UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
Economy
Dubai records US$3.4bn in weekly real estate transactions
DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted...
Business
Economy
Egypt gained most from Islamic Development Bank in 2020
IsDB also contributed to Covid-19 relief in 2020, where it approved financing of around $2.3 billion.
- IsDB gave out around $6.8 billion to various nations last year
- Egypt’s share in that, at $1.13 billion, amounted to around 17 percent
Business
Dubai sees real estate deals worth AED9.4bn; 146 plots fetch AED2.26bn
The DLD weekly report said 146 plots were sold for AED 2.26 billion, 1,080 apartments and villas were sold for...
- The DLD weekly report said 146 plots were sold for AED 2.26 billion, 1,080 apartments and villas were sold for AED 2.25 billion
- Jabal Ali First recorded the most transactions for this week with 40 sales transactions worth AED 89.57 million, followed by Ras Al Khor with 30 sales
Business
Egypt taps consortium for $6bn high-speed rail line
The consortium consists of Siemens Mobility, Arab Contractors, and Orascom Construction. Egypt’s National Authority for Tunnels has chosen the consortium...
- The project is expected to link two cities that are about 660km apart
- Orascom estimates that the project will create 15,000 direct jobs
Business
Investcorp sells PRO Unlimited
EQT Private Equity has bought it from the Bahrain-based asset manager.
- The transaction was first announced on June 28, 2021
- The Bahrain-based asset manager had acquired PRO Unlimited in October 2014
Business
‘Fly Arna’ Armenia’s new national airline
The new national airline is a joint venture between ANIF and Air Arabia.
- The name was chosen by the joint venture company from over 500 suggestions
- ANIF and Air Arabia Group had agreed to launch Armenia’s new national airline in July 2021
UAE’s non-oil trade with Arab countries hits AED191bn in H1
The non-oil trade between the UAE and Arab countries grew 29 percent to AED191 billion in the first half of...
- UAE’s Minister of Economy Abdulla bin Touq Al Marri calls for greater efforts to increase intra-Arab trade
- He underlines the UAE’s support for all relevant regional efforts, made within the Greater Arab Free Trade Area (GAFTA) and the Arab Customs Union
Business
Burgerizzr sets IPO share price at $44
A total of 725,000 ordinary shares of the Saudi company were fully subscribed.
- The coverage ratio amounted to 6,646% of the total IPO shares.
- The company is yet to coordinate with Tadawul to finalize the date of the listing
Business
Saudi Arabia’s ACWA Power plans $1bn IPO
The Saudi utility developer -- half-owned by the the Kingdom's Public Investment Fund, plans to issue 85.3 million shares --...
- Only about 81.2 million shares, representing 11.1 percent of the company, will be offered to the public
- A bidding and book building process for institutions will start on September 15 and end on September 27
DEWA launches camp for women
The two-month virtual camp is said to feature six learning tracks.
- The virtual self-development camp is being attended by 200 participants across different divisions
- It will focus on balancing personal and professional lives, career success tools, and self-development and adjusting to change
SABIC inks $6bn China deal
Saudi Basic Industries Corporation is the chemical arm of Aramco.
- SABIC’s deal in China is expected to see it build a mega petrochemical complex in the country
- The total investment going into the project will reportedly be 40 billion yuan ($6.18 billion)
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
Economy
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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