MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
Geostrategy
Expo 2020 DUBAI
Pakistan invites auto-sector investment at Expo
The Federal Board of Investment of Pakistan has invited auto-sector investors to set up business within the country.
- The Pakistan government promises a safe and secure environment for foreign investors with legal protection under the Acts of Parliament
- It also promises investment opportunities in all sectors of economy for foreign investors with 100 percent equity or joint ventures
Business
Credit insurance firms of UAE and France sign reinsurance pact
DUBAI: Etihad Credit Insurance (ECI), a UAE Federal export credit company, and Bpifrance Assurance Export, a French export credit agency,...
- Etihad Credit Insurance and Bpifrance Assurance Export will push more Emirate and French projects globally.
- The UAE is France’s second-largest trade partner in the region. Non-oil foreign trade between the countries was AED 19.7 billion in 2020.
Business
Ducab unveils new brand identity
The UAE-based company will now focus on providing ‘Energy for change’.
- The UAE-based company will now focus on providing ‘Energy for change’
- The company seeks to generate positive economic, social, and environmental impact
Science
Nobel Prize in Physics rewards climate research
The Nobel Physics Prize has been awarded for ‘groundbreaking contributions to our understanding of complex physical systems.’
- Syukuro Manabe demonstrated how increased levels of carbon dioxide in the atmosphere lead to increased temperatures
- Klaus Hasselmann created a model that linked together weather and climate, thus explaining why climate models can be reliable
Business
Saudi Arabia’s Jabal Omar secures deal to restructure $1.25bn loan
Jabal Omar Development Company, one of Saudi Arabia's largest-listed property developers, has signed a deal to restructure a SAR 4.7-billion...
- The repayments will begin after a three-year grace period, Jabal Omar said in an exchange filing
- As per the new agreement, the loan’s final maturity has been extended by three years to 2030
Business
Impossible Foods taps Bidfood UAE for local distribution
Bidfood UAE is part of the Bidcorp Group, and has officially been chosen to distribute the Impossible Burger across the...
- Bidfood will begin to distribute three of Impossible Foods’ plant-based items
- These are the Impossible Burger in 1.2-kg and 1.13-kg patties, and the Impossible Burger in bulk format of 2.26 kg
Economy
Saudi non-oil private sector grows fastest in seven years in September: IHS
There has been a sharp growth in Saudi Arabia’s non-oil private sector in September, the fastest in seven years, according...
- The relaxation of the regulations boosted customer demand, the latest IHS Markit report said, helping businesses expand their output
- The seasonally adjusted Purchasing Managers’ Index (PMI) surged to 58.6 in September from 54.1 in August
Business
Businesses in UAE will hire more staff in next 12 months: HSBC survey
Companies in the United Arab Emirates are looking to increase their revenues by as much as 50 percent and recruit...
- The research comes as business conditions in the country continue to improve on the back of easing COVID-19 restrictions and reopening of international travel
- UAE businesses are also the most confident globally about driving innovation in product and customer service (67 percent) over the next 12 months
Business
S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend
S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries....
- It said that there had been only marginal improvement across GCC banks overall
- However, it is also expected that GCC economies will expand at an unweighted average of 1.8 percent in 2021 and 4 percent in 2022
Geostrategy
Egypt and Saudi Arabia sign $1.8bn contract for electrical connection
Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during...
- The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements
- “Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”
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MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
Geostrategy
Company News
Latest News
Arab Bank H1 profit $252m
Business
Jebel Ali Free Zone propels automotive markets growth
Jebel Ali Free Zone (Jafza), facilitated over 1.2 million metric tonnes (MT) from Dubai’s total volume of around 4.8 million...
Business
Saudi Arabia, Oman ministers discuss industrial cooperation
Oman Minister of Commerce along with a delegation met Saudi Arabia Minister of Industry where the two discussed industrial cooperation...
Geostrategy
World Green Economy Summit to discuss food security
The eighth World Green Economy Summit (WGES) will explore ways to improve global food security, sustainability of the food systems...
Geostrategy
Most Read
Business
US to provide US$1.45bn per year in assistance to Jordan
The US will provide $1.45 billion per year in bilateral foreign assistance to Jordan, from 2023 to 2029.
- The United States supports providing $1.45 billion per year in U.S. bilateral foreign assistance to Jordan beginning in 2023 and ending in 2029
- According to the US State Department, the MOU represents a major commitment to Jordan’s stability and the durability of the strategic partnership
Economy
World Bank warns of risk of global recession in 2023
A major factor in bringing the world to this pass is the simultaneously hike in interest rates by central banks...
- A major factor in bringing the world to this pass is the simultaneous hike in interest rates by central banks across the world to tame the inflation, the World Bank said
- The study relies on insights from previous global recessions to analyze the recent evolution of economic activity and presents scenarios for 2022–24
Economy
Egypt remittances drop 14.7% to US$2.38 billion in July
The drop comes as the exchange rate of the Egyptian pound is seeing a decline in light of the pressures...
- Remittances from Egyptians working abroad are one of the most important sources of foreign exchange for the country, along with tourism, the Suez Canal, and exports
- Expatriate remittances have increased since Egypt liberalized its currency exchange rate in November 2016 as part of economic reforms