European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...
Economy
Geostrategy
Turkey to ask Russia to resume grain deal in original form
According to TASS, quoting a diplomatic source, Turkey's Foreign Minister Hakan Fidan will propose to Russia at the upcoming talks...
- The diplomatic sourced quoted by TASS said that Turkey views the grain corridor as the most efficient and safe
- He further said the deal if resumed in original format can prevent the expansion of the Ukranian conflcit into the Black Sea
Business
Gulf Bank to up paid-up capital
It will be hiked by US$79.6m through a public offering.
- According to a bank statement, the offering will be at a nominal value of 100 fils, in addition to a share premium of 130 fils for each share
- The bank posted a net profit of $56.50 million for the first three months of the current year, a 15 percent rise as against the same period of 2022
Business
Shams signs MoU with South Korean firm to develop media content
Sharjah, UAE--Sharjah Media City (Shams) has signed a memorandum of understanding (MoU) with Munhwa Broadcasting Corporation (MBC), the largest television...
- The agreement is designed to advance media content in both countries in accordance with regulations and legislation
- Rashid Abdullah Al Obed, Managing Director of Sharjah Media City, said his firm will continue to build ties with global media companies
Business
Alantra sets up base in DIFC
The global firm will provide investment banking services.
- With a base in Dubai, Alantra will have direct access to diverse opportunities fueled by the tide of emerging markets trade and investment
- Its investment banking branch provides advice on M&A, debt advisory, financial restructuring, and capital markets transactions
Business
Oil prices spike on US stockpile draw and hurricane fears
Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S.,...
- U.S. West Texas Intermediate crude futures gained 38 cents, or 0.47%, to $81.54, logging its fifth session of gains
- According to some analysts, the bigger-than-expected draw in U.S. crude oil stockpiles is positive for the oil market
Business
Global dividends hit record US$568 billion in Q2
According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite...
- The report said banks accounted for half of the world's dividend growth as their margins were boosted by interest rate hikes
- Nestle, Swiss food giant, was the world's biggest dividend payer, followed by British bank HSBC and German automaker Mercedes-Benz
Geostrategy
GCC to establish partnerships with international organizations: Albudaiwi
Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships...
- The secretary general of the GCC made the remarks in a meeting with the ambassadors of the MIKTA Group in Riyadh
- The MIKTA Group comprising of Turkey, Indonesia, Mexico, Korea, and Australia is keen to consolidate cooperation with the GCC
Business
Egypt looks to raise US$5bn from offloading stake in state-owned companies
Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023...
- The country will offload stake in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm
- Between March 2022 and July 2023, the Egyptian government raised $5 billion from offering stakes in 13 companies
Business
Egypt to drill 45 exploratory gas wells with investment of US$1.9bn
Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with...
- Between July 2022 and June 2023, Egypt drilled nearly 10 wells that yielded huge disovery in the Nargis Offshore Area Concession, adding reserves of 2.5 trillion cubic feet
- Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources, said that until 2025, a total of 35 exploratory wells will be drilled with $1.5 billion in investments
Economy
Saudi Arabia’s banks post 9.6% rise in aggregate profits in July to US$1.71bn
Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in...
- The central bank said the aggregate assets of the banks jumped 8.84 percent year-on-year in July to $1.02 trillion
- The bank also revealed that loans disbursed to the private sector increased 9.97 percent year-on-year in July to $648 billion
Company News
Dragon Oil starts oil production
Business
Latest News
IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
Business
Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...
Business
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Economy
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development.In this...
- The CEO of UPDA lay emphasis on the need for exchanging expertise and technologies in the field of urban development
- Al Khayat apprised the delegation about UPDA’s role in overseeing the policy of sustainable urban planning in the kingdom
Business
Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.
- The site for the centre, bought by Google in 2020, will be located in the town of Waltham Cross, about 15 miles north of central London
- The UK government pushing for investment to help fund new infrastructure, termed Google's investment as a "huge vote of confidence"
Business
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd...
- The event is expected to attract around 20,000 visitors, and more than 100 Japanese exhibitors
- The exhibitors will represent a diverse range of industrial sectors, like technology and animation