Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
Geostrategy
Muslim world condemns burning of copy of Quran in Swedish capital
Secretary-General of the GCC Dr. Naif Falah Mubarak Al-Hajraf has warned that the act would inflame and provoke Muslims around...
- Secretary-General of the Organization of Islamic Cooperation Hissein Brahim Taha said the act is another example of Islamophobia and Xenophobia.
- Arab Parliament called on the international community to assume its responsibilities and criminalize these unacceptable acts, which fuel feelings of hatred and violence.
Business
IDB’s insurance arm, Masdar sign renewable energy pact
Jeddah, Saudi Arabia---The Islamic Corporation for the Insurance of Investment and Export Credit, the Islamic Development Insurance arm of the...
- The two parties agreed to develop renewable projects through insurance support to the Islamic Corporation for the insurance of investment and export credit in the member states.
- It includes support for the transition to clean energy through electricity generation from renewable sources that do not emit emissions and the transition to green economy.
Business
AD Gaming partners with AA Meta
They will develop Abu Dhabi’s Web3 Blockchain Gaming ecosystem.
- AA Meta provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
- Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well.
Business
ADNOC Distribution to go for 25 percent cut in carbon intensity by 2030
ABU DHABI, UAE - ADNOC Distribution on Friday announced plans to reduce its carbon intensity by 25 percent by 2030....
- This reduction in carbon intensity will be implemented by putting sustainability at the core of its day-to-day operations to future-proof its business.
- The company said it will install solar panels to power service stations and use biofuels in its fleet of vehicles.
Business
TAQA acquires stake in Taweelah
TAQA took up the operation and maintenance of the plant.
- As part of a transaction valued at US$65 million (approx. AED239 million), TAQA has completed its acquisition from BTU Power Company.
- TAQA acquired an additional 10 percent ownership stake in the owner of the Taweelah B IWPP – Taweelah Asia Power Company.
Business
TAZIZ, PROMAN sign pact
They will build UAE’s first world-scale methanol production facility.
- The facility has an anticipated annual capacity of up to 1.8 million tons.
- The facility has an anticipated annual capacity of up to 1.8 million tons. Methanol has a variety of uses including in fuels, solvents, pharmaceuticals and construction materials.
Business
Saudi approves Implementing Regulations of New Companies Law
Riyadh, Saudi Arabia--Saudi Arabia's Capital Market Authority's has approved the Implementing Regulations of the New Companies Law for listed joint...
- The approval is based on the authority the Law granted to the CMA to regulate the matters and subjects stipulated in the law related to joint stock companies.
- It also included stipulating the provisions that aim to raise the level of governance of the board of listed joint stock companies.
Arts & Culture
Saudi herders use ‘special language’ to train camel
The mode of communication, known as Alheda'a, was inscribed last month on UNESCO's list of intangible cultural heritage.
- A skilled camel herder can use his voice alone to soothe an animal, make it kneel and even signal a change in direction as they trudge together through desert sands, said UNESCO.
- Alheda'a can be deployed for a range of tasks: bringing together a scattered herd threatened by a coming sandstorm, for example, or soothing camels as they drink water.
Business
ADNOC, TAQA mobility JV
They will build and operate electric vehicle infrastructure in Abu Dhabi.
- The partnership will include a network of fast chargers at key locations, featuring associated solutions such as parking and tolling services.
- Demand for EVs in the UAE market is projected to see a compound annual growth rate of 30 percent between 2022 and 2028.
Geostrategy
UN chief calls for urgent actions as world faces Category 5 storm
Davos-Klosters, Switzerland – UN Secretary-General Antonio Guterres, in a wide-ranging address that touched on the most critical issues facing the...
- On climate change, he called on world leaders to put forward credible and transparent transition plans to achieve net-zero emissions.
- He also said a “morally bankrupt financial system” is amplifying systemic inequalities.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
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Vietnam’s VNG files for US IPO
Business
Qatar Central Bank issues treasury bills worth $137 million for a week
Doha, Qatar -- Qatar Central Bank (QCB) issued treasury bills worth QR 500 million ($137 million) for a one-week term,...
Business
Dubai ranks fifth globally on key shipping development Index
Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
Business
ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
Business
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Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.
Arts & Culture
Saudi Arabia’s natural reserve makes it to UNESCO heritage list
Riyadh, Saudi Arabia -- The Uruq Bani Ma'arid Reserve in Saudi Arabia has been inscribed on the UNESCO World Heritage...
- Uruq Bani Ma'arid Reserve occupies an area of over 12,750 km2 and is the only major sand desert in tropical Asia.
- It provides vital natural habitats for the survival of more than 120 indigenous plant species.
Geostrategy
GCC ministers call upon Iraq to respect Kuwait sovereignty
New York, United States -- At a meeting on the sidelines of the 78th session of the UN General Assembly,...
- The foreign ministers asked Baghdad to adhere to UN resolutions, particularly Resolution 833, which pertains to the demarcation of the Kuwait-Iraq borders.
- Expressing hope for continued cooperation from Iraq, the ministers urged both Iraq and the UN to make every effort to resolve the related issues.