Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...Business Geostrategy
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.Company News Business
ADQ invests in Egypt
The Abu Dhabi-based firm has an office in Cairo.These transactions are part of ADQ's commitment to investing in the country’s economic growth through its $20 billion joint strategic investment platform.
The transactions include stakes in Commercial International Bank (CIB), one of Egypt’s largest banks.
Iran sees windfall in Qatar World Cup
Iran is hoping to host visitors flocking to nearby Qatar for the 2022 World Cup finals, with officials boosting flights..."The Qataris are very interested in using Iran's infrastructure in the 2022 World Cup," Transport Minister Rostam Ghassemi told reporters on Tuesday
Visitors could apply for free single or multi-entry passes for 20 days during those two months
Sumou, Al Shabab sign contract
The Saudi real estate firm will develop club's land in Riyadh.The contract is for the purpose of leasing and investing the club’s land located on King Fahd Road and Olaya Road
Sumou will pay an annual rental fee of SR19.3 million
UAE Central Bank, Bank of Korea renew bilateral currency swap pact
The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and...The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and up to KRW6.1 trillion for five years
"The agreement with the Bank of Korea contributes significantly to the development of financial markets in both countries,” Mohamed Balama said
Sustainability drives region’s luxury car demand
UAE, Saudi Arabia and Kuwait are the three top performing GCC markets when it comes to appetite for high-end cars,...Car industry in the region is stepping up technological advancement and accelerating the transition to sustainable mobility
The popularity of electric automobiles increased during the COVID-19 due to government, bank, and car dealer incentives
DMCC registers record 665 companies to its Free Zone in Dubai during Q1
Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, welcomed...This represents DMCC’s best first quarter since its inception over twenty years ago, a 13 percent year-on-year increase.
In the first quarter of 2022 alone, 16 percent of all company registrations were for crypto-related activities.
Czech Republic delegation explores business opportunities in Bahrain
A business delegation of Czech Republic visited Bahrain to explore investment opportunities and expansion of economic projects between the two...The delegation expressed keenness on cooperating with the Bahraini private sector for investment in various sectors.
A minister said Bahrain welcomes all international investments and projects with added value to investment and investors.
Oman becomes first GCC nation to ratify a treaty on rights of seafarers
Oman has become the 100th country to ratify a 2006 treaty that protects the rights, pay and conditions of seafarers. The...Maritime Labor Convention has become a worldwide reference for the maritime industry and a pillar of international maritime rules and regulations since its signing in 2006.
Guy Ryder, the ILO Director-General, said Oman, a longstanding maritime nation, has set an example for other countries in the region.
As EU eyes stopping Russian gas imports, Israel sees an opening
As Europe aims to wean itself off Russian fossil fuel because of the Ukraine invasion, Israel hopes to help fill...EU states remain divided on the time scale, but European Commission President Ursula von der Leyen has said the bloc hopes to phase out its dependency on Russian gas, oil and coal.
Israel could build one or more pipelines, potentially via Greece or Turkey, or increase the quantity of gas piped to Egypt to be liquified and shipped off, say experts.
Two firms set up UAE’s first Special Purpose Acquisition Company
ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investments, an Abu Dhabi-based private investment firm, announced they have...The ADC Acquisition Corporation ADQ has been formed by ADQ and Chimera Investments, an Abu Dhabi-based private investment firm.
ADC plans to raise AED367 million through an Initial Public Offering (IPO) of 36.7 million shares at an offer price of AED10 per share.
