UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Business
Dubai records weeklong real estate transactions worth $3.02 billion
Dubai, UAE -- A total of 3,321 real estate transactions worth AED11.1 billion ($3.02 billion) were conducted in Dubai during...
- The DLD report showed that 220 plots were sold for AED 2.54 billion, 2,398 apartments and villas were sold for AED 5.85 billion.
- Wadi Al Safa 3 recorded the most transactions for this week by 61 sales transactions worth AED 728.44 million.
Business
East Pipes net profit $26.63m
The company had posted a loss of 3.2 million riyals the previous year.
- The growth in net profit was driven by a 141 percent year-on-year (YoY) surge in revenue to SAR 1.4 billion.
- The company's board also announced that SAR31.50 million in dividends was distributed to the company's shareholders.
Business
Transporters in UAE asked to register in e-tracking system by Oct 30
Abu Dhabi, UAE -- UAE's Federal Authority for Identity, Citizenship, Customs & Port Security has asked transporters in the Emirates...
- Those who fail to register by this date will be fined AED1,000 for the first month, and AED100 for each subsequent month, with a maximum of AED5,000.
- The registration in the system shall be carried out by the target groups, through the license holder or his legal representative.
Geostrategy
EU backs WTO deal banning harmful fisheries subsidies
Brussels, Belgium -- The European Union approved a historic agreement banning harmful fisheries subsidies on Thursday, joining a small group...
- Canada and the United Arab Emirates accepted the World Trade Organization (WTO) agreement earlier this month, following the United States in April.
- The agreement bans subsidies for illegal, unreported and unregulated fishing, with a two-year exemption for developing countries within their exclusive economic zones.
Business
Saudi PIF forms $3 billion company for investments in Iraq: CEO
Muteb Alshathri, acting CEO PIF, told the Saudi-Iraqi Coordination Council in the kingdom that the Saudi-Iraqi Investment Company will invest...
- Iraq's oil minister told the Council that Aramco will invest and develop the Akkas gas field in Anbar province, which could produce 400 mcfm per day.
- The five companies announced last year will invest up to $24 billion in opportunities across various key sectors in each market.
Business
ADNOC L&S IPO: Offer price AED2.01 per share, raises $769m
Abu Dhabi, UAE -- Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that the final offer price for the...
- This implies a market capitalization of AED 14.9 billion ($4.05 billion) of ADNOC L&S at the time of admission.
- ADNOC said the IPO witnessed overwhelming demand from UAE retail investors and professional investors, amounting to $125 billion.
Arts & Culture
AlUla’s Jabal Ikmah listed on UNESCO’s Memory of the World Register
AlUla, Saudi Arabia -- The United Nations Educational, Scientific and Cultural Organization (UNESCO) listed AlUla's Jabal Ikmah in its Memory...
- Jabal Ikmah is one of the most prominent historic sites in AlUla and is designated as one of the largest open-air libraries in the Arabian Peninsula.
- It includes hundreds of carved inscriptions and stone carvings along the mountain made in different eras and civilizations, some thousands of years ago.
Business
Mega production facility hastens Neom green hydrogen goals
Neom, Saudi Arabia -- Saudi Arabia's futuristic city NEOM says it has outlined a clear path towards the at-scale production...
- The NEOM Green Hydrogen Company (NGHC) facility being built in Oxagon is set to be the world’s largest commercial-scale green hydrogen production facility in the world.
- Once operational in 2026, it will produce 600 tons of green hydrogen per day, which will be available for global export, saving as much as 5 million tons of CO2 emissions.
Business
Dubai records realty deals worth $1.38 billion in two days
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...
- A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
- On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
Geostrategy
UAE joins $275m global effort toward Romania’s clean energy goals
Abu Dhabi, UAE -- The UAE has joined global partners such as the US, Japan, and South Korea to commit...
- This is the first major nuclear energy initiative to be supported under the Partnership for Accelerating Clean Energy (PACE).
- PACE aims to catalyze $100 billion in financing, investment, and other support to deploy 100GW of clean energy capacity by 2035.
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UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Company News
Latest News
EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
Saudi Arabia selected as member of UN’s AI Advisory Body
New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory...
Geostrategy
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
Business
PIF to reveal complementary auto projects soon, says top official
Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said...
Business
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Business
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
- The PIF now boasts assets under management exceeding $700 billion and says it has created more than 560,000 "direct and indirect" jobs.
- The PIF's high-profile investments in foreign firms include stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.
Geostrategy
FII7 concludes, WAVE launched on Day 3 to boost ocean regeneration
Riyadh, Saudi Arabia -- The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance...
- WAVE will serve as a platform, connecting diverse stakeholders across geographies, industries, and sectors, to amplify their collective efforts.
- It will launch a set of programs to raise awareness, establish a digital information hub, accelerate innovations, support scientific efforts.
Geostrategy
Dubai among top 25 global cities for third consecutive year
Dubai, UAE -- Dubai has retained its leading position in the MENA region on Kearney's Global Cities Index, ranking 23rd...
- Average GCI scores have remained steady following several years of decline, with cities in the Middle East and Africa improving markedly.
- Riyadh, Muscat and Doha improving their overall rankings by nine, eight, and seven, respectively.