Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...Business Economy Energy Geostrategy Global Uncategorized
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...Business Markets
Delta suspends Israel flights through October 31
The suspension of flights by the airline follows similar decisions by American Airlines, Air France, Lufthansa, Emirates and Ryanair and...The airline said that it has made a "difficult decision" to cancel our Tel Aviv flights
Israeli flag carrier El Al said Sunday that it was maintaining its Tel Aviv flights for now
Masdar to invest $8bn to develop Malaysia’s clean energy transition
Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in...The project will include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems
Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Bristol Myers to buy Mirati
The US firm will pay US$4.8bn to acquire cancer drugmaker.The companies said in a joint statement that Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion"
The statement added that with the acquisition Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine, to its commercial portfolio
GCC’s digital leadership puts focus on cybersecurity
As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments,...As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments, businesses, and individuals
Emad Fahmy of NETSCOUT sheds light on the evolving cyber threats and the importance of a holistic approach to digital transformation, advising ways to safeguard digital frontiers
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
