AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
Business
Dubai Airshow 2021 ties up with global aerospace bodies to support startups
Dubai Airshow 2021 is collaborating with global aerospace entities in order to provide 'disruptive' startups with an opportunity to showcase...
- The VISTA pitch competitions will run across three categories covering areas that are key for the continued growth of the industry
- Startups will be offered the opportunity to present their solutions to the aerospace ecosystem, tech leaders and investors
Geostrategy
UAE and Iraq discuss ways to boost parliamentary cooperation
The two sides suggested the creation of a joint parliamentary friendship committee to realize the aspirations of the two countries...
- Saqr Ghobash, Speaker of Federal National Council, and Muhammad Al-Halbousi, Speaker of Iraq's House of Representatives also discuss need for coordinating stances.
- They underscored the need for serving Arab and Islamic issues and rallying support at international parliamentary forums.
Business
Dubai non-oil external trade up 31 percent, exports grow 45 percent
The results show Dubai has reinforced its status as one of the world’s fastest-growing business hubs, said Dubai crown prince...
- Imports rose by 29.3 percent YoY to AED414 billion from AED320 billion. Re-exports grew 28.3 percent YoY to AED198.6 from AED154.79.
- China maintained its position as Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020, up 30.7 percent YoY.
Arts & Culture
ADNIC helps Social Investment Fund
Abu Dhabi National Insurance Company has contributed AED3 million to it.
- ADNIC’s contribution will help finance further social impact programs and be used toward tackling key social causes such as health, employment, education, family and community
- Abu Dhabi National Insurance Company (ADNIC) has contributed AED3 million to the Social Investment Fund, administered by the Authority of Social Contribution - Ma’an
Business
Sharjah to showcase its FDI potential at Dubai Expo 2020
Invest in Sharjah has confirmed participation at the world’s biggest fair and announced it will host discussions and specialized activities...
- Sectors that will be promoted include culture and tourism, mobility and logistics, health and wellbeing and Greentech.
- Emirate's investor-friendly climate is reflected in six free zones and the integrated business and licensing services, said Invest in Sharjah.
Business
Union Properties begins work on townhouses in Dubai’s Motor City
Union Properties, the Dubai-based developer, has begun work on the construction of Motor City Hills, building three-story townhouse villas.
- The company has just signed an investment agreement with real estate firm Aqua Properties
- Motor City Hills is Union Properties’ latest project in the heart of Dubai’s Motor City
Business
UAE’s ADNOC Drilling to list on Abu Dhabi Securities Exchange
ADNOC Drilling will list on Abu Dhabi Securities Exchange on October 3. The company will list under the trading symbol...
- In the first week of September, the ADNOC subsidiary floated 11 percent of its share capital in an initial public offering (IPO) at 2.3 dirhams ($0.6262) per share
- In a statement the exchange said the company will list under the trading symbol ADNOCDRILL
Business
Al Mazaya’s subsidiary to sell Saudi firm stake
First Dubai Real Estate Development Co. board cleared the $51.4m deal.
- The board also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.
- In May, Bait Al-Amar Al-Khaleeji General Trading and Contracting has purchased 60.029 million shares of Al Mazaya Holding.
Videos
Watch: Saudi GDP to grow faster than expected in 2021
The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the...
- The Saudi economy grew 1.8 percent in Q2 of 2021
- This was the second time it had risen since Q2 2019
Geostrategy
Special forces of UAE, Saudi Arabia, Egypt, Greece conclude military exercises
Special security forces of Saudi Arabia, the UAE, Greece and Egypt have completed joint drills in the Greek capital, Athens.
- The drills are part of a program to enhance military cooperation between friendly countries
- The training plan was conducted by the Royal Saudi Land Forces to maintain a high level of performance, training and combat efficiency
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Company News
ADNOC awards $2bn in contracts
Business
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ECI signs MoU with HFZA, SAIF
Business
ADNOC Logistics acquires Zakher
Business
Al Zamil buys tower for $133m
Business
New PPP law will help UAE achieve competitive economy: Massimo Falcioni
PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
Economy
Dubai looks to raise $817m from IPO of Salik Company
Dubai is looking to raise $817 million in the initial public offering of Salik. It is selling 1.5 billion shares...
Business
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Geostrategy
King Abdullah calls on UN, world to provide aid for refugees
King Abdullah of Jordan met with the UN High Commissioner for Refugees Filippo Grandi at Al-Husseiniya Palace to discuss how...
- King Abdullah addressed global food security, and the international community’s obligation toward nations hosting millions of refugees
- Grandi said the UN agency would continue to support the Kingdom’s efforts, and encourage the international community to assist host countries facing increasing economic challenges
Analysis
US Fed Reserve may remain hawkish in coming months
Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening. The US consumer...
- The US Federal Reserve will lean "hawkish," raising rates by 75 bps in September and 50 bps both in November and December, before a final 25 bps hike in early 2023
- Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening, Qatar National Bank says in its weekly report
Economy
Saudi Arabia launches three new iron and steel projects
An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects.
- An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects
- A factory will also be established to produce circular iron blocks with an estimated production capacity of one million tonnes per year