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The initiative aims to boost partnerships between public and private sectors
20 October 04:28 PM UAE launches Pioneers of Digital Economy initiative
UAE - Mubasher: The UAE government has introduced the "Pioneers of the Digital Economy" initiative to develop the capabilities of young talents and empower them with the knowledge and expertise necessary for the development of advanced future …
UAE will develop scientific instruments for Israel’s Beresheet-2 mission
20 October 03:40 PM UAE, Israel Space Agencies ink agreement to enhance space cooperation
UAE - Mubasher: The UAE Space Agency has entered into a Memorandum of Understanding (MoU) with the Israel Space Agency to cooperate in scientific research, space exploration, and data analysis and exchange expertise. Under the agreement, the UAE …
The ministry conducted 304,976 COVID-19 tests
20 October 02:25 PM UAE reports 112 new COVID-19 cases
UAE - Mubasher: The UAE Ministry of Health announced on Wednesday 112 new coronavirus (COVID-19) cases to bring the total number of cases to 738,924. The ministry conducted 304,976 COVID-19 tests to detect further cases. The total number of …
The initiative will offer new financing solutions
20 October 01:44 PM ADDED introduces Smart Manufacturing Project
UAE - Mubasher: The Abu Dhabi Department of Economic Development (ADDED) has launched the Smart Manufacturing Project to support manufacturing facilities to adopt industry 4.0 applications. Through the project, the department seeks to improve the …
The transaction is ADIA's largest investment in Indonesia
20 October 12:59 PM ADIA to invest $400m in Indonesia-based GoTo’s pre-IPO fundraising
UAE - Mubasher: A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has inked an agreement with GoTo Group, an Indonesia-based digital company, for ADIA to invest $400 million in GoTo's pre-IPO fundraising. The transaction is …
The offering size was confirmed at 1.145 billion ordinary shares
20 October 12:16 PM Fertiglobe completes IPO bookbuilding process, sets final offer price
Abu Dhabi - Mubasher: Fertiglobe has completed the bookbuilding process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) and set the final offer price at AED 2.55 per ordinary share. The offering size was confirmed …
The earnings per share (EPS) settled at AED 0.148
20 October 11:35 AM Emirates Islamic Bank turns to profitability in 9M
Dubai – Mubasher: Emirates Islamic Bank recorded net profits of AED 804.238 million during the first nine months of 2021, against net losses of AED 311.238 million in the year-ago period, according to the bank's unaudited consolidated interim …
The bonds are 5.6% oversubscribed
20 October 10:46 AM UAE Government celebrates listing first sovereign bonds on Nasdaq Dubai
UAE - Mubasher: Mohammed bin Hadi Al Hussaini, the UAE Minister of State for Financial Affairs, has celebrated the listing of the UAE sovereign bonds on Nasdaq Dubai. The US dollar-denominated three-tranche bonds, the first to be issued by the UAE …
Etisalat will own 40% of the joint venture
20 October 10:23 AM Etisalat, G42 ink agreement to create largest data centre provider in UAE
Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has inked a binding agreement with Group42 (G42) to combine their data centres to create the largest data centre provider in the UAE. Etisalat will own 40% of the joint venture, in …
The bank's assets rose to AED 699.067 billion
20 October 09:54 AM Emirates NBD sees 29% higher profits in 9M
Dubai – Mubasher: The consolidated interim financials of Emirates NBD reported AED 7.285 billion net profits attributable to the equity holders during the first nine months of 2021, up 29% from AED 5.64 billion in the year-ago period. The bank's …
GII also seeks to partner with Indian startups and companies
19 October 04:30 PM UAE's Gulf Islamic Investment plans to invest $500m in India
UAE - Mubasher: The UAE-based Gulf Islamic Investment (GII), a Shari’ah-compliant financial services company, will open an office in Bengaluru in India and plans to invest another $500 million in India over the next three years. GII also seeks to …
The company seeks to list 55 million ordinary shares on the Nasdaq
19 October 03:44 PM Mubadala's GlobalFoundries launches IPO at $42-$47 per share
UAE - Mubasher: GlobalFoundries (GF), a chipmaker owned by Abu Dhabi's Mubadala Investment Company, has launched its initial public offering (IPO) with an expected price of between $42 and $47 per share. The company seeks to list 55 million …
The main index of ADX inched down 0.06%
19 October 03:09 PM DFM closes Tuesday up; ADX down
UAE - Mubasher: The UAE stock markets have ended Tuesday's trading session on a varied note. The benchmark index of the Dubai Financial Market (DFM) went up 0.03% to close Tuesday's session at 2,818 points. A total of 95.68 million shares were …
This decision is subject to the approval of the bank's OGM
19 October 02:42 PM Sharjah Islamic Bank's board approves foreign ownership rise to 40%
Abu Dhabi – Mubasher: The board of Sharjah Islamic Bank (SIB) has approved an increase in the foreign ownership limit to 40% to enhance its international classification. This decision is subject to the approval of the bank's ordinary general …
The seed round was led by Jordan’s Ahli Fintech
19 October 02:09 PM UAE's Fintech Galaxy raises $2m in seed funding
UAE - Mubasher: The UAE-based Fintech Galaxy, an open innovation platform, has secured $2 million in seed funding to foster the development of its Open Finance platform and promote financial inclusion across the MENA markets. The seed round was …
The UAE's holdings of US treasury bonds rose by 1.6% MoM
19 October 01:28 PM UAE's holdings of US treasury bonds up 60% in August
UAE - Mubasher: The UAE has raised its holdings of US treasury bonds by 60% year-on-year (YoY) to around $58.7 billion in August 2021, compared to $36.6 billion. On a monthly basis, the UAE's holdings of US treasury bonds rose by 1.6% when …
Ruya is the region’s first partner-owned private credit company
19 October 12:48 PM Abu Dhabi Catalyst partners with Ruya to support private credit market
UAE - Mubasher: Abu Dhabi Catalyst Partners (ADCP), a joint venture between Mubadala Investment Company and New York-based Falcon Edge Capital, has partnered with the emerging market private credit company Ruya Partners Limited. The partnership …
The two parties will set up a plan to deploy intelligent applications
19 October 12:03 PM Abu Dhabi Department of Energy, Huawei ink MoU to develop energy sector
UAE - Mubasher: The Abu Dhabi Department of Energy (DoE) has inked a Memorandum of Understanding (MoU) with Huawei to collaborate in research, development, and capability-building and exchange knowledge to develop the emirate's energy sector. …
Damac will collaborate with Dataplex Group to develop brownfield projects
19 October 11:22 AM Damac partners with Dataplex to develop data centre facilities in Europe
Dubai - Mubasher: Damac Group has partnered with Dataplex Group Limited, a Dublin-based data centre colocation, engineering, and construction solutions company, to establish data centre facilities in Europe. Under the partnership, Damac will …
The acquisition will enable Orascom Construction to foster its presence in the services sector
19 October 11:15 AM Orascom Construction mulls acquisition of three firms in Egypt
Cairo – Mubasher: The board of directors of Orascom Construction PLC, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, approved a proposal to consider the acquisition of up to 100% of Orascom Trading Company, National Equipment Company, and …
Both entities seek to integrate innovation in humanitarian initiatives
19 October 10:26 AM Aramex partners with International Humanitarian City to facilitate aid transportation
Dubai –  Mubasher: Aramex has partnered with International Humanitarian City in Dubai (IHC) to raise efficiency in delivering humanitarian services across the world. Under the agreement, Aramex will benefit from its global network to help IHC …
The project will include a beachfront resort, serviced apartments
19 October 10:04 AM Dubai Investments to develop AED 1bn beachfront resort, residential development
Dubai – Mubasher: Dubai Investments has inked an agreement with Marjan, a freehold properties developer in Ras Al Khaimah, to purchase land to set up mixed-use beachfront residential, beach resort, and lifestyle destination on Al Marjan Island at …
The company's revenues increased to AED 8.612 billion
19 October 09:43 AM du records lower profits in 9M, higher revenues
Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) reported net profits of AED 780.23 million during the first nine months of 2021, down from AED 1.394 billion in the corresponding period of 2020, according to the …
Both entities have been co-investing in the Middle East
18 October 04:43 PM Azimut, Gellify launch $50m VC Fund to support MENA startups
UAE - Mubasher: Azimut (ME) Limited ADGM, part of the European independent asset manager Azimut, has partnered with Gellify Middle East to launch a MENA-focused VC Fund aiming to secure $50 million capital. The new VC Fund seeks to enable B2B …
The initiative has partnered with the incubators and accelerators
18 October 03:58 PM MBRSC launches Space Ventures to boost UAE's space sector
UAE - Mubasher: The Mohammed Bin Rashid Space Centre (MBRSC) has launched Space Ventures, a launchpad for startups in the space sector from the region and around the world, to boost the space technology ecosystem. Space Ventures will …