Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
Business
Egypt taps consortium for $6bn high-speed rail line
The consortium consists of Siemens Mobility, Arab Contractors, and Orascom Construction. Egypt’s National Authority for Tunnels has chosen the consortium...
- The project is expected to link two cities that are about 660km apart
- Orascom estimates that the project will create 15,000 direct jobs
Economy
Shadow of Syria’s exiled haunts revived Aleppo souk
Aleppo, long considered one of Syria's main commercial hubs, has lost many of the merchants and businessmen who once gave...
- Aleppo, long considered one of Syria's main commercial hubs, has lost many of the merchants and businessmen who once gave the city its economic edge
- The vast souks, the oldest of their kind in the world, stretch from the western part of the Old City to the gates of the citadel in the east
Economy
UAE outsmarts competitors in luring foreign investors
The UAE government's recent decision to slash the fee to set up a business by 94% to US$272 is expected...
- The UAE Government has slashed the fees for setting up a business by about 94% to only US$272 (AED 1,000)
- In A T Kearny’s FDI Confidence Index 2021, the UAE gained four places – from 19th rank in 2020 to 15th rank in 2021
Business
Investcorp sells PRO Unlimited
EQT Private Equity has bought it from the Bahrain-based asset manager.
- The transaction was first announced on June 28, 2021
- The Bahrain-based asset manager had acquired PRO Unlimited in October 2014
Business
‘Fly Arna’ Armenia’s new national airline
The new national airline is a joint venture between ANIF and Air Arabia.
- The name was chosen by the joint venture company from over 500 suggestions
- ANIF and Air Arabia Group had agreed to launch Armenia’s new national airline in July 2021
Business
Saudi Arabia’s ACWA Power plans $1bn IPO
The Saudi utility developer -- half-owned by the the Kingdom's Public Investment Fund, plans to issue 85.3 million shares --...
- Only about 81.2 million shares, representing 11.1 percent of the company, will be offered to the public
- A bidding and book building process for institutions will start on September 15 and end on September 27
Geostrategy
Iran discusses oil cooperation with China
Iran is hard pressed to sell its oil to countries across the world due to the sanctions placed by the...
- Iranian Oil Minister Ali Owji has met discussed ways to increase cooperation with the CNPC
- CNPC’s Middle East department deputy head Libin Zhang met Owji in Vienna on Thursday
Market Report
Gulf, Asian markets hurt amidst concerns about Chinese economy
The sentiment gets a jolt after Chinese regulators gives dressing down to ride-hailing giant Didi Chuxing and ten other car...
- Major stock markets in the Gulf remain weak in line with Asian shares that slide on concerns about Chinese economy after a run of soft data
- Series of measures against Chinese tech firms as well as other sectors including private tuition, property and video games hurt the world markets
Market Report
DFM’s trade count up 161% after minimum trading commission waiver
Total number of trade count on Wednesday’s trading session reached to 6739 transactions, the highest level of daily trade count...
- The DFM General Index gains 13.6 points (0.50 percent), taking its 2021 gains to 17 percent
- The DFM decision to waive minimum trading commission is aimed at promoting retail investors’ participation in the market
Business
Twitch video gamers go offline to protest ‘hate raids’
The protest organized using the social media hashtag #ADayOffTwitch was intended to get Twitch to do more to protect streamers...
- The extent of the protest remained unclear, but a TwitchTracker website indicated that there were nearly 4,000 fewer channels streaming at Twitch than the daily average
- The protest organized using the social media hashtag #ADayOffTwitch was intended to get Twitch to do more to protect streamers from attacks
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
Company News
Latest News
Alkhaleej Insurance posts profit
Business
COP28 president urges G20 to take lead role on climate action
Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent...
Economy
Black Cobra signs MoU with OSTIM
The Abu Dhabi firm will push for growth in the defense sector.
Business
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...
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Geostrategy
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...
- Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
- Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.
Business
ESG H1 net profit $162m
The net profit increased by 831 percent year on year.
- The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
- ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Arts & Culture
Saudi club Al-Ahli signs Manchester City player Riyad Mahrez
London, United Kingdom - Manchester City forward Riyad Mahrez has left the treble winners to join Saudi side Al-Ahli, the two...
- The 32-year-old Algerian winger joined Pep Guardiola's team in 2018 from Leicester, winning 11 major trophies at the club.
- City agreed a fee understood to be worth up to £30 million ($38.6 million) with Al-Ahli last week.