Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Business
Aliph Capital secures $125m investment for its maiden fund from ADQ
Aliph Capital is an alternative investment firm focused on private equity investing.
- Aliph Fund I (LP) is a $250 million target private equity fund domiciled in ADGM aiming to invest in high-quality mid-sized companies in the UAE.
- Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals, the company said.
Business
Mubadala, KKR in $1bn capital tieup
The two firms signed a partnership to provide bespoke credit solutions.
- In APAC, KKR has deployed nearly US$3 billion in credit capital since 2019.
- The APAC credit business is part of KKR's approximately $178 billion global credit platform.
Business
Philips to cut 4,000 jobs as losses deepen
The step followed penalty for faulty sleep respirators.
- The new chief executive Roy Jakobs said Philips would double down on patient safety and quality management
- The company posted a net profit of three billion euros in the third quarter last year, helped by the sale of its domestic appliances business
Business
CITC unveils initiatives, launches at Digital Technology Forum 2022
The company also announced the winning products of the Co-Innovation Award, the launch of the first Local Technology Guide in...
- The company also announced the winning products of the Co-Innovation Award, the launch of the first Local Technology Guide in the Middle East and North Africa
- It also issued the first Local Technology Products Guide in the MENA to facilitate access to local products developed by IT and emerging technologies companies
Business
Riyad Bank reports 13% jump in profit
The bank's profit rose to $1.3bn in the first nine months of 2022.
- The bank saw its shares increase 1.84 percent at the end of Sunday to reach SR36
- The profit hike was buoyed by higher operating income, due to an increase in earnings from net special commissions, fees and commissions
Business
Climate activists throw mashed potatoes on $111m painting
Publishing a video of the action on Twitter, the environmental protest group Last Generation wrote: "If it takes a painting...
- Dressed in black with orange vests, the two activists poured the mashed potatoes on the painting before squatting in front of it and sticking a hand each on the wall
- In a similar stunt on October 14, two environmental protesters hit van Gogh's world-renowned work with tomato soup at the National Gallery in London
Business
Qatar throws open new hotels, resorts to host football fans
Doha, Qatar— Qatar Tourism has thrown open more than 20 hotels, resorts and new tourist destinations in the country ahead...
- The projects and tourist attractions will be ready to receive football fans from next month
- New attractions include entertainment venues, seaside and beach clubs, arts and culture houses, shopping malls, and the new Qatar 2022 hotels and resorts
Business
QatarEnergy partners with Shell in North Field South expansion project
The agreement gives Shell an effective net participating stake of 9.375 percent in the NFS project, out of a 25...
- The agreement gives Shell an effective net participating stake of 9.375 percent in the NFS project, out of a 25 percent interest available for international partners
- The North Field Expansion Project, comprising NFS and the North Field East (NFE) expansion projects, is the industry's largest-ever LNG project
Economy
UAE Minister highlights youth’s role in sustainable food systems
DUBAI, UAE - UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the World Food...
- The Minister held meetings with several high-level FAO officials on the UAE’s contribution in tackling global food and nutrition insecurity.
- The event drew governments, youth champions, global influencers and non-profit organizations to support youth-led transformation of agrifood systems.
Business
Saudi Arabia is spending big on golf and transforming the sport forever
Since June 2022, when the first Liv Golf tournament funded by Public Investment Fund was played, nine golfers in the...
- American stars Bryson DeChambeau, Dustin Johnson and Phil Mickelson each reportedly received more than $100m to defect to LIV Golf.
- The first LIV Golf Invitational Series event started on 9 June 2022 at the Centurion Club near London, England. The Invitational Series is to become the LIV Golf League in 2023.
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Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
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DP World spends US$6bn
Business
With X’s Musk under fire, Biden joins rival Threads
The White House confirmed it had launched Threads accounts for the president, First Lady Jill Biden, Vice President Kamala Harris,...
Geostrategy
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
Business
UAE a key player in global financial landscape: NYSE vice-chairman
Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic...
Economy
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OpenAI staff threaten mass exodus to join ex-CEO Altman
In a fast-moving sequence of events, Altman, who was ousted by the board on Friday, has now been hired by...
- In a letter released to media, the vast majority of OpenAI's 770-strong staff suggested they would follow Altman unless the board responsible for his departure resigned
- A key Artificial Intelligence executive at Microsoft confirmed that they all were welcome from OpenAI if the board that removed Altman doesn't resign
Business
Dubai Financial Market, Nasdaq Dubai, Shanghai Stock Exchange sign MoU
Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU)...
- The MoU will enhance ties between Dubai and China's capital markets, marking a significant milestone in cross-border collaboration
- The two bourses will jointly explore to develop products, introduce companies and issuers to the advantages of each market
Business
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
- The second phase is part of a 950 MW solar CSP independent power project, the company said .
- The financial impact from the full capacity (950 MW) is expected to show starting from the first quarter 2024.