World Bank offers to host Lost and Damage Fund: Official
Dubai, UAE -- "World Bank has offered to host the Lost and Damage Fund, so we'll work very closely with...
Geostrategy
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
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.
Geostrategy
UAE takes part in 17th Asia Pacific Regional Meeting of ILO
SINGAPORE - The UAE has participated in the 17th Asia Pacific Regional Meeting of the International Labor Organization (ILO) in...
- Over 500 representatives of governments, labor organizations and companies from 33 countries took part in the meeting.
- The meeting discussed labor priorities and ways to promote employment in the Asia Pacific.
Business
European Investment Bank lends Tunisia $229 million for food, power needs
Dubai, UAE--The European Investment Bank has granted Tunisia a 216 million ($229 million) loan to support its food security and...
- The Tunisian government signed an agreement with the bank, under which 150 million euros will be granted to support its food security.
- Another 66 million euros will be granted to support the company's program for developing infrastructure related to strengthening and expanding the power sector.
Business
Ajman real estate deals up by 73 percent in Nov to $381 million
Ajman, UAE-- The Department of Lands and Real Estate Regulation in Ajman recorded 1121 real estate transactions worth AED1.4 billion...
- Department of Lands and Real Estate Regulation recorded 123 mortgage transactions with a total value of AED 437 million.
- The highest mortgage value was recorded at AED 93.5 million in the “Al-Nakhil 1” area.
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World Bank offers to host Lost and Damage Fund: Official
Dubai, UAE -- "World Bank has offered to host the Lost and Damage Fund, so we'll work very closely with...
Geostrategy
Company News
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Yalla Group H1 revenue $152m
Business
APIC H1 net profit down 39%
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
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...
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...
Business
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Business
UAE banks to perform strongly in 2023: Standard & Poor’s report
Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...
- The credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of rising interest rates on credit growth.
- The report expects bank credit growth at UAE banks to rise to about 7 percent in 2023, from 5 percent in 2022, WAM reported.
Business
Cruise Saudi partners with leading firms to outfit premium AROYA
Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the...
- MJM Marine, a leading specialist in cruise ship refurbishment, will upgrade existing cabins and suites of the AROYA Cruise.
- DE Wave Group, a global contractor for cruise ship and yacht interior outfitting, will outfit the upper deck areas of the AROYA Cruise.
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.