Business
Egypt stops buying wheat due to high cost
Egypt, the world’s biggest importer of wheat, has stopped buying the grain because the price of it is too high...
- This is the fourth time this year that Egypt has balked at offers in a tender
- The country imports huge amounts of wheat in order to subsidize bread for its citizens
Business
Saudi Industrial Development Fund unveils three new products
The Saudi Industrial Development Fund has unveiled a set of programs and initiatives as part of its annual meeting to...
- The launch included a land, a logistic loan, a supply chain financing product and an industrial business incubator program
- Over 60 logistic zones will be developed by 2030 to support exports, e-commerce and re-export operations
Economy
CBUAE, ADGM to cooperate in FinTech sector
CBUAE and ADGM will collaborate on the development and growth of the FinTech ecosystem in the UAE.
- Under the agreement, CBUAE and ADGM will enhance the collaboration under their co-sandbox program
- This will enable FinTech companies to test their innovative solutions under the existing digital sandbox program
Economy
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
- The NZBA was launched in April by the United Nations Environment Program Finance Initiative
- It aims to bring together banking institutions committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050
Economy
OFID to support Paraguay SMEs, agriculture
OFID has signed a term loan agreement for $30 million with Banco Regional of Paraguay, the third of its kind...
- Banco Regional will on-lend from OFID’s loan to small and medium-sized enterprises pr SMEs, particularly agribusinesses
- The loans are aimed at SMEs severely disrupted by economic slowdowns as a result of the Covid-19 pandemic
Business
Fertiglobe IPO may raise $827m
The IPO starts Wednesday and will continue to October 18.
- The IPO price range of $0.66 to $0.72 implies equity valuation of $5.5bn-$6bn.
- The company expects to distribute a dividend of $200 million in April 2022 for the H2, 2021.
Economy
Bank deposits up 0.7% to $525.17bn by August-end: CBUAE
The deposits rose to AED1,928.7 billion at the end of August from AED1,915.1 billion at the end of July.
- The CBUAE attributed the rise in total bank deposits to a 0.6 percent increase in resident deposits
- It also cited a 1.5 percent increase in non-resident deposits for the rise in total deposits
Economy
UAE approves budget of AED 290bn to 2026
The cabinet also approved the 2022 budget, which calls for spending of AED 58.931 billion ($16.05 billion).
- The cabinet also approved the 2022 budget, which calls for spending of AED 58.931 billion
- A major share of the 2022 budget was allocated to the development and social benefit sectors, at 41.2%, while the infrastructure and financial resources sectors took home 3.8%
Geostrategy
Jordan discusses bilateral ties with Qatar
Among other things, Qatar and Jordan discussed ways to increase employment opportunities for citizens of both countries.
- Qatar and Jordan have discussed various topics, including bilateral ties
- Their conversation also covered the latest regional and international developments
Business
DP World inks deal with MAN Energy Solutions
This is the latest in the several agreements the two companies have had over the years.
- As a result of the agreement, both parties will now eye common progress in the field of decarbonization
- The agreement is scheduled to run for five years with an option to extend thereafter
Company News
Latest News
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.
Geostrategy
UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared...
Economy
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in...
Business
Most Read
Geostrategy
UAE, France, India share vision on sustainable growth: Sheikh Abdullah
New York, USA - UAE, France and India have discussed the need for enhancing global cooperation to counter energy and...
- Foreign ministers of the three countries reviewed it as they met on the sidelines of UNGA's 77th session.
- The three ministers discussed enhancing global cooperation in facing issues like energy and food security.
Business
Binance gets MVP license from Dubai virtual assets authority
Dubai, UAE--Binance, the leading global blockchain services provider, said Tuesday it has received the Minimal Viable Product (MVP) license from...
- The transition to an MVP License from a provisional license means Binance can open a client money account with a domestic bank and benefit from new services.
- Â It can offer services to qualified retail and institutional investors in Dubai within its internationally benchmarked legislative framework for virtual asset service providers.
Business
Dubai realty market records realty deals worth $435m Tuesday
Dubai, UAE--- Dubai real estate market recorded realty deals worth AED 1.6 billion ($435 million) on Tuesday, according to Dubai...
- These included 439 sales transactions worth AED1.25 billion, in addition to 66 mortgage deals of AED240.64 million, and 72 gift deals amounting to AED175.81 million.
- On Monday the market recorded 392 sales transactions worth AED900.8 million, in addition to 84 mortgage deals of AED741.14 million.