14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
Egypt jumps to third place in Offshore BPO Confidence Index
Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
Business
Geostrategy
World’s tallest building engulfed as Mideast sandstorms hit UAE
The world's tallest building disappeared behind a grey layer of dust on Wednesday as sandstorms that have swept the Middle...
- The 828-metre Burj Khalifa, which is usually visible across the busy financial hub, retreated behind a curtain of airborne dirt that shrouded much of the country.
- The Middle East's sandstorms are becoming more frequent and intense, a trend associated with overgrazing and deforestation, overuse of river water and more dams.
Geostrategy
Six dead, 48 rescued after migrant ship capsizes off Lebanon
At least six people died, including a little girl, and almost 50 others were rescued after a migrant boat capsized...
- The boat capsized on Saturday night near the northern port city of Tripoli, the departure point for a growing number of people attempting a potentially lethal sea escape.
- The deadly accident, weeks ahead of parliamentary elections scheduled for May 15, is not the first of its kind for the crisis-hit country.
Business
ADNOC to build two LNG vessels
The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
- The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
- Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business
Kuwait’s CGC signs deal
The $125m deal includes engineering works for PAHW.
- The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
- CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Business
ADNEC’s hall 40 percent complete
It would be the biggest exhibition hall in the MENA region.
- The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
- The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business
Tabreed to pay highest ever dividend
The payout will be in the form of cash and bonus shares.
- The firm said the shareholders will get a cash dividend of six fils per share and a bonus of one share for every 40 shares held, which is equivalent to 12 fils per share.
- Last year, group revenue increased by 12 percent to 1.95 billion dirhams ($530 million), while net income grew 6.3 percent to 585 million dirhams.
Arts & Culture
Marilyn Monroe portrait may fetch $200m at auction
Christie's said it expects Andy Warhol's 1964 "Shot Sage Blue Marilyn" to become the most expensive 20th century artwork when...
- Christie's described the 40 inch (100 centimeter) by 40 inch portrait as "one of the rarest and most transcendent images in existence."
- Warhol began creating silkscreens of Monroe following the actress's death from a drug overdose aged just 36 in August 1962.
Geostrategy
Soft power index: UAE first in Middle East, tenth globally
The UAE advanced to 15th place globally in the overall Global Soft Power Index ranking, up from last year's 17th...
- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said 'this reflects our leading position and good reputation worldwide'.
- The country is perceived to have managed the pandemic of COVID-19 effectively, which made it a distinguished model regionally and globally.
Business
Number of educational firms in Ajman Free Zone grew by 17 percent in 2021
The number of registered educational companies within the Ajman Free Zone (AFZ) grew by 17 percent in 2021 compared to...
- Ajman Free Zone is home to more than 240 educational facilities in 2021.
- AFZ attributed the growth to its strategic location, modern facilities and infrastructure, innovative and seamless services.
Economy
UAE and Israeli firms hold 200 business meetings at Dubai event
The ‘Dubai-Israel: Future Horizons Mission’ was hosted by the Dubai International Chamber, which is one of the three chambers operating...
- The event was the focus of a high-level trade mission which was joined by 50 businessmen representing 25 Israeli companies listed in Tel Aviv Stock Exchange.
- Dubai’s non-oil trade with Israel reached nearly AED 2 billion in the first half of 2021.
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14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
Company News
Riyadh to host Peace and Sport Middle East Forum in Oct
Arts & Culture
Latest News
DEWA Q2 revenue $2bn
Business
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...
Geostrategy
Qatar realty market trading volume $277 million in August
Doha, Qatar -- Qatar real estate market recorded deals worth QR1.011 billion ($277 million) in the month of August 2023,...
Business
Russia’s Sberbank launches new tourism-oriented services in Iran
Tehran, Iran -- Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to...
Business
Most Read
Business
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
- The cooling infrastructure will potentially reduce over 200MW of peak electricity demand.
- The district cooling agreements are part of Telangana’s vision to become net zero by 2047.
Business
ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
- The agreement grants Kawasaki access to ENOC Group’s advanced lubricants from top-tier mineral oils for regular bikes to fully synthetic oils designed for high-end bikes.
- ENOC said the new products meet an array of standards including, API SP and JASO T903: 2023 MA-2, guaranteeing best-in-class oil thickening and wear protection.
Business
TAQA’s $1.5bn dual-tranche bonds listed on Abu Dhabi Exchange
Abu Dhabi, UAE -- Abu Dhabi National Energy Company (TAQA's) dual-tranche $1.5 billion bonds were listed on Abu Dhabi Securities...
- The five-year $500 million notes, maturing in 2029, were issued as conventional bonds with a 4.3 percent coupon.
- The 10-year $1 billion tranche, maturing in 2033, was priced with a 4.6 percent coupon – with coupon payments being made to bondholders on a semi-annual basis.