Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...
Geostrategy
Business
AD Ports acquires stake in IACC
AD Ports Group's cash reserves to fully fund the deal.
- It is the first international acquisition by AD Ports Group.
- IACC wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International S.A.E.
Business
SCCI, EDB partner to aid investors, SMEs
The collaboration is part of strategic efforts by both companies to enhance the private sector's contribution to UAE economic development.
- The collaboration is part of strategic efforts by both companies to enhance the private sector's contribution to UAE economic development
- SCCI plans to provide support to the industrial and SME sectors as critical components in promoting diversification, sustainability, and national economic growth
Business
MEmob+ integrates blockchain technology, first MENA tech company to do so
MEmob+ has invested substantially in blockchain technology to offer its clients the most advanced and effective advertising services.
- MEmob+ has invested substantially in blockchain technology to offer its clients the most advanced and effective advertising services
- MEmob+ is now well positioned to enhance digital marketing activations and performance and has strict control over data flow and GDPR adherence
Business
Russia warns G7 price cap on oil would increase its price
Moscow said Thursday that G7 plans to cap the price of Russian oil would lead to a shortfall on world...
- Leaders of the Group of Seven wealthy nations agreed at a summit this week to work on a price cap for Russian oil.
- West has already imposed multiple layers of sanctions on Russia in response to Putin's order to send troops to Ukraine.
Economy
UAE, South Korea ink pact to support entrepreneurs, SMEs
The UAE and South Korea sign an agreement to launch a joint cooperation program to support entrepreneurs and SMEs. During...
- The UAE and South Korea sign an agreement to launch a joint cooperation program to support entrepreneurs and SMEs
- During the 11-month program, the two sides will discuss and cooperate in entrepreneurship and SME development
Business
Europe’s Syria phosphate imports profiting Russian firm: Report
Syrian phosphates used for fertilizer are being exported to Europe in bulk, benefitting a Russian firm and the sanctions-hit Damascus...
- Italy, Bulgaria, Spain and Poland are among the EU states receiving Syrian phosphates.
- International sanctions do not ban the import of Syrian phosphates but key Russian and Syrian players involved in the trade are sanctioned by the US or Europe.
Geostrategy
‘Effective steps needed to tackle situation due to Ukraine crisis’
Jordan's Minister of Foreign Affairs and Expatriates has called for concrete and effective steps to address the effects of the...
- Jordan's foreign minister calls for concrete steps to deal with the effects of Ukraine crisis on food security, energy prices and supply chains
- The minister reviews the Kingdom's relations with NATO and Jordan's role in the 'Mediterranean Dialogue' group since 1995
Business
DP World, NIIF expand ties
NIIF Master Fund will invest $300m in DP World subsidiary HPPL.
- With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million.
- HPPL is one of India’s leading container terminal platforms with a proven track record of growth over the long-term.
Business
Drydocks World, KANFA AS sign contract
This is the first collaboration between Drydocks World and KANFA AS.
- Under the contract, the M10 module will be placed on the main deck of a floating production, storage and offloading (FPSO) vessel.
- It will be used to process crude oil received from oil wells, which will be dewatered and stabilized to meet export quality specifications.
Business
OPEC meeting expected to stick to oil output boost
Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at...
- The 13 members of the Organization of the Petroleum Exporting Countries, chaired by Saudi Arabia, and their 10 partners, led by Russia, drastically slashed output in 2020
- But several OPEC+ members have been failing to meet the output quotas, while Iran and Venezuela -- and now also Russia -- are blocked by sanctions
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Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
Company News
Latest News
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...
Business
Gulf Navigation posts profit
Its net profit rose to US$9.53m in the first nine months of 2023.
Business
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.
Business
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Business
Egypt sells MENA’s first ‘sustainable panda bonds’ in US$500m issue
Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with...
- Egypt's Finance Minister Mohamed Maait said the country succeeded in having a discounted pricing for the panda bonds at 3.5% annually for three years
- He said the bond issuance is guaranteed by international banks including the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AFDB),
Business
Red Sea Global builds largest off-grid EV charging network in Saudi Arabia
RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala...
- The network includes more than 150 charging stations spread across phase one of The Red Sea destination area.
- The stations are placed to keep RSG’s initial fleet of 80 electric Lucid and Mercedes vehicles charged and on the road.
Economy
UAE invests $36bn in renewable energy projects in 2022, says ADDED chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
- The UAE has successfully enticed a staggering US$23 billion in 2022, up 10 percent from 2021, to be ranked 16th globally in FDI attraction.
- UAE is now the world's fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year.