Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
Geostrategy
Salini awarded $600m contract for 400 retail units in Diriyah Square
Riyadh, Saudi Arabia -- Diriyah Company has announced the award of a major new $600 million (SAR2.249 billion) contract for...
Business
Business
ADFD, AIIB to strengthen cooperation over sustainable economic development
Al Suwaidi welcomed AIIB’s decision to opt for Abu Dhabi as the preferred location to have its first operational office...
- Al Suwaidi welcomed AIIB’s decision to opt for Abu Dhabi as the preferred location to have its first operational office outside of China
- He and Jin Liqun discussed ways to enhance cooperation between ADFD and the bank over the Energy Transition Accelerator Financing initiative
Business
Aldar ties up with ADGMA to nurture local talent
Abu Dhabi— Aldar has partnered with the Abu Dhabi Global Market Academy (ADGMA) to develop a range of talent development...
- Since the introduction of the NAFIS program in September 2021, Aldar has hired more than 260 Emiratis across the group
- The collaboration aims to enhance both entities’ contribution towards the UAE’s knowledge-based economy and foster the next generation of business leaders in the private sector
Business
Affirma Capital seeks to exit its stake in Jordan-based Fine Hygienic Holding
Affirma is in talks with Moelis & Co. on the sale of its minority stake in the company, sources told...
- Affirma is in talks with Moelis & Co. on the sale of its minority stake in the company, sources told the agency
- The Middle East is becoming increasingly attractive to private equity players thanks to strong post-pandemic economic growth
Business
ADGM’s new service highlights how metaverse may help in mediation as underlined at TOP CEO Conference
The ADGM Arbitration Centre has launched the world’s-first service that hosts mediation in the metaverse. Interestingly, it was one of...
- The ADGM Arbitration Centre has launched the world’s-first service that hosts mediation in the metaverse. Interestingly, it was one of the focuses of Dubai event held in May
- ADGM’s “mediation in the metaverse” service will provide a more immersive experience, enhancing virtual mediation by allowing the participants to access a 3D office space.
Business
Global intellectual property filings reached new records in 2021: WIPO
The latest data shows “continued and sustained growth” in intellectual property filings, “driven largely by increases from Asia.
- The latest data shows “continued and sustained growth” in intellectual property filings, “driven largely by increases from Asia
- Up by 5.5 percent, China and India showed strong growth in local patent filings along with South Korea, which jumped 2.5 percent
Geostrategy
Jordan and US renew commitment to enhance strategic ties
Amman, Jordan—Jordan and the US have reviewed their strategic partnership in a meeting between King Abdullah of Jordan and Mark...
- The meeting covered the ties and the strategic partnership between Jordan and the United States, as well as means of expanding cooperation across all fields
- The congressional delegation lauded the deep-rooted Jordanian-US ties, underscoring Jordan’s pivotal role in bolstering security and stability in the region
Business
Masdar to develop 100 megawatt solar plant in Turkmenistan
Abu Dhabi, UAE—Masdar will develop a 100 megawatt solar plant in Turkmenistan, the company's first such project in the country....
- In this regard, Masdar signed a joint development agreement (JDA) with Turkmenenergo State Power Corporation of the Ministry of Energy of Turkmenistan (Turkmenenergo)
- Turkmenistan is looking to modernise its energy infrastructure and reduce its dependence on hydrocarbons
Economy
‘UAE govt seeks to enable SMEs enter global markets’
"The UAE economic model is based on developing the national entrepreneurship system and enhancing the participation of Emirati entrepreneurs and...
- The UAE government is seeking to open new channels for entrepreneurs and support the growth and expansion of their businesses in global markets, says economy minister
- The country is strengthening global strategic economic partnerships and cooperation to enhance the potential for sustainable growth, Abdullah bin Touq Al Marri adds
Business
Saudi Aramco signs 59 procurement agreements under Iktva
Dhahran, Saudi Arabia-- Saudi Aramco Tuesday signed 59 corporate procurement agreements (CPAs) valued at $11 billion with 51 local and...
- Valued at $11 bn, the agreements were signed with 51 local and global manufacturers, with potential to create 5,000 new jobs in the kingdom over the next decade.
- They cover multiple strategic commodities, such as drilling chemicals, wellheads, switchgears, vibration monitoring systems, pipes and compressors.
Economy
UAE economy expected to grow more than 6 percent in 2022: IMF
The country's inflation has risen with global trends and is expected to average just over 5 percent this year, while...
- The IMF statement came following discussions with UAE authorities from November 2 to 17, 2022. Ali Al-Eyd, who led the IMF staff team, the UAE has seen robust growth this year.
- The outlook is, however, subject to significant external uncertainties, including the impacts of global economic and financial headwinds and geopolitical developments.
Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
Geostrategy
Company News
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Tabreed 9M profit at $218m
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...
Business
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...
Geostrategy
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,...
Business
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Business
Air cargo demand up 8.3 percent in November 2023, says IATA
GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
- This reflects a fourth consecutive month of strengthening demand for air cargo.
- Most of the capacity growth continues to be attributable to the rise in belly capacity.
Geostrategy
Israel is starving Gaza residents, says NGO
RAMALLAH, PALESTINIAN TERRITORIES - Everyone in Gaza is going hungry and about 2.2 million people are surviving day by day...
- The NGO said that Gaza Strip was already in the throes of a humanitarian crisis before the war, mainly due to Israel’s 17-year blockade.
- Given this starting point, it is clear as to why the Gaza Strip plummeted into a full-blown catastrophe so quickly.
Geostrategy
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
- Under the pact, the two parties will exchange information related to trade, business environment, investment, production and export opportunities.
- The two parties will organize joint research activities pertaining to marketing to enhance trade prospects and explore ways of improved cooperation.