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
WhatsApp update allows posting status updates via Instagram
Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...
Business
Business
Majid Al Futtaim among firms to halve real estate emissions by 2030
These companies also pledged to reach net-zero carbon no later than 2050. With buildings contributing 38 percent of all energy-related...
- Avison Young, Edge, GPFI Group, Ivanhoé Cambridge, JLL Schneider Electric and Signify were the other firms that pledged the emissions cut.
- These firms will meet these targets by implementing the Forum’s Green Buildings Principles, which provides a sequence of steps to deliver net-zero carbon real-estate portfolio.
Videos
Two UAE cities among best expat destinations
Expat Essentials Index ranks cities on the basis of quality of life, ease of settling in, working abroad, personal finance...
- The United Arab Emirates is the best place for expatriates to thrive professionally, according to InterNations Expat City Ranking 2022’s Expat Essentials Index
- The rankings are based on in-depth information about five areas of expat life: Quality of Life and Ease of Settling In Working Abroad, Personal Finance and new Expat Essentials.
Economy
UAE launched clean energy projects worth $43 bn in 2022: Minister
UAE Minister of Energy Suhail bin Mohammed Al Mazrouei highlighted the UAE Energy Strategy 2050, the first unified energy strategy...
- UAE’s clean energy production in 2021 totaled 7,035.75 megawatts (MW), underscoring the country's efforts in the clean energy sector.
- The minister said that once commercially operational, the third reactor will add another 1,400 MW of carbon-free electricity to the UAE's electricity grid.
Business
Iraq chamber asks government to tie up with German construction firms
Baghdad, Iraq-- The head of the Federation of Iraqi Chambers of Commerce - FICC, Abdul Razzaq Al-Zuhairi, called on the...
- FICC and the Federation of Iraqi Industries participated in the meetings between the two parties during the visit of PM Muhammad Shia Al-Sudani to Berlin.
- The Iraqi delegation seeks to encourage German companies and businessmen to invest in Iraq, FICC said in a statement.
Business
UAE Tax Policy ranks fourth on World Competitiveness Yearbook 2022
Dubai, UAE: The United Arab Emirates ranks fourth on the list of 63 economies around the world in the Tax...
- Published by Switzerland-based International Institute for Management Development (IMD), the World Competitiveness Yearbook assesses and ranks 63 economies around the world.
- The UAE place on the Yearbook depicts the country’s total contribution to GDP with its taxes, its stable rates of inflation, low tariffs and balanced price indexes.
Business
Building permissions issued by Qatar fall by 18 percent in Dec
Doha, Qatar-- The number of building permits issued in Qatar in December 2022 decreased by 18 percent (527 permits), compared...
- The decrease was noted the most in the municipalities of Al Rayyan (47 percent), Al Khor (37 percent), Al Shammal (25 percent.
- permits. Villas top the new residential buildings permits list, accounting for 83 percent (120 permits) in the residential sector.
Business
Al Seer Marine unveils MEGA II
MEGA II is the world's largest 3D printer, the company said.
- The technology will enable engineers to develop large-scale boats and products that are in high demand.
- The global additive manufacturing market size was valued at $13.84 billion in 2021 and is expected to reach $44.03 billion by 2027.
Business
Dubai records over $517 million in realty transactions Thursday
Dubai, UAE--Dubai real estate market recorded transactions worth AED1.9 billion ($517 million) on Thursday, Dubai Land Department said. These included...
- These included 432 sales worth AED1.45 billion, in addition to 73 mortgage deals of AED464.03 million, and 20 gift deals amounting to AED18.34 million.
- The sales included 342 villas and apartments worth AED1.06 billion, and 90 land plots worth AED384.09 million.
Business
Middle East airlines traffic up by 84.6 percent in Nov 2022: IATA
Geneva, Switzerland-- Middle Eastern airlines had an 84.6 percent growth in traffic in November compared to the same month in...
- Globally, traffic is now at 75.3 percent of November 2019 levels, according to the report. Total traffic in November 2022 rose 41.3 percent compared to November 2021.
- The Asia-Pacific continued to report the strongest year-over-year results with all regions showing improvement compared to the prior year, media reports said.
Business
DP World, Maersk sign partnership
They will collaborate on decarbonizing solutions, customer service.
- Maersk will deploy two of its solutions for customers moving their cargo through Jebel Ali Port
- In Jan 2022, DP World entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, a non-profit organization.
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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
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
Company News
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SAB sees $26m negotiated deal
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
Business
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Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.
Arts & Culture
Picasso’s ‘Woman With a Watch’ to be exhibited in Dubai on Sept 25-26
This would be for the first time that the painting has been exhibited outside of the United States in over...
- This would be for the first time that the painting has been exhibited outside of the United States in over 50 years.
- The painting depicts Marie-Thérèse Walter, Picasso’s “golden muse” and the subject of many of his most iconic works.
Videos
Realty sector’s success hinges on GDP growth
The kingdom’s Minister of Housing, Majid Al-Hogail recently said that Gulf country's residential real estate finance is expected to exceed...
- Saudi Arabia has unveiled the MENA region's inaugural real estate stock exchange, marking a transformative moment for property trade in the Kingdom.
- The Kingdom's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030.