Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
Geostrategy
Business
SEC to raise $2bn from sukuk
The firm announced 10-year and 30-year tranches.
- The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
- The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.
Business
Hotpack to build plant in KSA
The packaging plant will be one of the largest in the world.
- The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
- With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
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Innovation key to solving Gulf water woes
Improved farming techniques, better desalination technologies, awareness campaigns and global cooperation can mitigate the regions problems caused by water scarcity.
- World Economic Forum says the Middle East and North Africa is one of the most water-scarce regions in the world.
- For years, the water crisis has exacerbated conflict and political tensions, while UNICEF says 90% of children in the region live in water stress areas.
Business
GKSD to invest in Middle East
The investment was announced during Investopia 2023.
- 'Smart Clinics', which was hailed as one of the key outcomes of the conference, is a new concept in the healthcare sector that focuses on improving life quality.
- Gruppo San Donato, a private hospital group in Italy, and UAE Ministry of Economy, are part of an MoU for the Smart Clinics program.
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.
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Company News
DAE closes $1.6 billion loan
Business
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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...
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
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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...
- Marakeb is a technology provider for aerial, ground, and marine applications that has developed and manufactured solutions in the UAE for the past 15 years.
- Marakeb will be able to test new technologies at the cluster’s sea testing zone in Mussafah Port, which houses a port and the Abu Dhabi Maritime Academy.
Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
- The DLD report showed that 297 plots were sold for AED 5.08 billion, while 1,362 apartments and villas were purchased for AED 4.57 billion.
- The total value of mortgaged properties for the week reached AED 2.37 billion.
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.