Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
Business
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UAE 2031 vision key to its global ambitions
The vision is based on four pillars that cover all sectors including the society, economy, diplomacy and ecosystem, the government...
- We the UAE 2031’ vision is a national plan through which the UAE aims to pursue its development path for the next 10 years.
- It seeks to "enhance the position of the UAE as a global partner and an attractive and influential economic hub", the government says.
Business
KEZAD Group signs lease
The 50-year lease was signed with Star Paper Mill.
- Under the agreement, Star Paper Mill in collaboration with RC Paper Machines, will expand its existing capacities with an investment of AED200m.
- Star Paper Mill’s new facility would have installed capacity of 135,000 tons to manufacture recycled semi kraft liner, white top liner and testliner.
Business
Sharjah records 68% increase in female entrepreneurs: Business Council director
Sharjah, UAE--- Sharjah has witnessed a 68 percent increase in female entrepreneurs recently and as the market grows and expands,...
- More than 50 percent of the UAE’s museums were located in the emirate and that tourism made up over 12 percent of the GDP.
- About 90 percent of the AED700 million real estate investments in the emirate last month were made by foreigners.
Business
Sharjah realty market gains, records deals worth $735 million in Nov
Sharjah, UAE-- A total of 2,813 real estate transactions valued at AED 2.7 billion ($735 million) were recorded in Sharjah...
- A total of 2,813 real estate transactions valued at AED 2.7 billion ($735 million) were recorded in Sharjah during November, compared to AED 1.9 billion in October.
- The report revealed that real estate market sales covered a total area of 13.3 million square feet, distributed over 99 locations.
Economy
Stocks markets, oil prices extend losses as experts warn of stagflation
After a healthy rally in recent weeks fuelled by signs that price rises were slowing, the US Federal Reserve, European...
- While inflation in most countries has started coming down -- helped by a drop in energy costs -- it remains at multi-decade highs.
- And observers have warned that economies could be heading for a period of stagflation where prices keep rising but growth stalls.
Business
Tadweer added to ADQ’s portfolio
Tadweer's full share ownership was transferred to ADQ.
- Tadweer is the sole custodian of waste management for the emirate of Abu Dhabi.
- ADQ’s energy and utilities portfolio also includes Abu Dhabi National Energy Company (TAQA), Emirates Nuclear Energy Corporation (ENEC).
Geostrategy
Top Jordan police officer killed in fuel price protests: Security Directorate
Colonel Abdul Razzaq Dalabeh, the deputy police chief of Maan province, was shot in the head on Thursday while police...
- A separate statement said an officer and a non-commissioned officer "were shot while calming down 'saboteurs' who had staged riots", also in Al-Husseiniya.
- The PSD said that it protects freedom of opinion and peaceful expression but would use "appropriate" force with anyone who stages riots and vandalises property.
Business
Europe’s biggest oil field hikes production, to provide 7% of continent’s demand
Located in the Norwegian waters of the North Sea, the Johan Sverdrup field which until now pumped some 535,000 barrels...
- The field, which is believed to hold 2.7 billion barrels of recoverable oil equivalent, will represent about a third of Norway's total oil production.
- Equinor owns 42.6 percent of the Johan Sverdrup field, alongside Norway's Aker BP (31.6 percent) and Petoro (17.4 percent), while France's TotalEnergies owns 8.4 percent.
Business
AMEA Power wins bid
The company will build a 120MW solar project in South Africa.
- The Doornhoek PV Project will sell electricity to the state utility, Eskom, under a 20-year Power Purchase Agreement.
- AMEA Power is the majority shareholder in the $120 million project and has partnered with a consortium wholly owned by African women.
Business
King Khalid airport best performer in Nov in high passenger rush category
.Riyadh, Saudi Arabia---Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international...
- Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international and domestic airports for the month of November 2022.
- The performance is based on 14 basic criteria such as waiting time at customs, baggage and passport control.
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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
Company News
Yalla Group H1 revenue $152m
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APIC H1 net profit down 39%
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Estithmar opens branches in Iraq
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...
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...
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...
Business
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Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.