PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
Geostrategy
Business
OFID’s $80m loan expected to boost trade in Africa
The OPEC Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank)...
- The financial support will assist in boosting Afreximbank's liquidity to grow its loan portfolio as it finances exports and imports in critical sectors
- The OPEC Fund's loan will address trade challenges impacted by the COVID-19 pandemic
Business
Borouge awards EPC contracts
The $6.2 bn contracts are meant for expansion in Ruwais
- With this expansion, Borouge said it will become the world’s largest single-site polyolefin complex.
- Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tons.
Economy
Bahrain to introduce digital currency in the country
The Central Bank of Bahrain will offer the digital Dinar through a digital payments platform that can be accessed round...
- The central bank also intends to gradually raise the share of financing for small- and medium-sized enterprises
- Bahrain plans to list five more companies on its stock exchange next year including Bahrain Airport Services Company
Geostrategy
Austerity, far right: Merkel’s ambivalent legacy
During 16 years in power, she navigated Germany through the 2008 financial turmoil and ensuing eurozone debt crisis, the 2015...
- At the zenith of her popularity, Merkel led the conservatives to a thumping win with 41.5 percent of the vote in 2013.
- Merkel was lauded by human rights activists in 2015 for keeping Germany's borders open to hundreds of thousands of refugees.
Economy
UAE foreign trade in past 50 years rises 473 times to $9.3 trillion
The total value of the UAE’s foreign trade in the past five decades amounted to some AED34.23 trillion ($9.32 trillion),...
- The country’s trade balance from 1971 to 2020 recorded a surplus of nearly $1.3 trillion (AED4.76 trillion).
- UAE's exports increased 380 times, rising from $842 million (AED3.1 billion) in 1971 to $319.3 billion (AED1.17 trillion) by the end 2020.
Videos
This is the safest Arab country for women
When sexual harassment and other forms of violence are an everyday occurrence for women and girls around the world, there...
- Norway, according to the latest Gallup’s Institute “Law and Public Order” Index, is the safest country for women
- There is one Arab country on the index that is considered the safest place for women on earth after Norway
Economy
Egypt’s private sector non-oil activity shrinks in Nov as input costs rise
Egypt's non-oil activity in the private sector shrank for a 12th month in November as inflation expectations rose, causing new...
- IHS Markit's Purchasing Managers' Index (PMI) came in at 48.7, below the 50.0 threshold that separates growth from contraction.
- Higher fuel and shipping costs often led to increased prices, including for raw items such as foodstuff and paper, said IHS Markit.
Business
Multiply Group starts trading on ADX
The IHC subsidiary starts trading under the ticker MULTIPLY.
- Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year.
- The group has assets of AED8.16 billion ($2.2 billion) and 3,240 employees.
Economy
Saudi non-oil private sector records growth in November
The non-oil private sector of Saudi Arabia continued to grow in November on the back of strong demand and modest...
- The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) fell to 56.9 in November from 57.7 in October
- The headline figure was down to a three-month low as growth in new orders declined for the second month in a row from September's seven-year high
Economy
QNB sees global economy recovering, despite bottlenecks
The bank said it was confident that the global bottlenecks would continue to improve over the coming year. ‘We expect...
- QNB has said the global economy has made a remarkable recovery from the peak impact of the Covid-19 pandemic last year
- It attributed the revival to ‘unprecedented fiscal and monetary stimulus,’ particularly in the US
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
Company News
SALIC to set up storage center
Business
Latest News
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...
Economy
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...
Business
Yellow Door closes $400m equity raise
It plans to deploy $1bn in sustainable energy projects.
Business
Most Read
Business
ADNIC, JAFZA sign insurance pact
JAFZA is home to over 9000 companies, including Fortune 100 firms.
- ADNIC will provide pre-underwritten insurance products for health and office insurance with exclusive pricing.
- Through this partnership, the Jafza community will benefit from hassle-free online enrolment for health insurance policies.
Economy
NAFIS partners with du to hire 500 Emiratis in private sector
The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes...
- The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes offered by NAFIS
- The NAFIS programme is working to achieve Emiratisation rates in the private sector with set deadlines through partnerships with private and government organisations
Business
Retal’s stock rises 2.4%
It will build 550 housing units in Riyadh for $161m.
- Retal said in a bourse filing that the project is expected to positively affect the company’s results after the sale begins and the project is completed
- Last month, Retal and National Housing signed another agreement to build 759 housing units in Riyadh