Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
Business
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
Business
EZDubai starts four projects
It already has 1.3 million sq ft developed and handed over.
- EZDubai was launched in January 2019 by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum
- The 9,902,700 square-feet purpose-built ecommerce hub is designed to attract ecommerce companies
Business
Kuwait Fund’s $3.6bn development works earns it gratitude of Egyptian PM
Noting the wide contributions of the Kuwait Fund for Arab Economic Development (KFAED) to his country, the Prime Minister of...
- The Kuwait Fund was financing $3.6 billion worth of projects in health, transportation, agriculture, electricity, oil, and water
- Al-Ghanim will attend inauguration of Bahr Al-Baqar water treatment station
Business
42 foreign tech firms have opened office in Kuwait
The Kuwait Direct Investment Promotion Authority has taken steps that have led to several foreign technological firms opening offices in...
- Technology is said to be a kay part of the 2035 New Kuwait vision
- KDIPA is the government’s arm responsible for promotion for foreign companies
Geostrategy
Oman discusses green energy with Belgium
Oman already has a roadmap ready for a green economy, one which it discussed with the UNEP earlier this month.
- The meeting reviewed aspects of joint cooperation between the two countries and means of enhancing them
- The two sides also touched upon means of completing the agreements that boost partnership
Business
ADNOC Drilling IPO raises $1.1bn
The UAE's state oil giant will be listed on ADX on October 3.
- ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors.
- Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company.
Business
PIF acquires 25 percent stake in EEC
Under the deal, EEC transferred part of its loan to PIF in exchange for company shares.
- Under the deal, EEC transferred part of its loan - worth $755 million- from the Ministry of Finance to the PIF in exchange for company shares.
- PIF believes that the transaction will also accelerate the development of EEC by establishing King Abdullah Economic City.
Geostrategy
Turkey to buy more defense systems from Russia
Turkey still intends to buy a second batch of S-400 missile defense systems from Russia, its president has said.
- The United States imposed sanctions on Turkey's Defense Industry Directorate and its chief following the acquisition of the first S-400s
- Washington has repeatedly said acquisition of this second batch would almost certainly trigger new sanctions
Business
Sharjah, Saudi Arabia discuss real-estate investment
The discussions took place between the Sharjah Chamber of Commerce and Industry and the National Real Estate Committee of the...
- The meeting witnessed recommendations that centered on coordination to organize a joint real-estate event during ACRES 2022
- The two parties also discussed prospects for cooperation and bilateral partnerships in various fields in the real-estate sector
Geostrategy
Encrypted messaging app Signal hit by late Sunday outage
San Francisco: Encrypted instant messaging app Signal was hit by an outage late Sunday that interrupted services on the platform....
- Internet outage monitor DownDetector said users began reporting network problems late Sunday.
- Signal saw a surge in downloads earlier this year after WhatsApp tweaked its terms of service and sparked privacy concerns.
Business
Iraqi Kurdistan seeks to attract Turkish investors as gateway to wider markets
DUBAI: Iraq's Kurdistan is a gateway for Turkish firms to explore the wider Iraqi market, President Nechirvan Barzani said as...
- The semi-autonomous region is a gateway for Turkish firms to explore the wider Iraqi market, says president Nechirvan Barzani.
- Iraq is among Turkey's largest markets for exports, which reached $1.9 billion in 2020.
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
Business
Company News
DP World signs two deals
Business
Latest News
UDC profit up 23% in H1 2022
Business
Sharjah to host International Jewelry Designers Forum
Expo Centre Sharjah has said that it will host the International Jewelry Designers Forum on October 7.
Economy
Saudi Consumer Price Index rises by 3% in August: GASTAT
General Authority for Statistics said the main drivers of CPI inflation were the higher prices of food & beverages and...
Economy
Saudi Arabia: AI Algorithms to help crowd management at Holy Sites
The Saudi Ministry of Interior and the Saudi Data and Artificial Intelligence Authority (SDAIA) have announced a strategic partnership for...
Economy
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Business
Al-Ittefaq plans an IPO
The $2bn worth Saudi steel giant will list on Tadawul.
- The value of the company is estimated at over $2 billion
- A deal with the financial adviser to manage the company’s initial public offering is expected soon
Business
DMCC doubles Chinese companies over last five years
The free zone is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE.
- The free zone is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE
- DMCC has created an integrated infrastructure including the establishment of the Yingtian Chinese Business Centre that caters to the Chinese business community
Geostrategy
UAE delegation, led by Abdullah bin Zayed, in Tel Aviv to discuss ways to boost ties
Sheikh Abdullah is travelling with a high-level UAE delegation on his visit, which will span several days and marks two...