ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business
Business
Sharjah records real estate transactions worth $462m in March
Sharjah, UAE -- A total of 3,386 real estate deals worth AED1.7 billion ($462 million) were recorded in Sharjah in...
- A total of 595 sales transactions representing 17.6 percent of the deals, while 319 mortgage transactions (9.4 percent) were recorded in the emirate.
- Muwailih commercial area topped the list of sales traffic areas with 116 sales transactions, followed by Mazairah and Al-Khan with 68 transactions each.
Business
Middle East and Africa to see fastest AI spending growth in 2022-26: IDC
Dubai, UAE – Spending on artificial intelligence in the Middle East and Africa (MEA) — including Israel — will reach...
- While the spending on AI will reach $3 billion in 2023, it will hit about $6.4 billion in 2026.
- Banking, retail, and federal/central government will be the MEA region's biggest spenders on AI in 2023.
Economy
IMF lowers 2023 forecast to 2.8%, warns of half-decade of low growth
The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline...
- The IMF expects global inflation to slow to seven percent this year, down from 8.7 percent last year, according to the WEO forecasts.
- Close to 90 percent of advanced economies will experience slowing growth this year, while Asia's emerging markets are expected to see a substantial rise in economic output.
Business
Saudi Amiantit Q1 profit $0.5m
The net profit was down 78% compared to the previous quarter.
- The revenue increased by more than 65 percent year-on-year to 197 million riyals from 119 million riyals in Q1 2022.
- The company’s accumulated losses reached 33% of share capital due to “applying the international accounting standards and the lack of liquidity in general.
Videos
Strong demand for UAE luxury real estate
By the end of 2022, the UAE was expected to attract more than 4,000 high-net-worth individuals. Around 25 percent of...
- The UAE alone accounted for more than 48 percent of the $143 billion in real estate sales in the GCC region.
- Numerous celebrities—including the likes of Brad Pit, Madonna and Giorgio Armani—have already invested into Dubai’s real estate market prior to the pandemic.
Business
SISCO to pay $8.6m dividend
The cash dividend will be paid for the second half of 2022.
- The dividends will be paid from 16 May 2023 and the payment is the final instalment of dividends for the year 2022.
- The company paid a total of 65.28 million riyals in dividends for the second half of 2022.
Geostrategy
Manaf Al Hajri named finance minister in new Kuwait cabinet
Dubai, UAE -- Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah has named Manaf Abdulaziz Al Hajri as minister for finance...
- Most of the ministerial portfolios remain unchanged in the new cabinet, such as Bader Al Mulla, who stays the oil minister.
- Sheikh Talal Al-Khaled Al-Sabah re-appointed as minister of interior and acting minister of defense, and Sheikh Salem Abdullah Al-Jaber Al-Sabah continues to be foreign minister.
Business
Saudi Arabia 60 percent self-sufficient in mango production
Dubai, UAE – Saudi Arabia has achieved 60 percent self-sufficiency in the production of mangoes in the kingdom, producing more...
- The kingdom produced more than 88000 tons of mangoes on more than 6880 hectares of land, the Ministry of Environment, Water and Agriculture said.
- More than 20 varieties of mango are produced during the growing season from April to August, which include Tommy Atkins, Kate, Kent, Alphonso.
Antony Blinken urges Israelis, Palestinians to deescalate tensions
In a telephonic conversation with UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan, Blinken...
- “The United States will continue to consult closely with partners on how to advance regional security, stability, and prosperity,” Patel said.
- The UAE was the first Arab state to open diplomatic relations with Israel in almost three decades in a US-brokered deal.
Geostrategy
Stress and trauma: Mental toll of Turkey’s quake
Sleeping troubles, fear of spending time indoors and profound fear of the mountains are some of the symptoms survivors in...
- Volunteer psychiatrist Eralp Turk tries to heal the anguish by zipping around the disaster zone with a box full of pills in his car and a notepad for recording emotions.
- Social worker Aysen Yilmaz said the people she consults in Turkey's tent cities were showing all the symptoms of post-traumatic stress.
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ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Company News
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DAE closes $1.6 billion loan
Business
Israeli bombardment kills 2,670 in Gaza: Health ministry
Israel's strikes on the Gaza Strip have led to an "unprecedented human catastrophe" in the Palestinian territory, the United Nations...
Geostrategy
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
Business
Marakeb first firm to develop maritime applications in SAVI cluster
Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company...
Business
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Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
- The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region.
- The total area of the farm is 3.2 million square meters, divided into two sections, each with a concrete tank with a capacity of 500 cubic meters.
Business
Dollar sukuk activity for 2023 on course to outpace 2022: Fitch
Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
- The third quarter sukuk issuance in all currencies ($51.7 billion equivalent) issued in core markets was 12.3 percent lower YoY, while bond issuance fell by 17 percent YoY.
- Global outstanding sukuk expanded by 9.8 percent YoY to $823.4 billion at the end of third quarter, with the largest shares in Malaysia (40 percent).