Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...Business Geostrategy
Five killed in clashes near Lebanon border
JERUSALEM - Three fighters who crossed into Israel from Lebanon and two Israelis were killed in clashes and a strike...Business
OFID’s $80m loan expected to boost trade in Africa
The OPEC Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank)...The financial support will assist in boosting Afreximbank's liquidity to grow its loan portfolio as it finances exports and imports in critical sectors
The OPEC Fund's loan will address trade challenges impacted by the COVID-19 pandemic
Borouge awards EPC contracts
The $6.2 bn contracts are meant for expansion in RuwaisWith this expansion, Borouge said it will become the world’s largest single-site polyolefin complex.
Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tons.
Multiply Group starts trading on ADX
The IHC subsidiary starts trading under the ticker MULTIPLY.Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year.
The group has assets of AED8.16 billion ($2.2 billion) and 3,240 employees.
Metaverse hype fuels digital-property boom
Metaverse has been a Silicon Valley buzzword for months, but interest soared in October after Facebook's parent company renamed itself...As far back as 2006, a real-estate developer made headlines after making $1 million from land sold on the virtual world site Second Life
While Second Life remains active, proponents of its next-generation rivals are benefiting from VR technology and NFTs
Jordanian exporters association seeks to bridge trade imbalance with Turkey
According to official data, Jordanian exports to Turkey in the first 8 months of the current year dropped by 10...According to official data, Jordanian exports to Turkey in the first 8 months of the current year dropped by 10 percent to JD29 million
Turkish imports to the Kingdom in the same period surged by 25 percent to a total of JD303 million
Cross-sector deals boost Saudi-French ties
The Gulf country has welcomed the increased cooperation of French companies, including in energy, water, and waste management, sustainable cities,...The Saudi Arabian Airlines Corporation has ordered CFM engines worth $8.5 billion for its Airbus fleet
Saudi Aramco also signed deals with French companies to exercise its diversified energy portfolio
SAMI of KSA and a French firm set up a joint venture
The Saudi Arabian Military Industries, a subsidiary of the Public Investment Fund, launched a joint venture with French company Figeac...The company said that the joint venture’s revenue would reach $200 million by 2030 and the ownership would be divided among the two countries
SAMI also signed an agreement with Airbus to form a joint project specialized in military aviation services and maintenance
Egypt to boost cotton gins capacity to 4.4m kantars
Egypt will increase cotton gins capacity to 4.4 million kantars annually up from 1.5 million kantars, according to a government...A kantar is the official Egyptian weight unit for measuring cotton
It is equal to either 157 kg of seed cotton or 50 kg of lint cotton
Mubadala signs two deals to facilitate investments in France
Mubadala Investment Company (Mubadala) has revealed that it signed two agreements to facilitate investments in sectors of mutual priority and...The agreements are part of economic deals valued at more than €15 billion signed between Emirati and French companies
The first agreement between Mubadala and Bpifrance will see the co-investment partnerships between the two companies extended by an additional €4 billion
BuzzFeed to go public after raising less money than expected
American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised...BuzzFeed said it had finalized a merger with 890 5th Avenue Partners, a special purpose acquisition company (SPAC), which aims to raise funds through an initial public offering
Its shares are expected to start trading on the Nasdaq on Monday under the ticker symbol "BZFD"
