Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
Business
Geostrategy
UAE and Azerbaijan presidents pledge to boost ties
Baku, Azerbaijan-- The UAE and Azerbaijan have discussed ways to enhance cooperation in renewable energy, environmental protection, culture, education, and...
- The two countries resolved to ramp up ties in economics, development, renewable energy, environmental protection, culture, education, and other areas
- The meeting between the two presidents also addressed the upcoming UN Climate Change Conference (COP29) to be hosted by Azerbaijan this year
Business
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
- The bank has been authorized by DLD to oversee real estate development escrow accounts and offer associated services
- The chief aim of the escrow account is to streamline the construction process for off-plan units, safeguarding the interests of investors
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm
Geostrategy
GCC head and EU top diplomat review relations in Riyadh
Riyadh, Saudi Arabia--Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Josep Borrell, High Representative of...
- The two discussed the latest developments in regional and international arenas, including the Israeli war on the Gaza Strip
- Al Budaiwi noted the importance of collaboration and unity in efforts to halt the continuous Israeli attacks against Gaza
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
Shanghai to build 200 smart factories to shore up its manufacturing status
Shanghai, China--Shanghai plans to build 200 new smart factories and 20 demonstration sites by end of 2025 after 70 intelligent...
- The city as China's largest smart-solutions provider and a core equipment hub sees such innovation as vital for industrial competitiveness
- Its vice mayor said that "intelligent manufacturing" plays a key role in new industrialization and is pivotal in the city's digital economic transition
Economy
Qatar National Bank forecasts world economic growth to be 2.9% in 2024
Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same...
- QNB said that its view is more bullish than others as the bank believes the global economy to expand by 2.9 percent roughly the same rate as last year
- It believes the US economy would slow down as the US fiscal thrust is set to decelerate from a positive 1.9 percent in 2023 to a negative 1.4 percent in 2024
Business
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Company News
Emaar unveils new projects
Business
Latest News
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
Business
Qatar and Egypt hold talks to ramp up civil aviation cooperation
Cairo, Egypt-- Qatar and Egypt have discussed enhancing ties in the field of civil aviation between the two countries. In...
Business
Most Read
Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
- Officials from the UAE have highlighted the role of the country in supporting the free flow of trade and investment to drive global economic growth
- They said the UAE's endeavours have been to expand its base of trading partners around the world through comprehensive economic partnerships
Business
DIEZ profit jumps 64.6% in 2023
The market value of its net assets crossed US$5.66bn.
- DIEZ reported growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues
- Economic zones affiliated to DIEZ have experienced substantial growth across six key sectors, which collectively represent 95 percent of total companies hosted.
Business
GAS, SPPC ink two contracts
The duration of each contract is of 22 months.
- The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
- The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).