Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
Business
Kuwait awarded nearly $6 billion worth of tenders in 2021
The Central Agency for Public Tenders of Kuwait (CAPT) has awarded 235 tenders worth $5.9 billion in 2021. Secretary-General of...
- The Ministry of Electricity, Water and Renewable Energy had won the lion's share of the tenders in 2021.
- The Ministry of Health (MoH), with 25 tenders worth $364.6 million, grabbed the second position.
Business
Jordan, Egypt sign deal to develop and operate logistics areas
Jordan and Egypt held a meeting Monday to discuss mutual cooperation in the field of establishing, operating and developing logistic...
- The two nations had signed a cooperation deal on the sidelines of the 30th session of the Joint Jordanian-Egyptian Higher Committee.
- The virtual meeting between the two highlighted the importance of implementing partnership projects for strengthening self-sufficiency.
Business
Jordan’s FDI in 2021 reaches $622million, Arab region’s $53 billion
The Foreign Direct Investment (FDI) in Jordan amounted to $622 million in 2021, constituting 1.2 percent of the Arab region's...
- UAE was the topmost FDI destination in the Arab world, with $20.7 billion or 39.1 percent of the region's total FDI.
- UAE was followed by Saudi Arabia with $19.3 billion, Egypt with $5.1 billion, Oman with $3.6 billion, and Morocco with $2.2 billion.
Business
Media giants buy Indian Premier League cricket rights for $6.2 billion
India's cricket board said Tuesday it has sold the broadcast rights of the IPL tournament for the next five seasons...
- The amount paid for the rights to one of the world's most watched sports contests dwarfs the $2.55 billion that Star India paid in 2017 for the previous five seasons to 2022.
- The buyer was Viacom18, a joint venture between Reliance and US group Paramount Global as well as a group reportedly backed by James Murdoch.
Business
Jordan energy ministry inks MoUs for copper, gold exploration
Jordan's Ministry of Energy signed an MoU with a local company to explore for copper and it also signed another...
- Jordan's energy ministry inked an MoU with a local company to explore for copper in the Dana region of the Kingdom's south
- The ministry signed an MoU with a Turkish company to explore for gold in the Abu Khashiba region, also in the south
Geostrategy
Sharjah, Costa Rica strengthen economic, cultural relations
Sharjah is building on the long-standing historical ties the emirate shares with Costa Rica to bolster and deepen diplomatic and...
- The strong relations between Sharjah and Costa Rica are serving as a base for enhancing economic cooperation
- The two sides can benefit through the mutual exchange of expertise in industries, culture, science, technology and economy
Business
Abu Dhabi Export Office signs financing pact with Capital Bank of Jordan
Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement...
- Under the agreement,$20m will be opened to support collaborative efforts to enhance UAE’s exports to the region and boost economies of the two countries.
- The agreement will allow ADEX to open a credit line with Capital Bank that can re-lend importers on competitive terms to buy Emirati goods and services,
Business
ADQ to acquire Turkish pharma company Birgi Mefar Group
As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes...
- As a full-service pharmaceutical CDMO, BMG is a production service provider for sterile injectable products, namely vials and pre-filled syringes used for vaccines
- Investment expands ADQ’s life sciences capabilities in sterile injectables and wider pharmaceutical services segments, while complementing its broader commitment to Turkey
Business
Commercial Bank closes $750m loan
The three- and the five-year facility was led by Mizuho Bank as coordinator.
- The bank said that the syndication was launched at an initial value of $400 million but was oversubscribed at $940 million.
- The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
Business
Amazon to begin drone delivery in California
Amazon plans to start flying some purchases to customers later this year, the e-commerce giant said Monday, announcing drone delivery...
- Amazon customers in the Northern California town of Lockeford will be able to sign up for free delivery by "Prime Air" drones, the company said in a post
- "Air-eligible" items ordered at the retailer's website will be packed into drones that will fly to the delivery addresses, deposit packages outside from safe heights, then fly away
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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
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
Business
Company News
EIH buys stake in Gewan Holding
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DUBAL, Oriental Copper ink MoU
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SABIC H1 net profit slumps 87%
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Lufthansa profit soars
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Nakilat profit up 6.1%
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PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
Belt and Road Initiative generated $2 trillion in contracts: China
Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size...
Business
Major equity markets up, oil dips after surge on Israel-Hamas conflict
"Equity markets are bouncing back on Tuesday after a risk-averse start to the week, buoyed... by some promising Fed commentary,"...
Business
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Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Business
Delta suspends Israel flights through October 31
The suspension of flights by the airline follows similar decisions by American Airlines, Air France, Lufthansa, Emirates and Ryanair and...
- The airline said that it has made a "difficult decision" to cancel our Tel Aviv flights
- Israeli flag carrier El Al said Sunday that it was maintaining its Tel Aviv flights for now
Business
Masdar to invest $8bn to develop Malaysia’s clean energy transition
Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in...
- The project will include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems
- Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW