ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
Business
Infographics
How major Arab economies performed since 1975
At a time when the future of the global economy is going to change following the trends from regional economies,...
- The region's dynamics have changed a lot due to oil exports from 1975 to 2021.
- The Arab countries are now among top-world investors in high-tech companies
Business
Dubai leads MENA region in Global Cities Index
Despite the disruption caused by the coronavirus lockdown Dubai and Abu Dhabi have continued to advance in the race to...
- The city also leads the Middle East and North Africa (MENA) region in the index
- Abu Dhabi secured the fourth spot in the Global Cities Outlook (GCO), rising three places from the seventh position last year
Business
ACWA Power of KSA to build solar power plant in Iraq
Iraq is looking to establish a big solar power plant in the Najaf area that could generate 1,000 megawatts of...
- In this regard it is in advanced discussions with Saudi Arabia’s ACWA Power, the oil ministry announced on its Facebook page
- The ministry said it is close to signing the agreement with the Saudi utility company to generate 1,000 megawatts of solar power in the Najaf Governorate
Business
Saudi telecom firm Zain reports 36% dip in net profit
Zain KSA, the Saudi telecom firm, has reported a 36 percent drop in net profit to SR143 million in the...
- The significant dip is due to a 1 percent drop in revenue, as well as rising revenue costs by 19 percent
- Lowering operating expenses and the results of the capital restructuring last year helped compensate for the fall
Business
Alsulaiman Group and Livspace announce a Joint Venture
Both ASG and Livspace have invested about $50 million to fuel regional growth and become market leaders.
- Both ASG and Livspace have invested about $50 million to fuel regional growth and become market leaders
- The JV further plans on strengthening the team by investing in talent across levels while also aiming to reach 500 design partners in the region by 2022
Economy
Bahraini Farmers Market returns with Covid-19 precautions
The market, which reportedly aims to promote Bahrain’s agricultural products and highlight the development taking place in the country’s agricultural...
- This edition of the market will be limited to shops selling local agricultural produce
- It will also feature a number of restaurants without the accompanying recreational activities
Economy
Turkish lira touches all-time low of 9.85 after Erdogan seeks expulsions
On Saturday, Erdogan announced that he had ordered his foreign ministry to expel the envoys for seeking the release of...
- The lira subsequently rebounded, last fetching 9.7150 and was quoted at 9.7200-9.7600 at 0441 GMT
- Last week, the Turkish currency plunged to record lows after the Turkish central bank cut its policy rate by 200 basis points
Economy
Saudi non-oil exports leap up 26.8% to SR23bn in August
Non-oil exports of Saudi Arabia vaulted 26.8 percent to SR23 billion in August, compared to SR18.1 billion in the same...
- Growth was driven mainly by higher exports of plastics and chemicals, which surged by 56.6 percent and 66.2 percent year-on-year
- Non-oil exports including re-exports increased from 18.9 billion riyals in July 2021 by 1.9 billion riyals or 8.9 percent
Economy
Bahrain says will achieve net-zero emissions by 2060
The announcement came on Sunday, October 24, a day after Saudi Arabia announced the exact same goal.
- According to a report from the official news agency BNA, Bahrain has already reduced emissions while growing the national economy
- It is said to have done this by placing clean, green, and sustainable growth at the heart of Bahrain Economic Vision 2030
Geostrategy
UAE, Israel to recognize each other’s vaccine certificates
The competent authorities in the two countries will be able to develop specific procedures ensuring the unrestricted movement of vaccinated...
- The UAE and Israel have signed an MoU to recognize each other’s vaccination certificates
- The MoU is said to be part of the efforts of the two nations to emerge stronger from the Covid-19 pandemic
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ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
Company News
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Business
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Business
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Latest News
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...
Business
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,...
Economy
Most Read
Business
ADNOC, TAQA conclude $3.8 bIllion offshore decarbonization deal
Abu Dhabi, UAE---ADNOC and Abu Dhabi National Energy Company (TAQA) Friday announced the financial closing of their $3.8 billion project...
- This is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.
- A Consortium will build, own, operate and transfer the transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.
Economy
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah...
- The nuclear plant plays a key role in promoting the transition to safe and environmentally friendly energy sources.
- Several countries began to focus on developing nuclear power to meet the challenges of energy security and climate change.
Business
Borouge to pay dividend of $325m
This is the first payment of the total $975m dividend for 2022.
- The interim dividend payment reflects Borouge's strong financial performance in H1 2022 and its outlook for the remainder of 2022, the company said.
- In the first half of 2022, Borouge reported a 16.4 percent increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year.