Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
Business
Geostrategy
Iran discusses oil cooperation with China
Iran is hard pressed to sell its oil to countries across the world due to the sanctions placed by the...
- Iranian Oil Minister Ali Owji has met discussed ways to increase cooperation with the CNPC
- CNPC’s Middle East department deputy head Libin Zhang met Owji in Vienna on Thursday
Economy
UAE announces 50 national development projects
The projects are expected to lay the foundations for further growth of the UAE.
- The economic and developmental projects will foster a competitive business environment
- This is expected to attract investors, innovators, entrepreneurs, and talents from across the world
Geostrategy
IsDB launches $100m fund in Uzbekistan
The $100-million fund, mainly supported by Saudi investors, will target 34 micro, small, and medium enterprises.
- The economic development fund is expected to generate 100,000 jobs in the country which is struggling with poverty
- The new fund is part of the IsDB’s series of development activities in Uzbekistan, which so far stand at $2.4 billion in value
Market Report
DFM’s trade count up 161% after minimum trading commission waiver
Total number of trade count on Wednesday’s trading session reached to 6739 transactions, the highest level of daily trade count...
- The DFM General Index gains 13.6 points (0.50 percent), taking its 2021 gains to 17 percent
- The DFM decision to waive minimum trading commission is aimed at promoting retail investors’ participation in the market
Research
UAE financial organisations under pressure to enhance security: Study
Banks and FSIs come under pressure from government, shareholders, employees and customers as security risks increase during the pandemic
- Banks and FSIs come under pressure from government, shareholders, employees and customers as security risks increase during the pandemic
- Citrix worked with OnePoll to survey 600 IT managers in the financial services and banking sectors in South Africa, Saudi Arabia and UAE
Business
Now website owners may apply for ‘.abudhabi’ domain names
Abu Dhabi’s Department of Government Support has announced ‘.abudhabi’ as the official internet TLD name for the emirate.
- The domain name is accessible to all citizens, residents, and employers working inside and outside the emirate
- More than 550 uniform resource locators or URLs have been registered to the ‘.abudhabi’ domain name to date
Economy
Iran may see power-supply problems in winter
The Energy Ministry could face serious problems in meeting electricity demand in winter if power plants did not get fuel
- The Energy Ministry cannot reduce supply to the domestic sector in winter
- Therefore, it must supply liquid fuel to power plants in advance to keep up with demand
Business
Four major UAE banks post $4bn net profit in first half
The combined net profit of four major banks in the United Arab Emirates has vaulted to $4 billion in the...
- Moody's said the four banks combined net profit increased from last year, but returns on assets remains below pre-pandemic levels
- The four big banks account for 77 percent of UAE banking assets, Moody’s said
Arts & Culture
India slider at ‘gold’ price in Dubai
The dish sees the vada filled with truffle butter and cheese, stuffed in a bun, and served with sweet-potato fries...
- However, according to the Instagram post the restaurant shared, the dish costs AED99 (around $27 or almost INR2,000)
- Vada pav typically costs anywhere between INR20 and INR40 on the streets of Mumbai, where it originated
Business
Investcorp, Riverside sell Arrowhead Engineered Products
Investcorp, a Bahrain-based alternative investment management firm, and global private investor Riverside Co. have sold Arrowhead Engineered Products (AEP) to...
- Private equity firm Genstar acquired the replacement parts supplier
- The financial terms of the transaction were not disclosed
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
Business
Company News
Latest News
Saudi Arabian government body launches strategy 2022-2025
The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).
Economy
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...
Business
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.
Business
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Business
Jahez posts profit of US$14.2m
The food delivery platform saw rise in orders on its app in H1.
- Jahez said the profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year
- Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent
Business
Iraq looks to neighbors for energy to overcome crunch
Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer...
- Ahmed Moussa, spokesman for the ministry, said that the electrical connection with neighboring countries will not achieve self-sufficiency for the national system
- He said the final operation was signed with Turkey to pass 300 megawatts, but the rise in electricity prices and the rise in demand for gas hampered the implementation
Business
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...
- Saudi Arabia has set an ambitious target of raising home ownership rates in the kingdom to 70 per cent by 2030 under the Sakani program
- According to the Ministry of Housing, the home ownership rate rose to 60 per cent in 2020 from 47 per cent in 2016