North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
Geostrategy
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
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WEF-supported TTI to fuel UAE growth spurt
The initiative is a crucial step in modernizing global trade, using the tools of the Fourth Industrial Revolution, said Dr...
- The UAE signed an MoU with the World Economic Forum during the annual meeting at Davos to support its Trade Tech Initiative.
- It is aimed at accelerating the digitization of international supply chains, enhance customs procedures and spur trade growth.
Business
Orient, Mashreq sign partnership
They will launch Orient Educare, a savings and insurance plan.
- Orient Educare is designed to provide Mashreq customers with a low-risk savings plan that offers investment growth and insurance.
- The new product is designed for individuals and families looking to prepare for education fees or retirement.
Business
Dubai’s records weeklong real estate transactions worth $2.44 billion
Dubai, UAE---A total of 2,157 real estate transactions worth over AED 9 billion ($2.44 billion) were conducted during the week...
- The DLD report revealed that 237 plots were sold for AED 1.56 billion, with an additional 1,920 apartment and villa sales recorded totaling AED 5.77 billion.
- The value of mortgaged properties for the week reached AED 1.68 billion, with the highest being a land in Al Barsha South Fourth, mortgaged for AED 324 million.
Business
Aluminum Bahrain 2022 net profit $1.10 bn
The Q4 2022 profit was down 78% compared to Q4 2021.
- Alba achieved revenue of $1.22 billion in Q4 2022 versus $1.39 billion for the same period in 2021, a drop of 12 percent.
- The revenue for 2022 stood at $4.89 billion, up by 16 percent compared to $4.21 billion for 2021.
Business
Drydocks World, Aker form JV
They will upgrade an FPSO vessel for the Rosebank field in the UK.
- The JV signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr.
- The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.
Business
ADNOC signs 23 agreements
Under the pact, the companies will manufacture products in UAE.
- The products are part of the AED70 billion ($19 billion) worth of products in ADNOC’s procurement pipeline that the company identified for domestic manufacturing in July 2022.
- Last year, ADNOC signed agreements for local manufacturing commitments worth over AED25 billion ($6.8 billion) with UAE and international companies.
Business
Abu Dhabi-based Aldar to debut in Dubai realty market
Abu Dhabi, UAE--Abu Dhabi-baed Aldar Properties will make a debut into Dubai's lucrative real estate market after it signed an...
- The joint venture will develop new communities in three locations across an area of 38.2 million sqft (3.55 million sqm).
- The new communities will be located in the suburban heart of Dubai along the E311 and E611 corridors in close proximity to several residential communities.
Business
MODON to build and operate 14 warehouses in Jeddah
Riyadh, Saudi Arabia--The Saudi Authority for Industrial Property and Technology Zones (MODON) signed yesterday a partnership agreement to establish, develop...
- The warehouses will be built in the First Industrial City in Jeddah.
- The warehouses are expected to provide fast and temporary logistical solutions to support industrialists and entrepreneurs.
Business
Diriyah signs JV agreement
It was signed with Integrated Telecom Company and TAWAL.
- The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
- In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Business
Dubai energy demand grew by 5.5 percent in 2022: DEWA CEO
Dubai, UAE– Dubai witnessed a 5.5 percent increase in energy demand in 2002, from 50,402 GWh to 53,180 GWh, said...
- DEWA provides electricity and water services to 3.514 million people living in Dubai and the Emirate’s active daytime population of over 4.7 million.
- These numbers are expected to grow to 5.8 million and 7.8 million, respectively by 2040.
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North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
Geostrategy
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SAMI launches radio systems line
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
Business
Broadway musical ‘The Phantom of the Opera’ to Debut in Riyadh
Riyadh, Saudi Arabia -- The iconic Broadway musical 'The Phantom of the Opera' will be performed in Riyadh from Oct...
Arts & Culture
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Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
- This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
- Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
- The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
- The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
Infographics
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
- Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
- In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.