Some food preservatives linked to higher cancer, diabetes risk
Paris, France -- Eating some common food preservatives is linked to a slightly higher risk of eventually developing cancer and...
Research
Hamas says weapons are ‘legitimate right’, open to proposals that preserve it
"Resistance and its weapons are a legitimate right guaranteed by international law and are linked to the establishment of a...
Geostrategy
Business
ADNOC Drilling to pay $358m dividend
This brings the total dividend for 2023 to $717 million.
- The dividend will be paid on or around 3rd April 2024 to all record shareholders as of 21st March 2024.
- ADNOC Drilling said the annual distribution is expected to grow by at least 5 percent per annum on a dividend per-share basis over the next three years (2024-2026).
Business
Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
- Dubai Investment Fund (selling shareholder) had announced 749 million shares, or 24.99% of Parkin's total issued share capital, for the IPO.
- Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).
Saudi families utilize henna art to encourage kids in fasting
Arar, Saudi Arabia -- In a unique and creative initiative, families in Saudi Arabia's Northern Borders Region are using henna body...
- The practice involves drawing intricate henna patterns on the hands of young girls, often featuring symbols related to Ramadan and fasting
- These designs serve as a visual reminder for the children to refrain from eating and drinking during daylight hours
Geostrategy
‘Multilateral approach needed to address Gaza crisis’
The 'Amalthea' initiative, recently announced by Cyprus, is crucial for the efforts to launch the maritime corridor and the UAE...
- A concerted international effort is underway to open humanitarian corridors to Gaza, with a focus on a maritime corridor for urgent aid delivery.
- The 'Amalthea' initiative, aiming to safely ship aid from Cyprus to Gaza by sea, marks a critical step in international efforts to alleviate the crisis.
Geostrategy
Despite post-Covid development rebound, rich-poor gap widens: UN
The rebound follows two years of decline, when, in 2021 and 2022, the global Human Development Index fell twice in...
- The 2023 estimate shows metrics in every category -- life expectancy, education and standard of living -- are projected to exceed their pre-2019 values.
- "What we're seeing is that the poorest and most vulnerable segments of our society are being left behind," head of the UNDP Achim Steiner said.
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.
Business
Land transport of goods leads Saudi commercial registrations in Q4
Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter...
- The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
- Boutique hotels witnessed a surge of 74.4Â percent, with commercial records reaching 1.91 million by Q4 2023.
Business
Women returners to MENA workforce can contribute $385bn to GDP
Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to...
- A PwC Middle East study shows nearly half (44%) of women in MENA have taken a break over the course of their careers, typically driven by family and caregiving responsibilities.
- The report draws insights from over 1,200 women in the UAE, Saudi Arabia, Qatar, Egypt, Bahrain, Jordan, Kuwait, Lebanon, and Oman.
Business
Walaa posts $39m net profit
The insurance provider had suffered a loss of $18.15m in 2022.
- Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022.
- In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Geostrategy
US troops depart for mission to build temporary Gaza aid port
The first -- a hulking gray-painted watercraft known as a Logistics Support Vessel -- slowly churned away from the pier...
- The US has said the effort will not involve "boots on the ground" in Gaza, but American troops will come close to the beleaguered coastal territory as they construct the pier.
- A series of airdrops carried out by the US to deliver aid this month is far too insufficient to feed the far higher number of people in need of assistance in Gaza.
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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
Some food preservatives linked to higher cancer, diabetes risk
Paris, France -- Eating some common food preservatives is linked to a slightly higher risk of eventually developing cancer and...
Research
Company News
US vetoes Gaza ceasefire call at UN
Geostrategy
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Turkey, Iran leaders at Cairo summit urge action to address Gaza, Syria crises
Cairo, Egypt -- The leaders of Turkey and Iran were in Egypt on Thursday for a summit of eight Muslim-majority countries,...
Geostrategy
Turkey’s Pegasus Airlines says to buy 200 Boeing 737 aircraft
Istanbul, Turkey -- Turkey's Pegasus Airlines said Thursday it would buy 200 Boeing 737 MAX 10 aircraft in its largest-ever order...
Business
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
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Business
ADNOC Drilling closes JV
It is a JV between ADNOC Drilling, SLB and Patterson UTI.
- ADNOC Drilling holds a 55 percent majority equity stake, SLB, the world's largest oilfield services provider, holds a 30 percent equity stake and Patterson-UTI 15 percent.
- Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup.
Geostrategy
TikTok under fire: Espionage claims, election influence campaigns and controversies
The platform faces accusations of espionage in the United States, while the European Union has launched an investigation into claims...
- The United States in April passed a law obliging TikTok's Chinese owner ByteDance to sell off the platform by January 19 on the grounds it allowed China to access data on US users.
- Its editing features and powerful algorithm have kept it ahead of the game, attracting an army of creators and influencers as well as creating many of its own.
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.