Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
Geostrategy
Ring, Lloyds Bank and Snapchat hit by massive internet outage
Lloyds Bank and Halifax’s mobile apps went down for users on Monday after a major outage linked to Amazon Web...
Business
Business
QFCA, QSE sign agreement with Malaysian firm to advance bonds and sukuk
Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a...
- The agreement entails organizing events to foster knowledge, develop market infrastructure to support Qatar's bonds and Sukuk market
- The partnership extends to exploring opportunities to establish best standards and practices in the domains of sustainability and debt capital markets
Economy
Global food prices drop in August: FAO
Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its...
- Its Cereal Price Index dropped by 0.7% from July and International wheat prices dipped by 3.8% in August
- But in contrast, the FAO All Rice Price Index climbed up by 9.8% from July to reach a 15-year nominal high
Geostrategy
UAE President, Indian Prime Minister discuss strengthening bilateral, trade ties
NEW DELHI, INDIA - UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met to...
- The meeting was held on the sidelines of the 18th Group of 20 (G20) Heads of State and Government Summit in New Delhi.
- The two sides also exchanged views on various regional and international developments of mutual interest.
Business
Jordan-ASEAN Economic Forum to be held in March 2024, says ACC
AMMAN, JORDAN - Chairman of the Amman Chamber of Commerce (ACC) Khalil Haj Tawfiq said the Jordanian Economic Forum with...
- ACC will host the forum, in cooperation with Malaysia, Indonesia, the Philippines, Thailand and Sultanate of Brunei.
- Trade exchanges between Jordan and ASEAN grew by 42 percent during 2022, compared to 2021, ACC's statistical data said.
Business
ADNOC looks to buy Covestro
The German firm will hold "open-ended" talks with ADNOC.
- ADNOC said in mid-August that it was willing to make a new improved proposal to Covestro of $12.4 billion if it would get talks moving
- The talks between the two come as the vital German chemicals industry, which accounts for about five percent of the country's GDP, is gripped by crisis
Economy
Data, rail, electricity key focus as G20 eyes EU-Middle East-India trade plan
Major G20 partners are set to unveil ambitious plans on Saturday to enhance trade among India, the Middle East, and...
- Washington, Saudi Arabia, the EU, the United Arab Emirates and others will sign the deal on the sidelines of the G20 summit in New Delhi
- Washington actively prods Riyadh - a major oil producer and security partner - to normalize ties with Israel after decades of conflict and closed borders
Business
Russia’s largest bank launches new services in Iran
Tehran, Iran--Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to the Islamic...
- According to the bank, the service would be available to both individuals and businesses using their Sber account
- Last year, Russia’s second-largest bank VTB launched a similar service and then in May it opened a branch in the country
Business
Alif debuts in the UAE with Alif pay launch
Dubai, UAE - Alif, a Central Asian fintech leader, is expanding its presence into the United Arab Emirates (UAE) with...
- Among the services that Alif Pay will introduce in the UAE are "Send Now Pay Later," a payroll platform, a travel prepaid program, "Buy Now, Pay Later"
- According to data from the World Bank, outward remittances from the UAE reached an impressive $47.54 billion in 2021, with expectations of continued growth
Business
Dubai real estate sales up despite price rise since January 2020
Dubai, UAE – The Dubai Land Department (DLD) reported over 3,200 transactions worth AED 24.7 billion last week and this...
- Research show real estate transactions soared by 44 percent in the first six months of 2023 with nearly 60,000 units being sold.
- Several industry analysis indicate that the real estate sector in the emirate will observe growth of approximately 15 percent in 2024.
Business
Qatar realty market trading volume $277 million in August
Doha, Qatar -- Qatar real estate market recorded deals worth QR1.011 billion ($277 million) in the month of August 2023,...
- The real estate market index for the month of August revealed that the financial value of Doha municipality's transactions amounted to QR 290 million.
- Of the 10 most expensive properties sold in the month, Doha accounted for seven and Al Rayyan, Al Wakrah and Umm Salal one each.
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
Geostrategy
Company News
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Business
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Aamal net profit up 5.7%
Business
HMG 2023 net profit $544m
Business
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
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China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
- Xiaomi CEO Lei Jun has promised that the SU7 EV will be "the best-looking, best-driving and smartest car" costing under $69,200
- Xiaomi is the world's third-biggest smartphone maker, and its experience in that sector has helped shape its EV strategy
Economy
Aramco CEO terms energy transition strategy a failure
Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is...
- ExxonMobil Chief Executive said "we're not on the path" to reaching net zero emissions by 2050
- In November last year, COP28 conference included a call for a transition away from fossil fuels
Business
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
- The two entities will ensure the growth of investments in the region and across the world to promote Abu Dhabi as an investment destination
- They will work together to assess growth opportunities in strategic priority markets, provide consultations, and share studies and information