UN envoy warns Syria conflict persists as rebels seek international ties post-Assad ouster
The UN migration chief expressed concerns about large-scale refugee returns destabilizing Syria further, particularly affecting religious minorities who fled violence...
Geostrategy
Israeli football supporters back home after Amsterdam violence
Tel Aviv, Israel - A plane bringing Israeli football supporters home from Amsterdam landed at Israel's Ben Gurion airport on Friday after...
Economy
UAE Unemployment Insurance Scheme subscribers exceed 1m
DUBAI, UAE - UAE Ministry of Human Resources and Emiratization (MoHRE) announced that the Unemployment Insurance Scheme has exceeded one...
- The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector.
- The scheme provides low-cost job security net that supports the career path and living stability of employees in the UAE.
Business
Emirates REIT 2022 profit up
Net Property Income for the period was $55 million.
- The REIT recorded a 4 percent year-on-year decline in Property Operating Expenses to US$12 million in 2022
- Net Property Income increased 15 percent year-on-year, demonstrating the strong market for the REIT’s core assets
Economy
Iran working on key pipeline to supply gas to Oman
Reza Noshadi, who heads the National Iranian Gas Company’s engineering subsidiary, said that Iran will be able to export gas...
- In June last year, Oman and Iran signed deals to develop two gas pipelines and an oil field along their maritime border
- Oman has close ties with Iran and played a mediating role between Tehran and Washington in the build-up to the nuclear deal in 2015
Geostrategy
UAE president discusses ties, regional situation in phone call with Netanyahu
Abu Dhabi, UAE - The UAE president Sheikh Mohamed bin Zayed Al Nahyan received a phone call from Benjamin Netanyahu, Prime...
- Sheikh Mohamed affirmed the UAE’s ongoing commitment to ties with Israel, describing their cooperation as a strategic approach to peace and development
- A separate statement from Netanyahu's office said the two leaders agreed to "continue the dialogue between them in a personal meeting in the near future."
Science
WMO urges more investment in integrated weather, climate services
GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the...
- This investment is critical to ensure that energy infrastructure is resilient to climate-related shocks.
- WMO is stepping up its activities to promote tailored weather and climate information, and forecasts.
Business
AD Ports Group gets $2bn corporate loan from 13 banks’ syndicate
Abu Dhabi, UAE - AD Ports Group on Tuesday announced the signing of a General Corporate Facility agreement with a...
- The multi-currency facility includes three tranches amounting to EUR 600 million, US$620 million, and AED2,863 million
- The demand for the facility was overwhelming, with commitments of US$7.4 billion in total from the participating banks
Economy
Dubai Financial Market hits one-month high riding on blue-chip communication stocks
Abu Dhabi, UAE - UAE stock markets Monday continued to capitalize on improved investor sentiments, with blue-chip communication stocks leading...
- Saudi Arabia, as per the report, was the best performing GCC market during the month with a gain of 4.8 percent
- The Muscat Stock Exchange was the second-best performing market for the second consecutive month in March 2023
Economy
Bahrain’s investment push: Businesses with large-scale projects to get Golden Licence
Manama, Bahrain - Bahrain has announced the launch of a Golden Licence, providing incentives and streamlined services to foreign and...
- The move builds upon the growing investment attractiveness of Bahrain, which has recently recorded its highest Real GDP growth rate in almost a decade
- Companies with major investment projects that will create over 500 jobs, or those with investment value exceeding $50 million, will be eligible for the license
Business
MODON to acquire GE’s Industrial Complex in the Eastern Region
Riyadh, Saudi Arabia -- The Authority for Industrial Cities and Technology Zones (MODON) has signed an agreement with GE whereby...
- Under the pact, initiatives will be launched to support and empower entrepreneurs and SMEs
- The company is also keen to boost its partnerships with major global manufacturers and companies
Business
NREC 2022 profit declines
The company announced Earnings Per Share of 10.1 fils.
- The company also announced an Earnings Per Share of 10.1 fils for the last year, compared to an EPS of 112.2 fils in 2021
- Its operating revenue came in at $85 million for the year ending December 31, 2022, compared to $106 million in 2021
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UN envoy warns Syria conflict persists as rebels seek international ties post-Assad ouster
The UN migration chief expressed concerns about large-scale refugee returns destabilizing Syria further, particularly affecting religious minorities who fled violence...
Geostrategy
Company News
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Yalla 9M revenue at $237.9m
Business
DTC sets IPO offer price range
Business
Saudi Arabia tops MENA in venture capital investment in 2023
Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount...
China says foreign consulting agency head spied for Britain
China, which has a broad definition of state secrets, has publicized several other alleged spying cases in recent months. In...
UAE announces its participation in Nasa’s Lunar Gateway Station
Abu Dhabi, UAE - The UAE has announced its participation in developing a module on Nasa’s Lunar Gateway Station alongside...
Science
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Geostrategy
Blinken warns Israel-Hamas war could ‘metastasize’
Blinken will meet with Crown Prince Mohammed bin Salman in the Saudi desert city of Al-Ula, said a US official...
- Israel has carried out a relentless bombardment and ground invasion that have killed at least 22,835 people in Gaza, most of them women and children
- Amid the deepening humanitarian crisis and mass displacement in Gaza, Blinken said civilians "must be able to return home as soon as conditions allow".
Makkah region sees 600% surge in green spaces within 5 months
Jeddah, Saudi Arabia - There has been a 600% increase in green spaces in Makkah region from August to December...
- Remote sensing data analysis revealed that the total area of vegetation cover in Makkah in August was 3,529.4 square kilometers
- This area gradually rose over the following months with increased rainfall, reaching 26,256 square kilometers by the end of the year
Economy
UAE market cap soars as top 16 companies hit $734bn
Abu Dhabi, UAE - The aggregate market capitalization of the top 16 national companies listed on local exchanges stood at...
- The 16 listed companies accounted for about 74% of the total market capitalization of the local stock markets, which was around $998 billion at the close of trading
- The IHC held the top position with a market capitalization of more than $244 billion, approximately 24.5% of the local markets' capitalization