Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Air Arabia shareholders approve 20% dividend for FY2023
SHARJAH, UAE – Air Arabia shareholders approved the distribution of a 20 percent cash dividend for the financial year ended...
Business
Business
Second anti-drug judge shot dead in 6 months in Iraq
Judge Ahmed Faisal was headed home in his car in the city of Amara when unknown assailants blocked his route...
- Drug consumption was rare in Iraq during the reign of dictator Saddam Hussein, with both users and dealers facing the death penalty if found guilty
- But after his 2003 ouster it boomed across Iraq, which had long been a transit route for drugs going to Europe from Afghanistan and Iran
Business
Data cover: GCC sees rise in cyber insurance demand
Compared to Europe and US, cyber insurance is a profitable proposition for GCC firms due to amenable market factors such...
- For the Gulf region, cyber insurance is still a viable and profitable proposition when compared to Europe, Asian and US markets
- There has been an increase in demand from the SME and mid-market client pool as well as financial institutions in the region
Business
Iran says Russia will invest $83.58m in Sirik power plant
Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.
- After discussions, the Russian Ministry of Finance agreed to invest in the 1400-megawatt (MW) gas-powered plant
- Some seven Iranian companies are working in the project, employing 250 manpower directly and indirectly
Business
Iraq keen to benefit from Egypt: Central Bank Governor
Iraq is keen to benefit from the Egyptian Investment Authority, the Governor of Iraq’s Central Bank Mustafa Ghaleb said on...
- Iraq’s Central Bank Governor Mustafa Ghaleb met Mohamed Abdel Wahab, CEO of the Egyptian General Authority for Investment and Free Zones
- Mustafa Ghaleb praised "the development witnessed by the Arab Republic of Egypt in all sectors, especially the business and investment sector"
Business
SHUAA helps Anghami to list on NASDAQ
Last year, the firm helped Anghami in arranging $30 million investment.
- SHUAA has been working closely with the Anghami team as an advisor and investor to further develop and secure the PIPE investment and deliver a successful listing on NASDAQ
- Founded in 2012, Anghami is the first music streaming platform in the Middle East and North Africa (MENA)
Business
Lebanon women get FAO grants to fund their businesses
Four women groups from the South, the North, Mount Lebanon, and the Bekaa received grants.
- The grants were disbursed under the project Support to Women’s Cooperatives and Associations in the Agri-food Sector of Lebanon
- Funded by Canada, the project is implemented by the FAO and Lebanon’s Ministry of Agriculture and the General Directorate of Cooperatives
Analysis
Saudi, UAE indices fluctuate through the week
From oil prices to company stocks buoyed by positive results, several factors resulted in changes in key benchmark indices.
- Emaar Properties’ 1.7 percent share price reduction weighed on the index on Tuesday as it fell 1 percent
- With the Commercial Bank of Dubai up 8.4 percent and Emirates NBD Bank up 0.8 percent, the Dubai index recovered previous losses
Business
Meta debuts ‘personal boundary’ tool to curb harassment
Horizon's anti-harassment feature makes an avatar's hands vanish if it tries to inappropriately touch another virtual character.
- The "personal boundary" function in the immersive platform puts a ring of space around users' digital proxies to prevent invaders to enter your avatar's personal space
- Facebook parent Meta has opened its Horizon Worlds virtual reality platform to the public in December
Business
Saudi Telecom Company signs over 15 pacts at LEAP22
The Saudi Telecom Company (STC) has signed fifteen agreements with major international companies, including Microsoft, Huawei, Ericsson, and Cisco, in...
- The company has already announced an initiative to establish a $1billion main digital center “MEAN Hub” for the Middle East and North Africa
- The company also announced an initiative to establish a factory to localize data centers in the Kingdom, in partnership with Huawei
Business
Rockstar Games confirms Grand Theft Auto 6
More than 230 million copies of Grand Theft Auto, referred to as GTA, have been sold overall.
- New York-based Rockstar Games did not say when Grand Theft Auto 6 would hit the street
- It also did not reveal how it would be different from the previous edition, released in 2013
Nakheel, Meydan join Dubai Holding
The Board of Directors of both Nakheel and Meydan will be abolished.
Business
Company News
Sipchem to pay 12.5% H1 dividend
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Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
- Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
- The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.