UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...Business Economy
Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...Arts & Culture Business Tech & Media
Covid-19 clouds hover over world’s New Year party
As the year drew to a close, the emergence of the Omicron variant pushed the number of daily new Covid-19...As the pandemic enters its third year, it still dominates life around the globe
Seoul to San Francisco, new year celebrations were canceled or curtailed
Gulf markets end 2021 on positive note
The Gulf financial markets ended 2021 on the rise, waiting to achieve significant gains next year.Rising oil prices and fewer concerns about the impact of the Omicron variant pushed the Saudi stock index up 0.7% this week
The Dubai index had a solid week supported by the rise of the shares of Emaar and several banks
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.The Saudi central bank has announced that it will use Bloomberg's Auction System from January
It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
Ikea to hike prices by 9%
The hike is due to pandemic-fueled supply-chain snarls.Ikea faced higher operating costs in North America and Europe
It is now passing on that cost burden to its customers
AD Ports Group revenue grows 22% to US$760mn in 2021
AD Ports Group signed several partnerships to accelerate trade and the development of industry in the UAE and beyond, including...AD Ports Group closed 2021 with the signing of a number of strategic agreements with the Aqaba Development Corporation
The Group received global interest in its issuance of a US$1 billion bond and subsequent listing on the ADX and the LSE
Masdar to build Georgia’s biggest solar energy plant
Renewable energy company Masdar will be developing Georgia's largest solar power plant, with a capacity of 100 megawatts (MW), jointly...The 100-megawatt plant will be built jointly with Georgian Energy Development Fund (GEDF).
GEDF is a joint-stock company, founded by the Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia.
GCC’s first tire storage and distribution hub coming up in Abu Dhabi
AD Ports Group has signed an agreement with China-based Shandong Port Group, to establish a Tyre Hub at KIZAD for...China's Shandong Port Group and AD Ports Group sign an agreement to set up a hub at KIZAD for the storage and distribution of tires.
AD Ports Group will provide space for an upcoming 150,000 sqm facility in KIZAD under its Industrial Cities and Free Zone Cluster.
Major M&A deals in the UAE in 2021
M&As result in savings in manufacturing and service, increased competitiveness, and increased financial capabilities and efficiency, among other things.Agreements worth $11 billion were signed in the UAE in the first eight months of 2021
M&A are considered a means of resolving crises and encouraging economic growth
Emirates upbeat on growth despite global surge in Covid cases
Aviation giant Emirates said Thursday it expects business to grow next year despite the surge in global coronavirus cases fueled...The carrier said in November it was already on the path to recovery as six-month losses dropped by more than half from a year earlier.
The carrier posted an April-September loss of $1.6 billion, compared with losses of $3.4 billion during the same period in 2020.
EGA repays Al Taweelah loan
The repayment four years and seven years early totaled $361 million.The project finance facilities had been extended by 13 export credit agencies and banks for the development of the company’s Al Taweelah smelter in Abu Dhabi.
EGA’s said its financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5 billion
