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TRANSPORT, ASSET GROWTH
ICD posts record $84bn revenue for FY2023; net profit up 68pc
Investment Corporation of Dubai (ICD) has delivered solid results for FY 2023 posting a record revenue of AED310.2 billion ($84.4 billion) and net profit of AED60.8 billion, up 68% over the previous year, driven by the transportation and assets growth.
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FIRM TO SET UP MEA HQ IN RIYADH
PIF unit to invest $2bn in Lenovo; PC hub in KSA planned
Lenovo Group has signed a strategic collaboration framework agreement and a bond subscription agreement with Alat, a Public Investment Fund (PIF) company focused on transformative technology investment and sustainable manufacturing.
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HUGE MANUFACTURING INITIATIVE
UAE unveils Transform 4.0; targets 100 industry 'lighthouses'
UAE’s Ministry of Industry and Advanced Technology (MoIAT) has launched a new initiative under Operation 300bn called Transform 4.0, which aims to fast-track technology transformation across factories in the UAE.
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ANALYSIS
Nearly half of Mena employees mull entrepreneurship: Report
There's a notable inclination towards entrepreneurship in the Middle East and North Africa region with nearly half of surveyed employees inclined to be self-employed or start a business, a survey has found.
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INSIGHT
Digital solutions to Middle East's agri businesses
FarmERP, a leader in providing sustainable farming technology solutions, aims to help Middle Eastern agribusinesses improve food security, food safety, and productivity. Here's an interview with Sanjay Borkar, Co-Founder and CEO of FarmERP.
Top Trade News
 | Industry Sectors |
Work starts at $200m Bahrain waterfront development
Infracorp, a specialist company investing in infrastructure and sustainability development sector, said work has begun at its $200-million waterfront development - Marina Bay - in Bahrain. Cyprus Cybarco Tabet JV has been signed as the main contractor.
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Arada welcomes new dining, retail outlets at Sharjah lifestyle hub
UAE developer Arada has welcomed an influx of dining outlets and retail brands at East Boulevard, the lifestyle destination at the centre of Aljada project in Sharjah. With this launch, 87 new shops, cafes and restaurants are now open at East Boulevard.
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Al Dur closes $1.2bn refinance facility for Bahrain power project
Al Dur Power & Water Company, one of the largest power generation and water desalination companies in Bahrain, has announced the successful closing of a $1.2 billion refinancing facility provided by a syndicate of 17 regional and international banks.
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ICD posts record $84bn revenue for FY2023; net profit up 68pc
Investment Corporation of Dubai (ICD) has delivered solid results for FY 2023 posting a record revenue of AED310.2 billion ($84.4 billion) and net profit of AED60.8 billion, up 68% over the previous year, driven by the transportation and assets growth.
More…
Nearly half of Mena employees mull entrepreneurship: Report
There's a notable inclination towards entrepreneurship in the Middle East and North Africa region with nearly half of surveyed employees inclined to be self-employed or start a business, a survey has found.
More…
DP World, Mawani break ground on $250m Jeddah logistics park
DP World has joined hands with Saudi Ports Authority (Mawani) to break ground on a new logistics park in Jeddah port being set up at a total investment of SAR900 million ($250 million). The 415,000-sq-m facility will boast a multipurpose storage yard.
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Oman plans to build six new airports in five years
Oman has announced that the plan for building six new airports across the country is gathering pace with the work on the consulting designs currently under way. These new airports are set to begin operations between 2028 and 2029, said a report.
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Bahrain’s TRA sets BNET fibre net coverage requirement
Bahrain’s Telecommunications Regulatory Authority (TRA) has reaffirmed its commitment to positioning Bahrain as a global leader in connectivity by announcing deployment targets for Bahrain Network (BNET).
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Eagle Hills unveils $3.3bn waterfront project in Latvia
Abu Dhabi-based Eagle Hills has launched Riga Waterfront, a $3.3 billion development on Daugava River in Riga, the capital of Latvia, featuring 8,000 residential units as well as a diverse range of hotels, ice-skating rinks, marina and shopping centre.
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Porsche extends Formula E legacy until 2030
Porsche has committed at least an additional four years to the ABB FIA Formula E World Championship until at least 2030, continuing its manufacturer’s outfit for GEN4. The move comes ahead of the 2024 Shanghai E-Prix.
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EWEC opens registration for Q2 clean energy certificates auction
Emirates Water and Electricity Company, a top company in the integrated coordination of planning, purchasing, and supply of water and electricity across the UAE, announced that registration is open for its Q2 2024 auction for Clean Energy Certificates.
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Mohammad Mokhber named Iran's acting president
Iran's Supreme Leader Ayatollah Ali Khamenei has appointed the first vice president, Mohammad Mokhber, as the acting President, following the deadly copter crash which killed President Ebrahim Raisi and the country’s foreign minister.
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Bahrain's iGA seals partnership with Nasser AI research unit
Bahrain's Information & eGovernment Authority (iGA) has signed an agreement with Nasser Artificial Intelligence Research and Development Centre (NAIRDC) in bid to foster knowledge exchange and drive co-operation in the AI and ICT innovation.
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Bahrain minister joins panel at 2024 GCC-ASEAN Conference
Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB) joined senior ministers and leaders at the GCC-ASEAN Economic & Investment Conference in Riyadh.
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