Joint Operations Room set up in Cairo to oversee Gaza ceasefire implementation
Cairo, Egypt - A joint operations room has been established in Cairo to oversee the implementation of the Gaza Strip...
Geostrategy
Masdar targets 100 GW of clean energy by 2030
Abu Dhabi, UAE - Fatima Al Suwaidi, Head of Development & Investment (APAC) at Masdar, has affirmed the company's ambitious...
Business
Saudi Public Investment Fund owned KAFD to sponsor Al Nassr Football Club
Riyadh, Saudi Arabia -- The King Abdullah Financial District Development and Management Company (KAFD DMC), a company wholly-owned by Public...
- Last year, Al Nassr FC attracted one of football’s greatest talents to the team with the acquisition of Portuguese superstar, Cristiano Ronaldo
- Set in the heart of the Saudi capital Riyadh, KAFD is home to 1.6 million square meters of office space, world-class venues and iconic luxury residences
Business
Dubai logs over $678m in realty transactions on Thursday
Dubai, UAE - Dubai witnessed 604 sales transactions totaling AED2.1 billion ($567.8 million) on Thursday in addition to 106 mortgage...
- The sales transactions consisted of 557 villas and apartments worth $449.6 million and 47 land plots worth $117.7 million
- As for the mortgage deals, 94 villas and apartments were involved, with a value of $67.8 million, along with 12 land plots valued at $23.7 million
Business
Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to...
- This success is bolstered by Audi's strategic partnerships and investments in electric vehicle infrastructure across the Middle East.
- Audi's EV portfolio now features an extensive range of models, spanning sports cars, sedans, hatchbacks, and the SUVs.
Saudi foreign minister to visit Iran on Saturday
Riyadh, Saudi Arabia - Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al-Saud, is scheduled to visit Tehran on Saturday,...
- This visit follows the agreement reached in March, facilitated by China, which aimed to end the prolonged hostility between the two countries
- Earlier in June, the foreign ministers of the two countries met in South Africa to discuss plans for the full restoration of relations
Business
Here are Dubai’s top 3 locations for profitable rental investments
Dubai, UAE – Realiste, proptech company in the UAE, has made a list of the most profitable areas for short-term...
- The company has recommended adherence to a short-term strategy for investments in Jumeirah Beach Resorts (JBR)
- Jumeirah Lakes Towers is great for both long-term and short-term strategies as rental is 30% cheaper than JBR
Business
Private sector share in UAE GDP rise to over 70%
Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making...
- The UAE economy grew by 7.6 percent in 2022 and the total economic licences registered in the country reached over 1,014,000 licences
- The country will discuss enhancing the resilience of the global economy to face crises and climate change at this COP28 later this year
Business
UAE gold forecasted to grow by 3.6% annually through 2030
Dubai, UAE - The UAE's precious metals market, which includes gold, jewelry, gold bars, and silver, is expected to reach...
- The UAE leads the Middle East in gold consumption, with the country's jewelry sector playing a significant role in this achievement
- In 2022, consumers in the country purchased a combined 46.9 tonnes of gold, representing a 38 percent increase from the previous year
Economy
Dubai records 78% realty sector YoY growth in May
Dubai, UAE: Dubai's property sector has witnesses a 78 percent increase in sales volume in May 2023 when compared to...
- Recent data indicating a 78% increase in sales volume in May 2023 when compared to the same period one year ago
- 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022
Science
Next ‘A Call From Space’ event with Sultan Alneyadi being held In Ras Al Khaimah
Dubai, UAE - The next edition of ‘A Call from Space’, an exclusive event featuring Emirati astronaut Sultan AlNeyadi is...
- The event will provide attendees from schools, universities and government entities the opportunity to interact live with AlNeyadi
- AlNeyadi has been on the ISS for more than three months now, marking a significant milestone in Arab space exploration
Business
HUB71 reveals winners of The Outliers Program to address industry challenges
ABU DHABI, UAE - Hub71, Abu Dhabi's global tech ecosystem, on Tuesday announced the winners of The Outliers Program, which...
- Participating startups have been recognized for their innovative solutions in various challenges set by Hub71’s strategic partners as part of The Outliers.
- The winning startups were successful for the companies’ ability to implement innovative products and services that can have a positive impact.
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Joint Operations Room set up in Cairo to oversee Gaza ceasefire implementation
Cairo, Egypt - A joint operations room has been established in Cairo to oversee the implementation of the Gaza Strip...
Geostrategy
Company News
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Russian foreign minister to speak at Valdai Middle East Conference
MOSCOW, RUSSIA - Russian Foreign Minister Sergey Lavrov will take part in the 13th Middle East Conference of the Valdai...
Geostrategy
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
Business
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Economy
Saudi Arabia sets $54m threshold for public-private partnership projects
Riyadh, Saudi Arabia - Saudi Arabia has revised the regulations of its Privatization Law, setting the minimum limit for a...
- The amendments consist of 169 articles covering principles of privatization, minimum project values, and criteria for applying the system to privatization projects
- Saudi Arabia initiated the privatization program in 2018 to boost the national economy, enhance the private sector's role, and allocate government assets efficiently
Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Economy
OPEC Fund offered US$1.7 bn in development funding in 2023
Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding...
- The largest share in last year’s lending program was dedicated to policy-based-lending (31 percent).
- The transport and storage sector received the major share of OPEC Fund’s support (14 percent)