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...
- This figure reflects a total purchase of AED 302.7 billion compared to total sales of approximately AED 295.8 billion.
- Institutional investors dominated the UAE equity market in 2023, capturing nearly 78 percent of total trading activity.
Business
Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
- The Assistant Commander-in-Chief for Excellence and Pioneering Affairs of Dubai Police will serve as the Vice Chairman of the Board.
- These representatives will be named by the respective heads of these entities. The Board also includes the CEO of Dubai Corporation for Ambulance Services.
Economy
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.
Geostrategy
Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
- This pivotal agreement includes a nationwide ceasefire, initiatives to enhance living standards, and steps towards resuming a comprehensive political process under UN's guidance.
- The Qatari Ministry of Foreign Affairs expressed hope for the roadmap's imminent signing, contributing to a comprehensive political solution to the Yemeni crisis.
Business
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
- Khor Customs Centre and Deira Port successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country.
- An advanced container X-ray inspection device, supporting increased inspection operations, is operational at te Hamriyah Port Customs Centre.
Geostrategy
Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
- The statement said Israeli forces continue to carry out widespread acts of abuse, brutal assaults, on-field interrogations, and threats against detainees and their families.
- Since Oct 7, West Bank Palestinians have witnessed growing settler violence and the displacement of small herding villages on land coveted by Israel.
Geostrategy
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
- The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
- Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.
Business
$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...
- The sum of the amount of mortgaged properties for the week was 2.29bn, with the highest being a land in Al Safouh Second, mortgaged for AED 509.2 million.
- A total of 216 plots were sold for AED 4.91bn 2,729 apartments and villas were sold for AED 7.49bn. A total of 257 properties were granted between first-degree relatives.
Economy
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
- Additionally, loans were not extended to countries with long-term creditworthiness ratings below B- from Fitch or Standard & Poor’s, or below B3 from Moody’s.
- Under the new decree, Russia will no longer adhere to international institutions' recommendations when extending loans to other countries.
Business
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.
- ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
- The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Company News
Latest News
US Pentagon chief says military ready to ensure Iran never gets a nuclear bomb
Washington, United States -- The US defense secretary reiterated Sunday that the United States hopes for a diplomatic solution to...
Geostrategy
US-funded Arabic network ends broadcasts after Trump cuts
The network went on air in 2004, when US officials were complaining about coverage of the Iraq war from Qatar-backed...
Geostrategy
‘Diriyah Tan’ unveiled to celebrate Saudi tourism hub’s rich heritage
Riyadh, Saudi Arabia -- Diriyah Company has collaborated with Pantone to produce "Diriyah Tan," a color that embodies the essence...
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Business
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
- Through SoTex, Kimmeridge is building America’s first integrated gas independent to deliver low-cost natural gas from wellhead to water.
- The deal bolsters Mubadala Energy's growth plans to invest across the gas value chain in key energy hubs around the world.
Economy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
- The signing comes at the conclusion of a visit to Iraq by a high-level US delegation comprising of representatives from 60 private firms.
- Despite sitting on large reserves of petrol and natural gas, decades of conflict and instability have ravaged Iraq's energy infrastructure.
Arts & Culture
Qatar’s ‘Hit Show’ wins $12 million Dubai World Cup
Dubai, UAE --Â Qatar's 'Hit Show' triumphed in the 2025 Dubai World Cup's main event at Meydan, the pinnacle of...
- Hit Show, owned by Wathnan Racing, ridden by Florent Geroux, prevailed over eight top competitors in 2:03:50 minutes, earning $6.96m with a 0.64-length victory.
- The American horse Mixto, owned by Calumet Farm, came in second place, ridden by jockey Frankie Dettori and trained by Doug O'Neill, and received a cash prize of $2.4m.