48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...Business Economy
RTA inks agreement to develop entry/exit points for Dubai Harbor
DUBAI, UAE - The Roads and Transport Authority (RTA) of the Emirate has entered into a strategic partnership with ‘Shamal...Business Geostrategy
Tesla to open Berlin factory
Elon Musk to hand over first 'made in Germany' Model Y car.The electric car maker will inaugurate its new "gigafactory" near Berlin an arduous two-year approval and construction process.
Tesla aims to eventually employ some 12,000 workers at the site who will churn out around 500,000 Model Y cars annually.
Warner Music Group buys out Qanawat Music
Warner Music Group has bought out Qanawat Music, the Middle East and North Africa’s leading music distributor, for an undisclosed...This comes as part of the multinational entertainment and record label conglomerate's plans
Qanawat Music will act as WMG's key domestic distributor and source of upstreaming opportunities
ADNOC to collaborate with Germany for clean hydrogen
Abu Dhabi National Oil Company (ADNOC) has entered into a partnership with German counterparts to speed up collaboration in clean...The agreements were announced during the visit of Dr. Robert Habeck, German Federal Minister for Economic Affairs and Climate Action, to the UAE
As part of its ambitious decarbonisation drive, the German government’s National Hydrogen Strategy expects clean hydrogen demand of up to 3 million tonnes per annum (Mtpa) by 2030
90 percent of Arab transactions made in six currencies: AMF director general
Six currencies account for 90 percent of transactions in the Arab world, said Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General...The currencies are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro.
Buna Payment Platform is the first regional cross-border and multi-currency payment system that supports Arab transactions in investment: AMF
Aramco to launch new projects
Aramco will start 140 new projects in the next three years.Murad Al-Sayed said the registration mechanism will be presented to contractors interested in becoming a part of Aramco’s list of qualified contractors
It has so far contributed to raising the local content in the company’s different projects from 35 to 60 percent, he added
Qatar Airways rebuffs Airbus $220m compensation claim
Qatar Airways has denied that it owes Airbus $220 million in compensation for the rejected A350 aircraft. The Gulf carrier...It argues that Airbus has not provided clear guidelines on how it has arrived at the figure
In response to this, Airbus has canceled orders for two A350s and a separate order of 50 smaller planes, A321s
Mubadala, Aris Gold sign agreement
The pact is meant for operation of Soto Norte Gold Project in Colombia.Through a joint venture company, Aris Gold will acquire a 20 percent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia.
On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company.
US drought pushes cotton prices to ten-year high
The plant fiber reached $1.3171 per pound (about 453 grams) on the key US futures contract, the highest since July...The plant fiber reached $1.3171 per pound (about 453 grams) on the key US futures contract, the highest since July 2011
Rainfall has been exceptionally low since early January in the northwest part of Texas which produces about 40 percent of all US cotton production
Kuwait, KSA agree on plan to develop joint offshore gas field
The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company.The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company
The gas output will be divided evenly between the Gulf Arab neighbors, at a time where soaring consumption has led to growing demand for energy in the two countries
Debt-ridden Evergrande urges investor ‘caution’ as audit result delayed
Evergrande has urged its investors to exercise caution as debt-ridden Chinese giant faces financial challenges.Evergrande has urged its investors to exercise caution as debt-ridden Chinese giant faces financial challenges
Earlier, IMF warned that the property funding crisis could affect the broader economy and global markets
