UAE says 79,000 Emiratis working in private sector
DUBAI, UAE -Â Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
Business
Cruise visitors to Qatar in 2022-23 rise 151 percent
DOHA, QATAR - New data from Qatar Tourism (QT) revealed that the country welcomed 253,191 cruise visitors during its 2022-23...
Business
Business
UAE’s Elkaso raises $2.1m in pre-seed round
Elkaso, the United Arab Emirates-based company, has raised $2.1 million in a pre-seed round, with Global Founders Capital leading the...
- UAE-based business-to-business marketplace Elkaso has raised $2.1 million in a pre-seed round
- The capital injection will be used to expand Elkaso’s team
Lebanon army giving helicopter rides to tourists for money
While most wages in Lebanon have remained unchanged, the value of the Lebanese pound has gone down more than 90...
- The Lebanese military plans 1,000 hours of helicopter rides for tourists and even Lebanese citizens this year
- With each ride costing $150, the military is eyeing an influx of $300,000 through this route
Business
Blackstone looks to buyout Dubai-based VFS Global for $1.2bn
Blackstone, the US-based alternative investment management company, is in discussion with VFS Global, the Dubai-based visa outsourcing company, to buy...
- The due diligence process for the acquisition is complete
- VFS Global is a spinoff of Swiss travel group Kuoni. It is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation
Economy
Oman readies roadmap for green economy
Oman’s Environment Authority and Petroleum Development Oman have reportedly discussed the policy draft with the United Nations Environment Program.
- The UNEP experts outlined the roadmap to EA and PDO during a virtual meeting that the Omani entities organized
- The first draft included the road ahead for the buildings, water, manufacturing, transportation, waste, and energy sectors
Business
DP World to invest $415m in a berth at London Gateway hub
DP World, the Dubai-based port operator, will invest $415 million in a new berth at its London Gateway logistics hub...
- Work on the new berth will begin next month
- The sum builds on the 2 billion GBP investment DP World has made in Britain over the last decade
Business
Saudi startup Unifonic raises $125m
The startup's latest funding is led by SoftBank and a unit of the PIF.
- The Series B funds will be used to grow Unifonic’s platform in the Middle East, and further expand to Africa and Asia
- The news of the deal was out in June, but it was confirmed on Wednesday only, making it the first investment of SoftBank in a Saudi startup.
Business
Egypt and Japan’s Toyota look to invest in blue ammonia
Egypt and Toyota of Japan are looking to explore investment opportunities in blue ammonia, and in this regard the Egyptian...
- Blue ammonia is made of hydrogen, a gas that is seen as key to a global energy transition, given that only water vapor is emitted from it upon combustion
- Securing blue ammonia and hydrogen among other cleaner fuels are a key part of Japanese efforts to decarbonize its society by 2050
Business
Minerals Development Oman to build titanium dioxide plant
DUBAI: Minerals Development Oman (MDO) will build a titanium dioxide production plant with an annual capacity of 150,000 tons in...
- The plant will have an annual production capacity of 150,000 tons.
- MDO will own 35 percent of the project shares, while the remaining shares will be owned by strategic partners.
Economy
Inflation eases in Saudi Arabia, lowest in 14 months
Inflation in Saudi Arabia is on the decline for the second month consecutively, dropping to the lowest level since June...
- The consumer price index (CPI) recorded a modest increase in August of 0.3 percent
- The slowdown was led by non-food prices, particularly by weaker inflation in the clothing and transport sectors
Business
Aramco taps Honeywell for sustainability, productivity
This cooperation builds on a 2017 MoU between Honeywell and Aramco to explore the benefits of Honeywell's Industrial Internet of...
- The two companies will look to explore the co-development and commercialization of next-generation digital technology solutions
- The solutions will be designed to help improve productivity, sustainability, and operational excellence of industrial companies
UAE says 79,000 Emiratis working in private sector
DUBAI, UAE -Â Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
Business
Company News
Arada H1 property sales up
Business
Latest News
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...
Geostrategy
‘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...
Business
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...
Science
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Economy
Egypt hikes price of customs dollar to highest ever
Egypt has raised customs dollar to its highest level in history, a measure likely to inflate the price of imported...
- The Egyptian Ministry of Finance raised the price of the customs dollar to 19.31 Egyptian pounds with immediate effect
- In June, the Egyptian government released the customs dollar price, which was recorded at 18.64 pounds, at that time equal to the dollar price in banks
Business
Mubadala, TAQA Group to invest in power sector in Uzbekistan
The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants.
- The binding agreements will see Mubadala and TAQA each acquire a 40% stake in two gas-fired power plants
- The agreements follow the 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade
Business
Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.
- The figure is equal to the combined profits of Apple, Google’s parent company Alphabet, and Microsoft
- Apple, the leader among global companies in terms of market capitalization, ranked second in the profitability index, with profits of $120.5 billion during the 12 months