Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Microsoft to train Philippine women in AI
It will partner with local schools to provide the training.
Business
Business
Metaverse fuels virtual creation of real-life products
The coronavirus pandemic has helped shrink the distance between virtual and real by pushing many designers to create in three...
- The clamor over virtual goods comes amid feverish predictions that the metaverse will eventually replace the web of today
- A growing number of brands have been trying to establish a presence on buzzed-about platforms, anticipating a major tech and societal shift
Economy
Free Trade Agreement with UAE nearing conclusion, says Indian minister
India’s Minister of Commerce and Industry, Piyush Goyal, on Wednesday told the heads of top business and industry associations in...
- Piyush Goyal urged industry leaders to be proactive in giving inputs to the government on matters like FTA negotiations
- He expressed confidence of growth in services exports, in spite of travel and tourism restrictions caused by the pandemic
Business
UAE, European Union discuss ways to boost cooperation
The meeting was hosted at the UAE Ministry of Finance’s headquarters in Abu Dhabi.
- The Minister of State for Financial Affairs Mohamed Hadi Al Hussaini met on Tuesday with Johannes Hahn, European Commissioner for Budget and Administration
- This discussion is a part of the UAE’s Finance Ministry efforts to strengthen its relations with various countries and regional and international financial institutions.
Arts & Culture
Al Dhafra Festival kicks off in Abu Dhabi
The festival is organized by the Cultural Program and Heritage Festivals Committee, and will run till January 22.
- The festival features 313 camel runs and this new edition of the event includes the launch of the Bairaq Al Emarat Award for Asayel and Majahim camel breeds
- Coinciding with the UAE’ Golden Jubilee Celebrations, the Festival's activities now run from 28th October, 2021, to 22nd January, 2022
Economy
Morocco’s GDP expected to grow by 3.2 percent in 2022: World Bank
The World Bank’s Global Economic Prospect reported on Tuesday that Morocco’s GDP is expected to grow by 3.2 percent in...
- Output in 2023 is projected to remain about 5 percent smaller than expected before the pandemic, the World Bank notes.
- The agricultural output returns to historical averages after the extraordinary performance of the primary sector in 2021, a WB report said.
Business
UAE, European Union discuss ways to boost bilateral cooperation
The UAE and the European Union discussed ways of boosting bilateral cooperation between them to achieve mutual benefit across various...
- The Minister of State for Financial Affairs Mohamed Hadi Al Hussaini met on Tuesday with Johannes Hahn, European Commissioner for Budget and Administration.
- This discussion is a part of the UAE’s Finance Ministry efforts to strengthen its relations with various countries and regional and international financial institutions.
Business
Dana Gas, Crescent Petroleum report record sales gas production
Dana Gas and its partner Crescent Petroleum have reported record sales gas production from their operations in the Kurdistan Region...
- Dana Gas and Crescent Petroleum jointly operate the Khor Mor and Chemchemal gas fields on behalf of the Pearl Petroleum consortium.
- The production milestone is the culmination of numerous process improvements at the Khor Mor gas plant, including a bypass project.
Business
Saudi Arabia and Tunisia sign energy agreement
The MoU encourages holding joint seminars and training courses on renewable energy, energy efficiency and conservation.
- The MoU covers the fields of renewable energy, energy efficiency and conservation, and includes cooperation on management of renewable energy
- The MoU aims at exchanging information and expertise between the two countries in these areas through related research and studies as well
Business
Saudi-Emirati Council meets to discuss economic ties
The UAE hosted a meeting of the Finance and Investment Committee of the Saudi-Emirati Coordination Council to discuss financial and...
- From the UAE, Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, chaired the meeting alongside senior officials from MoF
- From Saudi Arabia, Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies chaired the meeting
Business
Saudi Aramco and Hungary’s MOL to buy Polish oil assets
Poland's state-owned refiner PKN Orlen announced Wednesday plans to sell oil assets to Saudi Aramco and Hungary's MOL in order...
- PKN Orlen to sell oil assets to Saudi Aramco and Hungary's MOL in order to meet EU conditions for its merger with domestic rival Grupa Lotos.
- Saudi Aramco will buy a stake in Lotos's refinery and MOL will purchase several hundred Lotos petrol stations to fulfil the conditions.
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Company News
HSBC relaunches SVB UK
Business
Latest News
solutions signs $118m contract
Business
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
Business
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Analysis
Gulf banking sector flourishes amidst rising rates
GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...
- GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trn
- Customer deposits in the GCC rose 1% quarter-on-quarter to $2.3 trillion, with a loan-to-deposit ratio of 79.0%, and net income surging 3.5% to 13.7 billion in Q2-2023
Business
China’s Country Garden wins vote on debt to avoid default, says media
BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment,...
- One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end of 2022
- Country Garden's bondholders voted this week to delay repayment on a bond worth 3.9 billion yuan ($535 million), to give it time to recover financially
Geostrategy
Iraq-Iran rail link to facilitate travel, tourism and medical treatments
Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to...
- The project had been under discussion for years before an agreement was reached in 2021.
- The Iraqi PM thanked Iran for planned demining operations at the border to clear the way for the train line.