KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...
Business
Dubai Islamic Bank unveils digital banking services
Dubai, UAE - Dubai Islamic Bank launched DIB alt, a full-fledged digital umbrella brand to house all of the bank's...
Business
Geostrategy
Syria agrees to help Lebanon get gas, electricity
The country has said it is ‘ready’ to help Lebanon with ‘transit for Egyptian gas and Jordanian electricity via Syrian...
- Lebanon’s fuel shortage has reached such proportions that millers have warned they might have to stop making bread
- Meanwhile, Unicef has said 4 million Lebanese could lose access to water as pumps run out of fuel
Business
Bahrain cuts truck wait duration by 15 times
Bahrain’s Customs president hailed importers, traders, and customs agents for the achievement.
- Bahrain said it has reduced the average waiting period for such loaded trucks to just 52 minutes in the first half of August
- This was in comparison to the 757 minutes — more than 12 and a half hours — in the previous years
Mubadala buys gas field stake
It has spent $1.03 billion to buy a stake in the Tamar gas field.
- Israel-based Delek Drilling signed a sale and purchase agreement with Mubadala
- As a result, the Abu Dhabi-based company now has 22 percent non-operated stake in the gas field
Aston Martin Vantage to police Dubai
The Vantage joins other sports and supercars of the police force.
- The Dubai Police Vantage’s custom number plate alludes to the UAE’s seven emirates and Aston Martin’s association with the James Bond franchise
- The 25th film in that series, No Time to Die, is expected to be released worldwide next month
Economy
UAE pulls up underperforming tax authority, energy ministry
The UAE has said some underperforming government offices and ministries have 90 days to improve their digital services.
- The findings were based on a public poll announced three months ago to gauge efficiency of digital services by government entities
- As part of the poll, 55,000 people gave inputs on the digital services provided by 30 government agencies
Business
Kuwait’s equity market gains for sixth consecutive month
DUBAI: Kuwait’s equity market sustained its upward momentum in August as Kuwait All Share index rose 3.1 percent for the...
- Consumer goods sector top gainer followed by banks.
- S&P GCC composite index gained 3.6 percent in August as all GCC markets, except Oman, were positive for the month.
Geostrategy
Two years after normalization of ties, Israel names first envoy to Bahrain
Eitan Na'eh had served for eight months as the temporary head of mission at the Israeli embassy in the United...
- The move came two days after the first Bahraini ambassador to Israel, Khaled Yousif Al Jalahma, inaugurated the Gulf state's embassy in Israel
- The UAE and Bahrain signed the US-brokered agreements to establish diplomatic relations with Israel in September 2020
Economy
Africa data centre expansion plan to cover Morocco, Tunisia, Egypt
The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost...
- The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost of more than US$500m
- It is being funded through new equity and facilities from leading development finance institutions and multilateral organisations
Business
IsDB’s insurance arm and IFPA sign agri-food pact
DUBAI: To promote agri-food projects and investments, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the...
- Agreement provides both agencies framework for collaboration, including attracting and promoting investment.
- IFPA aims to foster direct relationships between agricultural businesses in the Islamic Organization for Food Security member states.
Economy
AI can save trillions in energy transition
A World Economic Forum study offers a road map and practical recommendations for the energy and AI industries to maximize...
- Every 1 percent of additional efficiency in demand creates $1.3 trillion in value between 2020 and 2050 due to reduced investment needs.
- AI could achieve this by enabling greater energy efficiency and flexing demand.
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KEZAD, Tubacex to build Middle East’s first OCTG-CRA manufacturing facility
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi – KEZAD Group on Friday announced the signing of a land...
Business
Company News
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Saudi PIF launches new company to digitize real estate sector
The Public Investment Fund has launched a new company aiming to digitize and develop the local real estate sector through...
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
Business
Middle East battles rising data breach costs
Most of the data breaches reportedly happen within the organization, but the silver lining is that organizations are handling these...
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Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
Business
Pure Health to invest US$500m
It will buy stake in a US healthcare firm Ardent.
- Ardent Health Services is the fourth largest private hospital operator in the United States with operations across six states.
- Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
Economy
Saudi banks’ assets surpass UAE peers first time since 2007
Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those...
- The Saudi banks’ assets broke the SAR 3 trillion-mark for the first time at the end of Feb 2021, the SAR 2 trillion-mark in Mar 2014 and the SAR 1 trillion-mark in Oct 2007.
- Saudi banks’ assets in June made up almost 135 of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.