US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...Business Geostrategy
Abu Dhabi-based fund exceeds target of $50m in second raise
The Chimera Global Fund has surpassed its target of $50 million in its second raise, as it aims to deploy...The Abu Dhabi-based fund said it has a “robust pipeline of opportunities” in a number of sectors including financial technology, educational technology, and health technology
“The fund aims to deploy tickets of up to $5 million in 12-15 companies that span from Series A to pre-IPO stages”
Ministry of Economy and LinkedIn sign MoU to promote UAE as talent destination
The UAE's Ministry of Economy has signed an agreement with LinkedIn for developing a framework for skills-based talent besides identifying,...The agreement is geared towards achieving UAE Strategy for Talent Attraction and Retention.
LinkedIn will collaborate with the ministry’s team to make joint action plans supporting the ministry’s national strategies.
Evergrande shares rise
The Chinese firm has restarted work on 10 projects.Evergrande owes various lenders close to $300 billion, but speculations are rife that it may not be able to pay all of it back
However, after the project restart announcement, shares in the firm rallied more than four percent in early trade
Emirates cancels flights to Sudan after reports of military coup
Emirates has cancelled flights to Khartoum after reports emerged of a military coup in Sudan.The airline said that flights to and from Khartoum, operated by EK 733/734, are cancelled from October 25 to October 27, 2021
“Customers with final destination Khartoum will not be accepted until further notice from any point on the Emirates network”
Al-Ahli Bank of Kuwait net profit $69.6 mn
The bank suffered a net loss of KD 7.9 mn in first nine months of 2020.The bank's total assets increased by 4 percent to reach $17.1 billion.
It launched the first issuance of Kuwaiti dinar-denominated bonds at a value of $165 million.
Aramco, TotalEnergies launch stations
The service stations are part of a joint venture signed in 2019.The joint venture is aimed at upgrading a network of 270 service stations and expanding the range of retail services.
The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café.
Dubai leads MENA region in Global Cities Index
Despite the disruption caused by the coronavirus lockdown Dubai and Abu Dhabi have continued to advance in the race to...The city also leads the Middle East and North Africa (MENA) region in the index
Abu Dhabi secured the fourth spot in the Global Cities Outlook (GCO), rising three places from the seventh position last year
ACWA Power of KSA to build solar power plant in Iraq
Iraq is looking to establish a big solar power plant in the Najaf area that could generate 1,000 megawatts of...In this regard it is in advanced discussions with Saudi Arabia’s ACWA Power, the oil ministry announced on its Facebook page
The ministry said it is close to signing the agreement with the Saudi utility company to generate 1,000 megawatts of solar power in the Najaf Governorate
Volvo Cars sets IPO price
The price is at the bottom end of the range that Volvo announced last weekThe price is at the bottom end of the range that Volvo announced last week
The carmaker also lowered the amount it plans to raise by going public from $2.9 billion to $2.3 billion
Saudi telecom firm Zain reports 36% dip in net profit
Zain KSA, the Saudi telecom firm, has reported a 36 percent drop in net profit to SR143 million in the...The significant dip is due to a 1 percent drop in revenue, as well as rising revenue costs by 19 percent
Lowering operating expenses and the results of the capital restructuring last year helped compensate for the fall
