PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...Business
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...Business Economy Energy
ESG of UAE buys 70% stake in WFC Holding
Emirates Stallions Group (ESG) has bought a 70 percent stake in WFC Holding as part of its plan to diversify...ESG said WFC Holding, which encompasses business process outsourcing and manpower outsourcing services, will complement its mainstream construction and real estate business
“This acquisition will allow us to expand, manage and control our client’s manpower operations better"
Samsung to build $17 billion microchip plant in Texas
Samsung said on Tuesday it will build a microchip factory in Texas, a $17 billion investment that comes as semiconductor...The chips manufactured on the site will have applications in mobile technologies, 5G or even artificial intelligence, Samsung said.
Samsung, the world's biggest memory chipmaker, has stepped up its investment in its semiconductor business as the world battles shortages of chips.
UAE energy ministry intensifies monitoring of liquefied natural gas shipments
The UAE's Ministry of Energy and Infrastructure said on Wednesday that it is intensifying inspections of liquefied natural gas (LNG)...LNG cargoes that fall short of the standards pose a threat to the community safety and impinge on the profitability of national companies, a ministry official said.
The ministry is keen to enhance corporate awareness about the procedures adopted by the UAE to regulate the transportation of oil derivatives.
UAE banks waive $313 million in debts of 4,511 Emirati citizens
Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
DXB to welcome 1.8m passengers in next 11 days
According to the operator, as many as 1.8 million passengers are expected to pass through DXB between November 25 to...According to the operator, as many as 1.8 million passengers are expected to pass through DXB between November 25 to December 5
December 4 is expected to be the busiest day during this period with passenger numbers likely to surpass the 190,000 mark
GMIS2021 concludes in UAE with launch of GMIS America
The inaugural edition of the GMIS America will take place in 2022 in Pittsburgh as a homage to a city...The inaugural edition of the GMIS America will take place in 2022 in Pittsburgh as a homage to a city that has rebounded from significant industrial challenges
The summit explored the role of data and connectivity in shaping the future of supply chains, green manufacturing, sustainable energy, and climate action
Fintech fuels MENA startup scene
It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities...According to a recent Forbes report, there are at least 2,800 FinTech startups in the Middle East and Africa
In Saudi Arabia, startup funding topped US$168 million in the first half of 2021, 65% more than it did in H1 2020
India announces bill to ban cryptocurrencies
India's government will introduce a bill to ban private cryptocurrencies and create a framework for a central bank-backed digital money,...The proposed bill "seeks to prohibit all private cryptocurrencies in India"
It is the latest such move by a major emerging economy, after China declared all cryptocurrency transactions illegal in September
Omani finance ministry issues government treasury bills worth $194 million
Oman's finance ministry has issued government treasury bills worth Omani Riyal 75 million ($194 million). Treasury Bills are short-term highly...Treasury bills are short-term highly secured financial instruments that provide licensed commercial banks the opportunity to invest their surplus funds.
The bills have a maturity period of 91 days, from 24 November 2021 until 23 February 2022.
Trade between Dubai and Israel grows to $700m
Trade between Dubai and Israel has grown to $700 million since September 2020 when the Abraham Accords were signed.Dubai Government announced on 30th January that the emirate’s trade with Israel in five months, between September 2020-January 2021, had reached $272.26 million
In June 2021, Israel’s Foreign Minister Yair Lapid told WAM that bilateral trade between his country and the UAE had reached over $675.22 million
