Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
Syria claims US responsible for military escalation in country
BEIRUT, LEBANON – The US is responsible for the military escalation in eastern Syria, where terrorist groups such as the...
Geostrategy
Business
A deposit to fund green projects in Middle East
HSBC UAE has managed to secure the first green deposit from Saudi British Bank (SABB) through its new program dedicated...
- The deposit will be used solely to finance green initiatives
- HSBC launched in June its Green Deposits offering for commercial and institutional clients in the UAE
Business
Mubadala Capital buys Taco Bell franchisee
Mubadala Capital, the financial investment arm of Abu Dhabi’s sovereign investor Mubadala, has acquired one of the largest Taco Bell...
- Mubadala Capital bought K-Mac Holdings Corp from Lee Equity Partners Opportunities Fund
- Mubadala Capital has invested about $1.8 billion in the F&B sector in the past seven years
Business
Savills says GCC real estate to benefit from global migration
The Middle East’s real estate sector may benefit from the return of global population movement to pre-pandemic levels in 2024.
- Improvement in global migration has pushed the real estate sector to “new heights”
- This also comes as governments in the regions have gradually lifted pandemic-related restrictions on consumer activities
Economy
Inflation spikes in Saudi Arabia, fueled by high food prices
The rate of inflation in Saudi Arabia spiked in September after being at the lowest level in August, according to...
- It was 0.6 percent in September, up from 0.3 percent in August, the General Authority of Statistics said today
- The spike was fueled by a faster growth in prices for food and beverages
Geostrategy
Jordan to get $11m from US to stem water loss
The Water Authority of Jordan has signed an agreement with USAID in this regard in the third phase of a...
- The deal is aimed at reducing water loss in Maan Governorate in southern Jordan
- The agreement is the third phase of a five-year $152-million Fixed Amount Reimbursement Agreement
Business
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs,...
- Sukuks amounting to $57.3 billion were issued in the GCC region, Malaysia, Indonesia, Turkey and Pakistan in the third quarter of 2021.
- Global outstanding sukuk reached $775.4 billion in the third quarter, 2.8 percent higher than the previous quarter.
Business
UAE, Senegal to set up joint business council
The MoU was signed on the sidelines of the Expo 2020 Dubai in the presence of President Macky Sall of...
- For the UAE, the MoU signatory was Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry
- For the African country, it was Aba Traore and Elimane LAM on behalf of the Consortium of Employer’s Unions of Senegal
Economy
Africa needs to revamp transportation for economic development: DP World CEO
Africa offers significant potential for investment and economic partnerships that can create mutual benefits for UAE businesses and their African...
- Africa offers significant potential for investment and economic partnerships, Sultan Bin Sulayem said at Global Business Forum Africa.
- Dubai keen to transfer its experience to help develop business in Africa, Bin Sulayem said.
Business
DSOA program to aid techpreneurs and startups
DSOA — a wholly-owned government free zone — is expected to launch the program at GITEX Future Stars 2021.
- DSOA — a wholly-owned government free zone — is expected to launch the program at GITEX Future Stars 2021
- The tech-focused startup event will run from October 17 to 20 at the Dubai World Trade Center
Business
Oman to get green ammonia plant at Salalah
The new project, named SalalaH2, will target the production of up to 1,000 tons per day of green ammonia.
- An international consortium has signed an agreement to develop a green hydrogen and green ammonia project at the Salalah Free Zone in Oman
- The consortium consists of the alternative energy business unit of Oman’s national petroleum investment company OQ, Marubeni Corporation, Linde, and Dutco
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
Company News
Union Properties’ profit rises
Business
Latest News
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.
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...
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...
Business
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Economy
Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and...
- The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and regional markets
- Earlier, Saudi Arabia passed a new tourism law which is expected to accelerate the development of an internationally competitive tourism sector
Business
Wizz to set up fleet in KSA
It aims to set up a fleet of 50 aircraft in the kingdom.
- More than a quarter of the flights in the unit will be domestic, with about 50 percent focusing on the wider Middle East and the rest primarily on Europe
- The company plans to start its services to Saudi Arabia next week, starting with flights to the Gulf city of Dammam from Rome, Vienna and Abu Dhabi
Geostrategy
We are helping Lebanon to deal with economic challenges: Blinken
The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues.
- The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues
- Prime minister Mikati thanked Blinken for his support and the opportunity to talk about Lebanon’s problems.