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
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
Business
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.
Business
Saudi Arabia’s GDP grows 8.7 percent in 2022, reaches $1 trillion for first time
The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%,...
- GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent.
- Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent).
Business
Al Ansari to sell 7.5m shares in Dubai’s first IPO for 2023
Dubai, UAE -- Al Ansari Financial Services, a remittance and foreign exchange services provider in the UAE, will be offering...
- The offering represents 10 percent of its total existing share capital. The size of the IPO could be amended any time before the pricing.
- The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy
Livelihoods destroyed as Lebanon fails to uphold right to electricity, says Human Rights Watch
Decades of unsustainable policies and fundamental neglect, capture of state resources by elites, alleged corruption, and vested interests cripple the...
- Lebanese people receive electricity for only one to three hours a day on average, while people who can afford it supplement that supply with private generators.
- The electricity crisis has exacerbated inequality in the country, severely limited people’s ability to realize their most basic rights and pushed them further into poverty.
Business
Ducab 2022 revenues up 19%
The company said the metal business alone grew by over 23 percent.
- The cable business increased by more than 9 percent during the same period, the company said.
- Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.
Geostrategy
Francafrique a thing of past: Congo president gives Macron a reality check
Dubai, UAE – French President Emmanuel Macron faced embarrassing moments during a joint press conference with the Congolese President Felix...
- During a press conference, Macron lost cool, blaming Congo for its political crisis, but Tshishekedi reminds him of a former French minister's intrusive remarks.
- Congo has criticized France for its support to Rwanda which has been accused of supporting the Congolese rebel group M23 in the eastern part.
Business
Siemens bags long-term service contracts for Iraqi power plants
Abu Dhabi, UAE -- Siemens Energy has been awarded long-term service contracts for several Iraqi power plants to improve energy...
- These contracts represent the first portion of prioritized projects under the Iraq Energy Agenda – Wave II agreement, which was signed in Berlin in January 2023.
- As part of the prioritized packages, Siemens Energy signed three long term service contracts, for five years each, for the Al Sadr, Kirkuk, and Al Rasheed power stations.
Business
Jebel Ali Free Zone 2022 customer registrations highest in decade
Dubai, UAE -- DP World’s Jebel Ali Free Zone (Jafza) witnessed the highest customer registrations in a decade in 2022,...
- During the past 10 years, Jafza has seen a 13-fold increase in logistics customers, while the vehicle and transport segment saw a compound annual growth rate of 26 percent.
- The number of newly registered Chinese companies in Jafza saw a four-fold increase in 2022, indicating a post-pandemic, healthy demand from the Far East.
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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
Company News
Latest News
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.