Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
Business
IsDB’s insurance arm and IFPA sign agri-food pact
DUBAI: To promote agri-food projects and investments, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the...
- Agreement provides both agencies framework for collaboration, including attracting and promoting investment.
- IFPA aims to foster direct relationships between agricultural businesses in the Islamic Organization for Food Security member states.
Business
Saudi state media companies to move from Dubai to Riyadh
The decision follows an earlier Saudi move to stop giving state contracts to companies and commercial institutions with Middle East...
- The decision follows an earlier Saudi move to stop giving state contracts to companies and commercial institutions with Middle East headquarters in any other country
- According to reports, Al-Arabiya and Al Hadath TV channels have informed their employees that they plan to broadcast 12 hours a day from Riyadh by next January
Business
True Global Ventures closes blockchain fund at $100m
The TGV 4 Plus fund, which has been oversubscribed, focuses on blockchain firms primarily in late-stage equity funding Series B...
- TGV is funded by 40 partners who contribute 27%, along with a number of entrepreneurs, business angels, family offices and institutional investors
- Many limited partners of True Global Ventures are based in the Middle East
Analysis
GCC can help shipping industry curb emissions
Saudi Arabia and the UAE are already off the starting mark in their efforts to supply alternative fuels to the...
- Hydrogen requires high-pressure tanks when stored as a gas or temperatures of -253°C when stored as a liquid
- Ammonia can be used as marine fuel as the conversion process is economical and involves little fuss
New Oman mall to create 3,500 jobs
The Mall of Oman is said to be the country’s largest complex of its kind.
- The Mall of Oman has the only IMAX experience in the country
- It will soon have global cafés and restaurants that offer more than 50 dining options
Business
Tehran able to sell oil despite US sanctions, says minister
The US imposed its harshest sanctions on Iran three years ago as Washington, under President Donald Trump, unilaterally abandoned an...
- One of the ways to do this is to swap oil for goods or investment
- This potential solution can also be used in other sectors and industries
Business
Iran cuts natural gas exports to Iraq as per a six-month agreement
The decision is said to be based on an agreement with Iraq, and apparently follows prior notification. Iran used to...
- Iran notified the Iraqi side about this reduction two weeks ago
- This export cut will continue for up to six months
Business
Israel opens Chinese-operated $1.7bn port in Haifa
The port, to be operated by Shanghai International Port Group, is expected to bring competition to a sector plagued by...
- It is expected to enable larger classes of cargo ships, carrying 18,000 containers or more, to dock in Israel
- About 99 percent of all goods move in and out of Israel over sea, and an upgrade is needed to maintain economic growth
Economy
Egypt gained most from Islamic Development Bank in 2020
IsDB also contributed to Covid-19 relief in 2020, where it approved financing of around $2.3 billion.
- IsDB gave out around $6.8 billion to various nations last year
- Egypt’s share in that, at $1.13 billion, amounted to around 17 percent
Business
Dubai sees real estate deals worth AED9.4bn; 146 plots fetch AED2.26bn
The DLD weekly report said 146 plots were sold for AED 2.26 billion, 1,080 apartments and villas were sold for...
- The DLD weekly report said 146 plots were sold for AED 2.26 billion, 1,080 apartments and villas were sold for AED 2.25 billion
- Jabal Ali First recorded the most transactions for this week with 40 sales transactions worth AED 89.57 million, followed by Ras Al Khor with 30 sales
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
Company News
Latest News
Larsen & Toubro to collaborate with banks in the Middle East
Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the...
Business
GAFTA imports from Jordan shoot up 16.6% to US$1.60bn
Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared...
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
Economy
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Business
Black Cobra signs MoU with OSTIM
The Abu Dhabi firm will push for growth in the defense sector.
- The MoU will seek to create opportunities for growth and innovation in the aerospace and defense sectors
- The agreement between the two corresponds with the UAE's vision to boost bilateral relations with Turkey
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
- Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
- Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.