Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
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.
Business
ECI inks MoU with RAKEZ to help Ras Al Khaimah’s non-oil trade
DUBAI, UAE - Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed an MoU with Ras Al Khaimah...
- ECI to provide RAKEZ members access to flexible state-backed trade finance support.
- As of November 2022, ECI has facilitated US$71 million worth of secured non-oil trade for businesses operating in Ras Al Khaimah.
Economy
Gulf central banks raise interest in line with Federal Reserve hike
Dubai, UAE--– The central banks of Saudi Arabia, Bahrain, and Qatar increased their interest rates following the US Federal Reserve...
- Since the costs in the GCC are pegged to the dollar, the central banks in the region follow the Fed rate changes.
- The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.
Business
BEEAH inks three-way pact
The three firms will produce fuel cell grade hydrogen from waste.
- The three firms will form a consortium that will advance progress on the Middle East’s first waste to hydrogen plant, located in Sharjah.
- The plans for the plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles.
Egypt dusts off pyramids for fashion and art shows
French fashion house Dior debuted its latest collection Saturday at the Giza pyramids, after Italian designer Stefano Ricci held a...
- Dior CEO Pietro Beccari said the fashion house chose the pyramids as far more than "just a useless background", drawing on Egyptian astrology for the collection named "Celestial'.
- Showcasing Egypt's heritage in a new context "will encourage other brands and international cultural figures to come to Egypt," said art historian Bahia Shehab.
Business
ECI, African TIA sign pact
They will strengthen trade ties and boost exports between the two markets.
- The deal follows the MoU each entity signed in March last year to enhance the global competitiveness of exporters by improving their awareness of export credit.
- Trade between the UAE and Africa has registered steady growth in recent years, with the Emirates becoming the fourth-biggest investor in Africa last year.
Geostrategy
Bahrain forum: Pope calls for global unity, al-Tayeb for Sunni-Shia amity
The pope said that "a few potentates are caught up in a resolute struggle for partisan interests, reviving obsolete rhetoric,...
- Al-Azhar mosque's grand Imam Sheikh Ahmed Al-Tayeb called for dialogue between Islam's two main branches to settle sectarian differences.
- He said the senior scholars at Al-Azhar and the Muslim Council of Elders are ready to host a meeting "so we can sit down together on one roundtable to put aside our differences".
Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Company News
DP World H1 EBITDA $2.6bn
Business
Latest News
Yalla Group H1 revenue $152m
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...
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
Business
UAE’s internet quality world’s best, but e-security concerns remain
The UAE's achievement in internet quality marks a significant improvement from its previous third-place ranking in this category. However, in...
Business
Most Read
Geostrategy
Israel deprives 400 Palestinian kids of life-saving treatment: Report
The report published on Wednesday by the UK-based organization Save the Children said that nearly 400 children in Gaza, at...
- Nearly 100 children’s applications to Israeli authorities were denied or left unanswered in the month of May alone, said the report ‘I Can’t Run, Play, or Get Treatment’.
- “Neither chemotherapy nor radiology treatments are available due to Israeli Government restrictions on medical equipment and medication entering Gaza,” it said.
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
- The Mubadala Capital Solutions platform is comprised of three fully integrated strategies to provide investors with access to a range of fund managers and direct opportunities.
- The first strategy within the Mubadala Capital Solutions platform is a diversified, evergreen investment product focusing on private market opportunities.
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...
- The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group Limited.
- ACWA Power has a history of collaborations with Chinese companies such as installing the largest wind turbine in Central Asia with China Energy Engineering Corporation (CEEC).