Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
Geostrategy
British PM meets Saudi Crown Prince to plead for oil
British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed bin Salman to lobby for higher production...
- "It's not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important," Johnson told British media
- Saudi Arabia and the UAE, which are two of the world's biggest oil exporters have so far avoided taking a position against Russia.
Interview
Skills gap challenge for GCC digitization, says du CEO
GCC companies should work closely with digital and software companies to expedite digital transformation, says Fahad Al Hassawi, CEO of...
- du is the second largest telecom service provider in the UAE, and its 2021 revenues grew by 5.4% to $3.19 billion
- Agility will be key to the telecommunications industry and requires telecom operators to look beyond connectivity, says al Hassawi
Business
Dubai to list DEWA in the biggest IPO by April
In a first, the state-owned DEWA will be listed on the Dubai Financial Market by April as part of Dubai's...
- Dubai Electricity and Water Authority plans to float 3.25 million shares, or a 6.5-percent stake, by April in what is expected to be Dubai’s biggest ever listing
- The retail offering subscription will run from Mar. 24 until Apr. 2, while the qualified investor offering period will be from Mar. 24 to Apr. 5
Business
Emirates to launch daily flights to Israel from June 23
Emirates will offer multiple daily and weekly flights throughout Australia, India, Philippines, Thailand and South Africa, many of which are...
- Emirates will operate its three-class Boeing 777-300ER on the route, featuring eight private suites in First Class.
- The new service to Tel Aviv will also provide 20 tonnes of cargo capacity on each flight, providing channels for Israeli businesses.
Business
Foxconn and Saudi in talks to create microchips manufacturing facility
Foxconn Technology Group and Saudi Arabia are expected to jointly build a $9 billion facility that can make microchips, electric-vehicle...
- The facility expected to be constructed by both is said to worth $9 billion.
- Foxconn, which is a supplier to Apple Inc., is yet to confirm the deal.
Business
Egypt and Lockheed Martin look to boost defense ties
Egypt and American Defense company, Lockheed Martin, have discussed ways to enhance cooperation.
- Mohamed Ahmed Morsi, Egypt’s minister of state for military production, held talks with Raymond Piselli, vice president of Lockheed Martin
- Morsi noted that Egypt’s growing presence in the field of security and defence is the result of economic reforms undertaken by Egypt
Business
Bahrain gives nod to cryptocurrency firm Binance to operate
Cryptocurrency exchange platform Binance, one of the world's largest, said Tuesday it had been granted an operating license in Bahrain,...
- The company said it would provide crypto asset trading and portfolio management services under the supervision of the Central Bank of Bahrain
- Bahrain hopes to become a regional hub for crypto asset companies, as does Dubai
Business
Emirates NBD launches website to support IPOs on DFM
Emirates NBD has taken the lead in supporting upcoming initial public offerings (IPOs) on the Dubai Financial Market (DFM) with...
- Emirates NBD’s IPO platform has built-in real time subscription payment capabilities for UAE investors and wire transfer capabilities for non-UAE investors.
- The seamless, single interface enables completely paperless subscription in five simple steps making the process simpler and paperless.
Business
Dana Gas to pay 4.5 fils per share
The total dividend paid for 2021 now stands at 8 fils.
- For the full year 2021, the company achieved a net profit of AED1.2 billion ($317 million)
- The Company's collections in 2021 were the highest ever at AED1.4 billion ($377 million), and the year-end cash position stood at AED678 million ($185 million).
Business
Playa Hotels inks Saudi resort deal
It will set up facilities along the Arabian Gulf and the Red Sea.
- Playa signed an agreement regarding the resorts with Saudi’s Tourism Development Fund on Monday
- This will contribute to enhancing the distinctive tourism experience and create local job opportunities
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Company News
Invictus plans $272m expansion
Business
Latest News
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
Geostrategy
Alibaba plans to list subsidiary in IPO
It did not give a timetable for the move or how much it hoped to raise.
Business
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Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
- This pact builds on the five-year Naphtha sales agreement signed in 2018 between QatarEnergy and Marubeni Corporation.
- Japan-based Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia.
Business
Iraq’s oil revenues hit nearly $9bn in Aug: Ministry of Oil
Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi...
- The $8.99 billion revenue came from crude oil exports of more than 106 million barrels, the country's Ministry of Oil said in a statement, according to the Iraqi News Agency.
- The total quantities of crude oil exported for August from the oil fields in central and southern Iraq amounted to 105.236 million barrels.
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
- Demand for lithium, an essential component of car batteries, could increase ninefold between 2022 and 2050, said the International Energy Agency.
- Lithium and other metals that the IEA calls “key to the clean energy transition” will be the topic of a summit hosted by the global energy watchdog in Paris.