North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
Geostrategy
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
Business
BHP to face trial in UK
The firm must stand trial to face US$12 billion damages claim
- More than 400,000 claimants could eventually join the compensation claim against the Australian company in London's High Court.
- The 2015 tragedy unfolded after the dam in Brazil's Minas Gerais region ruptured.
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.
North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow
Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...
Geostrategy
Company News
Latest News
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
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
Most Read
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.
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.