Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
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.
Business
SDF signs $240m loan pact for Pakistan hydropower project
Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand...
- The project is co-financed by the Saudi Fund for Development, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
- By using renewable energy sources, the project will generate 800 MW of electricity production capacity.
Business
$124m plot of land among $2.83bn weekly realty deals in Dubai
Dubai, UAE – A plot of land that sold for AED456.25 million ($124.23 million) in Business Bay was the most...
- The Dubai Land Department said in its weekly report that 222 plots were sold for AED1.8 billion and 2,086 apartments and villas were sold for AED4.56 billion.
- Al Hebiah Fifth recorded the most transactions for this week with 93 sales transactions worth AED246.61 million.
Business
Number of SMEs in UAE reaches 557,000 by end of 2022: Minister
Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end...
- Minister of Economy Abdullah bin Touq Al Marri said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
- The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022.
Business
Dubai records $626 million in realty transactions: Land Department
Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department....
- The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million.
- The sales included 465 villas and apartments worth AED1.1 billion, and 37 land plots worth AED340.65 million.
Economy
CBUAE issues new AED1000 banknote, depicts UAE’s space ambitions
Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of...
- The new banknote will be available at banks and exchange houses from 10 April 2023.
- It will be in circulation alongside the current AED1000 note whose value is guaranteed by the UAE law.
Business
UAE decision on Small Business Relief aims to support startups
Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at...
- The decision is also aimed at supporting other small or micro businesses by reducing their corporate tax burden and compliance costs.
- The Relief will not be available once a taxable person exceeds the AED3 million revenue threshold in any tax period.
Business
Jordan’s $1.25 billion Eurobonds oversubscribed six times
Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion...
- The kingdom's finance ministry reduced the coupon rate by 25 basis points from 2022's issue of 7.75 despite the US Federal Reserve raising interest rates seven times since.
- Jordanian media reports said the number of subscribers exceeded 230, including some of the largest global investment houses.
Videos
Saudi Arabia hub of big healthcare firms
The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an...
- The kingdom will need 19,000 to 20,000 additional hospital beds by 2030, which calls for an investment of $33.8 billion to $35.6 billion.
- Saudi Arabia's healthcare has seen tremendous growth and it continues to be one of the few sectors that have not been affected by economic fluctuations.
Geostrategy
US, EU vow to keep energy markets stable, maintain Russia sanctions
A joint statement issued after the tenth US-EU Energy Council in Brussels said competitive, liquid and transparent global energy markets...
- Russia’s war has also triggered a global food and energy security crisis, with sharp increases in prices and market volatility, the Council said.
- The US, the EU and its Member States intend to continue providing emergency energy assistance to Ukraine via the support fora set up in 2022, it added.
Company News
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DAE closes $1.6 billion loan
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
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...
Business
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...
Geostrategy
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Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Geostrategy
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...
- UN Security Council members hold difficult talks Sunday on a possible resolution over the war between Israel and Hamas, with two drafts on the negotiating table.
- Egypt, which controls the only passage in and out of Gaza not controlled by Israel, has said it plans to host a summit on the future of the Palestinian cause.
Business
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...
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The prices are collected through field visits to points of sale.
- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, the IMF said recently.