Tag: finance

Islamic Development Bank Group Commits to Supporting “Climate Resilient Pakistan” with US$4.2 Billion in Financing
1Feb By editor 123No Comments
Business, Economy, Lifestyle, Social Impact

Islamic Development Bank Group Commits to Supporting “Climate Resilient Pakistan” with US$4.2 Billion in Financing

H.E. Dr. Muhammad Al Jasser, President and Group Chairman of the Islamic Development Bank Group (IsDB), announced a US$4.2 billion IsDB Group commitment to support Pakistan's climate resilience efforts and development agenda, as well as the country vision 2025, over the next three years, including US$600 ordinary capital resources from the IsDB Group. He made the statement today in Geneva at the International Conference on Climate Resilient Pakistan, which was held in response to the devastation caused by Pakistan's recent floods. The United Nations and the Government of the Islamic Republic of Pakistan collaborated to host the International Conference on Climate Resilient Pakistan in order to gather international aid to assist Pakistan in rebuilding more effectively following the r...
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Dubai’s first floating padel court now open in JLT
1Feb By editor 123No Comments
Business, Entrepreneurs, Lifestyle, Social Impact

Dubai’s first floating padel court now open in JLT

Padelx, a Swedish floating padel court idea, has established its first outpost in Dubai's Jumeirah Lake Towers (JLT). Cluster I's court is now open to the public. There are two padel courts floating over the lake with views of the nearby high-rise skyscrapers. The facility offers two premium courts that can be reserved through the app for AED200 for 60 minutes each court. “We’re incredibly excited to be launching our first floating court here in Dubai. Our first floating court in JLT is just the first chapter of a, hopefully, long and wonderful story for us and a channel to build the ecosystem sport itself here in the Middle East. We believe an active lifestyle should be fun, and this special court is a testament to that,” said Sofie Källström, the Chief Executive Officer of Pade...
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Carrier Emirates test flies Boeing 777 on sustainable fuel
1Feb By editor 123No Comments
Business, Entrepreneurs, Lifestyle, Social Impact, Syariah compliance

Carrier Emirates test flies Boeing 777 on sustainable fuel

DUBAI, United Arab Emirates – Emirates successfully test-flew a Boeing 777 with one of its two engines wholly fuelled by sustainable aviation fuel on Monday. This comes as airlines throughout the world strive to reduce their carbon footprint. Flight 2646 flew for less than an hour over the United Arab Emirates' coastline after departing from Dubai International Airport, the world's busiest for international travel, and flying out into the Persian Gulf before circling back to land. For safety, the plane's second General Electric Co. engine ran on standard jet fuel. “This flight is a milestone moment for Emirates and a positive step for our industry as we work collectively to address one of our biggest challenges — reducing our carbon footprint,” Adel al-Redha, Emirates’ chief oper...
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Helping Malaysian SMEs To Compete In The Local And International Halal Industry
3Jan By editor 123No Comments
Business, Entrepreneurs, Lifestyle, Social Impact, Syariah compliance

Helping Malaysian SMEs To Compete In The Local And International Halal Industry

Of course, the story of the worldwide pandemic is far from done, but in Malaysia, more promising chapters are being written as the government's efforts to restart and expand the economy begin to bear fruit. This comes after a determined effort in digital transformation by all economic sectors, as well as a laser-focused implementation of the national vaccination programme. Despite ongoing challenges, the Malaysian economy has demonstrated admirable resilience, growing by 7.1% in the first half of 2021, according to the Ministry of Finance. This puts the country in a strong position to capitalise on emerging and reemerging possibilities both domestically and globally. One area positioned to profit further is Halal business, which will be aided by Malaysia's excellent infras...
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Market misery deals sovereign wealth funds historic setback in 2022
3Jan By editor 123No Comments
Announcement, Business, Economy, Financial, Social Impact

Market misery deals sovereign wealth funds historic setback in 2022

Stock and bond market declines during the last year have reduced the total worth of the world's sovereign wealth and public pension funds for the first time ever - by $2.2 trillion, according to an annual survey of the industry. According to Global SWF's study on state-owned investment vehicles, the value of assets managed by sovereign wealth funds declined to $10.6 trillion from $11.5 trillion, while that of public pension funds fell to $20.8 trillion from $22.1 trillion. According to Global SWF's Diego López, the key reason was the "simultaneous and massive" 10 percent-plus corrections in major bond and stock markets, a combination that had not occurred in 50 years. It happened as Russia's invasion of Ukraine drove commodity prices higher and inflation rates to 40-year highs...
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Saudi Arabia’s non-oil sector growth highest since September 2021 as PMI hits 58.5
6Dec By editor 123No Comments
Economy, Entrepreneurs, Financial, Investment

Saudi Arabia’s non-oil sector growth highest since September 2021 as PMI hits 58.5

According to a report, Saudi Arabia's Purchasing Managers' Index hit 58.5 in November, the highest level since September 2021, as the Kingdom's non-oil private sector expands despite mounting inflationary pressures. According to the most recent Riyad Bank Saudi Arabia PMI survey, the Kingdom's non-oil private sector has grown for the 27th consecutive month. Saudi Arabia's PMI was 57.2 in October, up from 56.6 in September. S&P Global's index shows that numbers above 50 indicate expansion, while levels below 50 indicate contraction. “The Saudi economy (continued) its expansion in the non-oil sector in November, business conditions have improved across the board in light of rising demand,” said Naif Al-Ghaith, chief economist at Riyad Bank. According to Al-Ghaith, outp...
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Crown Prince announces Sindalah, NEOM’s first luxury island development
6Dec By editor 123No Comments
Business, Entrepreneurs, Investment, Lifestyle

Crown Prince announces Sindalah, NEOM’s first luxury island development

/*! elementor - v3.8.1 - 13-11-2022 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=".svg"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block} Crown Prince Mohammed bin Salman stated that NEOM's first luxury island destination Sindalah will be home to superyachts and high-end apartments as he introduced the newest project aimed at boosting Saudi Arabia's tourism industry. Sindalah is one of a set of islands that will be developed as part of the giga-project, and it is planned to provide 3,500 jobs in the tourism sector as well as hospitality and recreational services. According to the Saudi Press Agency, the island will serve as a primary gateway to the Red Sea, offe...
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