OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
Business
Business
Sports sector contributes US$2.45bn to Dubai economy
The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's...
- The DSC chairman said the government’s support for the industry is a key priority in Dubai’s drive to become the best city in the world to live and work in
- The council’s latest strategy focuses on sports clubs, sporting infrastructure, esports, sports tourism, and sports technology
Geostrategy
UAE says global pacts can help face labor related challenges
The UAE highlighted the significance of complying with international work standards and developing partnerships that empower countries to overcome the...
- The UAE said that it is important to guarantee the rights of employers and employees.
- Global cooperation would help in reducing inequality and discrimination that employees may be exposed to.
Business
German chancellor to visit Saudi seeking energy support
Scholz, whose two-day trip next weekend will also take him to Qatar and the United Arab Emirates, becomes the latest...
- On Sunday, Scholz will meet with UAE President Sheikh Mohamed bin Zayed Al-Nahyan, and in the afternoon will hold talks with Qatari Emir Sheikh Tamim bin Hamad Al Thani.
- German Economy Minister Robert Habeck already visited Qatar and the UAE in March in an effort to find alternatives to Russian gas,
Business
Switzerland to buy 36 US F-35 stealth fighter jets for $6.2 billion
Switzerland signed a controversial contract on Monday to buy 36 US F-35 stealth fighter jets at a cost of more...
- Switzerland joins a growing number of European countries which have opted for the stealth multi-role combat aircraft, including Belgium, Britain, Denmark, Finland.
- Swiss voters had narrowly approved in September 2020 spending 6 billion Swiss francs to replace the country's fleet of ageing fighter jets
Business
Record volume handled by Saudi ports in eight months: Mawani
Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) handled record tons of volume at the Kingdom's various ports from Jan-Aug this year....
- Against the 187 million tons during the Jan-Aug period in 2021, Mawani said Saudi ports handled more than 212 million tons this year, an increase of 13.59 percent.
- Saudi ports, which handle 90 percent of the Kingdom’s exports and 70 percent of its imports, received 538,265 cars between January and August,
Research
Treated sewage water improves wheat growth, production in UAE
A study by an Emirati researcher has shown that wheat growth can be accelerated and production improved using treated sewage...
- The highest wheat productivity rate was achieved when using treated sewage water.
- key factors that improve wheat quality are the fertility of the soil, which must contain important nutrients and the quality of irrigated water.
Economy
Dubai reduced carbon emissions by 21 percent in 2021
The Dubai Supreme Council of Energy had a virtual meeting in which it was revealed that Dubai had reduced carbon...
- The Dubai Supreme Council of Energy in a meeting discussed increasing the share of solar energy.
- The meeting deliberated waste recycling in power and water production, industry, ground transport and waste treatment.
Economy
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent....
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government.
- The issue date of the bills is 21 September 2022 and the maturity date is 21 December 2022.
Economy
UAE financial restructuring body holds second meeting
The UAE finance ministry's Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.
- The meeting discussed the development of the financial reorganization service.
- It deliberated on the best ways to communicate relevant information about financial restructuring procedures.
Business
IHC acquires stake in Burjeel
The 15% stake in Burjeel will diversify healthcare investment.
- IHC’s revenue grew by 121 per cent to AED21.93 billion in the first six months of 2022, compared to the same period last year.
- The company invested AED7.3bn ($2bn) in the Indian conglomerate, Adani Group, and also acquired a 70 per cent stake in Arena, the global event structures and services company.
Company News
Latest News
Cisco buys Splunk for US$28bn
Business
Binance to pay billions in US in money laundering case
Binance's guilty plea is part of coordinated action including with the Treasury Department's Financial Crimes Enforcement Network and Office of...
Business
Iran and Russia to speed up railway project along Caspian Sea
Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor...
Geostrategy
UAE owns 40% of aircraft fleet in Arab region, says ACAO official
Dubai, UAE -- The United Arab Emirates (UAE) holds nearly 40 percent of the aircraft fleet in the Arab region,...
Business
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Business
Oman LNG signs sale-and-purchase agreement with BP to deliver gas
Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...
- The new agreement comes on the back of many SPAs signed between the two companies in the recent past to supply energy from Oman
- Oman LNG said the company is not just a reliable gas supplier but it contributes to global energy security and adds value to the local economy
Business
Global ESG assets poised to reach $53 trillion by 2025
"This significant growth is driven by a combination of factors, including the impact of the pandemic and the sustainable recovery...
- Innovative financial instruments are increasingly pivotal in the surging ESG market, drawing heightened investor interest in sustainable, ESG-focused investment products.
- On a regional level, the UAE and GCC markets are at the forefront of promoting ESG practices as investor interest is growing in the Green Index and the ESG Index
Business
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
- Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
- While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.