Chinese coronavirus vaccine candidate to have UAE trial China’s Suzhou Abogen Biosciences Co said its coronavirus vaccine candidate using the messenger RNA (mRNA) technology and targeting the Omicron variant has obtained clinical trial approval in the United Arab Emirates. With Friday’s announcement, Abogen joins Pfizer/BioNTech and Moderna in trialing candidates modified specifically against Omicron, a highly transmissible variant with increased resistance to antibodies […] April 30, 2022
Banking and Finance Qatar Airways suffers setback in feud with Airbus A British judge has denied a bid by Qatar Airways to reinstate a jet contractcancelled by Europe’s Airbus in the latest twist to a dramatic feud playing out in UK courts. The companies have been locked in a safety dispute for months on Europe’s A350 long-haul jet. Their unprecedented bust-up widened in January when Airbus revoked a separate deal for […] April 29, 2022
Banking and Finance Americana selects banks for Saudi and UAE listings The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and theUnited Arab Emirates, a source with knowledge of the matter said. Americana Group has selected Goldman Sachs, First Abu Dhabi Bank (FAB) and Saudi National Bank (SNB) for the deal, said the source, declining […] April 29, 2022
Banking and Finance Abu Dhabi bourse dips ahead of Eid break, Dubai flat Abu Dhabi’s shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains. In Abu Dhabi the index eased 0.2 percent, with the country’s largest lender First Abu Dhabi Bank (FAB) losing 1.3 percent, snapping two sessions of gains. On Thursday, FAB […] April 29, 2022
NMC administrators sue EY in UK for alleged negligence The administrators of NMC Health have filed a lawsuit against EY in the United Kingdom for alleged negligence on the audit work it did for the troubled hospital operator between 2012 to 2018, a spokesperson said. NMC, which used to be listed in London, ran into trouble in 2020 and went into administration after it […] April 29, 2022
Energy Oil will cushion Middle East from economic impact of Ukraine war The war in Ukraine will sharply reduce economic growth in the Central Asian region in 2022, but higher oil prices will partly cushion the blow for the Middle East and North Africa, the International Monetary Fund said on Wednesday. Both regions, however, will feel the impact of surging commodity prices, the IMF said, warning higher […] April 29, 2022
Banking and Finance UAE freezes assets of Kinahan drug trafficking gang The United Arab Emirates has frozen the assets of Ireland’s Kinahan drug trafficking gang, the Financial Times reported on Thursday. The United States, which earlier this month offered a $5 million reward for help arresting the leaders of the gang, has likened it to some of the world’s most notorious crime networks. Daniel Kinahan, one […] April 29, 2022
Tourism Emirates widens refurbish plan amid delivery delays Emirates will refurbish more of its existing fleet than previously planned,its chief commercial officer said on Tuesday, as the airline faces delays to deliveries of new Boeing jets and seeks assurances over concerns with the Airbus A350s it ordered. The Gulf carrier is spending over a $1 billion to refurbish the fleet which includes installing a new premium economy […] April 29, 2022
Tech UAE agtech Right Farm raises $2.8m from investors Right Farm, a United Arab Emirates agriculture technology firm, said on Monday it raised $2.8 million from investors including Abu Dhabi state holding company ADQ’s venture platform. The company is a business to business digital platform which sources fresh produce from local and international farms for the food and retail sector. Right Farm said in […] April 28, 2022
Retail Dubai’s GMG to operate French supermarket chain Géant in UAE Dubai retailer GMG said on Tuesday it had acquired the United Arab Emirates’ operations of French supermarket chain Géant from a company owned by Dubai Holding, of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum. GMG said it also acquired the rights to expand Géant’s operations in the Middle East as part of the deal from […] April 28, 2022
Yemen’s Houthis release crew of seized Emirati cargo vessel The Houthi movement that controls most of northern Yemen has released the crew of the United Arab Emirates cargo ship RWABEE that was seized on January 3, the group’s spokesman said. The release of the crew – 11 in all according to sources familiar with the matter – was agreed with the assistance of Oman, spokesman Mohammed […] April 27, 2022
Markets Aid groups push to feed Yemen’s hungry millions during Ramadan ceasefire A two-month ceasefire has given aid groups a chance to step up aid to Yemen’s hungry millions, but malnutrition ravaging children is projected to worsen if fighting returns or humanitarian funding does not pick up. “The benefits of the first weeks of truce are already significant,” said Erin Hutchinson, Yemen Director for the Norwegian Refugee […] April 22, 2022
Markets Oil drives rise in Gulf stock markets Major Gulf bourses closed higher on Wednesday, with a rise in oil prices driving the Saudi index up more than one per cent, while geopolitical tensions weighed on sentiment in Egypt. Oil prices rose 1.4 per cent on a drop in US oil inventories and concern over tighter supplies from Russia and Libya. Saudi Arabia’s […] April 20, 2022
Banking and Finance India’s HDFC to sell 10% stake in HDFC Capital to ADIA India’s top housing finance firm HDFC Ltd said on Wednesday it plans to sell a 10% stake in unit HDFC Capital to an arm of Abu Dhabi Investment Authority (ADIA) for INR 1.84 billion ($24.09 million). The deal comes two weeks after HDFC and HDFC Bank, the country’s largest private-sector lender, floated merger plans to […] April 20, 2022
UAE summons Israeli ambassador to protest against clashes in Al-Aqsa Mosque The United Arab Emirates has summoned the Israeli ambassador to protest against clashes at Jerusalem’s Al-Aqsa mosque, the Gulf state’s Foreign Ministry said on Tuesday. Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, stressed the need “to immediately stop these events (and) provide full protection for worshippers”, the ministry said in […] April 19, 2022
Banking and Finance Abu Dhabi bank FAB withdraws offer for Egypt’s EFG Hermes First Abu Dhabi Bank (FAB) has withdrawn its offer for a controlling stake in Egyptian investment bank EFG Hermes, citing global market uncertainty. FAB’s non-binding offer in February to buy at least 51 percent of EFG Hermes, valuing Egypt’s biggest investment bank at nearly $1.2 billion, could have secured access to EFG’s strong franchise in […] April 14, 2022
Energy Dubai utility DEWA to raise $6.1 billion in biggest Gulf IPO since 2019 DEWA will add to growing volume from issuers in the Gulf, where $3.5 billion has been raised from IPOs this year, data from Refinitiv shows, exceeding European listings even as global markets remain volatile after Russia’s invasion of Ukraine. Dubai’s deputy ruler and finance minister Sheikh Maktoum Bin Mohammed said in a tweet that DEWA […] April 6, 2022
Real Estate UAE’s Aldar Properties buys beach property in Ras Al Khaimah Abu Dhabi’s Aldar Properties, through its investment arm, has acquired the “Rixos Bab Al Bahr” beach property in the emirate of Ras Al Khaimah for 770 million dirham ($210 million), it said on Friday. The acquisition will bring its total investment in Ras Al Khaimah to 1.5 billion dirhams, including the earlier acquisition of Al […] April 2, 2022
