SAMA issues rules regulating ‘buy now pay later’ companies
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
Business
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
Business
Business
Alpha Dhabi posts $2.88bn profit
The net profit exceeded the Group's target of AED10 billion.
- Revenues hit AED 40.0 billion, which represents an increase of 114 percent
- The growth was driven primarily by strong contributions from the new acquisitions
Geostrategy
UN House to open in Doha during least developed countries’ summit
Doha, Qatar-- Qatar is preparing to inaugurate the UN House in Doha, on the sidelines of the fifth UN Conference...
- The house include offices for important international organizations, including the UN Children's Fund
- Since its accession to the UN, Qatar has been providing financial support to its affiliated bodies and entities
Business
Abu Dhabi real estate transactions reach $21.12 billion in 2022
The emirate’s Department of Municipalities and Transport (DMT) said a total of 19,033 transactions were recorded during the year---9,010 sales...
- Yas Island topped the list with transactions worth AED4.2 billion, followed by Al Reem Island (AED3.4 billion) and Saadiyat Island (AED3.1 billion).
- These zones will be open to foreign investors, providing them with an extended range of investment opportunities.
Business
QFCA, AmCham Qatar sign MoU to boost bilateral trade
Doha, Qatar-- Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the...
- Under the MoU, both parties will work to promote QFC as a financial and business platform for foreign financial investments.
- They will also provide necessary support and facilities to American companies interested in doing business in Qatar.
Business
Aramco completes acquisition of Valvoline’s products business
Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business...
- The acquisition will help Aramco to enter the integrated, branded lubricants players
- Valvoline Global Operations will continue to be headquartered in Lexington, Kentucky
Business
Green energy meets 80 percent of Abu Dhabi demand: EWEC
Abu Dhabi, UAE--- Emirates Water and Electricity Company (EWEC) has, for the first time, met 80 percent of total power...
- EWEC supplied approximately 6.2 gigawatts (GW) of the total 7.7GW system power demand.
- By 2030, EWEC aims to raise Abu Dhabi’s solar power generation to approximately 7GW and produce more than 90 percent of its water using reverse osmosis.
Business
ACWA signs $8.5 bn financing agreements with NEOM green project
Dubai, UAE--Saudi Arabian utility developer ACWA Power said Wednesday it has signed financing agreements for a total investment of $8.5...
- NEOM Green Hydrogen Project is a joint venture between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3 percent equity stake.
- The total financing consists of $5.85 billion senior debt and $475 million of mezzanine debt facilities.
Business
Dubai records over $843 million in realty transactions
Dubai, UAE-- Dubai real estate market recorded deals worth AED3.1 billion ($843 million) on Wednesday, according to Dubai Land Department....
- The deals included 598 sales transactions worth AED1.55 billion, in addition to 68 mortgage deals of AED1.48 billion on Thursday.
- The sales included 547 villas and apartments worth AED1.13 billion, and 51 land plots worth AED421.05 million.
Business
Masdar to invest $1.2 billion in British battery strorage tech
Dubai, UAE—UAE’s renewable energy company Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, Reuters said....
- Masdar bought UK-based battery company Arlington Energy last year.
- In January this year, Masdar signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW).
Business
Iraq, OPEC’s second largest producer, imports oil products
Dubai, UAE-- Iraq has imported oil derivatives - gasoline, kerosene and gas oil - worth more than $5 billion in...
- Iraq produces 4.58 million barrels per day and aspires to reach production of 6 million barrels by 2025
- The total imported quantities of oil derivatives for 2022 increased by 60.43 percent compared to 2021
SAMA issues rules regulating ‘buy now pay later’ companies
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
Business
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ADCB prices $650m green bond
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
Business
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
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
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.