Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
Economy
Geostrategy
UAE, Ukraine keen on parliamentary, economic ties
MANAMA, BAHRAIN - Speaker of the UAE Federal National Council Saqr Ghobash discussed ways to enhance cooperation with First Deputy...
- UAE, Ukraine discuss parliamentary cooperation through exchanging visits and enhancing coordination.
- The two sides deliberated on improving trade and economic ties between the two countries.
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Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...
- The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
- The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
Business
Saudi Enterprises Bank sets aside $2.79 billion to finance SMEs
Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has...
- The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be financed over the next three years.
- These programs support the kingdom's Vision 2030 and to raise the contribution of SMEs to the GDP to 35 percent.
Business
Egypt’s exports to China increase by nearly 21 percent in 2022
Cairo, Egypt -- Egyptian exports to China rose by 20.8 percent to $1.7 billion in the first 11 months of...
- The trade exchange between Egypt and China increased by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion.
- Fuel, mineral oils and distillate products, cotton, and fruits made up the top 10 categories of goods that Egypt shipped to China.
Business
Weeklong real estate deals worth $3.51 billion recorded in Dubai
Dubai, UAE -- Dubai recorded a total of 3,332 real estate transactions worth AED 12.9 billion ($3.51 billion) during the...
- A Dubai Land Department report said that 274 plots were sold for AED 3.17 billion, while 2,370 apartment and villa sales totaled AED 4.93 billion.
- Al Hebiah Fifth recorded the most transactions for this week with 117 sales transactions worth AED 320.97 million, followed by Jabal Ali First.
Business
Masdar, Cote d’lvoire to develop 70MW solar power plant
Abu Dhabi, UAE -- Masdar has signed an agreement with the Cote d'lvoire's energy ministry to explore the development of...
- The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led program that aims to build 20GW renewable energy in Africa.
- The plant would support the Republic of Côte d'Ivoire’s goal of 42 percent of its energy mix coming from renewable sources by 2030.
Business
QCB issues treasury bills worth $832m for up to nine months
Doha, Qatar -- Qatar Central Bank (QCB) has issued treasury bills worth QR 3 billion ($832 million), attracting a total...
- One of bills, valued QR 1 billion had a tenor of one week and a yield of 5.005 percent.
- The bank issued treasury bills worth $274 million for a one-week term on Feb 26.
Business
Aramco’s $7 billion petrochemical project breaks ground in South Korea
Dubai, UAE -- Saudi energy giant Aramco broke ground for its 26.25-billion-riyal ($7 billion) Shaheen Petrochemical Project, its biggest in...
- Scheduled for completion by 2026, the Shaheen project is aimed at converting crude oil into petrochemical feedstock.
- With an annual production capacity of up to 3.2 million tons, Shaeen is Aramco's biggest project in South Korea.
Business
Villas, apartments form bulk of $490m realty deals in Dubai
Dubai, UAE -- Dubai real estate market recorded deals worth AED1.8 billion ($490 million) on Thursday, Dubai Land Department said....
- The deals included 502 sales transactions worth AED1.2 billion, in addition to 98 mortgage deals of AED388.51 million.
- Mortgages included 76 villas and apartments worth AED182.63 million and 22 land plots valued at AED205.88 million.
Business
Mining, quarrying push Saudi Arabia’s IPI up 6.8% in Jan 2023
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index increased by 6.8 percent in Jan 2023, compared to Jan 2022,...
- The kingdom's General Authority for Statistics said the mining and quarrying activity increased by 3 percent year on year.
- The manufacturing activity increased by 19.2 percent, while the electricity and gas supply activity decreased by 3.4 percent.
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Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
Economy
Norwegian playwright Jon Fosse wins Nobel literature prize
Sometimes compared to Samuel Beckett, another Nobel-winning playwright, Fosse's work is minimalistic, relying on simple language which delivers its message...
Arts & Culture
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Business
Value of Dubai realty deals up 40 percent in third quarter 2023
Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
- The emirate's market surged 22 percent in terms of transactions, with Q3 2023 recording 31,216 transactions compared to 25,503 in the same period in 2022.
- In terms of the number of transactions, Jumeirah Village Circle topped with 1,418 transactions, followed by Arjan (1,163) and Sobha Hartland (1,115).
Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.
Business
QatarEnergy awarded new Egypt offshore exploration block
Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
- The block EGY-MED-E8 (East Port Said) was awarded to a consortium comprising of QatarEnergy (33 percent), ENI (Operator, 34 percent) and BP (33 percent).
- Qatar has a total of four offshore exploration blocks, including interests in Red Sea Block 3 and Block 4.