China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
Qatar’s foreign merchandise trade surplus $4.58 billion in Nov 2023
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
Business
Business
APIC H1 net profit down 39%
Total revenues grew by 7.2% YoY to $590 million.
- Net profits attributed to APIC shareholders in the first half of 2023 reached $11.08 million.
- Total assets increased by 8.74 percent compared to 2022's closing and reached $756 million.
Business
Mawani adds 20 cargo services to Saudi Arabia’s ports in H1
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added 20 cargo services to the ports of Jeddah, Dammam,...
- Transshipments gained 12.19 percent over the prior year’s volume of 1,391,221 TEUs to reach 1,560,790 TEUs in H1 2023.
- A total of 5,918 vessels called at Mawani’s ports during this year’s first half, up 10.68 percent year-on-year from 5,347 ships.
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.
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
Company News
MIS net profit $7.1m in 9M 2023
Business
Dana Gas 9M net profit $126m
Business
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Amlak Q3 net profit AED $73m
Business
Rabigh 9M net loss $879m
Business
IHC 9M net profit $4.13bn
Business
Jeddah Program named cultural destination of FIFA Club World Cup
Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter...
Arts & Culture
$9.9bn transport investments boost Qatar’s logistics efficiency
Dubai, UAE -- Qatar Chamber has underscored Qatar's significant strides in the transport sector, positioning the nation as a formidable...
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
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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,...
- UAE's aviation sector enjoys global confidence regionally and internationally, competing with major airlines in Europe and North America, said Abdennabi Manar.
- Manar anticipated that the UAE aviation sector would continue its upward growth trajectory, aligning with the substantial growth witnessed in the Arab aviation sector.
Business
Gaza health situation a ‘perfect storm for tragedy’: UN
Around 160 children are killed every day in Gaza and UNICEF has warned that the number could skyrocket. More than...
- Key mediator Qatar, Israeli PM, US President Joe Biden and Hamas leader Ismail Haniyeh say a deal on the release of Palestinian prisoners and Israeli hostage likely to materialize.
- Fifty-three journalists and media workers have been killed in the latest Gaza conflict, according to a tally by the Committee to Protect Journalists (CPJ).
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.