Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
Geostrategy
MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
Economy
Geostrategy
Jordan to receive $845 million in aid from the US
The United States will provide Jordan with over US$845 million in annual financial support, officials in Amman said as the...
- The Hashemite kingdom is a key Western ally in the Middle East.
- In September, the US committed to providing Jordan with $10.15 billion in aid between 2023 and 2029.
Videos
Saudi Aramco only behind Apple in market cap
The world's largest producer of oil and world's most profitable company marginally overtook Apple with a market capitalization in excess...
- Technology companies have dominated the top five, with four companies being from this sector in the past 10 years.
- Though primarily owned by the state, the energy giant raised $29.4 billion in an Initial Public Offering in 2019.
Economy
Mohammed bin Rashid approves Dubai rural area development master plan
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the...
- The Plan seeks to preserve the nature of areas including Lehbab, Margham, Al Marmoom, Al Lisaili, Al Faqaa and Al Aweer.
- It also aims to offer a unique touristic experience and transform each area into a key tourist destination in the emirate.
Business
Dubai plans to set up country-specific councils to boost non-oil foreign trade
Dubai, UAE---Dubai Chambers unveils plans to establish new country-specific business councils operating in the emirate and expand their roles to...
- The announcement was made by Abdul Aziz Al Ghurair, Chairman of Dubai Chambers at the Diplomatic Circle Dinner 2022.
- More than 150 ambassadors, consul generals and commercial attachés were present at the Diplomatic Circle Dinner 2022.
Economy
Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday...
- The launch aims to strengthen the aquaculture industry, prevent aquatic diseases, support the production of aquatic organisms.
- It also aims to meet the growing demand for aquaculture and its products, reduce the spread of diseases, train veterinarians and specialists in aquatic health.
Business
SCCI, Moscow Chamber discuss trade, cooperation
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and...
- Sharjah has many strategic advantages for Russian companies which plan to expand in the region's markets.
- Sharjah is an ideal environment for industrial companies in various sectors, especially startups.
Business
DEWA commissions two new transmission substations
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned a new 132/11kV substations in Al Awir First with...
- DEWA inaugurated a new transmission 400/132kV substation in Jebel Ali First.
- DEWA inaugurated an overhead cables with a conversion transmission of 2,000 MVA, at a total cost of US$92 million.
Economy
Abu Dhabi’s GDP expands by 11.2 percent in first half of 2022
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit...
- The real GDP value (at constant prices) exceeded AED543 bn ($147 bn) and the value of the non-oil sectors' GDP increased AED28.4 bn compared to H1 to reach AED273 bn in total.
- According to data released by SCAD, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7 percent to the real GDP.
Economy
Jordan looks to partner with private sector to prop up economy
Amman, Jordan— The Kingdom of Jordan intends to foster a "robust partnership" with the private sector of the country that...
- He said the economic modernization scheme set a roadmap for the next stage to stimulate and advance the national economy
- Shamali said the department has a reform scheme to provide facilities to importers and exporters at border crossings
Qatar records ‘impressive’ 94% attendance in World Cup first round
Doha, Qatar— After the first round of FIFA World Cup group stage matches were completed, official figures show that the...
- The highest match attendance of the tournament was the game at Lusail Stadium on 24 November, with 88,103 there to see Brazil beat Serbia 2-0
- For all other matches, a minimum 40,000-seater capacity is required, with the demountable Stadium 974 being the most compact of all Qatar 2022 venues (44,089)
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
Geostrategy
Company News
Solutions+, EIH sign MoU
Business
Latest News
Israelis raid Al-Aqsa, homes of Palestinians in Ramallah
RAMALLAH, PALESTINIAN TERRITORIES / JERUSALEM – Israeli forces carried out Sunday a series of raids in several towns in the...
Geostrategy
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
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Business
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
- Aquellum is hidden within a breathtaking 450-meter-high mountain range.
- The subterranean digitalized community creates vibrancy and interconnectivity.
Geostrategy
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
- The roundtable highlighted the need for governments and industry to achieve economic and social development for local communities.
- A total of 79 governments, 13 international organizations, 15 NGOs and seven business associations took part in the roundtable.
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
- The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
- The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.