Ambitious agreements mark Saudi Crown Prince’s Qatar visit
Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...
Geostrategy
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
COP28 UAE
Business
Arab Bank Group net income up 49 percent in first nine months of 2022
Compared to $271.7m in 2021, the net income at Sept end was $405.8m.
- At the end of September 2022, loans were up by 4 percent from September 2021 level to reach $35.6 billion.
- The deposits reached $47.8 billion, up by 3 percent from the 2021 level.
Geostrategy
Gas production starts at Karish field day before expected Israel-Lebanon deal
Jerusalem---Gas production has started at Karish, an offshore field at the centre of a maritime border deal between Israel and...
- The announcement comes a day before Lebanon and Israel are expected to sign their maritime deal, following lengthy negotiations mediated by Washington.
- Energy assets were fiercely contested in the talks, with Israel ultimately securing full rights over Karish as part of the accord.
Business
DP World gross container volume rises 2%
On a third-quarter basis, DP World handled 20.1 million TEU.
- The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia.
- Jebel Ali (UAE) handled 3.5 million TEU in Q3, up 2 percent year-on-year.
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.
Ambitious agreements mark Saudi Crown Prince’s Qatar visit
Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...
Geostrategy
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Yalla Group H1 revenue $152m
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APIC H1 net profit down 39%
Business
Estithmar opens branches in Iraq
Business
Russian Post working on opening company in UAE, says CEO
Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in...
Business
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...
Geostrategy
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
Business
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Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
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...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.
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...
- The credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of rising interest rates on credit growth.
- The report expects bank credit growth at UAE banks to rise to about 7 percent in 2023, from 5 percent in 2022, WAM reported.