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
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
Business
QatarEnergy acquires 40% interest in Mauritania exploration block
QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold...
- President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said the deal builds on the company's exploration footprint in Africa.
- In October last year, QatarEnergy selected Shell as its second international partner in the North Field South (NFS) expansion project.
Economy
US tenants face eviction as inflation rises, Covid-era aid ends
The country sees 3.6 million eviction cases filed in a typical year, said Peter Hepburn, associate director of Eviction Lab...
- Some households were approved for rental assistance that never arrived as funding dried up, resulting in arrears of over $10,000.
- Black renters face greater risks, women are more likely to be listed as defendants and renters with children are at greatest risks of eviction.
Business
Weeklong realty deals worth $2.91 billion recorded in Dubai
Dubai, UAE -- A total of 3,035 real estate transactions worth AED10.7 billion ($2.91 billion) were recorded during the week...
- Dubai Land Department said that 158 plots were sold for AED1.27 billion, while apartment and villa sales stood at 2,261, totaling AED5.11 billion.
- The top three sales were a land in Al Khairan First worth AED157.08 million, a land worth AED67 million in Island 2, and a AED59 million land in The World Islands.
Business
UAE Central Bank revokes license of Russia’s MTS Bank
Abu Dhabi, UAE -- The Central Bank of the UAE Friday revoked the license of Russia's MTS Bank's, which was...
- The bank said that under its supervision, the operations of MTS bank, which is licensed in Abu Dhabi, would be wound down within six months.
- Revocation of MTS's license comes weeks after it was added to a fresh round of sanctions by the United States and the UK.
Business
Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits...
- The Expo is also expected to support approximately 1,039,000 full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum.
- The global event made history as the first World Expo to be held in the Middle East, Africa and South Asia region and the first to be hosted by an Arab nation.
Economy
Saudi Arabia’s Q4 2022 unemployment rate drops to 8 percent
Dubai, UAE -- Saudi Arabia's unemployment rate dropped in the fourth quarter of 2022, compared to the previous quarter, mainly...
- Legislation and Emiratization programs, job support and follow-up of establishments from all relevant government agencies has led to this rate of unemployment.
- GASTAT said Saudi women's unemployment rate decreased from 20.5 percent in the third quarter of 2022 to 15.4 percent in the fourth quarter.
Geostrategy
Saudi Arabia agrees to partner with China-led security bloc
Riyadh, Saudi Arabia -- Saudi Arabia has agreed to join the Shanghai Cooperation Organization as a "dialogue partner", state media reported...
- The Shanghai Cooperation Organization was established in 2001 as a political, economic and security organization to rival Western institutions.
- The move would grant Riyadh "the status of a dialogue partner in the Shanghai Cooperation Organization", it said.
Economy
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
- The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent).
- Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Business
Dubai records real estate deals worth $1.25bn in two days
Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land...
- Deals worth $490 million were recorded in Dubai on Wednesday, while $762 million in real estate transactions were recorded in Tuesday.
- The deals on Wednesday included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million.
Business
$35m rare pink diamond to go under hammer in New York
The 10.57-carat stone is being marketed as the most valuable purplish-pink diamond ever brought to auction, with the highest ever...
- Pink diamonds are among the rarest and most sought-after gems in the world and considered a major draw for investors.
- The record for highest-ever auction price for such a stone is held by the CTF Pink Star, which was sold for $71.2 million in Hong Kong in 2017.
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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
Company News
Chimera launches Lunate
Business
Latest News
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
Business
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
Business
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
Business
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Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Arts & Culture
Saudi Arabia to host inaugural Traditional Architecture Gathering
Diriyah, Saudi Arabia -- Diriyah Gate Development Authority (DGDA) Tuesday announced the inaugural edition of the 'Traditional Architecture Gathering' to...
- The event is themed 'Traditional Najdi Architecture,' and will bring together expert designers, engineers, architects, and specialists in ancient architectural styles.
- The gathering will feature a display of valuable documents and books that shed light on Najdi architecture, history, society, and culture.
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
- Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
- The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.