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
Geostrategy
UAE vows to ease suffering of victims of human trafficking
The UAE has affirmed its commitment to assist in the efforts to ease the suffering of victims of human trafficking,...
- Gargash highlighted the importance of similar regional and international forums that focus on the keenness of countries working together to eliminate this crime
- He also thanked Saudi Arabia for hosting the forum, as well as Bahrain for performing the duties of its standing secretariat-general
Economy
Bahrain launches investment platform allowing access to strategic projects
The Economic Development Board (EDB), Bahrain's investment promotion agency, on Tuesday announced the launch of the investment platform (invest.bh) that...
- Bahrain's Economic Recovery Plan has seen the announcement of strategic projects worth more than $30 billion.
- Investable projects include Bilaj Al Jazayer Tourist City, Bahrain Metro, USA Trade Zone, Aluminium downstream zone and Sports City.
Business
Qatar affirms its commitment to WTO agreements
Qatar has affirmed its commitment to the principles and agreements of the World Trade Organization (WTO), and praised the body's...
- During the meeting in Geneva the two sides discussed ways to enhance bilateral cooperation and support the ongoing negotiations within the framework of the organization
- The minister stressed Qatar's commitment to the principles and conventions of the World Intellectual Property Organization
Geostrategy
Turkey jails opposition party politician: reports
A well-known Turkish defense analyst and founder of the opposition Democracy and Progress Party (DEVA), Metin Gurcan, has been jailed...
- Turkish police detained him on Friday
- Gurcan was then jailed on Monday, according to the private NTV broadcaster
Business
UAE Cabinet approves laws for housing loans, medicines
The UAE cabinet has also approved policies to boost the creative sector, and even rehabilitate convicts and juvenile delinquents.
- The UAE Cabinet has approved the requirements and conditions to clear housing loans for Emiratis
- It has also approved the UAE National Medicine Policy, which aims to achieve equitable availability and affordability of essential medicines
Geostrategy
Pakistan backs Saudi bid to convene OIC session on Afghanistan
Pakistani Foreign Minister Shah Mahmood Qureshi said in a statement on Monday that his country supports the Kingdom's initiative.
- Pakistani Foreign Minister Shah Mahmood Qureshi said in a statement on Monday that his country supports the Kingdom's initiative
- Extraordinary Session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers will discuss the humanitarian situation in Afghanistan
Economy
Saudi Fund for Development to give $3 billion to Pakistan
Saudi Arabia reactivated its support for Pakistan in the last week of October, including about $3 billion in safe deposits...
- Saudi Arabia reactivated its support for Pakistan in the last week of October, including about $3 billion in safe deposits and $1.2 billion in oil supplies on deferred payments
- The SBP statement said the deposit agreement reflected the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan
Market Report
Multiply Group to list on ADX
Multiply Group has assets of AED 8.16 billion and 3,240 employee
- The group’s listing on ADX will offer investors the opportunity to invest in the field of disruptive digital technology and other key industries
- The company’s combined portfolio strikes a balance between companies that generate recurring income and high-growth businesses
Business
Emirates Stallions acquires stake in WFC
Acquisition aimed at diversifying Emirates Stallions' business.
- WFC’s main revenue drivers are Real Estate, Retail, Aerospace, Defense, Government, Education, Technology, Manufacturing, Hospitality, and F&B.
- Emirates Stallions Group is present in 20 markets and has assets of AED555 million as of the end of Q2 2021 and over 3,000 employees.
Business
Khalifa University sets up a business unit with AED100m
Khalifa University of Science and Technology has launched a business and investment arm of the university named Khalifa University Enterprises...
- Khalifa University Enterprises Company will include ‘Innovation Acceleration and Startups’ and ‘KU Ventures’
- Its mission is to boost and speed up business engagements with the University
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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
Seera sees 43% slide in loss
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BinDawood’s H1 profit tumbles
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Business
Jordan fixes bread prices until 2023 amid global grain price hike
According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white...
Economy
French energy giant offers pay talks in bid to end fuel strike
Vehicle owners have faced increasingly long waits to fill up after two weeks of strikes by workers demanding higher wages...
Business
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Economy
Remittances from expatriates in Saudi fell 13 percent in Aug
Riyadh, Saudi Arabia - Remittances from expatriates in Saudi Arabia saw a 13 percent year-on-year (YoY) decline to SAR 11.92...
- On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia rose 3 percent, or SAR 323 million ($85.47m).
- Remittances by Saudi nationals to other countries grew 10 percent YoY to SAR 6.33 billion ($1.68bn) in August.
Business
Dubai Airport Free Zone non-oil trade up 36 percent in 2021
Dubai, UAE--- Non-oil trade of Dubai Airport Free Zone (DAFZ), part of the Dubai Integrated Economic Zones Authority (DIEZ), rose...
- DAFZ contributed 10.7 percent to Dubai’s non-oil trade in 2021, exceeding expectations across all sectors.
- Machinery, equipment, and appliances were the main contributor to DAFZ’s trade in 2021, making up 74.6 percent of exports.
Geostrategy
Qatar to hike Jordanian food imports during World Cup
Qatar plans to hike its imports of Jordanian food products during FIFA World Cup Qatar 2022 as demand is expected...
- Qatar relies heavily on Jordanian market for vegetables and fruits.
- Volume of Jordan-Qatar trade during the past 10 years amounted to over US$3.17 billion.