UAE space center launches startup incubator

UAE space center launches startup incubator
He added this is “only possible through partnerships with ambitious companies focused on emerging trends in the upstream and downstream areas of the space sector.” (File/Shutterstock)
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Updated 18 October 2021

UAE space center launches startup incubator

UAE space center launches startup incubator
  • The launchpad, as the UAE firm describes it, will allow businesses to collaborate with it on long-term projects and to have access to technology and support.

CAIRO: The Mohammed Bin Rashid Space Centre (MBRSC) has launched a startup incubator for entrepreneurs in the space technology sector. 

The launchpad, as the UAE firm describes it, will allow businesses to collaborate with it on long-term projects and to have access to technology and support.

“The UAE space sector is looking to further expand its horizon and create a new space economy landscape in the country through a self-sustaining space ecosystem,” MBRSC Director General Yousuf Al-Shaibani said. 

He added this is “only possible through partnerships with ambitious companies focused on emerging trends in the upstream and downstream areas of the space sector.”


Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap
Updated 17 sec ago

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

CAIRO: The Australian government is expected to raise its economic growth forecast for 2022 in its midyear budget review, according to the country’s treasurer, Josh Frydenberg.

He said omicron’s effect, the new COVID-19 variant, is still unclear.

The country’s fiscal year runs until June.

The Australian economy narrowed by 1.9 percent in the third quarter of this year on the back of the delta variant which led to a national lockdown.

However, the treasurer said the country now enjoys one of the highest vaccination rates in the world, boosting market conditions.

France avoids more restrictions

France will try to refrain from the imposition of any health-related restrictions even as virus cases continue to rise, the country’s Finance Minister Bruno Le Maire said.

France is also avoiding any mandatory vaccination campaigns, Bloomberg reported, citing the minister.

He said two sectors, restaurants and hospitality, were particularly hit by the wave of new cases, adding that they will receive government support.

He also stated the new variant, omicron, is yet to have an effect on the country’s economic growth.

US growth rate

Unlike other countries, US expected growth rates for both 2021 and next year were trimmed down by Goldman Sachs, one of the world’s leading investment banks. 

It said this downward revision was attributed to a potential adverse effect by omicron, according to Bloomberg.

The world’s largest economy is now predicted to grow by 3.8 percent in 2021, instead of the previous 4.2 percent forecast. As for next year, the US is set to expand by 2.9 percent, down from 3.3 percent.

Meanwhile, the country’s unemployment rate plunged to a 21-month low to hit 4.2 percent in November, according to the Labor Department. This is a 2.1 percent drop compared to January’s level, a considerable decline.

However, employment growth slowed down during the month.

The economy is still expected to experience strong growth in the fourth quarter, following the previous quarter’s weak performance.


ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya

ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya
Updated 56 min 45 sec ago

ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya

ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya

A coalition led by the French power utility company ENGIE has withdrawn from competing for a $3 billion Qatari project that aims to build a power and water desalination plant.

This happens as uncertainty about the prices of future projects lingers amid the disruption of global supply chains, Al Arabiya reported citing sources. 

The withdrawal came as investment feasibility was lower than the original plan and the responsible party’s refusal to amend the terms of the contract, the report said.

Sources added the withdrawal means the Japanese investment company Marubeni alliance has won the project.

Qatar’s new project aims to produce electricity from gas with a capacity of 2.5 GW and desalinate over 100 million gallons of water per day.

 


Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia raises January Arab Light crude prices to Asia
Image: Shutterstock
Updated 05 December 2021

Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia's state oil producer Aramco raised its January official selling price to Asia for its flagship Arab Light crude to $3.30 a barrel versus Oman/Dubai crude, up $0.60 from December, the company said on Sunday.

The company set the Arab Light OSP to Northwestern Europe at minus $1.30 per barrel versus ICE Brent and to the United States at plus $2.15 per barrel over ASCI (Argus Sour Crude Index).


UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI
Image: Shutterstock
Updated 05 December 2021

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI
  • This comes as BLOOVO pushes forward with efforts to expand across Egypt

RIYADH: UAE-based BLOOVO announced the signing of a partnership agreement with Egypt’s investment banking company CI Capital Holdings to supply it with an artificial intelligence recruitment tool.

The technology company, a specialist provider of  AI-powered recruitment solution, HYRDD will be supplying the AI-powered Applicant Tracking System. 

This comes as BLOOVO pushes forward with efforts to expand across Egypt by using Artificial Intelligence and Machine Learning to transform the HR industry. 

“This partnership comes at a time when Egypt’s digital transformation soars as more firms recognise the importance of AI in improving the way firms run their business processes,”   CEO of BLOOVO, Ahmad Khamis, said.

CI Capital Holding, listed on the Egyptian Exchange, offers diversified financial services, including investment banking, leasing, and microfinance products and services. 

The deployment of HYRRD will equip the investment bank’s hiring teams with tools and resources to streamline their recruitment process and eliminate inefficiencies. 


Higher costs, weak demand weigh on Egypt’s private sector

Higher costs, weak demand weigh on Egypt’s private sector
Updated 30 min 12 sec ago

Higher costs, weak demand weigh on Egypt’s private sector

Higher costs, weak demand weigh on Egypt’s private sector

CAIRO: Egypt’s private sector experienced a downturn in November due to rising costs and weaker demand, according to IHS Markit.

The Purchasing Managers' Index hit 48.7 in November, the 12th consecutive month in which the North African country’s in below 50.

Production levels in Egypt’s private sector were down in November. Output has now slipped for the third month in a row, the London-based firm said.

Following four months of jumps, employment was down during the month as new orders in the North African country declined.

“Inflationary pressures and supply shortages were again the most prominent depressors of Egypt’s non-oil economy in November,” David Owen, economist at IHS Markit, said.

Selling prices were on the rise as inflation rate fell marginally from its 38-month high in October. This prompted firms to mark-up their prices by over 10 percent to safeguard their profits