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)...
Geostrategy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
Business
Brazil’s exports to Arab countries $5.16bn in four months, up 10%
Dubai, UAE -- Brazilian exports to Arab countries during the first four months of this year have increased by 10.33...
- The main exported products from Brazil to the Arab World were sugar, poultry, beef, maize, and soybeans.
- Beef exports from Brazil to Arab countries amounted to $356.06 million, with Egypt leading the list with $115.59 million worth of exports.
Business
Maaden Q1 net profit down 81%
The company posted a net profit of $111 million.
- The company said in a statement that the net profit was impacted by lower EBITDA of SAR 2.18 billion (Q1 2022 SAR 4.40 billion).
- Argaam reported that the decline in profit was driven by lower average selling prices of all products except gold and higher cost of sales.
Business
Emaar EC Q1 losses $45m
The losses, however, narrowed from $141m in Q4 2022.
- Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
- Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.
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.
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)...
Geostrategy
Company News
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EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
Business
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges...
Business
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Business
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...
- Total sales contracts for residential units for the same period was QR 1.09 billion.
- Sales were concentrated in AL Rayyan, Doha, Al Wakrah, Al Daayen, Umm Salal, Al Khor and Al Dakhira municipalities.
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...
- PIF is currently focusing on attracting industries related to the automobile system, such as tires, glass, and plastics to Saudi Arabia.
- The PIF has established three factories, Ceer, Lucid and Hyundai, finalizing the first phase of its mega project related to attracting the car manufacturing industry.
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
- The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
- The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.