Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
Business
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.
Business
Business
Al Babtain to procure SAR 250m loan
The facility will be provided through Murabaha mode
- The duration of the banking facility is four years and 282 million riyals have been pledged as guarantees for the financing.
- The company said the loan will be used for re-structuring a part of short-term finances.
Science
US climate envoy to take part in Middle East Green Summit
John Kerry, the US climate envoy, will be in Saudi Arabia on Sunday to participate in the Middle East Green...
- Kerry will “engage with government counterparts and private sector leaders on efforts to address the climate crisis”
- Saudi Arabia will host the inaugural Saudi Green Initiative Forum and Middle East Green Initiative Summit in Riyadh on Oct. 23-25
Business
Banan to distribute cash dividends
The shareholders will get dividends for the period ending June 30.
- Banan Real Estate Company focuses on the investment and development of commercial, hospitality, and residential real estate.
- The dividends will be distributed automatically by depositing in the investment accounts linked to the shareholders’ portfolios.
Geostrategy
Renewable energy jobs reach 12 million globally
A report by the International Renewable Energy Agency confirms Covid-19 caused delays and supply chain disruptions, with impacts on jobs...
- Off-grid solar lighting sales suffered due to Covid-19 disruptions, but companies were able to limit job losses.
- China commanded a 39 percent share of renewable energy jobs worldwide in 2020, followed by Brazil, India and the US.
Business
Abu Dhabi launches virtual license for non-resident foreign investors
Non-resident foreign investors can obtain a virtual license for doing business in Abu Dhabi from any location outside the UAE...
- Investors can obtain the license from any location outside the UAE and without having to meet residence procedures.
- The license covers 13 economic sectors on top of the strategic sectors targeted by the Abu Dhabi government to attract Foreign Direct Investment.
Economy
Kuwait Airport ready to operate at full capacity
Kuwait International Airport will gradually operate commercial flights for all aviation companies.
- The airport has been closed since August last year, when the authorities banned all incoming and outgoing flights
- Some hope of resumption was seen earlier this year, but the spread of the Delta variant of Covid-19 stopped the consideration
Business
DEWA signs several digital tech agreements at GITEX 2021 stand
Dubai Electricity and Water Authority (DEWA) signed a slew of MoUs with local and international companies at the ongoing GITEX...
- The MoU with Etisalat is aimed at speeding up the digital transformation using Etisalat’s MobileHub platform.
- Digital DEWA subsidiary sInfraX has partnered with WoM Technologies for its planned rollout of the first-ever Low Power Wide Area Network wireless Internet of Things.
Economy
Iran bank loans to economic sector rise 58%
The Iranian banking system has paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the...
- Working capital loans to different economic sectors in the six months were above 8.376 quadrillion rials (about $199.4 billion)
- According to the data provided by the Central Bank of Iran, this accounted for 67.5 percent of the total provided facilities
Business
ACWA Power plans to stop investing in non-renewable projects: CEO
ACWA Power has said it plans to end investment in non-renewable projects in its endeavor to reach net zero by...
- ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.
- The company, 44 percent owned by PIF, will be "very selective" about the type of gas-powered plants, says CEO
Economy
Jordan to get new national accounting system
An agreement has been signed to build capacities to establish a sustainable national accounting system in Jordan.
- The aim of this initiative is for accounts and GDP figures to reflect the contributions of the informal sector
- It is also expected to provide accurate details of the sub-sectors in accordance with the best international practices in this field
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
Business
Company News
IHC H1 profit surges to $3bn
Business
Apple to open outlet in Riyadh
Business
Mubadala to buy Canada Cartage
Business
Latest News
UAE, UN Women discuss gender equality, empowerment
NEW YORK, US - UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan discussed enhancing the prospects of women empowerment...
Geostrategy
UAE delegation attends meetings on sidelines of UNGA session
The UAE delegation attended the fifth day of high-level meetings on the sidelines of the 77th Session of the United...
Geostrategy
‘More efforts needed for net zero carbon emissions by 2050’
More efforts are required to make the world reach net zero emissions by mid-century, according to the International Energy Agency's...
Economy
Most Read
Business
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.
- Data from Italy’s gas network reveals that the country has bought 20.9 bcm of natural gas from Algeria in 2021
- Since Russia invaded Ukraine, several European countries are looking for alternative energy suppliers
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...
- Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the slogan, ‘This is our home.'’
- The roads and public spaces in the capital city of Riyadh and other major cities were decorated with national flags and portraits of King Salman and Crown Prince
Business
Salik IPO oversubscribed
The company raised $1.017 billion in IPO on the DFM.
- In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent
- The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK"