Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
Dubai SME, Danube Group partner to aid Emirati-owned SMEs
Dubai, UAE – Danube Group, a leading conglomerate in the Middle East and Dubai SME, a subsidiary of the Dubai...
Business
Business
ADGM partners with ADIB, RAKBANK, Wio Bank to support Abu Dhabi businesses
The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM.
- The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM
- The week-long event serves as a platform for in-depth conversations around the MENA region’s thriving financial sector
Business
Americana IPO: UAE retail offer doubled
Saudi retail tranche remains unchanged at 10 percent.
- The company plans to plans to sell a 30 percent stake in the IPO remains unchanged. It will list both on ADX and Saudi Arabia’s Tadawaul likely on or around Dec.6.
- The company is selling more than 2.52 billion of its existing shares in the IPO, which expected to run until 21 Nov. for retail investors in the UAE and Saudi Arabia.
Market Report
World stocks rally but oil prices tumble
Global main stock markets rallied as investors fished for bargain shares and shrugged off losses elsewhere, but oil prices fell...
- Asian equities experienced mixed fortunes Friday as cautious investors tried to gauge the outlook for Federal Reserve monetary policy.
- The week has been broadly positive for global equities following softer-than-expected US consumer and wholesale price figures.
Geostrategy
Second Russian fertilizer shipment should be for W. Africa, says UN
After a first shipment of Russian fertilizer blocked in European ports heads for Malawi next week, a second batch should...
- The first shipment of 20,000 metric tonnes of nitrogen phosphorus potassium is currently being loaded onto a vessel chartered by the UNWFP.
- There were around 300,000 tonnes of Russian fertilizer blocked in different European ports.
Business
AD Ports acquires Noatum
The ports operator paid $680 million for the deal.
- AD Ports said that Noatum has a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively.
- The acquisition will be fully funded through a new acquisition loan, AD Ports said. Subject to regulatory approvals, the transaction is expected to close in H1 2023.
Geostrategy
ADFD takes part in foreign investors meet in Uzbekistan
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) participated in the first plenary session of the Council of...
- The discussions focused on fostering economic development in Uzbekistan by facilitating investment in various fields.
- Many development institutions and international financial organizations participated in the conference.
Business
EGA, ITOCHU sign agreement
They would set up UAE's largest aluminum recycling facility.
- EGA's relationship with ITOCHU stretches back to the 1980s, with the Japanese company marketing the UAE company's metal in Japan.
- The two companies will work in the development of new aluminum alloys with third parties for niche applications.
Business
Private school operator Taaleem’s IPO oversubscribed 18 times
Dubai, UAE---United Arab Emirates private school operator Taaleem Friday said it has set the price of its Initial Public Offering...
- Taaleem Friday said it has set the price of its Initial Public Offering (IPO) at AED3 per share ($0.8168).
- Raising AED750 million, the IPO drew total gross demand of more than AED13.7 billion.
Geostrategy
UAE Minister discusses economic ties with Caribbean countries
ABU DHABI, UAE - UAE Minister of Economy Abdullah bin Touq Al Marri visited the Havana International Fair 2022 in...
- The visit was aimed at exploring opportunities for cooperation and establishing new economic partnerships between the UAE and Caribbean region.
- The UAE minister met several ministers from the Caribbean nations to discuss mechanisms to enhance economic and trade cooperation.
Geostrategy
‘Sweden confirms Nord Stream pipeline sabotage’
Swedish officials confirmed the September blasts which destroyed sections of the Nord Stream pipelines carrying natural gas from Russia to...
- Technical analyzes were continuing in order to "draw more reliable conclusions regarding the incident."
- Sweden's Prosecution Authority said that the investigation will show if anyone can be formally suspected of a crime.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
Company News
Latest News
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
Economy
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...
Business
UAE to pump CO2 into rock as carbon capture debate rages
Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump...
Business
Most Read
Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
- The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
- flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.
Business
Google to pay Canadian media $73m annually after a deal with Ottawa
Ottawa, Canada -- The Canadian government and Google have reached a deal to support the country's media, heading off an...
- The amount is less than the government-estimated compensation, but heads off a potential online blackout for news in Canada, where Google and Meta are the dominating platforms.
- The agreement will reportedly allow Google to negotiate with a single group representing all Canadian media, rather than one-on-one deals.
Business
FAB becomes first MENA bank to publish TCFD climate report
Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
- The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks.
- The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.