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
Economy
Share of oil in Saudi exports rises to nearly 80 percent in Oct
Riyadh, Saudi Arabia-- Saudi Arabia's merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion),...
- Merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion).
- Non-oil exports (including re-exports) increased by 4.4 percent, compared to October 2022, increasing to SAR 24.9 billion from SAR 23.9 billion in October 2021.
Business
New CBUAE money laundering, terror financing guidelines for insurance sector
Abu Dhabi, UAE---The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the...
- Insurance operators are required to perform, document, and keep up to date an enterprise risk assessment.
- They should maintain transaction monitoring systems equipped to identify patterns of activity that appear unusual and potentially suspicious.
Geostrategy
Qatar sees off World Cup criticism to claim diplomatic victory
The emirate went into the tournament under scrutiny for its treatment of foreign workers and LGBTQ people but one of...
- As a major supplier of natural gas and an intermediary in conflict zones such as Afghanistan, Qatar already possessed diplomatic clout but struggled to gain public recognition.
- The public airing of the Palestinian cause in stadiums and Morocco's surge to the tournament's semi-finals also boosted feelings of Arab pride.
Business
DP World sells assets stake to Saudi Hassana Investment Company
Saudi Hassana will invest $2.4 bn in some of DP World's assets.
- Hassana is the investment manager for the General Organisation for Social Insurance (GOSI), which owns one of the world’s largest pension funds.
- The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets.
Business
Dubai records over $490 million in real estate transactions Tuesday
Dubai, UAE---Dubai real estate market recorded deals worth AED1.3 billion ($490 million) on Tuesday, said Dubai Land Department. The deals...
- The deals included 495 sales transactions worth AED1.32 billion, in addition to 81 mortgage deals of AED454.83 million, and 24 gift deals amounting to AED34.33 million.
- The sales included 479 villas and apartments worth AED1.28 billion, and 16 land plots worth AED45.98 million.
Business
SABIC introduces new plastic
The high-density polyethylene complements its Trucircle range.
- The company said the new product is part of the company's commitment to contribute in promoting the circular economy of plastics.
- The new material was specially developed for motor oil and lubricant oil bottles manufactured through blow molding technology.
Business
ADNOC acquires 24.9% stake in OMV
After the transaction, OMV will hold 31.5 percent.
- Through this investment in OMV, which holds a 75 percent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge.
- ADNOC will acquire the stake from Mubadala. Financial details of the transaction are not being disclosed.
Economy
Qatar’s Industrial Production Index rises 2.5 percent in October
Doha, Qatar – Qatar’s Industrial Production Index (IPI) rose by 2.5 percent in October 2022, compared to the corresponding month...
- The manufacturing groups which registered a rise include chemicals and chemical products by 1.8 percent, beverages (1.4percent).
- In the electricity, gas, supply sector, a decrease of 3 percent was noticed in the production of electricity between October 2022 and September 2022.
Economy
Saudi Arabia, UAE lowest-risk investment havens in the ‘riskiest’ Middle East and Africa region
The region was ranked the riskiest by the Global Risk Report Quarterly Update. But the GCC region stood out, offering...
- In Africa, Morocco, Botswana and South Africa were the low-risk investment destinations, in that order, as far as the macroeconomic risks are concerned.
- Syria, Yemen, and Libya were on the list of the highest-risk countries in the third quarter.
Business
Aramco, SABIC sign pacts
They will explore refining and petrochemical projects in China.
- Aramco and Sinopec have signed heads of agreement for a greenfield project in Gulei in Fujian province.
- Additionally, Aramco, SABIC and Sinopec signed an MoU to study the economic and technical feasibility of developing a new petrochemical complex.
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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
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
Company News
DP World H1 EBITDA $2.6bn
Business
Latest News
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...
Business
Russian Post working on opening company in UAE, says CEO
Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in...
Business
Israel deprives 400 Palestinian kids of life-saving treatment: Report
The report published on Wednesday by the UK-based organization Save the Children said that nearly 400 children in Gaza, at...
Geostrategy
Most Read
Business
ACWA Power signs clean energy agreements with Chinese firms
Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China...
- The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group Limited.
- ACWA Power has a history of collaborations with Chinese companies such as installing the largest wind turbine in Central Asia with China Energy Engineering Corporation (CEEC).
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Business
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.