World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
Economy
Jewels of Emirates Show begins in Sharjah
SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry,...
Business
Business
Kuala Lumpur-based IILM reissues $1.25 bn short-term Sukuk
IILM's Governing Board includes the central banks and monetary agencies of UAE and Qatar as members. It is a regular...
- The competitive tender was oversubscribed at an average rate of 1.6 times.
- IILM’s year-to-date cumulative issuances reaches $9.36 billion through 24 Sukuk.
Business
Mubadala Capital closes fund after raising $1.6 billion
The Fund III is focused on direct investments in North America and Europe in media, sports and entertainment, consumer and...
- Capital commitments raised from a diverse set of new and existing investors.
- Mubadala Capital said it opened offices in New York and London to better capitalize on investment opportunities.
Economy
UAE to combat money laundering, terror financing
This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
- This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
- The country’s ministry of economy highlighted that the private sector is a strategic partner in its efforts to implement the country’s international obligations
Business
Pizza Inn to open 5 stores in Qatar
Founded in 1958, Pizza Inn is an international pizza chain featuring traditional and specialty pizzas
- Founded in 1958, Pizza Inn is an international pizza chain featuring traditional and specialty pizzas
- International deal paves way to open more locations
Himalaya plans $32m factory in Dubai
The medicines made here will be exported to over 100 countries.
- The facility will produce 3 billion tablets, 15 million syrup bottles, and 3 million units of ointment every year
- It will be set up in Dubai Industrial City, and create hundreds of specialized jobs
Aramco eyes $17bn from gas pipeline
This is on the lines of the $12.4bn it got from the oil pipeline deal.
- Potential bidders include North American private-equity and infrastructure funds, as well as state-backed funds in China and South Korea
- Aramco has reportedly approached them through its advisers before the formal sale process starts in the next few weeks
Economy
Bahrain’s deficit dips 35 percent to $1.38bn in H1
Bahrain has succeeded in lowering its deficit by 35 percent to $1.38 billion in the first half of 2021, compared...
- "Strategic planning, along with the persistent dedication of Team Bahrain, has yielded tangible outcomes in the Kingdom's path to development”
- According to the report, recurrent expenditure decreased by 2 percent year-on-year
Business
Aramco plans $20m stock swap with Reliance Industries
Saudi Aramco chairman Yasir Al-Rumayyan was inducted into the RIL board in June in the run-up to this deal.
- This is expected to be an all-stock deal, where Aramco will get a 20% share of RIL for about $20-25 billion worth of its own shares
- Based on Aramco’s valuation of $1.9 trillion, the transaction would give RIL a 1 percent stake in Aramco
Business
PIF ups Activision Blizzard holding in second quarter
The sovereign wealth fund is at the center of the kingdom's plans to transform the economy by creating new sectors...
- During Q4 2020, PIF acquired 14.9 million shares of US video-game maker Activision.
- Its other purchases last year included 7.4 million Electronic Arts shares and 3.9 million Take-Two shares worth about $1.1 billion and $826 million.
Saudi Cement Q2 revenue up 17%
It registered revenue of SR348 million ($92.8 million) in Q2.
- The final number was higher than the estimate of SR324 million by 7.6 percent
- Growth in sales was supported by a 21.5 percent y-o-y growth in volume
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
Economy
Company News
Emrill appoints new director
Business
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Iraq, Kuwait, US conduct joint patrol in Arabian Gulf
Ships from the Iraq Navy, Kuwait Naval Force, Kuwait Coast Guard, US Navy, and US Coast Guard participated in maneuvering...
Geostrategy
UN says half of world’s health facilities lack basic hygiene
Sketching a dire picture of the world’s healthcare facilities, the United Nations has said that nearly four billion people are...
Science
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Economy
‘Third’ of Pakistan under water as flood aid efforts gather pace
The rains that began in June have unleashed the worst flooding in more than a decade, washing away swathes of...
- In the south and west, dry land is limited, with displaced people crammed onto elevated highways and railroad tracks to escape the flooded plains
- Pakistani officials have blamed climate change, which is increasing the frequency and intensity of extreme weather around the world
Business
Egypt’s Zohr gas field pumps out record 2.7bn cubic meters of gas
Egypt has posted a record in pumping out 2.7 billion cubic meters of gas per day at Zohr gas field...
- According to the ministry of petroleum and mineral resources the volume of investments in the gas field hit $741 million during the relevant year
- Investments have exceeded $12 billion since the beginning of work in the field
Business
Saudi-Thai Business Council set up to enhance trade
The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- Thailand's Deputy Prime Minister said that discussions with Saudi officials resulted in signing of three pacts