New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
Business
Geostrategy
Arab world expresses outrage over Quran desecration in Sweden
Described as a "flagrant provocation to all Muslims," the incident has drawn outrage from the Council of Arab Interior Ministers,...
- The organizations emphasize the importance of respect for human rights and all religious beliefs.
- The UAE's Ministry of Foreign Affairs summons Swedish envoy to lodge protest and condemnation.
Business
Petrofac Emirates awarded $700m ADNOC Gas Procession EPC contract
Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement,...
- The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output from the Habshan Complex.
- The new plant, expected to play a pivotal role in increasing gas production, will consist of three gas compressor trains, as well as associated utilities and power systems.
Business
Kuwait and South Korea sign MoU to regulate airline operations
Kuwait -- Kuwait's General Administration of Civil Aviation (GACA) and the South Korean Ministry of Land, Infrastructure and Transport signed...
- The MoU amends the agreement signed between the two countries in 1981 will be in effect for five years with the possibility of renewal.
- It will also encourage international airlines to increase their flights to and from Kuwait International Airport and facilitate the movement of passengers and air cargo.
Economy
Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%
Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven...
- The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent in 2024.
- The report forecasts the current account surplus to reach 20.8 percent of GDP in 2023 and 22.8 percent of GDP in 2024.
Economy
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
- Compared with March 2023, the Kingdom's imports from GCC dropped by 21 percent, or SAR 1.52 million.
- The Kingdom's merchandise imports rose 1 percent year-on-year to almost SAR 57.9 billion in April.
Business
Dubai real estate market records highest ever first-half sales
Dubai, UAE -- Dubai's real estate market has recorded its highest semi-annual sales figures ever, with 61,000 deals worth AED...
- The growth rate in terms of sales value amounted to 57 percent on an annual basis during the first six months of 2023.
- During June 2023, a total of 10,405 real estate sales deals with total value of AED 30.3 billion, which is the highest number ever for the month of June.
Business
SPARK, Hutchinson Ports ink pact
SPARK Logistics Company will meet the needs of investors.
- SPARK is the world's largest energy hub, spanning 50 square kilometers in the Eastern Province of Saudi Arabia.
- Under the agreement, SPARK Logistics Company has been granted concession rights to provide logistics services.
Business
Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...
- Net purchases by institutional investors totaled AED 5.6 billion ($1.52 billion), after buying stocks worth AED165.4 billion and selling AED159.7 billion in stocks.
- Institutional investments accounted for some 78 percent of the total trading volume, both buying and selling, in both markets since the start of the current year.
Economy
Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth
Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances...
- This the highest quarterly value in the past nine years. The contribution of non-oil activities to the total GDP reached its highest level in eight years to 52.8 percent.
- The construction sector recorded highest quarterly growth rates in nine years during the first quarter of 2023 and the fourth quarter of 2022 in a row.
Business
Bahrain central bank $185m Treasury bills oversubscribed 109%
Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The total outstanding value of Government Treasury bills, typically issued with maturities of 91 days, 182 days, and 364 days, is BD 2.110 billion.
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
Company News
DP World, TPA ink pact
Business
Mobily 9M 2023 profit up 41%
Business
Latest News
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
Business
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Business
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)...
- These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
- The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
Business
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...
- The contracts stipulate, among others, the establishment of the first phase of the space science fiction city Mars War, at a value of SAR 5 billion.
- Also included is the establishment of an emergency information center, together with China Mobile company, at a value of SAR2 billion.
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.