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
International Military Forum Army-2023 opens in Moscow
MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
Geostrategy
Geostrategy
UAE wins membership on UN Human Rights Council
The UAE has won membership on the UN Human Rights Council for the 2022-2024 term after obtaining 180 votes from...
- The UAE believes in the pivotal role played by the Council in the promotion and protection of human rights
- The country aspires to enhance cooperation and constructive dialogue and strengthen partnerships between countries to enrich its work
Economy
Egypt’s current account deficit widens in Q1 as imports surge
Egypt's current account deficit widened in the first quarter of the current financial year because of a surge in imports...
- A strong currency helped boost imports to $19.59 billion in the quarter from $13.83 billion a year earlier
- Two years earlier, before the pandemic, Egypt reported tourism revenue of $3.18 billion for the April-June period
Business
Dubai court directs Nissan to pay $354m to Al Dahana in damages
A court in Dubai has directed Nissan Motor Co. Ltd. and Nissan Middle East to pay $354 million as compensation...
- The case sought compensation for damages suffered due to breach of contract allegedly committed by Japanese automaker Nissan
- The Dubai court issued a precautionary attachment order over goods and moveables
Geostrategy
Blinken says US committed to the defense of Saudi Arabia
The US sees Saudi Arabia as a vital partner and America is committed to the defense of the Kingdom, US...
- Prince Faisal also praised the strong partnership between the two allies
- “Our relationship has delivered immense value for both of our countries, but not just for us, also for the region and for the world”
Business
DMCC sells a rough 118-carat diamond for record $5.2 million
Dubai Multi Commodities Centre (DMCC) has sold a 100+ carat rough diamond for $5.218 million (US$ 44,004 per carat) in...
- The 118.58-carat type IIa stone was viewed by top diamond trading companies from Asia and Europe.
- During one tender event in Dec. 2020, $87 million worth of rough diamonds were sold at Dubai Diamond Exchange.
Business
CBD and Infinios announce pact
Both will work to support the growing fintech market in UAE.
- Achieving the financial inclusion objective of the UAE one of the aims behind partnership.
- The partnership will help Infinios to expand its regionally unique banking-as-a-service solution (BaaS).
Business
UAE discusses trade partnership with South Korea
The UAE and South Korea have discussed the prospect of pursuing a Comprehensive Economic Partnership Agreement to strengthen economic ties,...
- The negotiation process for this agreement is set to begin soon
- It is expected to cover issues like market access to goods and services, ecommerce, and carbon neutrality
Economy
Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13...
- Moody’s said the change ‘reflects the significant easing of pressures on government liquidity and external financing’
- This is said to have come as a result of the ongoing implementation of the Medium-Term Fiscal Plan and a relative rise in oil prices
Business
ADQ to buy remaining 20 percent stake of Daman
ADQ has entered into a definitive agreement to acquire the remaining 20 percent equity stake of The National Health Insurance...
- Since 2006, Daman has grown to become the nation’s largest health insurance provider
- As a partner to ADQ, Munich Re will continue to be Daman’s reinsurer
Business
Egypt ties up with Japan, France to build 500 MW wind farm
A consortium of companies has signed a 20-year deal with the Egyptian Electricity Transmission Company (EETC) to develop, construct and...
- The Nasdaq Dubai and Egypt stock exchange listed company did not disclose a value for the project
- The project is subject to financial close, after which the wind farm will be implemented in 30 months
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
Company News
Sulaiman Group’s profit soars
Business
Latest News
Union Properties’ profit rises
Business
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.