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India overtakes Brazil in COVID-19 infections

NEW DELHI: India reported another record daily surge in coronavirus infections Monday to overtake Brazil as the second-worst hit country. The 168,912 cases added in the last 24 hours pushed India’s total to 13.5 million, while Brazil has 13.4 million, according to data compiled by Johns Hopkins University. India also reported 904 deaths in the past 24 hours, taking its total

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Who's Who: Fahad Al-Aboud, deputy minister for shared services at the Ministry of Tourism

Fahad Al-Aboud was recently appointed the deputy minister for shared services at the Ministry of Tourism. He has been the ministry’s chief financial officer since August 2020. Prior to that, Al-Aboud served as the vice president of finance and administration affairs, and executive board member, at the Ministry of Health-run Riyadh Health Cluster One, where he managed all

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Saudi solar firm to scale up energy projects in Nigeria

Saudi solar energy firm Desert Technologies (DT) revealed plans to provide large-scale financing to electrify villages in the sub-Saharan region, during its participation in a live online conference titled “Renpower Nigeria Investors 2021,” from March 31 to April 1.
Nour Mousa, founder and CEO of DT, discussed projects in solar PV and grid connected electricity access across Nigeria and other markets, among more than 200 high-level decision-makers, market participants and stakeholders from around the world.
The conference provided the participants with an opportunity to learn about the future of the renewable energy market and the Nigerian government’s plans to generate electricity using solar energy and encourage investment in solar energy projects in rural villages to improve education, water supply, health, agriculture, trade and security.

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LuLu chairman receives Abu Dhabi's highest civilian honor

Yusuff Ali M.A., chairman of retail giant Lulu Group and prominent NRI (nonresident Indian) businessman, has been honored with Abu Dhabi’s top civilian award. The prestigious Abu Dhabi Award was given to Ali for his outstanding contribution to the emirate’s business and industry, and support to various philanthropic initiatives. Sheikh Mohamed bin Zayed Al-Nahyan, crown prince

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India approves Russia's Sputnik V COVID-19 vaccine: manufacturer

NEW DELHI: India has authorized Russia’s Sputnik V COVID-19 vaccine, a leading local drugmaker said Tuesday, in a boost for the nation’s inoculation drive as virus cases mount. “We are very pleased to obtain the emergency use authorization for Sputnik V in India,” Dr. Reddy’s Laboratories co-chairman and managing director G.V. Prasad said in a statement.

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Saudi home completions rose 4 percent to reach almost 345,000 last year

RIYADH: Saudi housing completions rose 4.3 percent last year to 344,553 units, SPA reported. Construction started on 350,580 housing units in 2020, reflecting an annual growth rate of 9 percent. The housing support program also helped about 222,000 families, posting a record increase in 2020 the news agency said, citing a report from the Housing Data and Observatory Center

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SAMA to encourage more insurance consolidation

RIYADH: Recent mergers in the insurance sector show that the central bank’s (SAMA) plans for the industry are moving in the right direction, said Governor Fahd Al-Mubarak, Al Eqtisadiah reported.
He said that the Kingdom had three insurance mergers during a short period of nearly a year, citing the most recent combination of Aljazira Takaful and Solidarity. The pair signed a binding merger deal last year.
Fierce competition in the crowded regional insurance sector is encouraging underwriters to combine with former rivals in order to improve profitability.
SAMA will continue to encourage mergers and acquisitions of insurance companies, to achieve Vision 2030 goals, the most important of which is the Financial Sector Development Program, Al-Mubarak said.

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Dubai crown prince says FDI highest in region creating 18,000 jobs

DUBAI: Foreign direct investments (FDI) in Dubai amounted to 24.7 billion dirhams ($6.7 billion) in 2020, the highest in the Middle East and North Africa region, creating about 18,000 jobs, the emirate’s crown prince said. FDI projects in Dubai reached 455, exceeding the annual average of 441 in the last five years, placing the emirates among the top global FDI locations in

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Abu Dhabi's IHC acquires 45% stake in construction giant Alpha Dhabi Holding

DUBAI: The International Holding Company (IHC), one of Abu Dhabi’s largest conglomerates, has completed a 45 percent stake purchase in construction giant Alpha Dhabi Holding (ADH). The acquisition is part of the Abu Dhabi-listed company’s plan to diversify its investment portfolio, it said in a statement. “The move will increase and diversify our investment vertical, as we

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Abu Dhabi Mubadala invested record amount in 2020, eyes aluminum IPO

DUBAI: Abu Dhabi state investor Mubadala invested a record amount in 2020 as it doubled down on growth sectors, and is close to making a decision on the listing of Emirates Global Aluminium, its chief executive said on Monday. “We’ve invested more in 2020 than we have ever done in any one year prior to that,” Khaldoon Khalifa Al-Mubarak told a virtual event organized by

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