Business
Egypt to earmark $2.5bn for 17 desalination plants
Fresh water resources are becoming scarce due to drought in Egypt, which is more than 90% dependent on the Nile...
- The plants will supply drinking water to people in a country where potable water is often not very readily available
- This move is the latest in Egypt’s list of initiatives to improve the supply of drinking water to its people
Business
Abu Dhabi to be out of bounds for unvaxxed
Abu Dhabi will be effectively out of bounds for unvaccinated people from Friday in order to curb the transmission of...
- The unvaccinated are effectively barred from entering any business in the UAE capital except for supermarkets and pharmacies
- People will be required to prove they have been vaccinated before being allowed into venues
Business
Facebook to offer business loans in India
Facebook has announced that it will join hands with an online Indian lending firm to help provide loans to small...
- The social media giant is joining hands with Indifi to help provide loans ranging from 500,000 rupees to 5,000,000 rupees ($6,719-$67,191) at annual interest rates of up to 20%
- Facebook said it would pay off to bolster the small business economy in India as these companies will use its apps including Instagram and WhatsApp to boost their growth
Business
Emirates to increase salaries of employees
Emirates has announced that from October 1 it will undo all changes to employee pay structure that it undertook to...
- The new changes will take effect from October 1
- ""We will better recognize our internal talent by increasing the salary increment opportunity on promotion for core grades"
Business
Saudi Arabia to improve labor quality
Saudi Arabia will start giving out professional licenses from next year in order to improve the quality of its domestic...
- The Ministry of Municipal and Rural Affairs and Housing for regulating city operators will start the first phase of issuing professional licenses for 16 professions
- The major professions for which the ministry is seeking to introduce mandatory professional license in a phased manner consist of technicians, construction workers
Business
Saudi Arabia takes offense at EU duties
Saudi Arabia has filed a World Trade Organization complaint over EU anti-dumping duties on imports of a chemical compound used...
- In the complaint, dated Aug. 17 but circulated to WTO members on Thursday, Saudi Arabia charges that the EU unfairly imposed provisional anti-dumping duties
- The chemical compound is used in a variety of industrial processes, including to produce polyester fibers and components for manufacturing plastic bottles
Business
Abu Dhabi updates Covid-19 travel list of ‘green’ countries
Travelers from these countries need not quarantine on arrival in Abu Dhabi.
- Travelers from these countries need not quarantine on arrival in Abu Dhabi.
- The list is effective from 12am (UAE time) Friday and subject to change based on global Covid-19 developments.
Business
EGA obtains $5.5 billion loan to refinance debt
The term loan facility reduces by $1 billion the size of EGA’s existing seven-year $6.5 billion loan facility signed in...
- Middle East’s largest aluminum maker expects loan to enable optimal dividend policy for shareholders.
- The company could be listed if shareholders wish, says CFO.
Business
19,000 kg banned drugs among Saudi customs H1 seizures
The customs authority has foiled more than 1,000 attempts to smuggle prohibited items into Saudi Arabia.
- Zakat, Tax and Customs Authority processes $80 bn worth of inbound and $34 bn outgoing goods.
- About153,000 inspections carried out in the kingdom detect more than 20,000 zakat and tax violations.
Business
Saudi Arabia to accept IATA Travel Pass from Sept 30
Saudi Arabia’s General Authority of Civil Aviation has accepted the pass as a valid way of confirming Covid-19 test.
- Eventually this acceptance will be expanded to vaccine certification
- Travelers to and from Saudi Arabia will soon have the choice of using either the Pass or the national health app
Company News
GSK Q1 profit dips
Business
Amanat acquires stake in Sukoon
Business
Latest News
L&T Construction secures orders in Saudi Arabia, Malaysia, India
Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India....
Business
GM reports strong results
Profits jumped 52 percent to $2.6 billion .
Microsoft, Google beat profit expectations
Tech titans announced better-than-expected earnings.
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Business
QIIB profit climbs 7.7 percent
Its net profit for H1 of 2023 jumped to US$169 million.
- The bank's earnings per share (EPS) amounted to QR 0.41 as of June 30, 2023 versus EPS QR 0.38 for the same period in 2022.
- Chairman of QIIB's board of directors said that the results posted by the bank are in harmony with the strength of the Qatari economy
Economy
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...
- The agreement will enable both to widen the areas of cooperation to serve companies investing in free zones, allowing them to use a variety of services
- The partnership is expected to create a suitable investment climate in Qatar and at the same time provide support to investors to achieve growth in businesses
Business
KEZAD Group, Al Jazeera Steel Products to establish $68m rolling steel mill
Abu Dhabi, UAE - Khalifa Economic Zones Abu Dhabi or KEZAD Group, and Al Jazeera Steel Products Co, held the...
- The establishment of the mill over an area of 210,000 square metres in KEZAD aims to enhance steel manufacturing capabilities
- The 450,000 tonnes per annum medium section mill will answer the growing customer demand for its products