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
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
Business
Business
DEWA’s Jebel Ali plant enters Guinness World Records for second time
It was named as the Largest Single-Site Water Desalination Facility in the World by the Guinness World Records.
- The plant has the production capacity of 490 million Imperial Gallons of water per Day, which is equivalent to 2,227,587 Cubic Metres per Day.
- DEWA aims to increase its SWRO production capacity to 303 MIGD by 2030, reaching 42 percent instead of its current share of 13 percent.
Geostrategy
Iran says nuclear deal still possible, efforts underway with mediators
"Efforts are underway with the European coordinator and other mediators, including the foreign ministries of neighboring countries, to exchange messages...
- His remarks come amid on-off talks that have been underway since April 2021 to revive the deal that gave Iran sanctions relief in return for curbs on its nuclear program.
- The landmark Vienna deal has been in tatters since then US president Donald Trump withdrew from it in 2018 and Iran later backed away from its own commitments.
Geostrategy
UN chief warns education becoming ‘great divider’
UN Secretary-General Antonio Guterres warned Monday that unequal education was quickly dividing the planet as he sought to keep development...
- The UN chief called a special summit on education a day before world leaders meet for the annual General Assembly.
- Guterres appealed to all countries to prioritize increasing spending per student even amid question marks over the global economy.
Business
Salik ups number of IPO shares
The subscription period for the IPO remains unchanged.
- The Government of Dubai will continue to own 75.1 percent of Salik’s existing share capital.
- Salik reported core earnings of $217.82 million in the first half of this year, compared with 637.41 million in the same period in 2021.
Videos
Kuwait has strongest passport in MENA region
Henley Passport Index 2022 ranks 199 countries for the strength of their passports. Japan was ranked first, followed by Singapore...
- These three countries have reversed the pre-covid-19 pandemic rankings, in which European nations were dominating.
- Ranking was based on the number of destinations the passport holders could access without prior visa.
Business
Weeklong real estate deals worth $2.3 billion recorded in Dubai
Dubai recorded a total of 2,739 transactions with a combined value of AED8.4 billion ($2.3 billion) during the week ending...
- The transactions included the sale of 274 plots for AED1.36 billion and 1,902 apartments and villas for AED4.35 billion.
- The biggest deal recorded was the sale of a plot of land in Business Bay for AED110 million, followed by a piece of land in Wadi Al Safa 2 that went for AED38.75 million.
Geostrategy
In risky recycling venture, Gazans burn plastic for fuel
It's an economic and practical solution in a territory blockaded by Israel for 15 years, but one which poses serious...
- In Gaza, where exchanges of fire between Palestinian militants and Israel for three days this month killed at least 49 Palestinians, health risks are outweighed by economic reality
- Unemployment has hit 47 percent and the average daily wage is around 60 shekels ($18), according to the Palestinian Central Bureau of Statistics.
Business
Dubai records real estate deals worth $472 million on Monday
Dubai recorded real estate transactions worth AED1.7 billion ($472 million) on Monday, which included 562 sales transactions worth AED1.42 billion....
- The transactions included 75 mortgage deals of AED271.02 million, and 42 gift deals amounting to AED94.62 million.
- The sales included 520 villas and apartments worth AED1.08 billion, and 42 land plots worth AED335.9 million.
Economy
China cements influence in Iraq through oil, infrastructure deals
After decades of conflict, Iraq is in need of foreign investment, and specifically investment in energy sector infrastructure. China, with...
- Beijing has become one of the largest importers of Iraqi crude, and in 2021 accounted for 44 percent of Iraq's oil exports, according to prime ministerial adviser Muzhar Saleh.
- Iraq is among the many partners in China's vast "Belt and Road" infrastructure initiative, which Western leaders say risks saddling poorer countries with debt.
Economy
Saudi real estate fund signs 58,000 housing support contracts in H1
Saudi Arabia’s Real Estate Development Fund has signed more than 58,000 financing contracts for the kingdom’s various housing support programs...
- One of the goals of kingdom's transformative Vision 2030 is to raise the percentage of house ownership to 70 percent,
- The number of the beneficiaries of housing support programs from June 2017-June 2022 is more than 660,000.
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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
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TAQA H1 net income $3.67bn
Business
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...
Economy
Riyadh to host 45th session of UNESCO’s World Heritage Committee
Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10...
Arts & Culture
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Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.
Geostrategy
Gaza exports to Israel resume as crossing reopens: Palestinian official
The Kerem Shalom crossing, the only point of entry for goods between Gaza and Israel, was closed last week after...
- Impoverished Gaza, home to around 2.3 million Palestinians, is under a tight land, air and sea blockade imposed by Israel, whose defense ministry controls all crossings.
- The closure of the Kerem Shalom crossing came amid rising violence in the Israeli-Palestinian conflict which has seen at least 227 Palestinians killed so far this year.