RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
Business
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
Business
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.
Business
Mobily signs recycling deal
Mobily will recycle old and discarded Ericsson devices.
- Mobily is now expected to join the Ericsson Product Take-Back Program to recycle discarded electronic devices
- The program is responsible for the disposal and recycling of electrical equipment at the end-of-life stage
Business
Marjan lands $272m RAK project
Dubai Investments and Marjan have tied up for the project.
- The project’s design is reportedly set to offer a private enclave with waterfront views
- It is targeted at social gatherings, family unions, business meetings, or personal relaxation
Geostrategy
UAE, Bahrain, Qatar among top 10 expat destinations in the world
Overall, the Middle East, North Africa and Turkey (MENAT) was the highest-ranking region for the quality of life, with 71...
- Switzerland, New Zealand and Spain top three destinations followed by Australia, Cyprus, Portugal, Ireland, France and Netherland.
- 65 percent of expats feel optimistic about the year ahead and 75 percent were optimistic 'normality' will return.
Business
UAE makes up 88% of GCC investment in Sub-Sahara Africa
Over 3,000 government officials, business leaders and industry experts representing 91 countries took part in the 6th Global Business Forum...
- Fintech, healthcare, agriculture, e-commerce were identified in the report as high-potential sectors
- Around 90 percent of surveyed executives said they expect fintech to see the most growth in 2022
Business
Saudi Arabia, UK discuss education cooperation
The two countries discussed ways of enhancing educational, academic, and research cooperation.
- Saudi Arabia and the UK talked about sharing the best practices and expertise in education
- The meeting also addressed their efforts in fields of cooperation in public education, developing curricula, and the courses system for secondary education
Business
Start-ups at in5 secure investments worth AED1.4 billion
More than 150 new companies joined in5 since 2020, bringing the grand total of start-ups supported by the incubator to...
- Start-ups that successfully secured significant investments include buy-now-pay-later start-up tabby
- Sunglasses e-commerce company Eyewa, has secured AED 77 million in total funding
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
Business
Company News
Latest News
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...
Market Report
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...
Business
‘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...
Economy
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Economy
Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
- The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
- The CBE remains committed to achieving stable levels of inflation over the medium term which is a requisite condition towards sustainable economic growth
Geostrategy
UAE signs cooperation pact with Ethiopia on extradition, legal assistance
Abu Dhabi, UAE - The UAE signed agreements on extradition and mutual legal assistance in criminal matters with Ethiopia. The...
- The new agreement aims at mutual cooperation in legal and judicial fields.
- According to Ethiopia's Ministry of Trade and Regional Integration, trade between Ethiopia and the UAE exceeded $2.5 billion in the last five years.
Geostrategy
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
- Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
- But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.