Dubai’s family businesses get practical guidance with new toolkits
Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s...
Business
Business
ADEX and Egypt sign wheat, commodities financing agreement
Abu Dhabi, UAE -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has...
- The agreement entails a revolving financing program valued at S100 million, to be renewed annually over a five-year period, ultimately reaching a total of $500 million.
- The UAE’s support has contributed to the establishment of 25 silos in 17 governorates of Egypt, increasing wheat storage capacity by 1.5 million tons.
Business
Estithmar opens branches in Iraq
Two subsidiaries of the Qatari firm open two branches.
- Elegancia Healthcare, established a branch in Iraq in line with the memorandum of understanding that was signed recently to manage and operate several soon-to-be-opened hospitals.
- Estithmar Holding told Qatar News Agency that it signed agreements with the Iraqi investment authority worth $7 billion that includes real-estate and tourism development.
Business
Saudi minister, Chinese firms seek collaboration in housing development
Beijing, China -- Saudi Arabia's Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has held a meeting...
- During his meeting with SITEC Group, Al-Hogail deliberated over plans to establish an industrial complex in accordance with the highest pre-casting technology standards.
- This complex will encompass finishing materials and an operational model for industrial zones, enabling the delivery of 5,000 units annually.
Business
Abu Dhabi, Dubai realty resilient despite surging inflation, interest rates
Abu Dhabi, UAE – Real estate markets of UAE capital Abu Dhabi and Dubai demonstrated resilience in the face of...
- A report by Asteco, a full-service Real Estate company, said approximately 1,400 apartments were added to the Abu Dubai market during Q2 2023.
- Average apartment, villa, and office rental rates in Dubai increased by 6 percent, 3 percent and 6 percent respectively over the quarter.
Geostrategy
Turkey broadens grain deal talks ahead of Putin-Erdogan meet
Ankara, Turkey -- Turkey intensified talks with Ukraine, the United States, and the European Union on the grain deal in...
- Various Turkish ministries have held talks with the US, EU and Ukraine in preparation for the possible Putin-Erdogan meeting.
- Turkey's Milliyet newspaper reported that Putin will visit Turkey "in the coming days."
Geostrategy
Money laundering: UAE seizes $1bn, arrests 387 people in 2 years
Abu Dhabi, UAE -- More than AED 4 billion ($1.08 billion) were confiscated during the past two years by UAE's...
- Between Nov 2022 to Feb 2023, intelligence was shared in a total of 1,628 instances with international collaborators.
- These collaborations encompass various communication channels, including INTERPOL, Europol, the Gulf Police Authority, AMON International Network.
Geostrategy
US special Yemen envoy Lenderking’s Gulf tour to push for longer truce
"The United States is committed to supporting a resolution to the Yemen conflict as soon as possible. We are working...
- Tim Lenderking will meet with Yemeni, Saudi, Emirati, Omani and international partners to discuss the necessary steps to secure a durable ceasefire.
- He will also congratulate Yemeni, UN, and international partners on the successful operation to offload over 1.1 million barrels of oil from the FSO Safer supertanker.
Business
ADNOC, Tabreed say breakthrough in project to harness geothermal energy
ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion...
- The landmark project, the first in the Gulf region, is set to decarbonize the cooling of buildings in Masdar City.
- The project will further diversify the UAE’s energy mix and support the National Energy Strategy 2050.
Business
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
- This is made possible through the utilization of more than 750,000 solar panels, as well as through the implementation of purpose-designed towers for this network.
- RSG is the multi-project developer behind the ambitious regenerative tourism destinations, The Red Sea and Amaala.
Business
TAQA H1 net income $3.67bn
The group revenues were AED 26.8 billion, 5% higher than H1,2022.
- The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
- The company announced second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million).
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Amanat net profit up 73%
Business
Latest News
10,000 deaths raise specter of genocide in Gaza
Infographics
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
Business
Most Read
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Geostrategy
FMs from Palestinian Authority, Muslim nations to visit China
Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia,...
- Following the outbreak of war last month, Chinese officials including Foreign Minister Wang Yi have called for an immediate ceasefire and a "cooling down" of the situation.
- China has historically been sympathetic to the Palestinians and supported a two-state solution to the Israeli-Palestinian conflict.
Geostrategy
Climate action slowed in 2022, severe weather events increased
Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only...
- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only increased by 1% in 2022, lowest since 2000.
- In contrast, between 2000 and 2021, national climate policy action increased by an average of 10 percent a year, according to a new OECD analysis of policy adoption.