ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
Business
Economy
Jordan endorses tourism national strategy as pandemic abates
Nayef Fayez, tourism minister, said tourism in 2021 saw an improvement, especially in the second half of the year.
- Nayef Fayez, tourism minister, said tourism in 2021 saw an improvement, especially in the second half of the year
- Fayez highlighted the strategy to attract more tourists to the country was developed in partnership with the private sector
Business
Al Tamouh, Al Qudra merger okayed
International Holding Company has formally agreed to the merger.
- The Board of Directors of Al Qudra Holdings has also approved a new foreign ownership limit of 30 percent of outstanding shares
- Previously, only UAE nationals were permitted to own shares in the company
Science
Growing health costs push over half a billion into extreme poverty: WHO-WB
UN Secretary-General António Guterres in his message marking the International Universal Health Coverage Day said that with the third year...
- “The pandemic will not end for any country until it ends for every country," said the UN chief
- The new WHO/World Bank reports warn that financial hardship will become more intense
Sheikha Fatima gets most influential figure in women’s rights award
The conference was organized by the ACSR, under the patronage of the Arab League.
- Sheikha Fatima was named as the most influential figure in women’s rights in 2021 during last month’s Humanitarian and Volunteer Work Conference
- The award was received on behalf of Sheikha Fatima by Noura Al Suwaidi, Secretary-General of the General Women's Union at the Egyptian pavilion in Dubai Expo
Business
Saudi Port launches transshipment service linking Dammam with many ports
MAWANI also aims to attract a major share of the global transshipment operations to Saudi ports by implementing several projects...
- The service is launched in partnership with Saudi Global Ports Co and the international shipping line Orient Overseas Container Line.
- The Saudi Ports Authority seeks to raise the Kingdom's share in the transshipment market from the present 21 percent to 50 percent by 2030.
Business
UAE and Mauritius stress boosting economic, commercial relations
The UAE and Mauritius have stressed the importance of boosting economic and commercial relations between the two countries. A meeting...
- Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Renganaden Padayachy, Mauritius Minister of Finance at its Dubai headquarters.
- The meeting took place on the sidelines of the Mauritian delegation’s visit to Expo 2020 Dubai.
Business
Al Arabia of KSA sets up a joint stock firm in Egypt
Al Arabia also known Arabian Contracting Services Co., has set up a joint stock company in Egypt with United Media...
- The outdoor advertising company said in a statement to Tadawul that it aims to bring about “a qualitative leap” in the sector in Egypt
- The joint stock company will operate under a 25-year agreement and establish at least 120 advertising screens in Egypt
Business
UAE and Russia foreign trade reaches $4 billion in 2021
The total foreign trade between Russia and the UAE is set to reach around $4 billion by the end of...
- In 2020, the trade between the two countries amounted to $3.3 billion, said Sergey Cherimin, Minister of the Government of Moscow.
- Russian companies have opened offices in the UAE, and today there are more than 4,000 of them, the minister said.
Business
SEDCO of Saudi Arabia to hike REIT fund by $187m
SEDCO Capital of Saudi Arabia has launched an additional offering of its real estate investment trust fund to increase asset...
- The offering period will run for five days until Dec. 16, the company said in a statement
- SEDCO Capital wants to increase the total asset value of the fund, as well as raise additional equity up to SR575 million
Videos
Reasons behind shortening UAE’s workweek
This week's TRENDS Explainer video tries to find the rationale behind curtailing the number of days in the UAE's workweek...
- The Gulf country is transitioning to a 4.5-day workweek. Now, weekends will consist of Friday afternoon, Saturday and Sunday
- The move makes the UAE the first nation to formalize a workweek shorter than five days. It also brings the country more in line with Western schedules
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
Company News
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NBK Bahrain H1 net profit $145m
Business
Dubai to host international museums conference in 2025
Arts & Culture
Burjeel Holdings set to expand to Oman, Saudi Arabia
The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi...
Business
Dubai’s Museum of the Future to house Global Futurist Society
The Global Futurist Society headquarter at the MOTF creates a physical center for international and cross-border dialogue.
Science
Most Read
Economy
Saudi Arabia dismisses statements critical of OPEC+ quota cut
A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision...
- The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine
- The Saudi foreign ministry statement stressed the “purely economic context” of the oil cut
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Business
Yellow Door closes $400m equity raise
It plans to deploy $1bn in sustainable energy projects.
- Yellow Door said in a statement that the funding was substantially provided by YDE’s newest and now controlling shareholder, Actis.
- Existing shareholders International Finance Corporation (IFC), Mitsui & Co., and APICORP also increased their equity commitments.