Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
Business
Business
ADNOC’s Borouge IPO its largest ever, oversubscribed 42 times
ADNOC and its partner Borealis AG have announced the completion of bookbuild and public subscription for the IPO of Borouge,...
- The book was covered within less than one hour of the start of the public subscription process.
- Borouge is the fourth company that ADNOC has brought to market since 2017 and follows the successful IPOs of ADNOC Distribution, ADNOC Drilling and Fertiglobe.
Business
ICD net profit $2.74 bn
The Group's revenue was AED 169.4 bn, up 24.5 percent.
- The rise in revenue was attributed to rallying commodities prices in oil and gas, higher levels of activity in transportation.
- The Group's share of equity decreased by 1 percent to AED190.6 billion.
Business
French companies show interest in Saudi entertainment market
Major French companies have expressed their interest in accessing the Saudi market and investing in the tourism and entertainment market...
- These companies can inaugurate headquarters in Riyadh to maximize benefits from these opportunities, said Laurent Germain, president of Saudi-French Business Council.
- Germain said that Saudi Arabia has amazed the world with the entertainment industry within a short period of time.
Geostrategy
EU leaders ban most Russian oil, as Moscow advances in Donbas
European Union leaders have agreed to ban more than two-thirds of Russian oil imports, tightening economic screws on the country...
- EU chief Ursula von der Leyen said the ban will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year
- Participants in Monday's EU summit, however, hatched a compromise deal that exempts deliveries by pipeline from the oil import ban
Investigation
Fuel costs, falling pay add to UAE gig workers’ woes
Nothing changes for delivery workers of online food delivery aggregator platforms even as they resume work after protest against low...
- Even as social media was flooded with comments demanding better treatment and fair pay for the riders, nothing changed and they eventually went back to work
- The gig economy is coming under pressure from governments around the world as they look to enact protective policies and regulations, says a food critic and blogger
Economy
US Central Bank needs to hike interest rates till inflation drops : Governor
The US central bank needs to keep raising interest rates in big steps until inflation starts to come down, Federal...
- The Fed early this month announced the biggest increase in the benchmark interest rate since 2000.
- Markets could tighten by a total of 2.5 percentage points this year, including the 0.75 point of increases.
Economy
Qatar’s Export Unit Value Index surges by 61 percent in Q1
Qatar’s Export Unit Value Index (EXUVI) has increased by 61.05 percent in Q1 2022 compared to Q1 2021. The Planning...
- The Planning and Statistics Authority (PSA) released its Quarterly EXUVI for Q1 2022 as a new chain is added to statistical indicators calculated by PSA.
- The addition is as per the policy of PSA in providing accurate statistical information and data that support the decision-maker.
Economy
Qatar government, banks behind its strong economic show: CEOs
The measures adopted by Qatar’s government and Qatar Central Bank proved decisive in countering the negative impacts of pandemic and...
- The CEOs focused on various issues like environmental and social practices, corporate governance.
- Future prospects of Qatar's economy are stable, as its banking sector enjoys flexibility and quality with high capital and liquidity, said Qatar National Bank CEO.
Business
ADGM invites public feedback on changes to commercial legislation
The Abu Dhabi Global Market (ADGM) has invited public feedback on the proposed amendments to its commercial legislation. As part...
- As part of ADGM’s ongoing enhancement of regulatory framework, its Registration Authority (RA) is proposing changes, including the introduction of a late filing fees framework.
- Rather than attracting a penalty, certain late filings will attract a late filing fee of $150 per month, capped at three months.
Business
Arts DAO NFT drop on June 5
The drop is being created in partnership with NFT artist Kristel Bechara.
- The community’s NFT collection will feature 2,000 NFTs and prices will start from 0.49 ETH ($1,000).
- Arts DAO is registered with the Dubai Multi Commodities Centre (DMCC).
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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
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
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Google’s new phone to run AI on-device
At a launch event in New York, Rick Osterloh, SVP of devices and services at Google, said that the company's...
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Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
- Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
- "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business
QatarEnergy awarded new Egypt offshore exploration block
Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
- The block EGY-MED-E8 (East Port Said) was awarded to a consortium comprising of QatarEnergy (33 percent), ENI (Operator, 34 percent) and BP (33 percent).
- Qatar has a total of four offshore exploration blocks, including interests in Red Sea Block 3 and Block 4.
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.