DP World posts record $20bn revenue
The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.Company News Business
AI’s US$19.9tn contribution: Insights from Tealium on digital economy’s future
By 2030, every dollar spent on AI-powered solutions is expected to generate US$4.60 in economic value, according to global analyst...Technology Business Profile & Interviews
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent.The...The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
Maintaining the Islamic financial industry's achievements requires focusing on capacity building.
Qatar launches ‘Istamer’ platform to employ retirees in private sector
DOHA, QATAR - The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Evergrande shares sink after restructuring plan scrapped
Evergrande's enormous debt has contributed to the country's deepening property market crisis, raising fears of a global spillover. The property...The company collapsed more than 25 percent by the break, underscoring market concerns as China's property sector faces an unprecedented crisis
On Sunday evening, Evergrande announced that it was unable to issue new debt as its subsidiary, Hengda Real Estate Group, "is being investigated"
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
