China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
Science
DEWA to launch second nanosatellite for remote sensing this month
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in...
- The satellite will blast off from Vandenberg Air Force Base in California and will be launched by SpaceX Falcon 9 rocket
- DEWA's Research and Development Centre designed and developed the nanosatellite in cooperation with NanoAvionics in Lithuania
Economy
Qatar foreign reserves post 12% jump to US$65bn in March
Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65...
- At the end of March 2023, balances in foreign banks increased by about $3.29 billion to reach $7.41 billion
- Qatar's shares of SDR deposits at the IMF decreased by the end of March 2023 with a value of $38 million
Economy
Four Saudi cities find top slots on IMD Smart City Index for 2023
Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the...
- The holy city of Makkah found its way in the index for the first time this year, achieving the 4th rank in the Arab world
- In the global pecking order of cities, Riyadh was ranked 30th, Makkah 52nd, Jeddah 56th, and Madinah ranked 85th in the world
Business
Masdar achieves financial close on three solar projects in Uzbekistan
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV)...
- The company will begin construction on the plants at once, which will have a combined capacity of around 900 megawatts
- Under the ETAF initiative, a climate finance paltform, Masdar and AIIB have committed capital to the Uzbekistan projects
Business
Talent Outsourcing in UAE to touch US$6.8bn by end of 2023
Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over...
- The total spending by UAE-based organizations on outsourcing was around $4.8bn in 2018 and is expected to reach $6.8bn in 2023, a report said
- It highlighted the UAE's initiative to diversify its economy toward economic development, cutting-edge innovation, digital transformation, and security
Business
Emirates NBD arranges Al Rajhi’s US$1bn inaugural Sukuk
Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest...
- Priced at a reoffer yield of 4.774 percent, the sukuk was in heavy demand, attracting orders worth more than $3.75 billion
- The bank will use the proceeds from the sukuk to finance and refinance sustainable projects in line with its Sustainable Finance Framework
Economy
Egypt’s non-oil private sector contracts for 28th month as inflation surges
Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in...
- According to S&P Global, a drop in client demand and high inflationary pressures continued to impact non-oil businesses, leading to reduction in new orders
- In spite of its currency depreciating in value by half since last year and the signing of a $3 billion support package with the IMF, the country remains short of foreign currency
Economy
Iraq to speed up resumption of oil exports from Kurdistan region
Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of...
- The ministry stressed the importance of resuming oil exports in the wake of the decision by the international court, and resolution of "technical issues"
- It also highlighted the significance of revenues in supplying the federal budget as per the agreed quantities, saying that it expressed all of this in bilateral meetings
Economy
Iraq and Jordan to set up economic city on common border
A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender...
- The Iraqi-Jordanian Company for Industry, which will carry out the project, urged international companies to make a bid
- The economic city is expected to boost trade cooperation between the two countries and achieve integration in many fields
Economy
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
- The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
- The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
Company News
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NMDC posts bumper profits
Business
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
Economy
ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives
Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel...
Business
Iran’s exports to African countries register 185 percent growth
Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
Economy
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Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy
Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
- The event will explore the theme "New Era of Business" featuring conversations on major geopolitical, economic, and technological developments
- The forum, being held a few days before the start of COP28, will provide a platform for business leaders and CEOs to elaborate on their global footprints.