$661m plot of land among weeklong real estate deals in Dubai
The emirate recorded a total of 3,785 real estate transactions worth AED 16.6bn ($4.51 billion) during the week ending 22...
Business
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
Infographics
UAE crypto registration cost highest in GCC
The factors that influence the cost of registration include the type of business, the location of the business, and the...
- In addition to the registration fee, there are other costs associated with starting a cryptocurrency business, such as legal fees, accounting fees, and marketing fees.
- In the free zones of the UAE, the crypto registration cost is much lower than those areas under VARA.
Geostrategy
Lebanon’s main Druze party choses Taymur Jumblatt as new leader
Almost 2,000 supporters gathered in Ain Zhalta, in the Druze heartland of the Chouf mountains, where members of the Progressive...
- He takes up the mantle at a time when Lebanon has been reeling from three years of gruelling economic crisis, widely blamed on the governing elite.
- The Druze are a secretive offshoot of Islam that make up around five percent of Lebanon's population but who have wielded political clout under Taymur's father.
Business
Hyundai, Aramco sign $5bn contract
Hyundai will build a petrochemicals complex in the kingdom.
- Korean media reports said the deal, which will advance the Amiral project packages No. 1 and 4, is the largest contract won by a Korean builder.
- The deal comes a day after Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in Saudi Arabia.
Economy
UAE GDP up 7.9% in 2022 on strong non-oil sector performance
Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking...
- The UAE's GDP at constant prices totaled AED1.62 trillion in 2022, while non-oil GDP at constant prices reached AED1.174 trillion.
- Al Marri noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent in the past six years, the highest in the GCC region.
Business
DP World, Pelindo and INA sign deal
They will more than double Indonesia's BNCT's capacity to 1.4m TEUs.
- The expansion and modernization program will strengthen BNCT's position as a major trade and logistics gateway in the Malacca Strait, DP World said.
- DP World will also work with its partners to connect other terminals and small ports on the Island of Sumatra.
Business
Dubai Financial Market delists shares of three companies
Dubai, UAE -- Dubai Financial Market has delisted shares of Gulf General Investments Company's shares, effective 23 June 2023, under...
- Shares of Gulf General Investments Company, Arabtec Holding Company and Marka Company were deslisted from 23 Jun 2023.
- Gulf General's delisting comes under the rule that empower it to delist any security that has been suspended from trading for a duration of six months.
Business
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
- The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
- Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.
Business
SAMI, Safran sign helicopter pact
Paris, France -- SAMI, a PIF-owned national defense and security organization of Saudi Arabia, has signed an agreement with Safran...
- The agreement includes technical assistance and qualification, development of technical infrastructure, and technical training for Saudi talents.
- Safran Helicopter Engines is the world's leading manufacturer of helicopter engines, with more than 75,000 produced since being founded.
Business
Dubai records over $680 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED 2.5 billion ($680 million) on Thursday, Dubai...
- The transactions included 744 sales worth AED2 billion, in addition to 153 mortgage deals of AED542.55 million, and 27 gift deals amounting to AED31.3 million.
- The sales included 688 villas and apartments worth AED1.56 billion, and 56land plots worth AED435.15 million.
Business
Sipchem to pay 12.5% H1 dividend
The total dividend of $241.63 million will be paid on July 19.
- During the past three financial years, the company has paid cash dividends at SAR 5.99 per share.
- Sipchem's net profit for the first quarter of 2023 fell by 56 percent to SAR 470.3 million from SAR 1.07 billion in the same period of 2022.
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$661m plot of land among weeklong real estate deals in Dubai
The emirate recorded a total of 3,785 real estate transactions worth AED 16.6bn ($4.51 billion) during the week ending 22...
Business
Company News
Sipchem 9M net profit down 67%
Business
Latest News
200,000-year-old hand axe found in Saudi Arabia’s AlUla region
AlUla, Saudi Arabia -- The Royal Commission for AlUla (RCU) has announced that the archeological excavation teams at the Qurh...
Arts & Culture
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
Business
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
Business
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Business
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
- The partnership aims to create a framework for cooperation between AMF's Buna and Pakistan's Raast payment systems.
- This will eventually streamline cross-border remittances between the Arab region and Pakistan through official channels.
Business
SCC 9M net profit $73m
The company's revenues increased by 9 percent during this period.
- Gross income rose by 17.3 percent to SAR 435.30 million. Operating income increased by 11.8 percent to SAR 278.20 million.
- The surge in profits was primarily driven by higher sales revenue, resulting from increased total sales value and volumes, as well as other revenue streams.
Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.