Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...Business Energy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...Business Geostrategy
Qatar and US talk gas supplies as Russia threatens Ukraine
Qatar is in talks with the US and other gas exporters to prepare a contingency plan for a possible disruption...The talks with Qatar and some EU nations have focused on new ways to secure alternative seaborne liquefied natural gas cargoes
Officials are concerned that Europe could face widespread chaos, with blackouts and industrial disruption, if Russian gas exports fall sharply following an invasion
Interconnection Authority enables Middle East save $3bn
The setting up of the Gulf Cooperation Council Interconnection Authority in 2019 has enabled countries in the Middle East to...Savings have come from a reduced need for new generation plants, thus lower operating and maintenance expenses, and reduced carbon emissions
In a two-day meeting, the parties agreed on preparing a business case to explain the benefits of electrical connection and to complete the required procedures
UAE and Singapore explore ways to boost trade
The UAE and Singapore will explore ways to enhance bilateral relations in light of the agreement signed between the two...The ideas to boost ties were discussed in a meeting between Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Teo Chee Hean, Singapore’s Senior Minister
They also discussed various issues of mutual interest including global efforts to speed up recovery to reach pre-pandemic levels
Deliveroo’s new UAE service
Deliveroo Plus allows customers to receive unlimited free delivery.Deliveroo Plus allows customers to receive unlimited free delivery on all orders above AED 30 for only AED 39 per month
Deliveroo Plus allows customers to receive unlimited free delivery on all orders above AED 30 for only AED 39 per month etc
Qatar Airways counters Airbus order cancellation with A350 video
The move came within mere hours of Airbus cancelling an order of 50 of its A321neo aircraft, which it was...The order was estimated to be worth $6 billion based on Airbus’ catalog price
However, but airlines are known to get better deals from plane-makers
TASI rises for 10th session, UAE bourses fluctuate
The surge in oil prices fueled the start of the week's high for the Saudi stock market, while the UAE...First Abu Dhabi Bank's share price rose by 3.9 percent to support the 1.6 percent advance in the Abu Dhabi index
With Al-Rajhi Bank up 1.5 percent and SABIC's share up 1.8 percent, the Saudi index rose 0.5 percent on Wednesday
Points of Sale terminals in Saudi exceed 1 million, says SAMA
The Saudi Central Bank (SAMA) announced that the number of Points of Sale (PoS) terminals inside the kingdom have exceeded...These terminals can be found at commercial sales outlets in more than 180 cities and villages.
PoS terminal transactions reaching more than 5 billion by the end of 2021, compared to 2.8 billion transactions in 2020.
Lebanon to sign a deal with Jordan to ease power shortage
Crisis-hit Lebanon will sign a deal with Jordan next week to bring in electricity via Syria to help ease grueling...The agreement is part of a wider government effort to eventually provide state electricity for eight to 10 hours a day
The deal will provide Lebanon with up to 250 megawatts of electricity during the day and 150 megawatts at night
S&P warns of fewer sukuk issues during 2022
Sukuk issuance volumes will not grow significantly in 2022 as global interest rates rise and funding needs for Gulf economies...Central bank interest rates tend to respond to moves from the US Federal Reserve, particularly those in the Gulf where currencies are pegged to the dollar
While sukuk issuance is likely to be subdued this year, the market is likely to grow in the long run
Intel to build two chip factories
The company will invest $20 bn, hire 3,000 new workers for the sites in Ohio.Construction of the plants is scheduled to begin at the end of the year. Chip production could start as early as 2025.
Recent problems in global supply chains have highlighted the fundamental importance of semiconductors, which are used in a growing number of products including cars, TVs.
