Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
Business
In AI tussle, Twitter restricts number of posts users can read
The decision was made "to address extreme levels of data scraping" and "system manipulation" by third-party platforms, Musk said in...
- In the wake of Elon Musk's announcement, "goodbye Twitter" was a trending topic in the United States
- The day before, he had announced that it would no longer be possible to read tweets on the site without an account
Business
DFM adds new investor accounts
The brokerage firms added 26,953 new accounts in H1.
- The new investor accounts at the bourse climbed more than 48 percent during the first five months of this year as against 18,204 last year
- Since the listing of companies such as DEWA, TECOM Group and many others, the market has witnessed significant momentum
Business
Jordan medical, pharmaceutical exports see 30% growth in first 5 months of 2023
AMMAN, JORDAN Â -Â The pharmaceutical and medical supplies sector of Jordan has experienced an impressive 29.7 percent growth in exports...
- Jordan's exports from the pharmaceutical, medical supplies sector for the first five months of 2023 reached approximately US$375 million.
- The growth has been possible due to regularization, recovery of supply chains, and uninterrupted supply of raw materials and production inputs.
Business
Botswana inks new deal with De Beers
GABORONE, BOTSWANA -  Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw...
- The agreement provides for a new 10-year agreement to sell the rough diamonds produced by Debswana.
- Debswana is a JV equally owned by the government and De Beers - and a 25-year extension of its mining licenses.
Business
Masdar investing $1.26bn in British battery storage
London, UK - Masdar, the UAE’s renewable energy company, has committed to invest £1 billion in British battery storage, following...
- Masdar has partnered with Octopus Energy to license its technology platform, Kraken, to manage its battery portfolio at low cost and with maximum efficiency
- The company owns stakes in London Array, one of the world’s largest offshore wind farms, and Hywind Scotland, the world’s first commercial-scale floating wind farm
Business
UAE, Armenia non-oil trade reaches $1.53bn in 2022
Yerevan, Armenia – Non-oil trade volume between the UAE and Armenia reached $1.53 billion in 2022, with a growth rate...
- The UAE is the top trading partner for Armenia in the GCC in 2021, accounting for 90 percent of Armenia's total trade with GCC countries
- The total UAE non-oil exports to Armenia amounted to almost $229 million in 2022, with a growth rate of 245 percent compared to 2021
Geostrategy
France, UAE share vision to shift towards clean energy
PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
- The UAE and his country are working together on low-carbon energy solutions, the French minister said.
- The minister highlighted the rising number of natural disasters globally caused by climate change.
Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Business
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
- This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
- The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy
Company News
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Silal and MBZUAI sign MoU
Business
Infosys lowers revenue forecasts
Its net profit fell 7.29% Y-o-Y in the three months to December.
Business
Qatar records $222m in realty deals: Registration department
Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
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Business
EU court’s adviser says $2.6bn fine on Google be upheld
Google suffered a legal blow at the European Court of Justice when the body's adviser recommended that a US$2.6 billion...
- The opinion will feed into a legal battle Google has been waging to overturn the fine the European Commission hit it with in 2017.
- The commission determined that Google abused its dominant position by favoring its own Google Shopping service.
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
- Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
- The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
- The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
- The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.