Saudi leads MENA in VC funding for H1, surpassing 2024’s full-year total
Riyadh, Saudi Arabia -- Saudi Arabia retained the top spot across the Middle East and North Africa region in terms of...
Business
Business
Americana UAE IPO share price is $0.75
The company is the largest quick service restaurant operator in MENA.
- Americana is the largest out-of-home dining and quick service restaurant operator in the MENA region
- The concurrent book building process generated orders of approximately AED 386 billion
Economy
‘Dubai seeks to be among top digital economies’
Sheikh Hamdan bin Mohammed, who is also Dubai’s Higher Committee of Future Technology Development and Digital Economy Chairman, said this...
- Sheikh Hamdan has approved the new phase of the Dubai Metaverse Strategy, which aims to enhance the digital economy
- The new phase of the strategy aims to implement measures to empower the use of the metaverse and future technologies
Geostrategy
GCC rejects malicious media campaign targeting bloc
Beside approving various programmes and joint projects, the region's information ministers discuss strategic plan for joint media cooperation between the...
- Beside approving various programmes and joint projects, the bloc's information ministers discuss strategic plan for joint media cooperation between the GCC countries.
- The ministers also approve cooperation projects between news agencies, electronic media and cooperation in the field of external media
Economy
EIC calls UAE as the leader in renewable energy sector
London, UK --The Energy Industries Council (EIC), one of the world’s largest energy trade associations, has released a report on...
- An EIC report titled “UAE: EIC Country Report – November 2022”, highlights the UAE’s Hydrogen developments in the sector.
- “The UAE could be a key player and deliver 25 percent of the production of the global low-carbon hydrogen market by 2030,” the report said
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Business
ADFD to finance building, upgrade of water projects in Argentina
Abu Dhabi, UAE---Abu Dhabi Fund for Development (ADFD) will finance a water project in Cordoba province of Argentina under an...
- Costing, $28.8 million, the project will see building of modern water plants and expanding existing water stations in 26 villages of Cordoba province.
- The project will involve the laying of about 255-kilometer supply lines and establishing 14 new pumping stations and purification plants.
Geostrategy
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to...
- Jordan's Minister said electric connection with Europe achieves integration by supplying the continent with relatively low-cost energy.
- He said that Jordan seeks to turn its electric power grid into a smart one.
Business
‘Introducing insurance share to beneficiaries is important privilege’
ABU DHABI, UAE - Insurance shares distributed among beneficiaries is one of the most essential privileges in the Federal Law...
- The authority said that shares are distributed to the daughter, sister or mother if they are widowed or divorced and to the son or brother if they are disabled.
- Pension shares are distributed to the heirs once the pensioner is deceased, given that those heirs do not earn a salary or receive their own pension.
Economy
ADDED digitally links freezones in Abu Dhabi
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) has completed the e-link project with four freezones...
- The e-link with freezones helps in providing info and data of the beneficial owner of economic establishments in line with laws and regulations in the UAE.
- They will enhance the country status in following highest level of international standards of transparency and governance.
Economy
Saudi fund deposits $237m into accounts of housing beneficiaries
Riyadh, Saudi Arabia---Saudi Arabia has deposited 891 million riyals in subsidy to the beneficiaries of a housing program, Iskan, aimed...
- The subsidy for the month of November was deposited into the accounts of the Sakani beneficiaries by the Real Estate Development Fund.
- Since the launch of the program in June 2017, a total of 42.6 billion riyals has been provided to its beneficiaries.
Company News
Solutions+, EIH sign MoU
Business
Latest News
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
Business
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
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Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
- ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
- ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.
Geostrategy
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
- The sanction comes as a result of the CBUAE’s decision following the company’s non-compliance with the regulations.
- The CBUAE works to ensure that all insurance companies and related professionals comply with laws and regulations.
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.