Author: Abdul Quddoos

The extraordinary general meeting of Egyptian Chemical Industries (Kima) has approved the final price for the nitric acid and ammonium nitrate project with Technomont, according to a bourse disclosure. In accordance with the terms concluded with Technomont, the total value of the joint venture (JV) stands at $297 million, equivalent to EGP 1.60 billion. The board members of Kima greenlighted the Italian company’s offer to implement a project with a daily production capacity of 600 tonnes of acid and 665 tonnes of ammonium nitrate. In fiscal year (FY) 2022/2023, the EGX-listed firm posted an 83% year-on-year (YoY) hike in net…

Zambia received medical supplies from Egypt on Monday, which the government said will significantly improve people’s health and well-being. The arrival of the medicines and medical supplies follows an agreement signed between the two countries earlier this year for the bulk supply of essential medical supplies for $24m. Zambian Minister of Health Sylvia Masebo, who received the first batch of medicines and medical supplies procured from Egypt, said that the procurement of bulk supplies of medicines and medical supplies demonstrates the government’s commitment to providing equitable access to affordable and quality healthcare for all citizens. She also noted that the…

Saudi Arabia has provided $150 million (MVR 2.3 billion) in assistance to the Maldives for the completion of the Velana International Airport and the development of the country’s health sector. Officials from the Saudi Embassy in the Maldives and the Finance Ministry have confirmed the contribution. This financial assistance from Saudi Arabia comes in response to a request by President Ibrahim Mohamed Solih made earlier this year. During his visit to Saudi Arabia for the Hajj Pilgrimage, President Solih engaged with senior officials from Saudi Arabia’s Commerce Ministry and sought their assistance for the projects. Of this, US$ 100 million…

If necessary, the United States will have the ability to freeze $6 billion in Iranian funds being transferred from South Korean to Qatari accounts as part of a prisoner swap deal, the State Department said on Tuesday. “The Treasury Department has strict oversight over the use of those funds. We have visibility into how they are used, and we have the ability to police their use,” State Department spokesperson, Matthew Miller told reporters, adding that the criterion is that the funds be spent for humanitarian purposes. Source : MEMO

UNESCO on Tuesday confirmed reports of an Israeli diplomatic delegation attending its conference, an unprecedented piece of news as the gathering is taking place in the Saudi capital, Riyadh, Anadolu Agency reports. “We confirm that a delegation from the State of Israel, which is a State Party to the UNESCO World Heritage Convention, is present at the 45th session of the World Heritage Committee which is being held in Riyadh,” UNESCO told Anadolu, without giving further details. On Monday, an Israeli official also confirmed the news for Anadolu, adding that this is the first time an Israeli delegation is paying an official visit to Saudi…

Houses were flooded in the Gaza Strip as Storm Daniel struck the enclave in the early hours of today bringing with it torrential downpours, officials said. A number of houses were submerged by rainwater, reporters said. The spokesman for the Palestinian Civil Defence Service in Gaza, Mahmoud Basal, said: “Our crews dealt with dozens of tasks as a result of the storm that struck the Gaza Strip on Wednesday morning.” “Many homes were flooded and trees were uprooted by rainwater,” Basal added. “As the storm started heading towards Gaza, the civil defense raised the level of readiness to cope with all possible…

Alternative asset manager Sagard Holdings is opening an office in the United Arab Emirates’ capital of Abu Dhabi, the latest international investment firm to set up in the oil-rich Gulf. The Canadian firm’s first regional outpost is in Abu Dhabi Global Market — the city’s main financial center — which is vying with hubs in neighboring Dubai and Saudi Arabia to become the region’s preferred destination for foreign money flows. It will be led by former Bank of Montreal executive Firas Mallah. Source : Bloomberg

“Barbie” is running into censorship headaches in the Middle East. Leading regional exhibitor Vox Cinemas – which is Warner Bros.’ local distribution partner – has pushed back the release of the hit Greta Gerwig film to Aug. 31 after initially setting a July 19 rollout out date for “Barbie” in the Middle East that would have allowed local audiences to see the film two days before its U.S. release. The reason for the delay, according to a knowledgeable source, is that Warner Bros. has been trying to work out edits requested by censors related to alleged LGBTQ-related narration and dialogue in “Barbie.” These…

The Middle East is emerging as a key export market for South Korean small enterprises and startups desperate for global expansion to tide over the economic slowdown.  Backed by the South Korean government’s diplomatic efforts, domestic SMEs and startups are now preparing for the second wave of the so-called Middle East boom. “We will do our best to support South Korean SMEs expanding to Saudi Arabia and the United Arab Emirates (UAE), which will lead to the second wave of the Middle East boom,” Minister of SMEs and Startups Lee Young said in a recent social media post. Middle Eastern…

First of all, let’s ponder the fate of Boris Johnson. The golden talent of his generation, he struggled all his career for the top job in British politics, and four years ago he achieved his aim to become prime minister.  He was worshipped in the media, fawned over by Tory MPs, and was for some time the most popular politician in Britain, shaping the country’s destiny. On Thursday, the House of Commons Privileges Committee destroyed his reputation with the conclusion that he deliberately misled MPs. In common language, he lied to the House of Commons, and thus to the British people. No other prime…