Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
Business
Business
DP World says disruption of global supply chain to continue
DP World says the disruption of the global supply chain will not end any time soon because of the shortage...
- And therefore the disruption affecting global trade will continue for “a long time”
- "The problem is complicated because you have a backlog of shipments"
Business
Egypt and Greece to sign a deal for power interconnection
Egypt and Greece will sign a preliminary deal to build an electricity interconnection between the two countries in Athens on...
- It will constitute the first interconnection between Europe and Africa in the Southeastern Mediterranean region
- The agreement comes a week after Egypt’s signing of an $1.8 billion electrical connection project with Saudi Arabia
Business
Etihad raises first ESG loan in global aviation
Etihad Airways has raised $1.2 billion in what is the first sustainability-linked loan tied to ESG targets in global aviation.
- Etihad selected HSBC and First Abu Dhabi Bank as the strategic partners and financiers for this transaction
- The two acted as Joint ESG Structuring Banks, Joint ESG Coordinators, Joint Bookrunner and Mandated Lead Arranger
Business
Egypt stops buying wheat due to high cost
Egypt, the world’s biggest importer of wheat, has stopped buying the grain because the price of it is too high...
- This is the fourth time this year that Egypt has balked at offers in a tender
- The country imports huge amounts of wheat in order to subsidize bread for its citizens
Business
Saudi Industrial Development Fund unveils three new products
The Saudi Industrial Development Fund has unveiled a set of programs and initiatives as part of its annual meeting to...
- The launch included a land, a logistic loan, a supply chain financing product and an industrial business incubator program
- Over 60 logistic zones will be developed by 2030 to support exports, e-commerce and re-export operations
Economy
CBUAE, ADGM to cooperate in FinTech sector
CBUAE and ADGM will collaborate on the development and growth of the FinTech ecosystem in the UAE.
- Under the agreement, CBUAE and ADGM will enhance the collaboration under their co-sandbox program
- This will enable FinTech companies to test their innovative solutions under the existing digital sandbox program
Business
Fertiglobe IPO may raise $827m
The IPO starts Wednesday and will continue to October 18.
- The IPO price range of $0.66 to $0.72 implies equity valuation of $5.5bn-$6bn.
- The company expects to distribute a dividend of $200 million in April 2022 for the H2, 2021.
Economy
Tunisia, Morocco hoteliers eye an end to Covid woes
Tunisia found itself on European nations' red lists, making it virtually impossible for holidaymakers from major markets including France, Germany...
- In a good year like 2019, Tunisia registers about nine million hotel stays, and the tourism sector accounts for up to 14 percent of GDP.
- Roughly 3.5 million visitors entered Morocco by the end of August, up from 2.2 million the year before.
Business
Apple cuts iPhone 13 output forecast on chip shortage: report
Apple is unlikely to meet production goals for its new iPhone before the holidays because of a global electronic chip...
- The firm will have to settle for 80m against the planned 90m iPhone 13s.
- Chip shortages were affecting all parts of the industry, not just Apple, said Apple chief Tim Cook.
Business
DP World inks deal with MAN Energy Solutions
This is the latest in the several agreements the two companies have had over the years.
- As a result of the agreement, both parties will now eye common progress in the field of decarbonization
- The agreement is scheduled to run for five years with an option to extend thereafter
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Company News
AD Ports Q1 revenue is $494m
Business
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GIG to pay $49m in dividends
Business
Black Cobra signs MoU with NFFSP to make military footwear in MENA region
Abu Dhabi, UAE--Black Cobra Military Supplies (BCMS) and the National Factory for Safety and Security Products (NFFSP) have signed a...
Business
Saudi Arabia organizes trade mission to Japan to drive non-oil exports
Riyadh, Saudi Arabia--The Saudi Export Development Authority organized a trade mission to Japan under the theme of "Saudi Made" in...
Business
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Business
Aramex profit plunges 53%
Its net profit for H1 of 2023 stood at US$11.70 million.
- The company's revenue was $762 million in the first half of 2023, a five percent decline year-on-year
- International Express business reported $101 million in gross profit for H1 2023, a YoY increase of 1%.
Business
Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...
- Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare
- Experts stress the urgent need for regulation and careful consideration of the risks and benefits associated with PMCs in an increasingly complex and conflict-prone world
Business
Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...
- Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare
- Experts stress the urgent need for regulation and careful consideration of the risks and benefits associated with PMCs in an increasingly complex and conflict-prone world