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
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
Economy
Business
WSJ reports China preparing for Evergrande’s downfall
The Wall Street Journal, the top American newspaper, has reported that Chinese authorities are asking local governments to prepare for...
- Local governments have been ordered to assemble groups of accountants and legal experts to examine the finances around Evergrande's operations in their respective regions
- Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates
Business
Canon to employ 30% women in KSA
The global camera maker aims to meet the target by the end of 2023.
- It has launched a “Women in Sales” internship program to further support the 2023 target
- The move is in line with national efforts to integrate more women into the Kingdom’s workforce
Economy
Lebanon may see complete blackout by month-end
Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through...
- Lebanon has seen worsening shortages of fuel over the past few months
- Power cuts across the country can currently last up to 23 hours a day
Economy
Saudi Arabia saves $133.3bn in four years through budgetary discipline: Al-Jadaan
Saudi Arabia has succeeded in saving nearly $133.3 billion during the last four years by virtue of efficiency and budgetary...
- Budget overspending narrowed from 16 percent to 4 percent in recent years
- The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs
Economy
Goldman Sachs says Lebanon’s banking system to suffer $65bn losses
Goldman Sachs, the US investment bank, has estimated that the restructuring of Lebanon’s financial system would leave the crisis-prone banks...
- The investment bank presented a set of macro projections based on the successful implementation of reforms under the auspices of the IMF
- The report believed that the bulk of these losses may fall on the shoulders of the depositors
Science
Saudi Arabia seeks to attract $5.3bn in investments in data and AI
Saudi Arabia aims to be one of the top 10 countries in the world in data and artificial intelligence, and...
- Digitization is not a luxury, minister says
- Kingdom is training 25,000 Saudis youth in digital skills
Business
UAE, US strengthening business cooperation
Both countries signed an MoU to strengthen cooperation in areas of digital economy, innovation, and entrepreneurship.
- Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi
- They met US Secretary of Commerce Gina M Raimondo, in the presence of officials from both countries
Economy
DIC board discusses plans to boost foreign trade
Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within...
- Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within the next five years
- Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs
Business
Abu Dhabi’s Mubadala and Trafigura Group to sell Spanish mining complex for $1.87bn
Abu Dhabi’s sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group will sell the Minas De Aguas Teñidas...
- The acquisition is fully funded through a combination of cash, debt and equity
- The transaction is expected to be completed by March 2022
Oman-UAE tourism sector partners hold workshop
The workshop was reportedly aimed at highlighting Oman’s participation in Expo 2020 Dubai through the encapsulation of the country’s civilization...
- Oman recently exempted citizens of 103 countries from visas for residency of up to 10 days to boost tourism activity
- Travel and tourism agencies and organizations from around the world are said to have welcomed the visa-free move
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
Company News
ECI signs MoU with HFZA, SAIF
Business
Latest News
ADNOC Logistics acquires Zakher
Business
Al Zamil buys tower for $133m
Business
ADQ monetises minority stake of 8.6% in TAQA
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange.
Business
India to invite UAE as ‘guest country’ at G-20 Summit
India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of...
Geostrategy
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Business
UAE’s TDRA becomes member of global body EFQM
UAE's Telecommunications and Digital Government Regulatory Authority (TDRA) has announced that it has become a member of the European Foundation...
- Telecommunications and Digital Government Regulatory Authority will support the implementation of EFQM's leading approach.
- TDRA will utilize the integrated services provided by the EFQM to better equip its own teams to drive excellence.
Business
Tabreed okays 100% foreign ownership
The previous cap on foreign ownership was 49 percent.
- Tabreed is majority-owned by Abu Dhabi's state-owned fund Mubadala.
- Khaled Abdulla Al Qubaisi, Chairman Tabreed, said the move is expected to “provide greater opportunities to benefit from foreign investment".
Economy
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
- PPPs boost efficiency, increase transparency in funds management, simplify processes that have cost implications, and integrate technologies, said ECI CEO
- ECI, Falcioni added, has partnered with private companies and government institutions to enhance public infrastructures in and outside the UAE