Gaza ‘integral part’ of Palestinian state: Abbas tells US official
The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
Business
ADNOC signs ammonia pact
It will explore low-carbon ammonia value chain in Germany.
- The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
- Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Business
Qatar Chamber forms committee to address gold sector issues
Doha, Qatar -- Qatar Chamber has established a committee for gold and jewelry to address issues facing this sector and...
- The committee will also work to develop the sector as one of the country's important sectors besides resolving its issues.
- It also agreed that the gold sector shall be divided into three subsectors: the gold trade, the jewelry trade and the gold and jewelry factories.
Economy
IMF chief: another ‘challenging year’ ahead, risks to financial stability up
Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8 percent, she...
- Policymakers have acted decisively in response to financial stability risks, and advanced economy central banks have enhanced the provision of U.S. dollar liquidity, she said.
- IMF research shows that productivity-enhancing reforms in China could lift real GDP by as much as 2.5 percent by 2027, and by around 18 percent by 2037.
Arts & Culture
Dubai World Cup: 129 horses compete for $30.5m prize money
Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total...
- The World Cup, which begins on Saturday at Meydan Racecourse, will see horses from 13 countries in the contest.
- The Meydan Racecourse, in partnership with leading auction house Goffs, hosted the second Dubai Breeze-Up Sale on 21 March.
Business
UAE’s Al Ansari raises size of IPO retail tranche to 7.5%
The UAE-based exchange house said the number of ordinary shares has been increased from 37.50 million to 56.25 million. But...
- Based on the previously announced price range of AED 1.00 to AED 1.03 per share, the size of the retail tranche will now be between AED56.3 million and AED57.9 million.
- Al Ansari is Dubai's first IPO this year. The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy
Saudi on track to achieve UN sustainable goals by 2030: Minister
Dubai, UAE -- Saudi Arabia has said that the kingdom is on track to achieve the United Nations Sustainable Development...
- Deputy Minister for Water Abdulaziz Al-Shaibani told UN Water Conference that the kingdom has restructured the water sector and developed the National Water Strategy.
- The kingdom has allocated $80 billion for water projects in the coming years as part of its efforts to achieve universal and equitable access to safe and affordable drinking water.
Business
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...
- The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
- The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
Business
Presight to list on 27 Mar
Presight IPO received $496 million. It was oversubscribed 136 times.
- Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
- Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business
SATORP 2022 net profit $2.39bn
Improved refining, petrochemicals margins behind profit rise.
- The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
- Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
Business
Mubadala-Ares joint venture to invest $1bn in credit secondaries
The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion...
- The JV seeks to capitalize on the anticipated growth and demand from general and limited partners for customized liquidity solutions for credit secondaries asset class.
- Dave Schwartz will serve as partner and head of the credit secondaries strategy and a member of the Ares secondaries executive committee.
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Gaza ‘integral part’ of Palestinian state: Abbas tells US official
The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy
Company News
Latest News
SIRC and Edama sign partnership
They will create a joint company to upgrade organic waste recycling.
Business
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...
Arts & Culture
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Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
- Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
- He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.
Geostrategy
Saudi Arabia unveils roadmap to achieve 10-billion tree target
Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion...
- The roadmap outlines a plan for Saudi Arabia's various habitat zones to achieve maximum vegetation coverage.
- By 2030, the initiative aims to plant over 600 million trees, rehabilitating approximately 3.8 million hectares of land.