ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
ACWA Power launches Phase I of green hydrogen project in Uzbekistan
Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...
Business
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.
Business
Clean energy reaches 14 percent of Dubai’s total power production
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) has announced that the production capacity of...
- Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world using the Independent Power Producer model.
- Dubai's clean energy was also produced using photovoltaic solar power and concentrated solar power.
Business
10-day Citrus Festival concluded in Hail region of Saudi Arabia
Hail, Saudi Arabia---The second edition of the 10-day Citrus Festival, which was held in Hail region, has concluded after witnessing...
- General Supervisor of the Festival, Khaled Al-Batea said more than 80 participants displayed citrus products from all farms of the Hail region.
- During the festival, six workshops and a seminar on cooperative societies were held.
Business
Saudi Ministry of Industry, Hyundai Motor ink MoU to build cars in Kingdom
RIYADH, SAUDI ARABIA - Saudi Ministry of Industry and Mineral Resources has signed a memorandum of understanding with Hyundai Motor...
- The agreement aims at enhancing cooperation in a way that realizes the national strategic goals for industry in developing local manufacturing capabilities.
- The MoU stipulates building an assembly plant with the CKD system for electric cars and internal combustion engines cars in Saudi Arabia.
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ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
Company News
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Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
Economy
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...
Arts & Culture
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Business
Turkey-China nuclear power plant deal possible soon: Minister
Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and...
- Senior officials from the Chinese government visited eastern Thrace and saw the sites where the construction is planned, Middle East Eye reported.
- Russia is already building a power plant in Akkuyu that will become partly operational next year.
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
- The number of shares allocated to retail investors reached 1.65 million, representing 10 percent of the total IPO shares.
- Lumi floated 16.5 million shares, or 30 percent of its SAR 550 million capital, divided into 55 million shares, on Tadawul.
Business
UAE’s internet quality world’s best, but e-security concerns remain
The UAE's achievement in internet quality marks a significant improvement from its previous third-place ranking in this category. However, in...
- The DQL Index assesses the digital quality of life in 121 nations, covering 92 percent of the global population, across five key pillars and 14 indicators.
- The UAE's impressive internet quality score is attributed to its fixed internet speed, which averages 229 Mbps, ranking second globally just behind Singapore.