ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Business
Investment in rose market in Saudi Arabia’s Taif reaches $17m
Dubai, UAE -- The ongoing Taif rose season in Saudi Arabia, which starts at the beginning of March and last...
- Rose farms in the Sarawat Mountains in Taif Governorate harvest about 550 million roses annually.
- About 70 rose factories and laboratories extract and manufacture more than 80 rose derivatives.
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.
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
Company News
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Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
Business
Qatar’s Industrial Production Index falls 2.1 percent in Aug 2023
Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July...
Economy
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
Business
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Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
- Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
- This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.
Geostrategy
Saudi Crown Prince launches Ardara company to develop AlWadi
Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
- This will be Ardara’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, PIF said.
- AlWadi in Aseer region – meaning, the valley – will span 2.5 million square meters and will be developed with sustainability at its core.
Business
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
- In the first nine months of 2023, a total of 120 new ventures joined in5's portfolio, which amounts to a new start-up almost every other day between January and September 2023.
- Since its establishment in 2013, in5 has nurtured more than 850 start-ups, with representation from over 50 nationalities, including Canada, China, France, India and Russia.