UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Economy
Iran and Syria sign agreement to build rail connection via Iraq
Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq....
- Iran's minister of roads and urban development made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway
- The minister said that in the wake of the signing of the agreement with Syria, a trilateral agreement between Iran, Iraq, and Syria will be put on the agenda
Arts & Culture
Protection pact for Yemeni cultural assets extended with US support
Dubai, UAE-- Yemen and the US have signed an agreement to renews and extend protections for Yemeni cultural property that...
- According to the US State Department, the agreement provides a framework for cooperation between the two countries to combat cultural property trafficking
- It further noted that the agreement adds to the US support for a durable resolution to the Yemen conflict and reaffirms US support for Yemeni sovereignty
Economy
China’s industrial sector posts robust growth in 2023
Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according...
- The country took a big leap in renewable energy, unveiling the world's premier 16-megawatt offshore wind turbine, showcasing its deep-sea wind power construction proficiency
- Its entrepreneur confidence index and prosperity index for strategic emerging industries posted robust growth, strengthening the positive trajectory of China's economic landscape
Economy
Saudi Arabia and Singapore pledge to ramp up economic ties
Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges...
- The two sidies reviewed the state of their economic relations and also discussed the progress of Saudi Vision 2030 and its key programs
- The Saudi finance minister met with an array of private sector players and Singaporean government agencies and discussed financial cooperation
Economy
Qatar’s Producer Price Index of industrial sector dips 0.22% in July
Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial...
- According to data, chemicals and chemical products prices decreased by 1.31 percent, followed by food products which fell by 0.76 percent
- There was a dip in the prices of utilities like electricity, gas, steam, and air conditioning supply by 2.58 percent compared to June 2023
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
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Company News
Alba sets new production record
Business
Abu Dhabi Islamic Bank adopts AI
Business
Latest News
Dragon Oil starts oil production
Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
Business
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...
Business
Most Read
Business
Bahrain and GCC look to boost ‘convention, exhibition’ industry
Manama, Bahrain-- Bahrain and the Gulf Cooperation Council (GCC) are looking to boost cooperation in the convention and conference industry...
- The Bahrani minister spoke of the kingdom's resolve to continue developing the exhibitions' sector by providing it with facilities
- The two sides discussed establishing more major international events and exhibitions across the cities of the GCC countries
Business
IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
- The new company will be involved in the import and trading of refined oil products, petrochemicals, lubricants, and grease
- It has invested $11m as first stage investment in the emirate and plans to double this investment to $22 million by 2025-26
Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
- SABIC will own 51% of the project and Fujian Fuhua Gulei Petrochemical Co. Ltd. will have 49% ownership of the joint venture
- The company said that the complex will consist of a mixed feed steam cracker with an annual ethylene capacity of up to 1.8m tons