UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
Science
Iraq Forum for Clean Energy 2022 kicks off on Sunday
The ministry of oil endeavors to support all initiatives and efforts to gradually shift from traditional to clean and renewable...
- The companies include South Gas, Basra Gas, Shell and Siemens Energy, Schlumberger, Baker Hughes
- The forum will be used for discussing the programs for developing the renewable energy sectors in Iraq
Business
Two Iraqi banks to open in Saudi Arabia
The Saudi Central Bank has announced the opening of two branches of two Iraqi banks in Riyadh, and confirmed the...
- The bank also indicated the allocation of more than one billion Riyals ($270 million) to the Sports City.
- In 2021, the second training program for employees of the Central Bank of Iraq was started
Business
Qatar and US talk gas supplies as Russia threatens Ukraine
Qatar is in talks with the US and other gas exporters to prepare a contingency plan for a possible disruption...
- The talks with Qatar and some EU nations have focused on new ways to secure alternative seaborne liquefied natural gas cargoes
- Officials are concerned that Europe could face widespread chaos, with blackouts and industrial disruption, if Russian gas exports fall sharply following an invasion
Business
Interconnection Authority enables Middle East save $3bn
The setting up of the Gulf Cooperation Council Interconnection Authority in 2019 has enabled countries in the Middle East to...
- Savings have come from a reduced need for new generation plants, thus lower operating and maintenance expenses, and reduced carbon emissions
- In a two-day meeting, the parties agreed on preparing a business case to explain the benefits of electrical connection and to complete the required procedures
Business
UAE and Singapore explore ways to boost trade
The UAE and Singapore will explore ways to enhance bilateral relations in light of the agreement signed between the two...
- The ideas to boost ties were discussed in a meeting between Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Teo Chee Hean, Singapore’s Senior Minister
- They also discussed various issues of mutual interest including global efforts to speed up recovery to reach pre-pandemic levels
Business
Deliveroo’s new UAE service
Deliveroo Plus allows customers to receive unlimited free delivery.
- Deliveroo Plus allows customers to receive unlimited free delivery on all orders above AED 30 for only AED 39 per month
- Deliveroo Plus allows customers to receive unlimited free delivery on all orders above AED 30 for only AED 39 per month etc
Business
Qatar Airways counters Airbus order cancellation with A350 video
The move came within mere hours of Airbus cancelling an order of 50 of its A321neo aircraft, which it was...
- The order was estimated to be worth $6 billion based on Airbus’ catalog price
- However, but airlines are known to get better deals from plane-makers
Business
TASI rises for 10th session, UAE bourses fluctuate
The surge in oil prices fueled the start of the week's high for the Saudi stock market, while the UAE...
- First Abu Dhabi Bank's share price rose by 3.9 percent to support the 1.6 percent advance in the Abu Dhabi index
- With Al-Rajhi Bank up 1.5 percent and SABIC's share up 1.8 percent, the Saudi index rose 0.5 percent on Wednesday
Business
Points of Sale terminals in Saudi exceed 1 million, says SAMA
The Saudi Central Bank (SAMA) announced that the number of Points of Sale (PoS) terminals inside the kingdom have exceeded...
- These terminals can be found at commercial sales outlets in more than 180 cities and villages.
- PoS terminal transactions reaching more than 5 billion by the end of 2021, compared to 2.8 billion transactions in 2020.
Business
Lebanon to sign a deal with Jordan to ease power shortage
Crisis-hit Lebanon will sign a deal with Jordan next week to bring in electricity via Syria to help ease grueling...
- The agreement is part of a wider government effort to eventually provide state electricity for eight to 10 hours a day
- The deal will provide Lebanon with up to 250 megawatts of electricity during the day and 150 megawatts at night
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Company News
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Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...
Business
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Business
ADEX and National Bank of Egypt sign $100m financing agreement
This is aimed at supporting UAE export transactions to Egypt.
- Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt.
- The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion.
Business
ADNOC to develop largest carbon-capture project in MENA
According to an ADNOC statement, the project will be able to capture up to 1.5 million tonnes of CO2 a...
- The new initiative will siphon planet-heating carbon dioxide emissions from the Habshan gas processing plant in Abu Dhabi
- ADNOC is hoping to "maintain its leading position in producing low carbon-intensity barrels" of fuel with its carbon capture initiatives
Business
Tech titans prepare for EU’s tougher market restraints
Brussels is working through a dense legislative agenda to build tougher regulation of big tech, arguing it needs to protect...
- EU will name which services will be considered big enough to fall under the next wave of regulation
- The new rules will force the iPhone-maker to allow alternative app stores on its products