Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
Business
Business
UAE tops globally in tertiary education
For the 12th year in a row, Switzerland leads the ranks on the Global Innovation Index. South Korea was the...
- The 2022 GII says it tracks the most recent global innovation trends against the background of the pandemic, slowing productivity growth and other evolving challenges.
- It looks at whether stagnation and low productivity growth are here to stay, or whether we are about to enter a new era, where new innovation spurts.
Business
Invictus 2022 net profit $123.62m
The profit increased by 62 percent compared to 2021.
- The company's revenue grew by 103 percent from AED 2.94 billion in 2021 to AED 5.98 billion in 2022.
- In a bourse disclosure, the company said the rise in revenue and net profit was driven by volume growth and entry into new markets and categories.
Business
By 2022 end, Saudi mining complexes in 13 provinces reach 377
Riyadh, Saudi Arabia---Saudi Arabia's Ministry of Industry and Mineral Resources said Sunday that the number of mining complexes in the...
- The Makkah region had the highest number (76) complexes, followed by the Riyadh region with 60 complexes.
- More than 20 different minerals, including gravel, gold, iron, copper, granite and marble, are found in these complexes.
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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.
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
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Borouge to pay $650m H1 dividend
Business
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EGA H1 net profit $533 million
Business
Qatar calls for subjecting Israel’s nuclear facilities to IAEA safeguards
Vienna, Austria -- Qatar Friday called for intensifying international efforts to subject all Israeli nuclear facilities to International Atomic Energy...
Geostrategy
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
Business
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Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.