Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
Economy
Business
Dubai records over $408 million in realty transactions Monday
Dubai, UAE----Dubai real estate market recorded deals worth AED1.5 billion ($408 million) on Monday, Dubai Land Department said. The deals...
- The deals included 515 sales transactions worth AED1.44 billion and 19 gift deals amounting to AED137.87 million.
- The sales included 483 villas and apartments worth AED1.14 billion, and 32 land plots worth AED299.29 million.
Business
Groundbreaking of integrated 450,000-sqm Metal Park held in KEZAD
Abu Dhabi, UAE-- The ground breaking of a 450,000 sqm integrated Metal Park in Abu Dhabi was attended by senior...
- The Metal Park Investment ME's Park will be equipped with state-of-the-art facilities to support storage and handling.
- Membership will enable Metal Park Investment ME LTD’s clients to adapt to market demand without infrastructure constraints.
Business
ACWA Power seals $2.4 bn deal
The firm signed PPA with the National Electric Grid of Uzbekistan.
- ACWA Power purchased three wind power special purpose vehicles (SPVs) to establish a 1.50-gigawatt (GW) wind farm in Kungrad.
- Upon implementation, the new wind farm is expected to offset 2.40 million tons of carbon emissions annually and power 1.65 million households.
Business
Kuwait exports first shipment of quality diesel to shortage-hit Europe
Kuwait City, Kuwait-- Kuwait National Petroleum Company has exported the first shipment of the advanced diesel fuel to the European...
- Kuwait National Petroleum Company shipped 66,000 tons, and the shipment was produced with special specifications that fulfil the European markets' requirements.
- The energy sector in Europe faces unprecedented crisis and upsurge in the prices of electricity and gas, especially after launch of Russian-Ukrainian war.
Business
Pact to transform Makkah, Madinah into business hubs for Islamic world
The Makkah Chamber of Commerce, Madinah Chamber of Commerce and the Islamic Chamber of Commerce will sign the agreement at...
- The partnership would boost the business sectors in the holy cities through exhibitions and forums, lectures, workshops and dialogues with decision-makers from the Islamic world.
- Chairman of the Board of Directors of the Madinah Chamber, Munir Muhammad Nasser bin Saad, said the agreement will contribute towards promoting cultural heritage of the holy cities
Business
Export Bahrain, BCCI to facilitate global market access for local businesses
Manama, Bahrain---Â Export Bahrain and the Bahrain Chamber of Commerce and Industry have signed an MoU to support Bahrain-based businesses in...
- The two entities will facilitate the business community in Bahrain to attract strategic investment partnerships and enhance the competitive work environment in the Kingdom.
- The access to markets will be enabled through seminars, webinars, workshops and trade exhibitions.
Geostrategy
Jerusalem named Permanent Arab Media Capital at info ministers meet
Tripoli, Libya- -The Council of Arab Information Ministers chose the city of Jerusalem as the permanent capital of Arab media,...
- While Jerusalem will be the permanent capital, other Arab capitals will be selected on rotation basis every year.
- Palestinian journalist Shireen Abu Akleh, who was assassinated by the Israeli occupation forces, was awarded the "Al Saraya Al Hamra" award for Arab Journalism, at the meet.
Business
Ajman Chamber keen to strengthen trade, economic ties with Pakistan
Ajman, UAE--Abdullah Al Muwaiji, Chairman of the Board of Directors of Ajman Chamber of Commerce and Industry (ACCI), has affirmed...
- The total trade between the UAE and Pakistan reached AED19.7 billion in 2021, with a growth rate of 23 percent compared to 2020.
- The growth rate of trade volume between Ajman and Pakistan reached 30 percent during the last five years.
Business
SALIC completes acquisition of Olam
SALIC had signed the acquisition pact in March.
- SALIC is wholly owned by the Saudi sovereign wealth fund, the Public Investment Fund.
- Olam is present in more than 30 countries around the world and has the capacity to handle more than 40 million tons of food commodities annually.
Business
Nearly 78% UAE women-owned businesses led by females under age 40
Sharjah, UAE--- A Women under the age of 40 lead 77.6 percent of the women-owned businesses in the UAE, a...
- The survey found that of the 1,000 female business owners who took part in the survey, 48.8 percent are CEOs and 61.4 percent sole proprietors.
- A total of 25,000 Emirati women entrepreneurs owned 50,000 trade licenses valued at AED 60 billion ($16.33 billion) in 2021.
Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
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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...
Arts & Culture
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...
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Business
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...
- A senior official said that Iran’s steel output capacity had increased by more than six times in 20 years to reach a current figure of 45 million mt per year.
- Iran is seeking greater access to export target markets as the domestic demand for steel is expected to stay at a present level of 20 million mt per year in the coming years.
Economy
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...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
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.