UAE, Turkish presidents discuss bilateral, economic relations in Istanbul
ISTANBUL, TURKEY - UAE President Sheikh Mohamed bin Zayed Al Nahyan arrived here on Saturday for a working visit and...
Geostrategy
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
Geostrategy
Bahrain now ranks among top 20 in foreign investment
Bahrain has attracted three times the amount of greenfield FDI that might be expected given the size of its economy,...
- The Financial Times Group publication has ranked Bahrain second in the Gulf and third in the Middle East and North Africa
- Bahrain obtained 3.23 points, which reflects the relatively large contribution of foreign investments to the economy, the report says.
Geostrategy
Saudi and Abu Dhabi crown princes review bilateral relations
Saudi Arabia's Crown Prince Mohammed bin Salman and the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed reviewed issues of...
- Saudi Arabia's Crown Prince Mohammed bin Salman and the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed reviewed issues of common interest vital to both countries
- The two reviewed the latest regional and international developments and also talked on mutual relations between the kingdom and the UAE.
Business
Aramco Q2 net income $25.5 billion, up by 288 percent
The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19...
- H1 net income $47.2 billion, representing a 103 percent increase over the same period in 2020.
- The Q1 dividend of $18.8 billion was paid in the second quarter and Q2 dividend of the same amount will be paid in the third quarter.
Business
GIG completes acquisition of AXA
The rebranding of AXA to GIG will happen in the next few months.
- At $474.75 million, the deal is the largest insurance acquisition in the region.
- The transaction expands GIG’s insurance business portfolio, bringing the Group into two new markets in Oman and Qatar.
Business
Dubai property sales hit four-year high in August
The figures indicate that the property market, particularly the residential market, is recovering after hitting a low at the start...
- A total of 37,537 sales transactions worth 88.12 billion dirhams were made by August end, which is 22.61 percent higher than the value of deals made in 2020.
- The entire year of 2020 had 35,401 sales transactions worth 71.87 billion dirhams.
Economy
Egypt’s foreign reserves leap up to $40.67bn in July
Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July, the central bank said...
- Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July
- Foreign reserves have been rising since June 2020, after dropping to around $36 billion
Business
Adnoc Drilling to offer 7.5% stake in IPO
Adnoc Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Adnoc retains the right to increase the size of the offering at any time before pricing of the IPO
- It will continue to own a majority of Adnoc Drilling’s share capital after the IPO
Business
Emaar Properties and Emaar Malls get nod for merger
The proposed merger of Emaar Properties and Emaar Malls received a boost when the capital market regulator, Securities & Commodities...
- The proposed merger still requires shareholder approval
- As per the proposal, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties
Geostrategy
South Korea mulls reviving FTA talks with GCC
The two sides have not had a mutual FTA for more than 10 years now.
- South Korea and the GCC agreed to negotiate an FTA in 2007, but talks have been stalled since 2009
- Now, Korean Trade Minister Yeo Han-koo will soon meet his UAE counterpart Thani Al-Zeyoudi virtually in this regard
Geostrategy
Saudi Arabia and Qatar review bilateral relations
In a sign of further improvement in the strained relations between Saudi Arabia and Qatar, Sheikh Tamim Bin Hamad Al-Thani,...
- Earlier, the Saudi interior minister visited the Doha National Command Center
- During the reception, they reviewed bilateral relations and the existing security cooperation between both countries
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UAE, Turkish presidents discuss bilateral, economic relations in Istanbul
ISTANBUL, TURKEY - UAE President Sheikh Mohamed bin Zayed Al Nahyan arrived here on Saturday for a working visit and...
Geostrategy
Company News
Latest News
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...
Business
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...
Economy
Saudi rebate program discussed at Venice festival
A seminar organized at the film festival discussed the kingdom's cash rebate program, which is aimed at attracting international producers...
Business
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Business
Saudi SMEs authority and Aramco center sign cooperation pact
Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha'at), has signed a cooperation agreement with Aramco’s Center...
- The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to enter the market.
- Monsha'at works to organize, support and sponsor the small and medium enterprises sector in the Kingdom in accordance with best practices.
Business
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.
- This partnership enables FAB and Silver Birch to offer various inventory solutions to suit specific client needs.
- Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm.
Economy
Dubai road-toll operator Salik’s IPO to sell 20% shares
According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on...
- According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22
- The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub