million) on Thursday, Dubai Land Department said. The...
Business
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Business
Camel Club, Riyadh Chamber to promote camel culture as Saudi heritage
Riyadh, Saudi Arabia---The Saudi Arabia's Camel Club and Riyadh Chamber of Commerce have signed an MoU to develop and create...
- The two entities signed an MoU that also aims at creating investment opportunities in the camel sector.
- Providing support and assistance to the club when holding international conferences are other aims of the MoU.
Business
Oman & Emirates Co. Q3 net profit $5.6m
The profit for the same period in 2021 was 538,832 OR.
- Oman & Emirates Investment Holding Company was established through the Royal Decree in 1993, as an joint venture between Oman and UAE.
- O&E is registered as an Omani Joint Stock Company traded in Muscat, Abu Dhabi and Dubai Securities Markets.
Business
ADNOC awards $980m contract
The contract awarded to ADNOC Drilling to hire offshore rigs.
- ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme.