OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
Business
UAE urges collective action for sustainable development at G20 ministers meeting in India
DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective...
Geostrategy
Business
Bahrain to open up ‘.bh’ domain name registry
A domain name is a name in English or Arabic letters chosen to be the address and the identity of...
- So far, mostly government entities have had permission to use this domain name
- Now, the TRA has launched a campaign to introduce the mechanisms for registering new websites with the .bh domain name
UAE to ease Covid curbs, allow bigger home gatherings
Owing to the decline in the transmission of coronavirus in the country, the United Arab Emirates has decided to relax...
- According to the new set of rules, occupancy at parties has been capped at 80 per cent or a maximum of 60 guests
- A negative PCR test taken no more than 48 hours before the event is also a must
S&P says lackluster tourism to keep Dubai economy down
Although Dubai is set for a ‘modest’ recovery this year on the back of a high vaccination rate in the...
- The economy of the Middle East trade, finance, and tourism hub shrank 10.9% last year
- S&P expects Dubai's real gross domestic product growth to average about 2% between 2022 and 2024
Business
UAE, Iraq agree to promote and protect investments
The agreement is part of the UAE’s endeavors to strengthen and activate means of economic and investment cooperation globally.
- The agreement aims to encourage foreign investment by improving the investment environment and enhancing economic cooperation
- It will also look to secure a balance between rights and obligations between investors and the host country
Business
UN report says global FDI rebounds to $852bn in H1
A United Nations report has depicted a positive picture of global foreign direct investment during the first half of 2021....
- Countries around the world recorded a total of $852 billion in FDI flows, showing a “rapid recovery” from the 2020 lows
- Developed economies recorded the biggest increase in new investments, with FDI reaching an estimated $424 billion in the first half of the year
Business
Gulf Islamic Investment of UAE to invest $500m in India
Gulf Islamic Investment of UAE will invest $500 million in India over the next three years as it takes steps...
- The shariah-compliant firm said its current investment plan is sector-agnostic and is now keen to partner with Indian start-ups and growth companies
- This follows its Indian investment debut in 2020 with India Growth Portfolio (IGP-I)
Business
Zoomcar enters Egypt market
Zoomcar targets 5,000 cars in Egypt by March 2022.
- Zoomcar to launch their functioning in Egypt
- The target of Zoomcar is to have 20,000 cars in market by 2022 end
Business
Fertiglobe IPO set for $6bn valuation as subscription ends
Fertiglobe, the fertilizer firm, is all set to earn a $6 billion valuation as 114.6 million shares were allocated on...
- The amount of shares allocated is equivalent to 13.8 percent of the business
- Subscription for Fertiglobe shares began on 13 October, with two tranches, of stock offered to investors
Business
Tasi, the Tadawul All Share Index, vaults 0.4% to go past 11,800
The Tadawul All Share Index, TASI, vaulted 0.4 percent to surge past the 11,800 point level in early trade today.
- Al Rajhi Bank rose more than 1 percent
- Etihad Etisalat (Mobily) gained 2 percent to SR30.85
Business
Fintech Galaxy raises $2m in seed funding
The funds will be used to develop and rollout Open Finance platform.
- The seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments.
- The Open Finance platform aims to redesign financial services with an open API infrastructure.
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OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
Business
Company News
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Some 72% children fall victim to online threats globally: report
These were the findings of a report from Boston Consulting Group (BCG) and the Global Cybersecurity Forum (GCF), based on...
Business
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's...
Economy
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Business
TAQA secures $1.09 bn funding to finance Mirfa power plant’s debt
Abu Dhabi, UAE-- Abu Dhabi National Energy Company (TAQA) has secured $1.09 billion in funding to refinance debt for Mirfa...
- Mirfa International Power & Water Company (MIPCO), which owns and operates the plant, secured the dollar-denominated financing from nine international and regional lenders.
- The funding was utilized to refinance the company’s debt raised in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region.
Business
Dubai first half dhow trade up 21 percent: PCF Corporation
Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 6,000 wooden dhows during H1, reflecting...
- Since its establishment in July 2020 by Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the emirate has witness a robust growth in dhow trade, PCFC said.
- he Agency supervised the movement of 6,052 wooden dhows during H1 2022, which ferried 1 million metric tons of merchandise from countries across the MENA region and beyond.
Business
Yahsat to pay $53.5m H1 dividend
The dividend will be paid by 14 Oct to all shareholders.
- The Group said it is on track to deliver a total dividend of at least AED393.3 million for the full 2022 financial year.
- The second and final dividend for 2022 is expected to be paid in April 2023.