Hyperloop progress: Racing ahead or falling behind?
Over a decade after Elon Musk's hyperloop proposal, no commercial operations have begun, and Virgin Hyperloop shut down in 2023...Business
Non-oil trade between Saudi Arabia and UAE up 9 percent in 2022
Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching...Over the period of 2013-2022, non-oil trade between the two countries increased by 70 percent.
Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion.
British Steel to slash 260 jobs
The company employs about 4,000 workers in the UK.The announcement comes as British Steel, owned by Chinese group Jingye since 2020, seeks financial support from the UK government.
British Steel said it plans to shut coke ovens at its Scunthorpe plant, northern England, which would help the group to also "build a green and sustainable future".
Abu Dhabi Fund allocates $45m for Nigeria road project
Abu Dhabi, UAE-- Abu Dhabi Fund for Development (ADFD) has allocated AED165 million ($45 million) to the Nigerian government to...The Fund said the 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent.
The road is expected to stimulate commercial activities and improve transport links between the main cities in the country.
Data risk: China asks state firms to phase out Big Four auditors
Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called...While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up, the report said.
The decision comes even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
Crescent Petroleum inks three contracts to develop oil, gas fields in Diyala, Basra
The agreements will deliver much needed natural gas to fuel nearby power plants, creating thousands of new jobs in Diyala...The agreements will deliver much needed natural gas to fuel nearby power plants, creating thousands of new jobs in Diyala and Basra
The Gilabat-Qumar and Khashim Ahmer-Injana fields will be developed in Diyala Province and the Khider Al-Mai block in Basra province
Egypt looks to raise US$1.5bn with sukuk at 11% yield
Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday...The sukuk will be of benchmark size or in the range of $500 million
Egypt’s finance minister Mohamed Maait said in December that the country was targeting between $1.5 billion and $2.5 billion from its first sovereign sukuk
Dukhan Bank lists on QSE
The total number of companies now listed on QSE stands at 50.The total number of companies now listed in the main market went up to 50 Qatari public companies
The bank's shares were listed in the banking sector category through the direct listing mechanism, a common mechanism in all regional markets
DP World, Caspian Containers Company partner to help digitise international trade
The SeaRates platform will enable Caspian Containers Company customers to monitor the status and movement details of a container at...The SeaRates platform will enable Caspian Containers Company customers to monitor the status and movement details of a container at any point during its journey
In addition to supporting the digitising of trade, the partnership will further strengthen ties in the two growing markets of the Greater Caspian Region and Africa
UAE brings in new financing solutions for defense industries
Abu Dhabi, UAE--UAE-based SMEs in the industrial sector will soon be able to access new financing solutions and enablers following...The MoU aims to attract industrial investors to strategic sectors such as defense by providing a package of incentives and benefits
EDB will provide flexible and competitive financing solutions such as green financing, financing capital expenditure, and financing start-ups and SMEs
More firms set for listing on Qatar Stock Exchange
"The new listings will take place between March and April. Another group of companies will be listed in the venture...New companies are about to be listed on Qatar Stock Exchange, including MEEZA and another start-up operating in the oil and gas services sector, says top official
The new listings will take place between March and April, adds Acting CEO of the QSE Abdulaziz Nasser Al Emadi on the sidelines of the listing of Dukhan Bank
