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
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.
Geostrategy
FDI into Oman increases by 19 percent in Q1 2021: Report
Foreign Direct Investment into Oman increased by 19 percent in the first quarter of 2022, according to a report by...
- There has been an increase in non-oil exports in 2021 that also saw the sultanate organize several conferences, including the “Oman Renewable Energy” investment conference.
- Oman was able to achieve its economic growth goals through the "Medium-Term Financial Balance Plan 2022/2024", which provided revenues of $780 million in 2021.
Business
UAE inflation low but businesses burdened by rising costs: Report
IMF estimates inflation in the UAE is expected to be at 3.7 per cent in 2022, falling to 2.8 percent...
- About 37 percent of UAE businesses are changing their pricing strategy in line with cost increases and 31 percent are focusing on product or service differentiation.
- Businesses in the UAE report cost increases of 18 per cent for energy and utilities, 17 per cent for raw materials and 14 per cent for wages and staff compensation.
Business
Dubai records realty deals worth $241 million on Wednesday
Dubai recorded realty transactions worth AED888 million ($241 million) on Wednesday. The real estate market in the emirate recorded 310...
- The real estate market in the emirate recorded 310 sales transactions worth AED668.1 million, in addition to 86 mortgage deals of AED163.78 million.
- A day earlier, Dubai real estate market recorded AED1.2 billion in realty transactions.
Business
Etihad orders 7 A350F freighters
The freighters will upgrade Etihad's freight capacity.
- With this order, Etihad adds to its existing order of the largest passenger version of A350-1000s, five of which have been delivered.
- Etihad has also firmed up a long-term agreement for Airbus' Flight Hour Services (FHS) to support its entire A350 fleet.
Economy
UAE central bank issues new guidance for politically exposed persons
The Central Bank of the UAE (CBUAE) has issued new guidance on Anti-Money Laundering and Combating the Financing of Terrorism...
- The guidance will help Licensed Financial Institutions understand risks and effective implementation of anti-money laundering and terror financing guidelines.
- The guidance requires LFI’s to demonstrate compliance with its requirements within one month.
Geostrategy
China launches second of three space station modules
China launched on Sunday the second of three modules needed to complete its new space station, state media reported, the...
- Beijing launched the central module of its space station Tiangong -- which means "heavenly palace" -- in April 2021.
- Almost 18 meters (60 feet) long and weighing 22 tons (48,500 pounds), the new module has three sleeping areas and space for scientific experiments.
Business
Dubai records real estate transactions worth $296m on Thursday
Dubai real estate market recorded 379 sales transactions worth AED1.09 billion ($296 million), in addition to 96 mortgage deals of...
- The sales included 359 villas and apartments worth AED755.34 million, and 20 land plots worth AED331.11 million.
- mortgages included 78 villas and apartments worth AED170.89 million and 18 land plots valued at AED148.89 million.
Business
EDB, Valiant Healthcare sign pact
EDB credit facility will extend to both capital investment and expenditures.
- The signing ceremony was attended by Ahmed Mohamed Al Naqbi, CEO of EDB, Faisal Juma Belhoul, Chairman of Valiant, and Ahmed bin Juma Belhoul, CEO of Valiant Healthcare.
- We will introduce our patients to additional highly valued premium inpatient rooms, in addition to a state of the art Cath-lab & EP lab, said Belhoul.
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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
$17.32bn projects launched on first day of Cityscape Riyadh
Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
Business
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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.
Geostrategy
UAE President, Indian Prime Minister discuss strengthening bilateral, trade ties
NEW DELHI, INDIA - UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met to...
- The meeting was held on the sidelines of the 18th Group of 20 (G20) Heads of State and Government Summit in New Delhi.
- The two sides also exchanged views on various regional and international developments of mutual interest.