Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
Business
Abu Dhabi Fund allocates $45m for Nigeria road project
Abu Dhabi, UAE-- Abu Dhabi Fund for Development (ADFD) has allocated AED165 million ($45 million) to the Nigerian government to...
- The Fund said the 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent.
- The road is expected to stimulate commercial activities and improve transport links between the main cities in the country.
Business
Data risk: China asks state firms to phase out Big Four auditors
Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called...
- While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up, the report said.
- The decision comes even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
Business
Lockheed Martin, 4 GCC firms partner for sustainment support
Abu Dhabi, UAE – Lockheed Martin has partnered with four companies operating in Gulf Cooperation Council (GCC) countries to provide...
- The four companies are AL TAIF (part of EDGE Group), Mohamed Abdulrahman Al Bahar (Al Bahar), ArabCal, and TLD MEAI (part of Alvest Group), WAM reported.
- These partnerships aim to improve sustainment operations in the region by reducing turnaround times and costs for the US military and its allies operating in the Gulf.
Business
Dubai Chambers adds 56,000 new members during 2022
Dubai, UAE--Dubai Chambers' membership increased by 20 percent in 2022 to 347,600, adding 56,000 new members during the year. In...
- The Chambers said the exports and re-exports of its members grew by 20 percent in 2022, totaling AED272.7 billion.
- Dubai International Chamber opened four new international offices in 2022, growing its international network to 15 offices.
Economy
Saudi non-oil exports down by 24 percent to $6 billion in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's non-oil exports (including re-exports) fell by 24.4 percent to SAR 22.7 billion ($6.05 billion) in...
- Overall merchandise exports increased by 1.1 percent in December 2022, SAR 108.2 billion, compared to SAR 107.0 billion in December 2021.
- This increase was mainly due to oil exports, which rose by SAR 8.5 billion or 11.1 percent in the same period,
Business
Amanat 2022 net profit up 24%
The net profit for the year was $31.96 million, the firm said.
- The company's total income grew 16 percent to AED 178.2 million in 2022, against the AED 153.7 million in 2021.
- In a statement, the company said it has proposed dividends of AED 100 million, which is 88 percent of profit attributable to equity holders.
Business
Dubai records over $517 million in realty transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Monday, Dubai Land...
- These included 561 sales transactions worth AED1.7 billion, in addition to 100 mortgage deals of AED94.43 million.
- The sales included 527 villas and apartments worth AED1.43 billion, and 34 land plots worth AED268.94 million.
Videos
On the edge: Saudi workplace wellness needs overhaul
WHO says that globally an estimated 12 billion working days are lost every year to depression and anxiety at a...
- Preventing mental health conditions at work is about managing psychosocial risks in the workplace.
- WHO recommends employers do this by implementing organizational interventions that directly target working conditions and environments.
Geostrategy
Saudi meet stresses carbon capture vital for net-zero goals
Riyadh, Saudi Arabia – Net-zero goal cannot be achieved without carbon capture and there is a need to scale up...
- The King Abdullah Petroleum Studies and Research Center held a high-level roundtable on Carbon Management Technologies.
- In 2022, investment in the carbon capture utilization and storage hit $6.4 billion.
Business
Qatar logistics sector to outperform GCC states during 2020-2026
Doha, Qatar—Logistics market in Qatar will outperform other Gulf Cooperation Council countries during the 2020-2026 period, a study says. The...
- The study by the Investment Promotion Agency in Qatar showed Qatar ranked among the first 20 percent of countries in the world.
- The logistics sector in the country grew by 7 percent during the last five years.
Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business
Company News
Emirates NBD invests in Komgo
Business
Latest News
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
Business
ACWA Power signs $911 million water purchase agreement with DEWA
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
Business
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Business
South Korean firms eyeing expansion in UAE’s oil and gas sector
Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
- Top executives told WAM that UAE has made significant strides in energy transformation in recent years and continues its relentless efforts to address the climate change fallout.
- Kyle Moon, Deputy General Manager of Daeha company said ADIPEC enhances collaboration opportunities among policymakers and decision-makers.
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.