August, 2022

• 5 August

  Aramco, Sinopec partner on new projects in Saudi

  

    DHAHRAN / WAM Saudi Arabian Oil Company (Aramco) signed a memorandum of understanding (MoU) with China Petroleum and Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia. The MoU outlines pathways for strategic cooperation between Aramco and Sinopec and supports the long-term relationship between the two companies and their existing joint ventures in ...

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• 5 August

  Adnoc Drilling secures AED12.6b contracts to boost output capacity

  

    Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) announced on Thursday two contracts totalling more than $3.4 billion (AED12.6 billion) have been awarded to Adnoc Drilling to hire 8 jack-up offshore rigs. The contracts, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion) respectively, awarded by Adnoc Offshore, will support the expansion of ...

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• 5 August

  Amanat Holdings net profit up 7% to AED67.4mn in H1 2022

  

    Dubai / WAM Amanat Holdings has announced its financial results for the first six months of this year, reporting an adjusted net profit of AED67.4 million, a 7 percent increase on the AED63.1 million reported in the same period of 2021. On an adjusted basis, excluding the prior year’s gain on sale and trading results from divested entities, the ...

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• 5 August

  UAE, Egypt discuss cooperation to counter money laundering

  

    Cairo / WAM Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), has met with Ahmed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Unit (Egyptian AML/CTF), as well as Judge Hatem Aly, Regional Representative of the United National Office on Drugs and Crime ...

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• 5 August

  Adib, DIFC FinTech Hive host 6th edition of ‘speed meeting’

  

    ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib), in collaboration with DIFC FinTech Hive hosted a “speed meeting” session for the sixth consecutive year. The session aimed at meeting shortlisted participants of the first sprint of the FinTech Accelerator programme 2022, to evaluate how their solutions can integrate within Adib operations. This year, eight FinTech startups from various ...

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• 5 August

  ERRA set to galvanise UAE publishing sector

    Sharjah / WAM The launch of the Emirates Reprographic Rights Management Association (ERRA) – a first-of-its-kind association in the region – marks a watershed moment in the UAE publishing industry as it strengthens the foundations of a healthy print and publishing market where both the creation and dissemination of content are encouraged. With the launch of ERRA, the UAE ...

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• 5 August

  Dewa launches 2nd batch of ‘cleantech youth programme’

  

    Dubai / WAM Dubai Electricity and Water Authority (Dewa’s) Innovation Centre has launched the second batch of the Cleantech Youth Programme. The programme aims to attract talented young energy leaders from different sectors and expand their skills and knowledge in clean and renewable energy and entrepreneurship. The programme comprises a wide range of training workshops, specialist education sessions, and ...

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• 5 August

  Germany’s switch to diesel from gas comes at a cost

  

  Across Germany, executives have spent the last few months war gaming how to respond if Russian President Vladimir Putin cuts off gas supplies. And many, from tiny companies to global behemoths, have arrived at the same solution: switch to oil. In Munich, the municipal utility has converted two gas-fired boilers to run on diesel. Further South, in the German Alps, ...

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• 5 August

  Uber embodies post-Covid economy

  

  Uber Technologies Inc Chief Executive Officer Dara Khosrowshahi said not long ago that the rideshare company’s mission was to become profitable, rather than the loss-making enterprise it had been since inception. For the first time, Uber is succeeding, posting the biggest positive free cash flow in its history in the second quarter. This may finally be the long-awaited turning point ...

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• 5 August

  Xi Jinping’s $920b VC push has a dark side

    China’s industrial policy seems to have fans across the Pacific. The US’s $280 billion Chips and Science Act is a direct response from the Biden administration to Beijing’s spending to help key industries. But just as the likes of Intel Corp and Micron Technology Inc jostle for a slice of US government support, the perils of relying upon public ...

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