$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...
Business
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
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.
Business
Aramco appoints two Presidents
The new appointments meant for upstream and downstream business.
- Nasir K. Al-Naimi, who has been apponted as President of its Upstream business, has held the position of Upstream Executive Vice President since April 1, 2021.
- Mohammed Y. Al Qahtani, President of its Downstream business, has served as Aramco’s Downstream Executive Vice President since September 13, 2020.
Business
Saudi NCP, Chinese bank sign pact to boost kingdom’s PPP sector
Riyadh, Saudi Arabia -- Saudi Arabia's National Center for Privatization (NCP) has signed a cooperation agreement with the Industrial and...
- The Industrial and Commercial Bank of China (ICBC) is the world's largest bank with total assets of approximately $5 trillion.
- NCP CEO believes the pact will have a positive impact in attracting the bank's extensive client base looking to explore public-private partnership opportunities in the kingdom.
Business
73.1m tourists to Saudi Arabia spent $35.54 billion in 9M 2022
Riyadh, Saudi Arabia -- Nearly SAR 133.3 billion ($35.54 billion) were spent in the first nine months of 2022 by...
- Saudi Arabia's Ministry of Tourism defines a tourist as every visitor (domestic, inbound or outbound) with an overnight stay in the place visited.
- Saudi Arabia ranked second on the list of the fastest-growing tourism destinations in the first quarter of 2023, according to the latest data from World Tourism Organization.
Business
Al Seer Marine secures ADNOC investment
The cornerstone investment in ADNOC Logistics is valued $70m.
- The move comes as part of the company’s strategy to diversify its investment portfolio, the company said.
- Al Seer Marine was the sixth IHC Group company to list on the ADX in 2021. The company has a portfolio of services including management and training.
Business
QatarEnergy awards $10 billion gas contract
The construction contract was awarded to a joint venture of France's Technip Energies and Consolidated Contractors Company for the North...
- NFS and North Field East form the wider North Field Expansion project to increase LNG production. The North Field contains the world's biggest natural gas reserves.
- The LNG trains, together with further expansion of North Field East, will boost Qatar's total production from 77 to 126 million tons per year, QatarEnergy said.
Geostrategy
Gazans amid the homes destroyed by Israel
In total, 103 homes were completely destroyed and 140 severely damaged in Israeli military strikes, the United Nations said.
- The ruins of past conflicts -- such as a three-day escalation in August which killed 49 Gazans -- are dotted across the densely populated Palestinian territory.
- With Gaza's poverty rate at 53 percent, according to the Palestinian Central Bureau of Statistics, few people can afford to rebuild their homes.
Business
Saudi firm signs pact to explore minerals in area the size of Denmark
Under the agreement, Saudi Arabian Mining Company (Ma'aden) will buy 9.9% shares of Ivanhoe Electric and use Ivanhoe's Typhoon surveying...
- Saudi Arabia's transformative Vision 2030 program has made mining the third pillar of the kingdom's economy. Its mineral wealth is valued at estimated $1.3 trillion.
- The exploration operations target to discover new minerals, such as copper, nickel, gold, silver, and other strategic minerals.
$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...
Business
Company News
EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
Latest News
ADNOC signs pacts with 30 firms
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
Most Read
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.