The UAE-based exchange house said the number of ordinary shares has been increased from 37.50 million to 56.25 million. But the total size of the IPO— 750 million shares, equivalent to 10 percent of the Group’s issued share capital—remains unchanged.

Dubai, UAE - ENOC Group on Thursday unveiled its five-pillar long-term growth strategy after having recorded its best performance ever in 2022 in its three-decades-long history of growth.  Under the pillar of ‘Proactive Improvement’, the  Group, which recorded a 60 percent increase in EBITDA last year in comparison to 2021,...

New Delhi, India--India's Patent Office rejected on Thursday US pharmaceutical giant Johnson and Johnson’s application to extend its patent on a key  tuberculosis treatment, allowing local companies to make cheaper generic versions. India accounted for nearly 29 percent of 10.6 million tuberculosis cases worldwide, according to the World Health Organization’s (WHO)...

It will slash 2.5% of workforce as a cost-cutting effort.

Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121. They will be joined later by 555 tourists from Doha to a new itinerary to a number of tourist stops in the region. The cruise sector in Qatar has contributed...

Earnings per share went up 15% to $2.3 cents.

The deal is designed to enhance Saudi digital transformation.

New York, United States -- Two months after accusing India's Adani Enterprises of fraud, US investment group Hindenburg Research launched a new salvo Thursday, this time against Jack Dorsey's mobile payments firm Block, saying it "widely overstated" its user base. Following publication of the report, Block's stock tumbled up to...

Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum of Understanding (MoU) to establish a general framework for initial public offerings (IPOs). The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's...

MoU will be mutually beneficial to both organizations.

Presight IPO received $496 million. It was oversubscribed 136 times.

The acceptance follows years of turmoil for the company.

Improved refining, petrochemicals margins behind profit rise.

Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International...

Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (382) real estate transactions were recorded during the month. Compared to January 2023, the real...

Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in inflation. Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent. US gold futures settled 0.4 percent...

Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy. Dubbed as the ZERO project, it is the first of several controlled environment agricultural concepts that will be housed in the AgTech Park and will aim to enhance indoor farming locally,...

Tencent is the owner of popular messaging app WeChat.

The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly AED 4.8 billion ($1.3 billion) in 2022.

The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion of assets under management as of 31 Dec 2022. "By leveraging Ares’ track record and Mubadala’s global footprint, the joint venture will benefit from access to a broader network, differentiated...

Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on Tuesday, Dubai Land Department said. The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals...

At its Annual General Meeting, ADNIC okayed 40% dividend.

Bard, ChatGPT and other similar artificial intelligence apps churn out essays, poems or computing code on command and have taken the world by storm as the biggest new thing in tech since the advent of the iPhone. Google has so far proceeded more carefully in its rollout of generative AI...

There is a need for more regulations in the cryptocurrency industry to prevent immoral and aberrant behavior, says Anthony Scaramucci, former White House Communications head.

If the company raided is guilty of antitrust violations, it risks large fines but can be granted immunity if it cooperates with the commission.

The company had reported a net profit of $182 m for 2022.

Dividend of 13.5 fils per share highest ever in company's history.

Manama, Bahrain – The Central Bank of Bahrain (CBB) has issued treasury bills with a maturity period of 12 months. The issue date of the bills is 23 March 2023 and the maturity date is 21st March 2024. The weighted average rate of interest is 6.17 percent compared to 6.31...

The inaugural $600m sukuk saw orders of over $2.2 billion.

Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last month's deadly earthquakes, the World Bank said on Monday. The earthquake and its aftershocks killed more than 50,000 people in Turkey and Syria, and displaced millions more. "The recent earthquake...

Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at the donors’ conference convened in Brussels by the European Commission and Swedish Presidency of the European Council. The EUR 500 million support from EIB Global, part of broader European Union...

Haute couture has given way to upcycled outfits, sourced entirely from used clothes, as the models strut, pause and pivot on the runway, a sign of the growing popularity of chic, environmentally friendly vintage wear among young Iraqis. "We don't want overproduction of clothes, we have to reuse them," said...

SRC is looking to expand its refinancing portfolio.

Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its depositors -- along with those of Signature Bank -- would have access to their money. But officials were quick to add: "No losses will be borne by the taxpayer."

The online retail giant axed 18,000 jobs in January.

LONDON, UK- Europe's natural gas price slid Monday below US$43 for the first time in more than a year and a half, dampened by mild weather and high storage levels. In morning London deals, the price of benchmark Dutch TTF gas hit $42.5 per megawatt hour - last seen in July...

Firm said non-monetary factors played a role in earnings.

Dubai, UAE -- Saudi ACWA Power has signed three power purchase agreements and investment agreements valued at $2.5 billion with Uzbekistan to develop solar photovoltaic (PV) and battery energy storage systems (BESS) in several cities of the central Asian nation. The pacts were signed with Uzbekistan’s Joint-Stock Company (JSC) National...

Dubai, UAE -- A total of 24 companies headquartered in Dubai, representing 16 economic sectors, have attended a business forum in Astana, Kazakhstan, under the Dubai International Chambers' New Horizons Mission to Central Asia. Kazakhstan is the second destination in the Mission to Central Asia. The event brought Dubai-based companies...

Amman, Jordan--A government-sponsored program in Jordan has helped place 20,000 people into private sector jobs since its launch in April 2022. According to the Jordan News Agency (Petra), the National Employment Program (Tashgheel) has helped 673 men and 877 women, who are beneficiaries of the National Aid Fund, secure employment...

The Saudi bank said its statement came "in light of the recent market announcement with regards to Credit Suisse", without directly mentioning the UBS buyout. Saudi National Bank spent 5.5 billion riyals ($1.5 billion) on a 9.88 percent share in Credit Suisse in November.

New Delhi, India--Japanese Prime Minister Fumio Kishida arrived in India on Monday for talks expected to focus on deepening trade and technology ties as well as shared concern about China. India and Japan along with the United States and Australia make up the Quad alliance, which positions itself as a bulwark...

The PIF-owned firm looks to deepen investment in recycling.

Riyadh, Saudi Arabia--Saudi Arabia and Turkey have signed three agreements in the industrial sector during the Turkish Export Products Trade Fair in Riyadh. Saudi Minister of Commerce, who is also Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, met here...

Renewing their commitment to "continuing to strengthen bilateral relations", Egyptian President Abdel Fattah al-Sisi met with a senior Russian delegation in Cairo, in spite of calls by Western powers to isolate Russia over its invasion of Ukraine last year. Egypt has maintained relations with Russia in part to mitigate the...

The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology.

Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and testing of new tech business models.

The company posted a 23% increase in revenue.

French journalists Jean Rognetta and Maurice de Rambuteau published a newsletter called "Qant" written and illustrated using AI tools. The authors found that they needed to intervene constantly to keep the process on track, so while the programs helped save some time, they were not yet fit to replace real...

Doha, Qatar--In a sign of growing business ties between Qatar and France, trade between the two countries has increased by 165 percent to $4.5 billion in 2022, compared with $1.70 billion in 2021. Qatar Chamber recently participated in the Arab French Economic Summit 2023 which was held in Paris under...