Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...Business
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.Business Economy
S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend
S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries....It said that there had been only marginal improvement across GCC banks overall
However, it is also expected that GCC economies will expand at an unweighted average of 1.8 percent in 2021 and 4 percent in 2022
Egypt and Saudi Arabia sign $1.8bn contract for electrical connection
Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during...The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements
“Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”
Fertiglobe plans IPO in Abu Dhabi
Fertiglobe is a fertilizer partnership of Adnoc and OCI.This offering is open to UAE citizens and residents, as well as domestic and international institutional investors
The offer will open on October 13, subject to regulatory approvals and other relevant considerations
Taxation and confiscation to rein in crypto market
Last few years have seen a lot of tension between governments and central banks around the world, on the one...Concerns are rising that these currencies could be used to fund illegal actions and for money laundering.
Several countries have taken strict measures to crack down on the industry that is viewed with suspicion uniformly across the world.
Regional divergences mark global trade rebound: WTO
Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...The forecast projects export volume growth in 2021 will be 9.3% in the Middle East
The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021
FB family of apps return online after seven hours
Users of Facebook, Instagram and WhatsApp across the world, including the Gulf countries, remained heavily affected for hours.The outage was first reported at around 1545 GMT or 7.45pm UAE time
Washington, Paris, Dubai and Delhi were few major cities that remained affected
World airlines commit to ‘net zero’ CO2 emissions by 2050
The world's airlines made a joint pledge Monday to reach "net zero" CO2 by 2050, as the aviation industry ramps..."The important decision that we must make today will secure the freedom to fly for future generations"
IATA represents 290 member airlines comprising 82 percent of pre-pandemic global air traffic
DMCC registers best nine-month performance
The DMCC welcomed around 1,800 companies to Dubai from Q1 to Q3 this year.DMCC last month welcomed 215 new businesses to its free zone and business district in the best September performance since inception
This year also saw its best H1 performance since 2013; its best June and August performances on record are also from this year
Alturki Holding oil arm buys out US drilling firm Newsco for undisclosed sum
Alturki Holding oil arm, the Saudi Sawafi company, has bought out Newsco, the US drilling services company, for an undisclosed...Newsco is one of the most important directional drilling companies in the petroleum industry in the world
Sawafi, the global leader in upstream technologies, will now control about 9 patents in directional drilling
Central Bank of UAE penalizes six exchanges for flouting rules on money laundering
The Central Bank of the United Arab Emirates has penalized six exchange houses for flouting rules to combat money laundering...The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions Compliance Frameworks by end-2019
The UAE has in recent months beefed up regulations targeted at banks and financial institutions to combat and prevent money laundering
