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
Saudi PIF secures $5 billion financing in collaboration with K-SURE
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
Business
Geostrategy
Thai PM to visit Saudi for first time since gem theft soured ties
Prime Minister Prayut Chan-O-cha will this week make the first visit by a Thai leader to Saudi Arabia in more...
- Thai-born janitor Kriangkrai Techamong stole $20 million worth of precious gems in 1989 from the home of a Saudi prince, triggering a feud between the countries.
- Saudi Arabia has long accused Thai police of bungling their investigation into the theft, with allegations that the stolen gems were snapped up by senior officers.
Business
Saudi launches Boutique Group to convert palaces into ultra-luxury hotels
Boutique Group, a new hospitality brand that will manage and convert a collection of iconic historic and cultural palaces in...
- The first phase of the project will focus on the development of three historic palaces in cooperation with the private sector.
- Al Hamra Palace will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah.
Business
UAE, South Korea ECAs sign MoU to boost green energy investments
The official export credit agencies of the UAE and South Korea have signed an MoU to boost investments in sustainable...
- Etihad Credit Insurance and K-SURE will work to facilitate support for various collaborative projects, especially hydrogen economy and renewable energy.
- They will also join forces to support the exporters operating in diverse industries to enter the global market.
Business
Indonesian student’s selfies fetch $1m in NFT sales
Sultan Al Ghozali, a computer science student at a university, has taken a picture of himself sitting in front of...
- He intended to use the collection of nearly 1,000 selfies to create a timelapse video for his graduation day.
- After learning about blockchain technology, the 22-year-old decided to upload the photos to NFT trading platform OpenSea under the title "Ghozali Everyday"
Business
300 stakeholders take part in Dubai Shenzen Day and Products Show
Over 300 public and private sector stakeholders from China and the UAE took part in the first Shenzhen Day Launch...
- Over 70 Shenzhen-based companies specializing in life and health, consumer electronics and intelligent security, that put more than 350 high-tech products on display.
- A total of 120 bilateral business meetings were held during the event as part of the Dubai Chambers representative office in Shenzhen’s efforts to facilitate exchange.
Business
Decrees regulating Dubai Chambers and their Boards issued by Sheikh Mohammed
Dubai Chambers has been established as a new entity, replacing the Dubai Chamber of Commerce & Industry, and Juma Al...
- One of the decrees establishes the Board of Directors for Dubai Chambers and appoints Abdul Aziz Al Ghurair as its Chairman.
- As per the new legislation, Dubai Chambers' main responsibility is to develop plans and policies to enhance the emirate's global status as an economic hub.
Business
Dubai Free Zones Council mulls facilitating business bank accounts for SMEs
A meeting of the Dubai Free Zones Council (DFZ Council) on Sunday discussed how to facilitate opening business bank accounts...
- These bank accounts will be facilitated in collaboration with the UAE Banks Federation.
- Council members also highlighted their readiness to support the Emirati Human Resources Development Council in Dubai, which DFZ Council joins as a member.
Economy
Value and volume of Qatari real estate deals rise in November
The total number and value of sold real estate in Qatar have increased at a monthly rate of 2.8 percent...
- The issued cash increased by 3 percent, compared to October 2021, and at an annual rate of 20.7 percent, compared to November 2020.
- Total Broad Money Supply (M2) recorded about QR619.3 Billion during November 2021, an annual increase of 6.2 percent compared with November 2020.
Business
GCC’s first tire storage and distribution hub coming up in Abu Dhabi
AD Ports Group has signed an agreement with China-based Shandong Port Group, to establish a Tyre Hub at KIZAD for...
- China's Shandong Port Group and AD Ports Group sign an agreement to set up a hub at KIZAD for the storage and distribution of tires.
- AD Ports Group will provide space for an upcoming 150,000 sqm facility in KIZAD under its Industrial Cities and Free Zone Cluster.
Economy
Iraq saw rise of positive economic indicators in 2021: Planning Ministry
Iraq's Ministry of Planning has said several positive economic indicators have risen during 2021 and several measures are being taken...
- People regaining their jobs after easing of Covid restrictions helped boost projects in the private sector.
- Although the Planning Ministry is yet to prepare a report on economic indicators for 2021, there is an improvement in many fields, says a spokesman.
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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
Company News
ADNIC net profit $55.64m
Business
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ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
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...
Business
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
Economy
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Business
Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...
- In total, 11,436 pick-up trucks were manufactured in the country in the first five months of the current Iranian calendar year.
- The number of vans produced in the country from March 21 to August 22, 2023 was 1,371, showing a 70 percent hike compared to the same period of last year.
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.