Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
Business
Business
Al Dahra opens five animal feed plants
The plants are located in Serbia, Romania and Bulgaria.
- The new plants have a capacity of 500,000 tonnes per annum of clover and more than 15 types of feed and concentrated grains.
- The firm recently added some 11,000 hectares of clover to its existing plants in Romania.
Economy
Innovations in focus as Gitex Global begins
Artificial Intelligence, 5G, cloud, big data, cybersecurity, blockchain, quantum computing, Fintech and immersive marketing remain key focus of the five-day...
- A series of conferences and workshops will also be organised on the sidelines of the five-day exhibition.
- Gitex Global Leaders Vision will take a look at UAE 50, Saudi Vision 2030 and transformative projects in GCC.
Business
SABIC stock leaps up to 7-year high, trades at SR134.60
For the first time in nearly seven years, the stock of Saudi Basic Industries Corporation (SABIC) has touched its highest...
- The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far
- Today’s rise has pushed the stock up a staggering 120 percent since March 2020
Business
Work on $6.5 billion green hydrogen project in NEOM to begin in H1 2022
The work on a $6.5 billion green hydrogen plant in Saudi Arabia's planned futuristic city NEOM is likely to begin...
- ACWA Power expects to finalize financing in Q1 2022. The project is a joint venture with NEOM Co. and American industrial gas company Air Products.
- The plant will need around 4.3 GW of clean energy to power it and ACWA plans to use solar in the day and wind in the night.
Economy
ADNOC Drilling included in major global indices
ADNOC Drilling’s has now achieved an integral position as the sole provider of drilling rig hire and rig-related services to...
- ADNOC Drilling was included in key global indices by FTSE less than two weeks after its record ADX listing
- The Company’s Board approved ADNOC Drilling’s ambitious 5-year business growth plan for 2022 to 2026
Business
SIB profit up 30 percent in nine months
The bank said it continued hedging policy despite corona recovery.
- Operating profits increased by 29.3 percent to reach AED 652.9 million.
- The bank's board has approved a proposal to allow foreign investors to trade in 40 percent of the bank’s shares.
Business
SODIC lands $100m loan
This will finance SODIC’s West Cairo flagship project.
- The Arab African International Bank and Banque Misr is providing this facility to SODIC
- SODIC is expected to use this facility to finance its West Cairo flagship development known as SODIC West
Expo 2020 DUBAI
Slovakia debuts its first Hydrogen car at Expo 2020
The car has an aerodynamic design and is a sports model, and does not produce dangerous emissions.
- The vehicle, called the MH2 Hydrogen car, has been designed by Branislav Mauks
- He is a Slovakian designer who since 2007 has contributed in designing each of Ferrari’s models
PIF of Saudi Arabia to launch tourism on ‘THE RIG’
Public Investment Fund of Saudi Arabia has announced the launch of ‘THE RIG,’ a new tourism project on oil offshore...
- “THE RIG” will span a combined total area of more than 150,000 square meters
- It will provide a multitude of hospitality offerings, adventures, and aquatic sporting experiences
Business
Iran ex-central bank chief gets 10-year jail term
An Iranian court has sentenced the former governor of Iran’s central bank to 10 years in prison for violating the...
- Zabihollah Khodaeian, judiciary spokesman, told state TV that besides violating the currency system, Valliollah Seif also had a role in smuggling foreign currency
- State TV said they were involved in violations of the currency market in 2016
Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
Business
Company News
Latest News
Dubai records realty transactions worth $299 million Thursday
Dubai, UAE-- Dubai real estate market recorded realty transactions worth AED1.1 billion ($299 million) on Thursday, Dubai Land Department said....
Business
Value of building permits issued by Sharjah Municipality hits $2.54 bn
Sharjah, UAE--The contractual value of building permits issued by Sharjah Municipality grew to AED9.344 billion ($2.54 billion) in H1, while...
Business
UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and...
Geostrategy
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Science
Saudi Arabia to launch two astronauts into space aboard Elon Musk’s SpaceX
The sources told Reuters that the deal was signed privately earlier this year with Houston’s Axiom Space.
- The sources told Reuters that the deal was signed privately earlier this year with Houston’s Axiom Space
- Under the deal, two Saudi astronauts will ride SpaceX’s Crew Dragon capsule to the space station for a roughly weeklong stay
Business
Saudi Steel lands contract
It won a $40 million contract from Aramco to supply pipes.
- Saudi Steel Pipe Co. said, in a bourse filing, that it expects to see financial impact from its new order in the second and third quarters of 2023
- The pipe producer, in May, signed a 10-month contract worth $25.86 million with Saudi Aramco to supply the latter with oil and gas steel pipes
Business
Raydan to cut capital by 53%
The food company will reduce the capital to $42.13 million.
- According to a bourse filing, the company is cutting its capital from $90 million to $42.13 million
- The food company's accumulated losses reached $45 million in the first half of the year, representing 53 percent of its share capital