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MUSCAT — Oman International Development & Investment S.A.O.G (Ominvest) has announced a revised offer to acquire a substantial stake in Ahli Bank, one of Oman’s prominent financial institutions. In a statement released on Wednesday, Ominvest stated that the consortium it leads intends to make an offer to acquire up to 75% of the lender, rather …

Oman’s Ominvest Plans to Acquire 75% Stake in Ahli Bank Under Revised Offer Read More »

In a resounding testament to Qatar’s unwavering commitment to economic diversification, the non-oil sector experienced a remarkable surge of 9.9% growth in the fourth quarter of 2022, while the oil sector saw a commendable increase of 4.8%. Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, shared this groundbreaking achievement during …

Qatar’s Non-Oil Sector Thrives with Remarkable 9.9% Growth in Q4 2022, Bolstering Diversification Efforts Read More »

Insider, the Turkish AI-based marketing firm, has secured a substantial investment of $105 million in a funding round led by existing investors Qatar Investment Authority (QIA) and Esas Private Equity. The investment brings Insider’s total funding to an impressive $274 million, as announced by QIA on their official website. Ahmed Ali Al-Hammadi, the Chief Investment …

Qatar Investment Authority and Esas Private Equity Invest $105 Million in AI Marketing Firm Insider Read More »

Egypt’s prominent financial institution, EFG Hermes Holding, announced a remarkable first-quarter profit after tax of EGP 885 million ($28.58 million) for 2023, demonstrating an astounding surge of 157% compared to the previous year. Despite grappling with inflationary pressures and currency devaluation in Egypt, the bank achieved record-breaking revenues of EGP 4.5 billion, marking an impressive …

EFG Hermes Holding Reports Remarkable Q1 2023 Profit Surge of 157% Despite Inflationary Challenges Read More »

ABU DHABI — The United Arab Emirates (UAE) has achieved remarkable economic growth, surpassing expectations and positioning itself among the world’s highest performers with a growth rate of 7.6% in 2022. Led by surging oil and gas prices, the UAE’s expansion included a robust 6.6% growth in the non-oil sector, solidifying its position as a …

UAE Economy Surpasses Expectations, Set to Outpace Global Growth in 2023 Read More »

ABU DHABI — Abu Dhabi National Oil Co. (ADNOC) and Abu Dhabi National Energy Co. PJSC (TAQA) have jointly announced their partnership in a groundbreaking sustainable water supply project valued at approximately $2.4 billion. The majority stake in the project will be held by ADNOC and TAQA, while a consortium will retain a 49% stake …

Abu Dhabi’s ADNOC and TAQA Collaborate on $2.4 Billion Sustainable Water Project Read More »

– Madras High Court: The court ruled that under the Right to Education, economically weaker section (EWS) students should not be required to pay any fees for their education. The court emphasized that the state cannot evade its responsibility by claiming reimbursement of tuition fees alone. – Supreme Court Constitution Bench Tracker: A significant number …

India: Stories & Developments on Tuesday 23 May 2023 Read More »

In a significant development, the Federal National Council (FNC) of the UAE has given its approval to extend the duration of work permits from two years to three. The move aims to alleviate the financial burden associated with obtaining work permits for individuals and employers. Presently, work permits in the UAE are issued for a …

UAE Federal National Council Approves Proposal to Extend Work Permit Duration Read More »

Legal authorities in the UAE have issued a warning about the enforcement of stricter penalties for online abuse and defamation. The law explicitly prohibits the use of foul language and defamatory remarks online, including on popular social media platforms and messaging services like WhatsApp. Offenders found guilty of these offenses may face severe consequences, including …

Stricter Penalties for Online Abuse and Defamation in the UAE Read More »

The UAE’s Ministry of Foreign Affairs and International Cooperation has announced a significant change as it officially becomes the Ministry of Foreign Affairs. This name change signifies a more focused approach towards handling foreign affairs and highlights the ministry’s core responsibilities. Sheikh Abdullah bin Zayed Al Nahyan, the Minister responsible for the portfolio, will now …

UAE Ministry of Foreign Affairs Renamed as Ministry of Foreign Affairs Read More »