UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
Business
Business
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.
- The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs.
- The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period.
Business
Herald, SAIF Zone sign agreement
Herald aims to expand its presence in the region.
- Under the new deal, Herald Holdings has secured 173,000 square feet (sq.ft) on lease in SAIF Zone to construct a logistics facility.
- The facility will offer comprehensive warehousing services and seamless cargo transportation by air, land, and sea.
Business
Dubai records $3.72 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,626 real estate transactions worth over AED 13.7 billion ($3.72 billion) were conducted during...
- The DLD report showed that 618 plots were sold for AED 6.19 billion, while 2,410 apartments and villas were purchased for AED 5.63 billion.
- The top three transactions were three lands in Al Goze Second sold for AED 68.12 million, AED 67.92 million, and AED 67.56 million.
Business
ACWA Power awards contract for $677m Saudi desalination project
Riyadh, Saudi Arabia: Saudi energy and water desalination developer ACWA Power, along with Haji Abdullah Alireza & Co (HAACO) and Al...
- The engineering, procurement and construction (EPC) contract was signed with a consortium of Power China, SEPCOIII, and WETICO.
- ACWA Power currently operates the Rabigh 3 IWP in the same area, the first desalination plant of its size in the private sector.
Business
Four Gulf sovereign wealth funds among world’s top ten
Abu Dhabi Investment Authority ($853 billion) and Kuwait Investment Authority ($803 billion) ranked fourth and fifth respectively, while Saudi Arabia's...
- PIFs assets reached SAR 2.635 trillion $700 billion in June, increasing by $50 billion, compared to $650 billion in April.
- With assets of over $475 billion, Qatar Investment Authority ranked 10th, according to SWF Institute data.
Business
Dubai records $980m in real estate transactions: Land Department
DUBAI, UAE -- Dubai real estate market recorded deals worth AED 3.6 billion on Thursday, Dubai Land Department data shows.The...
- The deals included 712 sales transactions worth AED3.38 billion, in addition to 112 mortgage deals of AED200.32 million, and 22 gift deals amounting to AED41.39 million.
- The mortgages included 99 villas and apartments worth AED184.19 million and 13 land plots valued at AED16.14 million.
Business
Qatar, India trade increases to $17.2 billion in 2021-2022
Dubai, UAE -- Trade volume between Qatar and India increased by about 33 percent during 2021 and 2022, reaching $17.2...
- Qatar's undersecretary for Commerce Affairs at the Ministry of Commerce and Industry Saleh bin Majed Al Khulaifi said India is Qatar's second largest trading partner.
- The India-Arab Partnership Conference was organized for the first time in 2008 to increase trade exchange between Arab countries and India.
Business
Deals worth $613m signed Saudi-Turkish Business Forum launch
Dubai, UAE -- Deals worth SAR 2.3 billion ($613 million) were signed between Saudi Arabian and Turkish companies on the...
- The deals have been signed for real estate development, construction, engineering consultancy and a number of other investment sectors.
- The Saudi-Turkish Business Forum was launched in Istanbul in presence of Saudi and Turkey's ministers.
Business
Ethmar net profit up $114m
The company's net profit in H1 2022 was only $6.5 million.
- The increase reflects the continuous efforts of EIH to diversify its revenue sources, the company said.
- The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023.
Business
Saudi cinema sector grows by 28 percent by second quarter end
Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of...
- The highest regions in terms of records are Riyadh with 953 records, Makkah Al-Mukarramah (501), Eastern (155), Madinah (51) and Qassim with 22 records.
- In 2022, more than 14 million cinema tickets were sold, up from 13 million in 2021, according to data from the General Authority for Audiovisual Media.
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
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Yansab 9M net loss $134 million
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DP World, TPA ink pact
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Mobily 9M 2023 profit up 41%
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SPCC signs two solar power purchase pacts with 1500MW capacity
Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...
Business
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Business
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
- The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average.
- All ten vessels are expected to be delivered in Q4 2023, with financial consolidation taking place from Q1 2024 onwards.
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
- The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
- Launched two months ago, It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically.
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10,000 deaths raise specter of genocide in Gaza
Some world leaders like Turkey's President Erdogan use the term genocide to describe Israeli actions in Gaza. Israel has also...
- The President of Turkey, Recep Tayyip Erdoğan, has used the term "genocide" to describe Israeli actions in Gaza.
- Pronouncements of several Israeli politicians, who openly called for extermination of Palestinians, have added to the fears of a genocide in Gaza.