UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
Business
SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
Geostrategy
Economy
Bahrain’s value of indigenous exports rises 103%
The value of exports of national origin of Bahrain increased to BD386 million ($1.06 billion) in August 2021, compared to...
- Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD77 million (around $205 million) from Bahrain
- The United States was second with BD62 million (around $165 million) and the United Arab Emirates third with BD53 million (around $141 million)
Economy
Oman’s actual revenues fall 20 percent to $22.1bn
Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in...
- Current expenditures, on the other hand, totaled $24.6bln in 2020
- The fall is being blamed on the Covid restrictions and a drop in oil prices
Science
UAE launches competition to promote space-related careers
The competition, called Planet X, has been launched by Emirates Mars Mission in partnership with the Dubai Airshow 2021.
- The multidisciplinary contest is expected to help young Emiratis interested in science, technology, engineering, and mathematics
- As part of the two-month contest, they will have to build, code, and design robots for deep-space exploration
Business
Hedge funds in Middle East post gains, after a full dull year
Hedge funds in Middle East are abuzz with excitement, posting double digit gains in August this year, after a weak...
- Yields for August alone were at 2.27 percent, higher than the global average.
- Year-to-date returns for funds focused on region averaged 17.64%
Economy
Saudi Arabia posts 1.8 percent GDP growth in second quarter
GASTAT announced this increase while making public the country’s GDP and National Accounts report for the second quarter of 2021....
- Compared to Q1 2021, seasonally adjusted GDP recorded a growth of 0.6 percent
- This increase resulted mainly from the increase in the oil sector by 2.4 percent
Business
Adnoc Drilling sets IPO share price
The initial price is set at AED2.30 (around $0.63) per share.
- The subscription period for the Adnoc Drilling IPO will close on September 23 for UAE retail investors
- It will close on September 26 for qualified domestic and international institutional investors
Economy
UAE to spend $6.53bn to create 75,000 jobs
The United Arab Emirates (UAE) intends to spend some $6.53 billion over the next five years in order to create...
- It has also unveiled a series of initiatives to extend financial support and aid career development for local residents
- Government monetary assistance will include pension fund or retirement contributions, training costs, child support and salary aid
Business
DFM to unveil new equity futures contracts
In order to diversify investment opportunities, the Dubai Financial Market (DFM) will roll out new equity futures contracts on individual...
- Investors can trade DFM equity futures through eight brokerage firms
- DFM sees growing investor interest in equity futures
Business
Saudi Sidra Capital buys UK office for $26m
Sidra Capital, the Saudi Arabia-based investment firm, has bought an office building in the United Kingdom for $26 million.
- The Countryside House HQ in Brentwood is a Grade A commercial property that has been fully let to Countryside PLC, an FTSE 250 company
- Property undergoing $11m refurbishment
Business
Shuaa Capital CEO now owns 30 percent of the firm
The CEO of the UAE-based Shuaa Capital has bought 57, 966, 523 shares in the financial firm, taking his personal...
- Shares were sold by Shine Investments in Commercial Projects
- In 2019, Shuaa Capital, which has $14 billion in assets under management, merged with Abu Dhabi Financial Group (ADFG) in 2019
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UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
Business
Company News
SAMI, Lockheed Martin sign pact
Business
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Infographics
Khalifa Fund to launch e-commerce program for entrepreneurs
Abu Dhabi, UAE-- Khalifa Fund for Enterprise Development has officially announced the launch of the E-Commerce Acceleration Programme, a training...
Business
Investcorp leads Pre-IPO round in TruKKer
TruKKer is one of the region’s largest online trucking aggregator.
Business
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Economy
UAE meets 42% of Japan’s crude oil needs in July
Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab...
- Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab countries
- Saudi Arabia contributed 28.47 million barrels, which is 35.1 percent of the Japanese crude needs
Business
Saudi allows duty-free markets at air, sea and land ports
Riyadh, Saudi Arabia -Saudi Arabia has approved the establishment of duty-free markets, when necessary, at air, sea and land ports...
- The decision will allow sales to travelers coming to and departing from the Kingdom.
- The Saudi Cabinet also reviewed the Kingdom's participation in G20 ministerial meetings, held in Bali.
Geostrategy
Saudi delegation visits Jordan’s Petra to enhance cooperation
A delegation from Saudi Arabia's Royal Commission for AlUla (RCU) visited Petra on Tuesday to advance cooperation between the two...
- PDTRA Chairman briefed the Saudi delegation on the authority's efforts to develop tourism in Petra.
- The delegation toured the rose-red city and looked firsthand at the Petra By Night program, the flying taxi and other projects.