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
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
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.
Business
Ministerial meet discusses formation of Saudi-Bulgaria committee
Riyadh, Saudi Arabia---Saudi Arabia and Bulgaria have discussed ways to boost bilateral cooperation and develop the economic sectors between the...
- The two sides discussed ways to boost bilateral cooperation and develop the economic sectors between the two countries at a ministerial meeting.
- Saudi imports from Bulgaria were $269.43 million during 2021, according to the UN COMTRADE database on international trade.
Geostrategy
Cost of living crisis biggest short-term risk: WEF Report
The World Economic Forum’s Global Risks Report 2023 says conflict and geo-economic tensions have triggered a series of deeply interconnected...
- The report said the window for action on the most serious long-term threats is closing rapidly and concerted, collective action is needed before risks reach a tipping point.
- Failure to mitigate and adapt to climate change, natural disasters, biodiversity loss and environmental degradation represent five of the top 10 risks.
Business
ALAFCO completes transfer pact
An order for 20 Boeing jets would be transferred to Macquarie AirFinance.
- ALFCO said it executed the purchase agreement for the 20 Boeing 737 Max 8 jets dated October 2012.
- The agreement will increase cash and cash equivalents by KD 21.7 million ($70 million).
Economy
Qatar GDP grew 4.3 percent in third quarter of 2022
Doha, Qatar-- Qatar's quarterly gross domestic product (GDP) at constant prices increased by 4.3 percent year on year in the...
- When compared to Q2 of 2022 revised estimate, the quarterly GDP recorded an increase of 3.6 percent at QR 168.879 billion, QNA said.
- The nominal gross value added (GVA) estimate of Mining and Quarrying activities is estimated at QR 105.896 billion in Q3 2022.
ADNOC Gas set up as processing, operations and marketing firm
ADNOC said the company combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into...
- Ahmed Mohamed Alebri has been appointed as Chief Executive Officer (Acting) of ADNOC Gas, Peter Van Driel as Chief Financial Officer, and Mohamed Al Hashemi as COO.
- As announced in November 2022, ADNOC intends to proceed with an initial public offering of a minority stake in ADNOC Gas on ADX.
Business
Saudi ministry signs hospitality, catering MoUs with 3 firms
Riyadh, UAE---Saudi Arabia's Ministry of Investment has signed MoUs with three companies to develop and market investments in hospitality, tourism,...
- The MoUs were signed with Kadana Company, Lifestyle Development Company and Jusoor Al-Khaleej Company.
- The investment ministry is keen to attract investments and enhance their flow into the national economy in various sectors, SPA reported.
Infographics
UAE remains the most innovative Arab economy
The Global Innovation Index ranks the countries on 81 indicators across seven categories, including Business Sophistication, Infrastructure and Technology Outputs...
- GII 2022 said this edition’s thematic focus on the future of innovation-driven growth provides a perspective on whether stagnation and low productivity growth are here to stay.
- It tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic and slowing productivity growth.
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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
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
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.