Economy
World Bank warns high energy prices could stoke inflation
World Bank has warned that rising energy prices will stoke inflation in many emerging markets and developing countries.
- The bank has raised its forecast for average oil prices to $74/bbl in 2022 from $70/bbl in 2021 projected previously in April
- Prices of non-energy commodities like metals and wheat are also projected to remain at elevated levels
Science
Iraq to cut out carbon emissions in full by 2025
In order to cut out carbon emissions completely, Iraq will stop burning associated gas permanently in 2025.
- He said that Iraq will stop burning associated gas permanently in 2025
- "At this summit, we seek to start developing plans to transform the future of our countries and all their economies to a green future free of emissions”
Business
Safari lands Saudi contracts
The contracts pertain to managing the King Fahd Causeway.
- Safari has been awarded all three facilities management packages by the King Fahd Causeway Authority
- According to the five-year contract, Safari will provide over 500 staff to maintain and enhance the aesthetics and functionality of the causeway
Business
Saudi EXIM Bank and SMBC sign MoU to streamline businesses
The Saudi Export-Import Bank and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement under which the two will work...
- Saudi EXIM Bank says MoU is one of many it is pursuing to help Saudi exports grow.
- The SMBC will explore securitization or letters of credit to creditworthy Saudi exporters and Japanese importers.
Business
ADH revenue, profit up by end of Q3
Rise in net profit attributed to a slew of acquisitions.
- Year-on-year revenue growth 341 percent, reaching AED 11,425 million in nine months.
- Healthcare sector major contributor to revenue, which reached AED 11,425 million at the end of Q3.
Business
Abu Dhabi-based fund exceeds target of $50m in second raise
The Chimera Global Fund has surpassed its target of $50 million in its second raise, as it aims to deploy...
- The Abu Dhabi-based fund said it has a “robust pipeline of opportunities” in a number of sectors including financial technology, educational technology, and health technology
- “The fund aims to deploy tickets of up to $5 million in 12-15 companies that span from Series A to pre-IPO stages”
Business
Ministry of Economy and LinkedIn sign MoU to promote UAE as talent destination
The UAE's Ministry of Economy has signed an agreement with LinkedIn for developing a framework for skills-based talent besides identifying,...
- The agreement is geared towards achieving UAE Strategy for Talent Attraction and Retention.
- LinkedIn will collaborate with the ministry’s team to make joint action plans supporting the ministry’s national strategies.
Business
Emirates cancels flights to Sudan after reports of military coup
Emirates has cancelled flights to Khartoum after reports emerged of a military coup in Sudan.
- The airline said that flights to and from Khartoum, operated by EK 733/734, are cancelled from October 25 to October 27, 2021
- “Customers with final destination Khartoum will not be accepted until further notice from any point on the Emirates network”
Business
Al-Ahli Bank of Kuwait net profit $69.6 mn
The bank suffered a net loss of KD 7.9 mn in first nine months of 2020.
- The bank's total assets increased by 4 percent to reach $17.1 billion.
- It launched the first issuance of Kuwaiti dinar-denominated bonds at a value of $165 million.
Business
Aramco, TotalEnergies launch stations
The service stations are part of a joint venture signed in 2019.
- The joint venture is aimed at upgrading a network of 270 service stations and expanding the range of retail services.
- The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café.
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Company News
ADNOC Drilling H1 profit $379mn
Business
SABIC profit surges to $2.1bn
Business
Latest News
IHC H1 profit surges to $3bn
Business
Apple to open outlet in Riyadh
Business
Mubadala to buy Canada Cartage
Business
Dubai emerges as a driving force for a green economy
Dubai is consolidating its position as a pioneer in transitioning to a green economy to support the efforts of the...
Economy
Algeria’s export of natural gas to Italy to soar 20% in 2022
Last April, Italy entered into an agreement with Algeria to increase imports through the Trans-Med pipeline.
Business
Saudi Arabia celebrates 92nd National Day with military parades, other festivities
Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the...
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Business
UAE starts third unit of Barakah Nuclear Energy Plant
UAE has successfully started Unit 3 of the Barakah Nuclear Energy Plant, located in Abu Dhabi's Al Dhafra Region, its...
- The launch has been achieved a year after the start-up of Unit 2, with the next key milestone being the connection of Unit 3 to the national electricity grid in the coming weeks
- Once operational, Unit 3 will add another 1,400 MW of zero-carbon emission electricity capacity to the national grid
Economy
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
- A total of 243 plots were sold for $351 million (AED1.29 billion) in Dubai.
- A total of 1,659 apartments and villas were purchased for $955 million (AED3.51 billion).
Market Report
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks...
- In the eurozone, recession fears deepened as data showed its economic activity fell once again in September.
- Traders were keeping a close eye also on developments following the Japanese finance ministry's intervention to support the yen.