MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - Â UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
Business
Ithmaar Holding gains $4m in H1 2021
This is a turnaround from H1 2020, when net loss was $1.29m.
- The increase is reportedly due mainly to the performance of the company’s retail banking assets
- EPS for H1 2021 was $0.14, compared to a negative $0.04 for the same period in 2020
Business
Adidas sells Reebok to Authentic Brands Group in $2.5bn deal
Adidas in 2006 acquired Reebok — till then an independent entity with a history that can be traced back to...
- Reebok is the latest big brand under ABG, which already owns Arrow, Brooks Brothers, Forever 21, Sports Illustrated, and Van Heusen
- It also owns the likeness rights or estates to celebrities like Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe
Science
10 die from Covid in Saudi Arabia
Covid shows no signs of relenting as ten people died in Saudi Arabia on Friday, and 681 were infected with...
- The total number of recoveries in the Kingdom has increased to 520,358
- A total of 8,388 people have succumbed to the virus in the Kingdom so far
Arts & Culture
Katy Perry unveils shoe range inspired by trip to Egypt
The pop diva visited Egypt in 2019 to celebrate her 35th birthday, and seems have taken inspiration from this.
- The Pyramid and the Bettie are currently available for sale on Perry’s website for the discounted prices of $89 and $59, respectively
- The actual costs are $129 for the Pyramid, which comes in two colors, and $89 for the Bettie, which comes in two colors
Investigation
Saudi customs seize drugs at port
Alert officials of Saudi customs prevented an attempt to bring in contraband drugs into the kingdom at Jeddah Islamic Port,...
- The floor of the truck had been hollowed out to hide the pills in
- Two people who were due to receive the drugs were arrested
Business
Oman, India ink MoU to cooperate on mining
The agreement will aid the exchange of laws and regulations endorsed by the two countries, and data about investment opportunities.
- The two sides will encourage cooperation in exchanging experiences in innovation and application of techniques
- They will also explore modern methods of excavation for minerals and development of industries based on such ores
Economy
Private investors set to inject $7.3bn in Saudi health
Saudi Arabia is aiming to lure private investors into the health sector of the kingdom with its plan to take...
- The Saudi Ministry of Health aspires to increase the private sector’s participation from 25 percent to 35 percent by 2030
- It is seeking to operate medical cities, hospitals and primary care centers
Chevron JV wins $240m Bapco deal
This is the largest catalyst management deal in Bapco’s history.
- This is an exclusive five-year agreement, which includes an option to renew for an additional five years
- The resulting plant would be known as 1RHCU when fully operational in 2023
Arts & Culture
Saudi handouts, to poor, leap to $27bn
Saudi Arabia has paid nearly $27 billion, since 2017, in monthly handouts to low-income families, facing the unintended effects of...
- Expenditure on social benefits rose by 51 percent as the largest rise from H1 2020, reaching SR42 billion for H1 2021
- Saudi Arabia gives some $27bn in handouts to poor families
Shareholders okay Arkan merger
Arkan will merge with Emirates Steel by the end of this year.
- The key terms of the merger were proposed in May this year by Emirates Steel’s parent company Senaat
- They are to transfer Emirates Steel to Arkan in consideration for the issuance by Arkan to Senaat of a convertible instrument
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
Business
Company News
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Jeddah Season 2022 concludes, 6m visitors attend events
Arts & Culture
CBUAE launches new website with various services
The Central Bank of the UAE (CBUAE) has announced the launch of a new corporate website with various interactive digital...
Business
Saudi SMEs number up by 25 percent in Q1 2022: Monsha’at
Riyadh, Saudi Arabia: The number of small and medium enterprises (SMEs) in Saudi Arabia increased by 25.6 percent to 892,063...
Economy
NASA shoots for the Moon, on its way to Mars
Between 100,000 and 200,000 spectators are expected to attend the launch of NASA's most powerful rocket yet, the uncrewed 98-meter...
Science
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Business
Tibbiyah suffers H1 loss of $6m
The Saudi health provider's revenue slumped to $58.54m.
- Tibbiyah said the poor financial performance was due to disruptions in the global supply chain, resulting in sales delays
- The company believes its full-year performance will be better, supported by a typically stronger second half and the investments it has made in 'internal capabilities'
Economy
Ruwad supports 957 projects totalling $9 million
Sharjah acquired 67 percent of the new projects, while eastern region got 21 percent and the central region 12 percent
- Sharjah acquired 67 percent of the new projects, while eastern region got 21 percent and the central region 12 percent
- SMEs are a key player in the UAE's future development plans and a main pillar of its recovery efforts
Business
Women take lead in UAE, invest $9.42bn in 8 months at ADX
Some $9.42 billion have been invested in the financial markets by Emirati women during the last eight months of the...
- It represents a 74.7 percent growth over the corresponding period last year, when their trading value was around $5.39 billion
- Owning $1.06 billion of shares at ADX, there are 219,000 Emirati women investing at ADX until mid-August 2022