DEWA, Huawei ink deal to bolster digital change, decarbonization
Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences...
Business
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
Economy
Economy
UAE paradigm shift: Equal pay for both genders
On September 18, the UAE joins countries worldwide in celebrating International Equal Pay Day. It was approved by the United...
- The country was ranked 18th in the Gender Inequality Index (GII) of the UNDP Human Development Report 2020
- The UAE was ranked first across the Arab world in the World Economic Forum Global Gender Gap Report for 2021
Economy
UAE, UK partner to counter illicit financial flows
The partnership offers a platform to build a stronger and more enduring strategic partnership, advancing the priorities laid out in...
- The agreement is part of the new Partnership for the Future between the two countries
- The partnership will enhance intelligence sharing and joint operations against organised crime networks
Business
Wataniya Insurance to raise $53.3m through a rights issue
Wataniya Insurance Company’s board of directors has recommended to increase the company’s capital through a $53.3 million rights issue, according...
- The company plans to use the proceeds to support its future plans and increase its solvency margin
- The financial adviser for the offering will be announced once appointed
Business
Aramco bags one-year contract to market Guyana’s crude oil
Aramco has bagged a one-year contract from Guyana to market the crude oil produced in the South American country.
- Guyana became the world's newest energy hotspot when a consortium led by Exxon Mobil Corp began producing crude off the country's coast in late 2019
- It is now producing around 120,000 barrels per day
Business
Saudi Arabia to regulate foreign investment
Looking to protect many sectors of its economy from the competition that the foreign companies will present, Saudi Arabia has...
- Chaired by the investment minister, the new committee will also set the limit for foreign ownership in local companies
- The committee comes as more foreign entities take an interest in entering the Saudi market as part of the government’s push to modernize its economy
Business
Saudi developer taps BMG for $266m IPO on Nomu
Bunyan United Company, the Saudi Arabia-based real estate firm, has tapped BMG Financial Group as its advisor for its upcoming...
- The Jeddah-based developer has real estate projects in several industries, including entertainment, medicine, and hospitality
- Bunyan United Company, the Saudi Arabia-based real estate firm, has tapped BMG Financial Group as its advisor for its upcoming listing on Nomu, a parallel market in the Saudi stock
Business
Abu Dhabi to obtain material for giant solar project from Hitachi ABB
Abu Dhabi will obtain large generator step-up (GSU) transformers, protection and telecommunication systems for the Al Dhafra PV2 Solar project...
- Hitachi ABB to supply GSUs for giant Abu Dhabi solar PV plant
- The project is located about 35 km from Abu Dhabi city and will supply power to Emirates Water and Electricity Company
Business
Saudi Arabia awards $95.4m contract to manage Riyadh water services
Saudi Arabia has awarded a $95.4 million contract to a consortium to manage water services and environmental treatment in Riyadh.
- Contract awarded to Alkhorayef Group and France's Veolia
- Restructuring of Saudi water sector almost complete
Business
GCC witnesses 5.8 percent decline in mobile phone sales in second quarter
Due to supply shortages and high levels of inventory carried over from the first quarter, smartphone shipments to the GCC...
- IDC predicts a 9.4 percent decline in shipments QoQ for the GCC smartphone market in Q3.
- Smartphone shipments were down 5.1 percent and feature phone shipments fell 11.9 percent
Business
Etihad, Sabre renew partnership
Under the new pact, Etihad will leverage Sabre's IT solutions.
- Under the new agreement, Etihad will continue leveraging a suite of Sabre's IT solutions to aid recovery
- Sabre will help Etihad in network planning and scheduling, pricing and revenue management and cargo technology
DEWA, Huawei ink deal to bolster digital change, decarbonization
Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences...
Business
Company News
Al-Ula: World’s largest open air museum
Arts & Culture
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EU commercial flights surge 25 percent in August 2022
Brussels, Belgium - The number of commercial flights in August 2022 in the EU increased 25 percent compared to August...
Business
Dubai FDI wins UN award for best practices in tracking investments
The Dubai Investment Development Agency (Dubai FDI) at the Department of Economy and Tourism (DET) gained international recognition for its...
Economy
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Business
Saudi PIF to come out with a debut green bonds issue
Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund at the heart of the kingdom’s reform plans to wean...
- According to media reports, PIF has set up a financing framework that would allow it to raise green bonds
- PIF started raising bank debt in 2018 with an $11 billion facility, followed in 2019 by a $10 billion loan which it then repaid in 2020
Economy
IsDB sanctions US$1.12bn financing for member countries
The Islamic Development Bank (IsDB) has approved a $1.12 billion financing for development projects in various sectors in nine member...
- In the Republic of Uganda, the financing of US$ 100 million, part of the Islamic tranche, will enable the country to untap its oil reserves and export oil to international markets
- In the Health sector, sovereign financing of $207 million was approved for the Strengthening of the National Referral Hospital on Oncology Center for Indonesia
Geostrategy
Summit in UAE discusses global partnerships, prosperity
Over 200 senior officials convened in the "Ambassadors Forum", organized by the World Government Summit Organization in partnership with UAE...
- The summit discussed role of diplomacy in shaping future governments and achieving global prosperity.
- UAE Minister of Economy spoke on the critical priorities for governments in the next decade.