UAE opens field hospital in Chad to help Sudanese refugees
ABU DHABI, UAE - UAE Ambassador to the Republic of Chad Rashid Saeed Al Shamsi on Sunday opened a field...
Geostrategy
Powerbar Gulf, parent selling for $1.8bn
Vertiv Holdings Company is making the buy via its subsidiaries.
- The deal includes upfront consideration and the potential for $200 million in cash, based on achieving 2022 profit milestones
- The upfront consideration consists of $1.17 billion in cash and approximately $630 million of Vertiv’s common stock
Business
Kuwait’s Burgan Bank gets approval to issue $500m senior bonds
Kuwait's Burgan Bank has been allowed to issue up to $500 million senior unsecured bonds under its Euro Medium Term...
- The bank said the proceeds from the bond issuance will help it reinforce its long-term liquidity.
- The bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with redeem option.
Economy
Dubai 11th popular city for investment visa programs, second for Covid safety
Henley & Partners’ Best Residence-by-Investment Cities for Business Index ranks cities according to lifestyle, tax, education, real estate, healthcare, security,...
- Dubai scored highest overall in the index in the tax category.
- The emirate was second on the index for Covid-19 safety.
Business
UAE’s non-oil trade weathers pandemic to reach $371 billion in 2020
DUBAI: The UAE's non-oil trade rose to AED 1.403 trillion ($371 billion), reflecting the country's robust trade exchanges despite the...
- Imports have hit AED 785 billion, accounting for 56 percent of total merchandise trade.
- China was UAE's main trading partner with the bilateral trade value reaching AED174 bn.
Business
ACWA Power of Saudi Arabia aims to raise $1.2bn through IPO
ACWA Power of Saudi Arabia intends to raise nearly $1.2 billion through Initial Public Offering (IPO), and in this regard...
- The listing will value ACWA at up to $11 billion – making it the biggest offering in Riyadh since Saudi Aramco’s listi
- The firm has 64 projects in 13 countries, representing a value of $248 billion
Investigation
Saudi gang gets 20 years in prison for laundering $4.5bn
A Saudi court sentenced twenty four Saudis and foreigners to up to 20 years in prison for laundering nearly $4.50...
- Group of 24 Saudis and expats channelled illicit funds through factories, companies, institutions and medical clinics
- The court said the group carried out their criminal operations within an organized framework, under the cover of commercial facilities
Economy
Lebanon to order central bank forensic audit soon
Lebanon's outgoing finance minister Ghazi Wazni has told reporters that auditing firm Alvarez & Marsal would be signed on within...
- Central bank governor Riad Salameh is already under the scanner for his alleged role in Lebanon’s economic crisis
- The former Merryll-Lynch banker is also being investigated by French authorities over money-laundering charges
Business
GII of Dubai to pick stake in Saudi healthcare firm for $600m
Gulf Islamic Investments (GII) of Dubai is looking to pick up a stake in a Saudi healthcare company for $600...
- The UAE-based financial services firm plans $1bln expansion in the Kingdom
- 'We have a lot of faith in Saudi,' says the company’s co-founder Mohammed Alhassan
Economy
Kuwait partners with World Bank for development
The memorandum is said to be in line with Kuwait Vision 2035 and the national development plan 2021-2025.
- For Kuwait, Finance Minister and Minister of State for Economic and Investment Affairs Khalifa Hamadah signed the memorandum
- World Bank’s Regional Director for Saudi Arabia and the Arab Gulf Countries, Esam Abo-Sulaiman was the co-signatory
Business
Oman discusses investments, economic ties with Austria
The meeting was held on Monday at the premises of the OCCI in Muscat.
- The Oman Chamber of Commerce and Industry has had a meeting with a visiting Austrian delegation
- They discussed ways of upgrading economic cooperation and establishing joint investments
UAE opens field hospital in Chad to help Sudanese refugees
ABU DHABI, UAE - UAE Ambassador to the Republic of Chad Rashid Saeed Al Shamsi on Sunday opened a field...
Geostrategy
Company News
Latest News
ADIB H1 net profit $381m
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...
Business
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...
Economy
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.
Business
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Business
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...
- The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
- The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.
Geostrategy
Ajman Chamber, Russian delegation discuss trade ties
The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation...
- ACCI Chairman highlighted investment opportunities in the real estate, building and construction sectors to the Russian delegation.
- The Chairman stressed Ajman Chamber's keenness to develop economic ties and attract investors to the emirate.
Business
Qatar Central Bank’s foreign currency reserves rise to $59bn in August
Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, special...
- Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings and special drawing rights deposits.
- In addition to the official reserves, other liquid assets are in foreign currency deposits and the two together constitute what is known as "total international reserves".