Category: 1arabia updates

On May 16, 2024, His Highness Sheikh Saud bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, welcomed Jaan Reinhold, Estonia's Ambassador to the United Arab Emirates, at the Saqr bin Mohammed City palace. The meeting focused on exploring avenues to solidify cooperation between the two nations across various sectors. Sheikh Saud expressed his appreciation for Ambassador Reinhold's visit and emphasized the significance of fostering stronger ties between Ras Al Khaimah and Estonia. The Estonian Ambassador reciprocated the sentiment,

On Saturday, May 18, 2024, Kazakhstan's President Kassym-Jomart Tokayev received warm birthday greetings from the leadership of the United Arab Emirates (UAE). In separate messages, both UAE President Sheikh Khalifa bin Zayed Al Nahyan and Vice President Sheikh Mohammed bin Rashid Al Maktoum conveyed their sincere wishes for President Tokayev's good health and happiness. They also expressed their hope for Kazakhstan's continued progress and prosperity. The messages underscored the strong ties that bind the UAE and Kazakhstan. They emphasized the

Literary enthusiasts in the Arab world are rejoicing over the news of the second edition of "Where Are Al-Taroos, " a critically acclaimed book by renowned scholar Sobha Al-Khaili. The announcement comes from Dar Al-Kutub, a prestigious publishing house known for its dedication to preserving and promoting Arabic literature. "Where Are Al-Taroos, " first published in 2010, delves into the fascinating world of Al-Taroos, a little-understood ancient civilization that flourished in the Arabian Peninsula. Al-Khaili, a leading authority on the

Qatar is embarking on a significant digital transformation journey, placing a strategic bet on artificial intelligence (AI) as a key driver. The nation revealed a $2. 47 billion investment package to fuel its AI ambitions during the fourth edition of the Qatar Economic Forum. This commitment signifies Qatar's intent to become a regional leader in AI adoption. Shedding light on the initiative, Qatar's Prime Minister and Minister of Foreign Affairs, H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani,

Kuwait's Beyout Investment Group (BIG) Holding, a diversified conglomerate offering human resources and real estate services, is poised to join the Kuwaiti bourse. The company announced its intention to sell a 30% stake through an initial public offering (IPO) on Boursa Kuwait, marking the first such listing in the country in nearly two years. BIG Holding boasts a proven track record of growth, with an average revenue increase of 12. 6% and a healthy normalized core profit margin of around

Malaysia's aviation landscape is set for a potential overhaul as a consortium, including the emirate of Abu Dhabi's powerful sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), has submitted a bid to take Malaysia Airports Holdings Berhad (MAHB) private. The move, valued at approximately $3. 9 billion, has ignited discussions about the future of the country's airport network and the potential benefits of a shift from public to private ownership. The proposed acquisition is spearheaded by the Gateway Development Alliance,

The Zayed Higher Organisation for People of Determination (ZHO), in partnership with the Egyptian Ministry of Youth and Sports, has announced the launch of the second phase of the "Bridges of Hope" program. This initiative aims to significantly improve the lives of people of determination in Egypt by rehabilitating and developing 60 centers dedicated to their needs. "Bridges of Hope" is built on the foundation of inclusivity and empowerment. The program focuses on enhancing accessibility and functionality within these centers,

The Emirati capital of Abu Dhabi will be the stage for Make-A-Wish International's upcoming annual conference, the "Global Wish" summit. The event, scheduled for June 3rd and 4th of 2025, is a significant win for the city, solidifying its growing reputation as a hub for global humanitarian efforts. The news was met with enthusiasm from Sheikha Sheikha bint Saif Al Nahyan, the honorary president of the Make-A-Wish Foundation UAE and wife of H. H. Sheikh Dr. Sultan bin Khalifa Al

The U. S. Department of Justice (DOJ) is alleging that Boeing violated a critical provision of a 2021 settlement agreement, potentially opening the door to criminal charges stemming from the two fatal crashes of 737 MAX airplanes in 2018 and 2019. The settlement, reached in January 2021, allowed Boeing to avoid criminal prosecution in exchange for a $2. 5 billion fine and a commitment to improve its safety protocols. However, in a court filing on Tuesday, the DOJ argued that

The Institut du Monde Arabe, or the Arab World Institute, in Paris is commemorating its 20th anniversary this year. The institute, a brainchild of French and Arab leaders, was inaugurated in 1987 as a bridge between the Arab world and the West. Designed by renowned French architect Jean Nouvel, the institute itself is a marvel of contemporary architecture. Its facade resembles intricate Arabic latticework, a striking fusion of tradition and modernity. Inside, the institute houses a permanent collection of artifacts

District cooling leader Tabreed announced a steady climb in revenue for the first quarter of 2024. The UAE-based company reported earnings of AED 468 million, marking a slight increase from AED 464 million during the same period in 2023. While the growth may seem modest, it signifies Tabreed's continued financial stability and its ability to navigate a dynamic market. This positive performance is underscored by Tabreed's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) which rose to AED 272 million

Bayanat, a leading provider of artificial intelligence (AI)-powered geospatial solutions listed on the Abu Dhabi Securities Exchange (ADX), kicked off 2024 on a high note. The company announced a strong financial performance for the first quarter (Q1), reporting AED 113 million in revenue. This marks a significant 12% year-over-year increase, solidifying Bayanat's position in the geospatial solutions market. This impressive growth is attributed to Bayanat's strategic expansion into new markets and its robust portfolio of services and products. The company

In a significant move to empower women in business, Etihad Airways and the Abu Dhabi Businesswomen Council (ADBWC) have joined forces to support a staggering 25, 000 women-owned small and medium-sized enterprises (SMEs) operating in the capital. This collaborative effort aims to provide these businesses with greater access to opportunities and resources, fostering their growth and contribution to the UAE's economy. Through a signed Memorandum of Understanding (MoU), Etihad Airways has pledged to prioritize women-led businesses when selecting suppliers. This

The Dubai Electricity and Water Authority (DEWA) has been announced as the Sustainability Strategic Partner for the 22nd edition of the Arab Media Forum (AMF), solidifying its commitment to promoting sustainable practices throughout the region. The forum, held under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is set to take place from May 27th to 29th at the Dubai World Trade Centre. This partnership aligns with

Kalba is igniting a spark of creativity in its youth with a new program focusing on wood plastic arts. This innovative initiative aims to introduce youngsters to the wonders of crafting and design, using a combination of accessible and versatile materials – wood and plastic. The brainchild of local art enthusiasts, the program caters to a specific age group, targeting the natural curiosity and energy of young minds. Through a series of hands-on workshops, participants will delve into the fundamentals

The Abu Dhabi Global Healthcare Week (ADGHW) concluded on a high note, marking a significant step forward in global healthcare collaboration. The week-long event, which brought together health leaders, policymakers, and experts from around the world, culminated in a closing ceremony attended by prominent figures including Sheikh Zayed bin Hamdan bin Zayed Al Nahyan. Sheikh Zayed bin Hamdan's presence underscored the UAE's commitment to advancing healthcare on a global scale. The closing ceremony served as a platform to summarize the

Good news for Gulf Cooperation Council (GCC) banks:credit rating agency S&P Global Ratings predicts their profitability will stay robust throughout 2024. This positive outlook comes despite a delay in interest rate cuts by the US Federal Reserve. The strong performance is largely attributed to the mirroring effect between GCC central banks and the Fed. Since most GCC currencies are pegged to the US dollar, their central banks typically adjust rates in line with the Fed's decisions. With the Fed postponing

Sharjah witnessed a significant development in its healthcare infrastructure on Wednesday with the inauguration of the new Kalba Hospital by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. This 100-bed facility, boasting an area of 15, 000 square meters, marks a major step forward in providing advanced medical services to the residents of Kalba and the surrounding areas. The inauguration ceremony was a momentous occasion, attended by dignitaries and members of the

The Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the United Arab Emirates, has joined a consortium aiming to privatize Malaysia Airports Holdings Berhad (MAHB). The consortium, known as the Gateway Development Alliance, submitted a pre-conditional voluntary offer to acquire all remaining shares in MAHB for a total of $3.9 billion. This move comes as Malaysia seeks to raise capital and potentially improve the efficiency of its airport operations. MAHB, a publicly traded company, operates 39 airports across Malaysia,

Egypt's ambitious development plans for the Ras Al-Hikma peninsula received a significant shot in the arm with a second payment of $14 billion from the United Arab Emirates (UAE). This latest installment is part of a monumental $35 billion deal between Egypt and Abu Dhabi's sovereign wealth fund, ADQ, to transform the 200-kilometer stretch of coastline west of Alexandria. The agreement marks one of the largest property development deals in recent history and signifies a deepening strategic partnership between the two

On the occasion of Paraguay's Independence Day, leaders from the United Arab Emirates (UAE) sent messages of congratulations to their South American counterparts. President His Highness Sheikh Mohamed bin Zayed Al Nahyan conveyed his well wishes to Paraguayan President Santiago Peña. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, also sent greetings to President Peña.

In a move designed to accelerate the development of Saudi Arabia's entertainment sector, Qiddiya Investment Company (QIC) announced the incorporation of SEVEN, the Kingdom's leading entertainment development firm. This strategic merger strengthens Saudi Arabia's ambition to transform its entertainment landscape and position Qiddiya, a mega entertainment city under construction, as a key contributor to the nation's economic diversification goals. SEVEN, established in 2017 by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has been instrumental in

Energy company Mubadala Energy has scored another significant win offshore Indonesia, announcing a major gas discovery at the Tangkulo-1 exploration well. This find comes just months after the company's success at the Layaran-1 well in the same region, solidifying the South Andaman Block as a key player in Southeast Asia's energy scene. The Tangkulo-1 well, drilled to a depth of 3, 400 meters in 1, 200 meters of water, encountered an 80-meter column of natural gas within a high-quality Oligocene

Emirates NBD, a leading bank in the United Arab Emirates, is making a significant stride towards democratizing fixed-income investments. The bank announced it will offer fractional bond investments through its digital wealth platform, the ENBD X app. This move allows individual investors to participate in the bond market with a lower minimum investment compared to traditional whole bond purchases. Previously, the high minimum investment amounts associated with bonds – often reaching hundreds of thousands of dollars – acted as a