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
Alpha Dhabi and Mubadala form JV
They will co-invest in global credit opportunities.
- Mubadala will hold 80 percent ownership in the Abu Dhabi Global Market-based joint venture entity, with the remaining 20 percent to be held by Alpha Dhabi.
- The venture will leverage Mubadala’s long-term and strategic partnership with Apollo, one of the world’s largest alternative asset managers.
Geostrategy
Arab-Israeli released after 40-year prison term for killing soldier
With a black and white keffiyeh around his shoulders, 64-year-old Younis was met by a crowd singing the Palestinian national...
- The 64-year-old Karim Younis was convicted in 1983 of the murder three years earlier of an Israeli soldier.
- Israeli Interior Minister Aryeh Deri wrote to the state prosecutor on Tuesday requesting a legal opinion on revoking the citizenship of the two men.
Arts & Culture
Cristiano Ronaldo’s Saudi debut ‘on hold’ over player quota
Riyadh, Saudi Arabia--Portuguese superstar Cristiano Ronaldo faces a wait to make his Al Nassr debut because the Saudi club have exceeded...
- When he was unveiled with great fanfare on Tuesday, the 37-year-old said he was keen to play as soon as possible, starting with Thursday's home game against Al Ta'ee.
- But Ronaldo, whose deal is worth an estimated 200 million euros to June 2025, is Al Nassr's ninth foreign player -- one more than the eight allowed by Saudi football authorities.
Business
ADIB ups ownership in ADIB Egypt
ADIB acquired 9.6m shares from National Investment Bank.
- ADIB acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB Egypt’s share capital.
- The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 percent.
Economy
Dubai announces plan to ‘double’ the size of economy in next decade
The Gulf emirate's ruler, Sheikh Mohammed bin Rashid Al-Maktoum, unveiled in a series of tweets the Dubai Economic Agenda, dubbed...
- The new economic agenda would also add 400 cities to Dubai's list of trading partners, increasing foreign trade in the coming decade by 44 percent to 25.6 trillion dirhams.
- It would also see foreign direct investment in Dubai exceed 650 billion dirhams within 10 years, according to Sheikh Mohammed.
Economy
Qatar first on FDI Standouts Watchlist 2023: FDi Intelligence
Doha, Qatar-- Qatar ranks first among the world’s top destinations for foreign direct investment (FDI), owing to its strong economic...
- "FDI Standouts Watchlist 2023" by fDi Intelligence analyzes the macroeconomic and foreign direct investment (FDI) trajectory of the world’s top 50 FDI destinations.
- In 2022, the top sectors for FDI projects were Oil and Gas, financial services, and software and IT services, according to the report.
Business
Ducab partners with Vestas
Ducab's supplying medium voltage and earthing cable.
- Ducab Group is one of the UAE’s largest industrial manufacturing businesses.
- The move reinforces the strong industrial partnership between the UAE and Egypt.
Business
Dubai records over $518 million in realty transactions Monday
Dubai, UAE--Dubai recorded real estate deals worth AED2.3 billion ($518 million) on Monday, according to Dubai Land Department figures. The...
- The deals included 457 sales transactions worth AED2.02 billion, in addition to 79 mortgage deals of AED202.61 million.
- For the week ending Dec. 30, 2022, a total of 2,790 real estate transactions worth US$2.6 billion (AED9.6 billion) were registered in the emirate.
Science
Abu Dhabi introduces Mobile BSL-3 Laboratory
ABU DHABI, UAE - Abu Dhabi Public Health Center (ADPHC) has introduced the first of its kind mobile BSL-3 (Biosafety...
- The BSL-3 mobile laboratory will enhance the UAE capital's infectious disease preparedness through swift, safe and accurate testing of communicable diseases.
- The mobile laboratory will be accessible across four sites in Abu Dhabi.
Business
Qatar ports handle 140,000 tons of cargo in Dec 2022
Riyadh, Saudi Arabia-- The Qatar Ports Management Company (Mwani Qatar) said Sunday that it handled over 140,000 tons of cargo...
- Mwani Qatar said that it had received 267 cruises last December, with an increase of five percent, compared to the same period last year.
- It added that 6,263 vehicles and equipment, along with 38,867 heads of cattle and 45,985 tons of building and construction materials were received.
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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
Latest News
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...
Videos
Iran steel production to rise by 22% in two years to 55MT annually
Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next...
Business
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Arts & Culture
Nine works nominated for 9th Katara Prize for Arabic Novel
Doha, Qatar - The Cultural Village Foundation (Katara) revealed the lists of nine works that would be included in the...
- This includes published novels, unpublished novels, young adult unpublished novels and unpublished critical studies, with a total reaching 36 novels and critical studies.
- The 9th edition of the Katara Prize for Arabic Novel saw 1,491 entries and the number of unpublished novels participating was about 833.
Business
Chimera launches Lunate
Lunate has more than $50bn in Assets Under Management.
- With a focus on private markets, Lunate is an independent entity owned by Chimera Investment and Lunate’s senior management.
- Lunate, which will be based in Abu Dhabi Global Market, has signed long-term Separate Managed Accounts (SMAs) with multiple clients.
Business
Qatar’s Hamad International Airport named world’s second-best
London, United Kingdom -- Qatar's Hamad International Airport has been named as the best airport in the Middle East, and...
- At this year's Business Traveller Awards, the airport was also named as the best in the Middle East.
- After a multi-billion-dollar overhaul last year, the airport raised its capacity from 40 million passengers a year to 58 million.