UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
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.
Business
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,...
- The real estate market index for the month of August revealed that the financial value of Doha municipality's transactions amounted to QR 290 million.
- Of the 10 most expensive properties sold in the month, Doha accounted for seven and Al Rayyan, Al Wakrah and Umm Salal one each.
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...
- According to Sber, ruble transfers will be sent to the Iranian Pasargad Bank with the standard commission for international transactions of 1 percent. Â
- Last December, Russia’s second-largest bank VTB launched a similar service in Iran and later in May it opened a branch in the country.
Economy
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
- The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".
- The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence said.
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.
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
Company News
ACWA Power, SEC sign PPAs
Business
Latest News
GA-ASI partners with EDGE
Business
Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
Business
43% people in Saudi likely to make more cross-border payments in 2023
Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...
Business
UAE owns 40% of aircraft fleet in Arab region, says ACAO official
Dubai, UAE -- The United Arab Emirates (UAE) holds nearly 40 percent of the aircraft fleet in the Arab region,...
Business
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Business
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...
- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand.
- Al-Eisawi also noted that global travel has recovered more than 97 percent of pre-pandemic levels, exceeding 100 percent in the Middle East region.
Business
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.
- The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
- The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
- A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
- The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.