Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
Science
Saudi astronauts to conduct 11 experiments at Space Station
Riyadh, Saudi Arabia -– Two Saudi astronauts will conduct 14 scientific and research experiments during their ongoing space mission. The...
- Besides 11 experiments in the microgravity environment, Ali Al-Qarni and Rayyanah Barnawi will participate in three interactive educational experiences with students in the kingdom
- The focus will be on conducting human research, cell sciences, and cloud seeding experiments in the microgravity environment.
Business
Empower to run DXB’s cooling system
The airport's cooling systems have a total capacity of 110,000 RTs.
- The cooling capacity is equivalent to 11 times the consumption of Burj Khalifa, the world's tallest tower, valued at AED 1.1 billion.
- Emirates Central Cooling Systems Corporation (Empower) is the world's largest district cooling services provider.
Economy
Qatar’s real GDP to grow at 2-2.5 percent in 2023-24: IMF
Dubai, UAE -- The International Monetary Fund expects Qatar's real GDP to grow by 2-2.5 percent in 2023-24 on robust...
- Medium-term growth is likely to rise to around 4–4.5 percent after the North Field expansion starts boosting LNG production.
- It said that after very strong growth in 2022 boosted by the World Cup, the economy is expected to normalize in the near term while the outlook remains relatively favorable.
Business
$36m plot of land among $2.47bn Dubai weekly realty deals
Dubai, UAE -- A total of 3,105 real estate transactions worth AED9.1 billion ($2.47 billion) were conducted in Dubai during...
- The DLD report showed that 191 plots were sold for AED1.14 billion, and 2,284 apartments and villas were sold for AED6.03 billion.
- Al Hebiah Fifth recorded the top transactions for this week with 54 sales worth AED185.13 million, followed by MADINAT HIND 4 with 34 sales worth AED50.26 million.
Business
Masdar to develop 2GW of clean energy projects in Uzbekistan
Abu Dhabi, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Uzbekistan’s Ministry of Energy (MoE)...
- Besides 2 gigawatts of solar and wind projects, 500 megawatt-hours of battery energy storage at multiple sites across the Central Asian country would also be developed.
- Uzbekistan plans to achieve 7GW of solar and 5GW of wind capacity by the end of the decade. Masdar’s portfolio in Uzbekistan includes the largest wind farm in Central Asia.
Business
Foreign, joint investments in Saudi industrial sector reach $144bn
The investments this year account for 37 percent of the sector's total, and 17 percent of the total existing factories,...
- A spokesman of the ministry said in a statement that foreign investors had 930 factories in the kingdom, or 9 percent of the total with over SAR 71 billion investments.
- The number of factories totaled 10,910 with over SAR 1.46 trillion in investments in the five-month period this year.
Business
Dubai records over $462 million in real estate deals
Dubai, UAE -- Dubai real estate market recorded deals worth more than AED 1.7 billion (on Thursday, Dubai Land Department...
- The deals include 451 sales transactions worth AED1.48 billion, in addition to 110 mortgage deals of AED245.8 million.
- April 2023 was the best month in a decade for Dubai's real estate market, both in terms of the number of transactions and the value of these deals.
Business
Abu Dhabi court convicts 13 Indian nationals of money laundering
The convicts were found guilty of engaging in economic activity using the provision of credit facilities through points of sale...
- The court also ordered confiscation of the seized funds and deportation of the convicted persons from the country once they serve their sentences.
- The seven companies involved in these crimes were fined AED10 million each by an Abu Dhabi court that has a jurisdiction over money laundering and tax evasion offences,
Business
Saudi German Health Q1 profit $13.33m
The company achieved a 145 percent growth compared to Q1 2022.
- SGH generated total revenues of SAR628 million in Q1 2023, the highest the group has ever achieved in a single quarter.
- On a group level, the group served a total of 21,000 inpatients and 495,000 outpatients in Q1 2023 and four new facilities were added to the network.
Science
9000-year-old stone structures used as animal traps unearthed in Saudi
Riyadh, Saudi Arabia -- A team of Saudi and international archeologists has discovered ancient hand-made stone structures at Al-Dhulayat Mountain...
- The discovery was part of an archeological survey conducted by the Heritage Commission in cooperation with the International Scientific Center.
- Plus One Magazine on Wednesday published a scientific paper indicating that these stone structures were used as huge stone traps for animals that date back to the prehistoric era.
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UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
Business
Geopolitical conflicts pose biggest risk to global economy: Ajay Banga
The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality...
Business
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Business
Saudi Electricity Company signs $3 billion financing agreement
Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated...
- The financing agreement has a tenure of five years and requires no guarantees from the SEC.
- Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
Business
Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
- Speaking at the seventh Future Investment Initiative forum in Riyadh, Alibrahim said Saudi Arabia is seeing a diverse range of sectors fueling non-oil activity growth.
- He said the Kingdom provided one of the most investment-friendly environments in the form of cost-effective and clean energy, legislations and manpower.
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
- Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
- It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.