UAE CARBON CREDITS SYSTEM

UAE to develop national system for carbon credits using blockchain

The collaboration aims to reduce emissions and enhance sustainable agriculture, environmental health, and biodiversity in the UAE

PIF launches fitness and wellbeing company

Saudi Arabia’s PIF sets up fitness and well-being company

Kayanee will adopt a female-focused approach to all its services, prioritising mental, physical and social health to create a vibrant society

Masdar green bond at London Stock Exchange

Masdar marks $750m green bond debut with market opening at London Stock Exchange: Watch

This bond is the first part of a programme to raise up to $3bn to meet Masdar’s equity funding commitments on new renewable energy projects

Saudi Arabia Type-c Charger

Saudi Arabia to mandate Type-C USB charging ports by 2025

The decision will contribute to reducing the amount of annual domestic consumption of chargers and charging cables by more than 2.2 million units annually

King Abdullah Port

King Abdullah Port announces strategic partnerships boosting maritime offerings

The alliance marks a new chapter in the growth of the port’s maritime services

Yasser Nasr-Aldin, co-founder, chief strategy officer and head of investment at YaSchools Image YaSchools

Saudi edtech YaSchools raises $600,000 in seed round, plans for expansion to Jordan

Since the launch of its microlending services in early 2023, YaSchools has received financing requests worth more than $40m

ADQ to open next gen greehouse in ADQ Image ADQ twitter

Abu Dhabi’s ADQ, Safe Haven Solutions to construct high-tech greenhouse in KEZAD

The new project will use advanced technology to sustainably cultivate tomatoes and cucumbers year-round in the UAE

Ajman Bank Dhs550m right issue oversubsribed Mohamed-Amiri Image courtesy Ajman Bank

Ajman Bank’s Dhs550m rights issue receives strong response

The rights issue was oversubscribed 7.4 times, with a total demand of Dhs4.1bn

Saudia inaugurates flights from Riyadh, Jeddah to Beijing

Saudia launches flights connecting Riyadh, Jeddah with Beijing

The new routes reinforce Saudi Arabia’s commitment to boost the growth of the tourism and aviation sectors

Saudi

Saudi Arabia expands visitor e-visa to eight additional countries

Nationals of these countries can apply for a Saudi visitor visa ahead of their journey via the official e-visa portal

Saudi Aramco reports Q2 2023 earnings

Aramco reports a drop in profits of 38% in Q2 2023

The world’s largest oil company reported that it had paid out a base dividend for Q1 2023 of $19.5bn in the second quarter, which was up 4 per cent year-on-year

Saudi

Saudi city of future enlists Dutch help to grow crops in desert

It is carving out an area the size of some 15 soccer fields to form a horticulture oasis on the outskirts of Neom

Fairmont Ramla Serviced Residences Riyadh (Image: Supplied by Fairmont)

Fairmont opens its first Saudi serviced residences property

The 249 residences range in size from one-bedroom suites to four-bedroom penthouses

Ukraine peace talks in Jeddah, KSA

Ukraine peace plan talks end in Saudi Arabia

A tangible outcome from the Jeddah meet was a plan to form working groups under various points of the Ukraine peace formula

Saudi wealth fund PIF reports $15.6bn loss in 2022

Saudi wealth fund takes $15.6bn hit from SoftBank and tech

The fund’s assets under management grew to $595.5bn from $527.8bn in 2021 despite the $15.6bn loss

Standard Chartered

Standard Chartered, DIFC Innovation Hub partner to empower UAE women entrepreneurs

The Women in Tech accelerator programme offers entrepreneurs a platform to unleash their potential, overcome barriers and accelerate their business ventures

Dubai Police adds Mercedes EV SUV to fleet Image Dubai media Office Dubai Police twitter

Dubai Police has added this new luxury EV to its fleet

The luxury EV features a 516hp dual-engine capable of accelerating from 0-100kmph in just 4.3 seconds

UAE MoF announces strategic plan_Photo-courtesy WAM MoF

UAE: Ministry of Finance announces strategic plan for 2023-2026

The plan will develop financial policies to promote economic growth, create a competitive business environment and strengthen international economic relations

UAE President Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (L) meets with HE Abdel Fattah El Sisi, President of Egypt

UAE President Sheikh Mohamed meets Egyptian President Abdel Fattah El-Sisi

The UAE President Sheikh Mohamed’s visit to Egypt comes close on the heels of his recent visit to Jordan and Bahrain

Dubai tourism numbers for H1 2023

Dubai surpasses pre-pandemic international tourism levels in H1 2023

The emirate said there were 8.55 million international tourists in the January-to-June period this year, the best first-half performance yet

Saudi Arabia’s PIF sets up company to promote sports sector

Saudi Arabia’s PIF sets up company to promote sports sector

SRJ Sports Investments will invest in businesses specialised in offering unique fan engagement activities and transformative sports technology

Wellington Management opens Dubai Office

Wellington Management set to expand into Middle East with Dubai office

Wellington has been managing assets for clients in the Middle East and North Africa for 29 years and decided to expand into the region to support local needs

ADNOC Gas reports $2.3bn in half-year net income

ADNOC Gas’ H1 2023 net income plunges 12% to $2.3bn

Brent crude oil prices, which are used for gas pricing, decreased by nearly 31 per cent during the period under review

Saudi Fund for Development signs loan agreement for hospital project Image SFD

Saudi Fund for Development signs $75m loan agreement for hospital project in Saint Lucia

This agreement is part of SFD’s efforts to support sustainable development in developing countries and small island developing states

Burjeel Holdings’ half-year profit up 47% to Dhs225m

Burjeel Holdings’ half-year profit up 47% to Dhs225m

The healthcare services provider’s H1 revenues surged by 13.9 per cent year-on-year to Dhs2.2bn, driven by an increase in patient footfall

Hilton to open over 50 properties in Saudi Arabia onrad Riyadh Laysen Valley

Hilton to quadruple its presence in Saudi Arabia, aims to open over 50 new hotels

Hilton currently operates 16 hotels in Saudi Arabia, including Waldorf Astoria Jeddah – Qasr Al Sharq, Conrad Makkah, and Hilton Riyadh Hotel & Residences

UAE Pass

MoIAT adopts UAE Pass across all its digital services

From August 15, customers will need to have registered for UAE Pass to access the ministry’s services including specification, conformity and accreditation services

Ukraine peace blueprint in Saudi Arabia

Saudi Arabia hosts talks on Ukraine peace blueprint

The kingdom is increasingly trying to position itself as a diplomatic powerhouse and has said it wants to mediate between Ukraine and Russia

Saudi Arabia announces oil production cuts until September

Saudi Arabia extends voluntary oil production cuts into September

It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries

Fitch says sukuk pricing remains similar to bonds in H1 2023

Sukuk pricing remains similar to bonds in H1 2023

Sukuk and bonds had a high pricing correlation of 0.95 (out of 1) on average and low average spreads between 2018 and H1 2023