Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
Business
Covid and Ukraine have badly hit UN sustainable goals progress
Geneva, Switzerland - United Nations Conference on Trade and Development (UNCTAD) said the COVID-19 pandemic, Ukraine crisis and the climate...
Economy
Business
UAE to establish business council with Estonia
The council will aim to enhance bilateral economic and trade relations between the two countries.
- The MoU was signed by Abdullah Mohammed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry
- Peeter Raudsepp, CEO of Enterprise Estonia, signed the agreement on behalf of his country
Arts & Culture
Unesco recognizes Saudi marine sanctuary
The UN body has registered the Farasan Island Marine Sanctuary in its Man and Biosphere Program.
- The Farasan Islands are said to support the largest population of idmi gazelle in Saudi Arabia
- They also have high concentrations of greater flamingo, pink-backed pelican, Eurasian spoonbill, and osprey
Business
Dubai-France trade reaches AED8.5 billion in the first half of 2021
DUBAI: The emirate of Dubai sees tourism and exhibition activity returning to normal, with EXPO 2020 around the corner, according...
- The emirate sees tourism and exhibition activity returning to normal, with EXPO 2020 around the corner, according to DP World chairman.
- Top commodities included jewelry, perfumes, medical products, textiles and leather.
Business
ADQ to acquire pharma firm
ADQ will acquire Swiss firm Acino from its current shareholders.
- Switzerland-based Acino is known as a provider of pharmaceuticals
- Its markets include the Middle East, Africa, Latin America, Russia, Ukraine, and the CIS Region
Economy
Wa’ed to fund first Saudi facility to make oil, gas drilling compound
Wa'ed, the entrepreneurship arm of Aramco, has approved a plan to finance construction of a factory in Jubail that...
- The 3.75 million SAR loan to SICCO, a Jubail-based start-up, is part of Wa'ed's strategy of empowering Saudi businesses
- SICCO plans to make calcium bromide, a clear liquid used to regulate wellbore pressure in onshore and offshore oil and gas wells
Business
Solutions by STC prices IPO at top range
The IPO order book 130 times oversubscribed during the book-building process.
- The company is set to raise $960m, pricing IPO at 151 riyals per share.
- The individual investors tranche subscription process will commence on Sunday and ends on Tuesday.
Economy
Dubai to develop digital economy strategy
The action plan is structured around three pillars: enhancing the digital business environment, supporting the development of digital firms and...
- The plan was devised at a two-day Dubai Digital Economy Retreat which concluded on Wednesday
- Interactive workshops during the event identified key market issues and challenges, including the need to attract more digital companies and specialised talent to Dubai
Economy
Global economy to grow by 5.3 percent in 2021: UN
But if widening economic gaps between the developed world and the poor countries persists, only a few will enjoy the...
- Many developing economies are being held back by constraints on fiscal measures, lack of monetary autonomy and limited access to vaccines.
- By 2025, developing countries will be $12 trillion poorer owing to the pandemic, the report said.
Business
Most EMEA banks fret they would cease to exist unless they digitize fast
Nearly 75 percent of banks expect tech giants such as Google and Amazon to dominate the banking industry in five...
- The report said only 25 per cent of EMEA-based banks expect to significantly increase spending on Big Data in the next three years.
- 19 per cent of EMEA-based banks are focused on blockchain investment compared with 30 per cent of banks in North America.
Business
Al Salam Bank buys back shares
The Bahrain’s bank has bought back around 445,000 treasury shares.
- The bank buys back 445,000 treasury shares on the Dubai Financial Market (DFM) and the Bahrain Bourse
- The move raises the total holding of the bank’s treasury shares from 109,475,000 to 109,920,000, which is 4.543% of the issued share capital.
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
Business
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Arada H1 property sales up
Business
Kuwaiti Camel Racing Club sports season 2022-23 begins
Kuwait--Activities of the local sports season of the Kuwait Camel Racing Club for 2022-2023 season begun on Saturday at Sheikh...
Arts & Culture
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...
Business
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...
Economy
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Business
‘Jordan not affected by India’s decision to restrict rice exports’
President of Foodstuff Traders Association (FTA), Khalil Haj Tawfiq, said India's decision to restrict its exports of some rice varieties...
- India's decision will not affect availability of rice in Jordan's local market, neither hike its prices.
- The decision of banning export of certain varieties of rice are not imported by Jordanian traders.
Science
World Green Economy Summit 2022 theme revealed
Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) announced that the theme of the 8th...
- The theme reflects the UAE’s vision of advancing climate action and strengthening partnerships.
- It also reflects international efforts to achieve climate goals.
Business
Crypto firm Blockchain.com set to operate in Dubai
According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open...
- According to the company, it has signed an agreement with Dubai's Virtual Assets Regulatory Authority (VARA) and will soon open an office in the region and hire staff
- As economic competition heats up in the Gulf region, the UAE is developing virtual asset regulation to attract new forms of business