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
Kuwait, UN sign MoU to enhance cooperation in counter terrorism
NEW YORK, US - Kuwait Ministry of Foreign Affairs and the United Nations signed a Memorandum of Understanding (MoU) aimed...
Geostrategy
Business
Sohar Int’l raises Tier 1 capital by $130m
The Omani bank's new rights issue has been fully subscribed.
- Issuance fully subscribed, drew interest from HNWIs, retail investors, corporates
- “Such overwhelming participation demonstrates the robust capabilities of Sohar International in terms of attracting capital to advance its strategic agenda"
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
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
Company News
Latest News
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...
Business
ADNEC adopts new corporate identity to support economic diversification
A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a...
Business
ADCB green bond raises $500m
The debut bond that will be issued on 14 Sept was oversubscribed 3.8 times.
Business
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Business
DEWA programs prepare Emiratis to join the organization
Dubai Electricity and Water Authority is committed to promoting Emiratization in its various divisions by adopting an integrated strategy to...
- The MD & CEO of DEWA said that the percentage of Emiratization at DEWA has reached 88.14 percent in senior management.
- DEWA has launched several pioneering projects and programs for the employment of Emiratis.
Research
UAE ranks 1st regionally in UNDP Human Development Report
The UAE has ranked 26th globally and first in the Arab world in the 2021/2022 Human Development Report, which is...
- The Human Development Index (HDI) is a summary measure for assessing long-term progress in three basic dimensions of human development.
- The three basic dimensions are a long and healthy life, access to knowledge and a decent standard of living.
Business
Louvre Abu Dhabi, NYUAD sign collaboration agreement in key areas
Abu Dhabi, UAE -- Louvre Abu Dhabi and New York University Abu Dhabi (NYUAD) signed an MoU to collaborate in areas...
- The MoU involves exchanges among faculty, staff, and students through programmes, events, and research projects and mutual access to institutional facilities.
- The two institutions have collaborated on Reframing Museums, a live, virtual symposium on the challenges and responsibilities facing museums in the light of Covid pandemic.