Browsing: Business

Under Prime Minister Narendra Modi, India has planned to build and operationalize 220 airports, heliports, and water aerodromes over the next five years. In a written reply to a question in the Rajya Sabha, Union Minister for Civil Aviation Jyotiraditya Scindia informed that till 2014, there were 74 airports operating in the country, and at present, there are 141. It nearly doubles the number developed by the Congress government over the past several decades, illustrating their inefficiency. According to him, increasing airport capacity is a continuous process and is undertaken by the Airports Authority of India (AAI) and the concerned…

The revenue from the Suez Canal for Egypt in July amounted to $704 million, according to the chairman of the Suez Canal Authority, Osama Rabea, on Tuesday. According to Rabea, the Canal has reached its highest transit rate of 2,103 vessels per month. It has also reached its highest net tonnage of 125.1 million tonnes per month. In the financial year to June 30, Egypt’s Suez Canal revenue hit a record high of $7 billion, up 20.7% from the previous year. In a statement, the authority attributed the increase to an increase in vessel numbers and cargoes. This resulted in…

Ayman Safadi, Jordan’s foreign minister, and UN Secretary-General Antonio Guterres affirmed Jordan’s partnership with the UN and their cooperation in tackling challenges. In their meeting, Safadi and Guterres discussed ways to maintain regional stability and support UNRWA and Syrian refugees. The top diplomats met on the sidelines of the Tenth Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons to discuss ways to achieve a comprehensive and just peace based on the two-state solution to the Palestinian cause. As they reviewed UNRWA’s preparations for a ministerial conference that Jordan and Sweden will hold next September on the sidelines…

Investment in power projects in the Middle East and North Africa (MENA) is expected to rise from 2021 to 2025 due to strong economic growth and a goal of net zero emissions by 2050. Regional and global power and utility providers are preparing for the MENA Power Projects Forum that will be held on September 7-8, 2022, at the Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi, UAE. According to a report by Arab Petroleum Investments Corporation (APIcorp), the combined commitments and planned investments in the MENA power sector will exceed US$250 billion. Among all energy sectors, it is the…

The Dubai International Financial Center (DIFC) announced that Lord Abbett (Middle East) Limited, a leading asset manager, was approved by Dubai Financial Services Authority (DFSA) for its first Middle East branch. The company’s investment and client-led proposition will now be available to Middle Eastern investors. Having more than 50 years’ experience in multi-sector credit investment, Lord Abbett has an impressive depth of analytical credit research. With its DIFC presence, the company will deliver relevant investment solutions and deepen relationships with regional asset owners. In DIFC, the region’s largest hub for wealth and asset management, Lord Abbett joins more than 250…

Indian Prime Minister Narendra Modi has stated that India, Israel, the UAE, and the USA are working together under the I2U2 framework. This is to increase investments in the fields of water, energy, environment, health, and space. With I2U2’s positive agenda, nations can combine their skills for the benefit of humanity. In a virtual address, the Prime Minister said they would work towards ensuring food security and propelling international development initiatives. Joint projects in many areas have been identified and a roadmap has been developed to move them forward. As global uncertainties increase, he emphasized that this cooperative framework is…

During a two-day visit to Turkey from 13th-14th July, a UAE delegation led by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, explored new opportunities for cooperation, primarily in energy, industry, and advanced technologies. Dr. Al Jaber, met with Turkish Minister of Industry and Technology, Mustafa Varank. Meetings with senior government and private sector officials were also held during the visit, along with an investment workshop between the UAE and Turkey. The UAE delegation also comprised Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Sarah bint Yousif Al Amiri, Minister of…

Due to the global rise in oil prices, Egypt’s Fuel Automatic Pricing Committee (FAPC) raised fuel prices on Wednesday by EGP0.5 to EGP1 per litre. Diesel prices for the electricity and food industries, however, remained unchanged. According to a statement released by the Ministry of Petroleum and Mineral Resources, the FAPC raised the price of 80-octane gasoline from EGP7.5 to EGP8 (US$0.424), 92-octane gasoline from EGP8.75 to EGP9.25 (US$0.49), and 95-octane gasoline from EGP9.75 to EGP10.75 (US$0.57). In addition, the price of diesel and kerosine rose from EGP6.75 to EGP7.25 per litre. Every quarter, the fuel committee assesses the prices…

In just six years, India has become the third largest startup ecosystem in the world, according to Union Commerce and Industry Minister Piyush Goyal. Rather than controlling startups, the BJP government under Prime Minister Narendra Modi has acted as a catalyst. A third edition of the Ranking of States’ Exercise 2021 on Support to Startup Ecosystems was released today by the Minister in New Delhi. Mr. Goyal said initiatives like the Fund of Funds, Seed Fund Scheme, Income Tax exemption for three years, and resolving the Angel Tax issue have helped the startup ecosystem in the country. In his speech,…

In Denmark’s capital Copenhagen, a 22-year-old man has been charged with murder in the deaths of three people at the Field’s Shopping Centre. Sunday’s attack killed two Danish citizens, both 17 years old, as well as a Russian citizen, 47 years old. According to police, the suspect had mental health issues and there is no indication he was acting in a terrorist capacity. According to police, the killer used a rifle and knife in his attack and his motive was not gender-based. Danish media report that the suspect appeared in court in a blue T-shirt with three heavily armed officers.…