Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
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
Business
Boursa Kuwait profit declines
It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.
- The stock exchange in a statement said that lower trading activity was responsible for the decline in the net profit
- Its Chairman Hamad Al-Humaidhi said that the bourse showed "remarkable resilience in adapting to market fluctuations"
Business
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.
- It attributed the results to strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend
- The company's earnings per share amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 last year
Economy
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
- In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
- The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...
- Except for real estate investment trusts, the new conditions require investment funds to be chiefly involved in investment business activities
- The cabinet decision also requires a single investor and its related paties not to hold more than 30% or 50% of the ownership interests in a fund
Qatar National Bank foresees recession in US economy
Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out...
- The bank notes that the US economy continues to be resilient in spite of headwinds from high inflation, tighter financial conditions
- In QNB's analysis while economic momentum should prevent a downturn for the US in 2023, a recession is not unlikely yet for 2024
Economy
GAFTA imports from Jordan shoot up 16.6% to US$1.60bn
Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared...
- The value of Jordan's imports from GAFTA recorded a 13.8 percent drop during the January-May period of 2023 to $2.69 billion
- The kingdom's trade balance deficit with the GAFTA countries dopped at the end of May this year to about US$1.08 billion
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Economy
COP28 president urges G20 to take lead role on climate action
Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent...
- He urged all to demonstrate commitment to the UN Secretary General’s Climate Solidarity Pact and Acceleration Agenda
- The upcoming COP28 will be the first edition of the conference to explicitly link climate impacts to global health
Business
Black Cobra signs MoU with OSTIM
The Abu Dhabi firm will push for growth in the defense sector.
- The MoU will seek to create opportunities for growth and innovation in the aerospace and defense sectors
- The agreement between the two corresponds with the UAE's vision to boost bilateral relations with Turkey
Geostrategy
Saudi fighter jet crashes in training, killing crew
The air force jet was on a training exercise when it crashed on Wednesday in the south of the country,...
- The site of the crash borders Yemen, where Saudi Arabia has led a military coalition against Houthi rebels
- The jet is part of Saudi's fleet of F-15SAs, seen as a cornerstone of the ties between the kingdom and the US
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
Economy
Company News
ADCB, EIH sign agreement
Business
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ADX signs MoU with SZSE
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
Business
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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