BRICS, SCO membership to reduce West’s sanctions effect, says Iran
"Given our numerous capabilities, we consider Iran’s membership in BRICS and the SCO as well as participation in other regional...
Geostrategy
Iran says European countries willing to buy our drones
TEHRAN, IRAN - A number of European countries have asked to purchase Iran’s unmanned aerial vehicles, the spokesperson for the...
Geostrategy
Business
Sharjah Economic Development Department processes 14,210 licenses during Q3
Sharjah Economic Development Department (SEDD) has processed 14,210 licenses submitted through its smart applications on its website as well as...
- The majority of the licenses processed belonged to the commercial sector, followed by professional.
- The growth of business licenses confirms the strength of the local economy, Sultan Abdullah bin Hadda Al Suwaidi.
Economy
Jordan discusses projects with World Bank and Ukraine
Jordan’s Minister of Agriculture had a meeting with a World Bank official and a minister of Ukraine.
- Jordan discussed the promotion of exchange of goods and bilateral ties with Ukraine
- With the World Bank, Jordan discussed water strategies and afforestation
Business
Advanced Petro Co. of KSA posts nearly 40% jump in net profit
Advanced Petrochemical Company of Saudi has posted nearly 40 percent increase in net profit to $58 million for the third...
- “Net profit increased by 39 percent compared to Q3 2020 mainly due to the increase in polypropylene sales”
- Sales revenue for the current quarter surged by 47.7 percent to 805 million riyals, while total comprehensive income grew from 286 million riyals to 356 million riyals
Business
Singapore-based Near acquires minority stake in MEmob+
Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa.
- Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa
- The companies will look to accelerate the adoption of cutting-edge technologies to support the performance of businesses everywhere
Business
Network International of UAE posts 19% jump in revenue
Network International, the UAE-based payment solutions firm, has posted a 19 percent jump in revenue in the third quarter, increasing...
- Merchant solutions revenue was up by 38 percent, the company said in its Q3 2021 trading update
- The company said that its entry into the Saudi Arabian Market was also on track, with the expectation of launching in the kingdom in early 2022
Business
Fertiglobe completes IPO on Abu Dhabi Securities Exchange
The initial public offering (IPO), which raised over $795 million, experienced strong demand from local and international investors, with orders...
- Fertiglobe’s shares will begin trading at AED2.55, implying a market capitalisation for the Company of $5.8 billion
- The company is the world's largest seaborne exporter of urea and ammonia and the largest nitrogen fertiliser producer in the MENA region
Science
Saudi Arabia joins space-based climate monitoring effort
The move comes barely days after the country announced during the Saudi Green Initiative forum that it aims to achieve...
- Saudi Space Commission has signed the joint international statement on space monitoring of the climate
- The signing took place at the headquarters of the Saudi pavilion at Expo 2020 Dubai
Geostrategy
Saudi Arabia and US call for end to Sudanese military coup
Taking a strong stance against the military coup in Sudan, Saudi Arabia and the US have condemned the overthrow of...
- Saudi foreign minister Prince Faisal bin Farhan Al Saud and US secretary of state Antony J. Blinken reiterated their support to the aspirations of the Sudanese
- The two top diplomats spoke today about the importance that all parties adhere to the framework laid out in the Constitutional Declaration and Juba Peace Agreement
Business
NEOM Tech and OneWeb team up for $200m high-speed satellite
NEOM Tech & Digital Holding Company and OneWeb have signed a $200 million joint venture agreement to bring high-speed satellite...
- Both the companies will have exclusive rights to distribute OneWeb services in its target regions for seven years from the start of the satellite network
- NEOM Tech & Digital Holding Co. and OneWeb expect to complete ground infrastructure in 2022
Geostrategy
Saudi Arabia supports Pakistan with $4.2bn lifeline
The money is coming in through the SFD, a Saudi government agency that usually finances social and infrastructure projects in...
- The Saudi Fund for Development has announced that it will deposit $3 billion into the State Bank of Pakistan
- Saudi Arabia will also finance the oil-derivatives trade with Pakistan with a total amount of $1.2 billion throughout the year
BRICS, SCO membership to reduce West’s sanctions effect, says Iran
"Given our numerous capabilities, we consider Iran’s membership in BRICS and the SCO as well as participation in other regional...
Geostrategy
Company News
Air Arabia H1 profit $122.8m
Business
Latest News
ADNIC H1 net profit $50m
Business
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
Business
Saudi Arabia to set up five new renewable energy projects
The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use...
Economy
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Economy
Germany vows to protect its SMEs from energy crisis
The German economy, like the economy of the vast majority of European countries, faces major challenges due to the Russian...
- Habeck said that the German government should not leave small and medium-sized companies to face the risk of recession alone
- The German minister seeks to include about one million small and medium-sized companies under the protectionist umbrella
Economy
Egypt’s gas export revenues up 13-fold in 8 years
Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022.
- Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022
- Egypt has quadrupled its exports of LNG and natural gas over the past eight years from 1.9 million tonnes to 7.2 million tonnes
Geostrategy
Global Islamic Refugee Fund launched, seeks to raise $400m
The funds are scheduled to be deposited in a trust account to finance programs as per the needs of refugees...
- The fund consists of an endowment account and a non-endowment account, to receive and invest donations per the principles of Islamic finance.
- Islamic Solidarity Fund for Development contributed $50 million to endowment account, and UNHCR contributed $50 million to non-endowment account.