European Parliament approves aid package for Egypt, Jordan
Brussels, Belgium -- Members of the European Parliament have approved two proposals to provide Egypt and Jordan with loans worth...
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
Business
Miral Destinations to showcase latest attractions at ATM 2024
Abu Dhabi, UAE -- Miral Destinations, a subsidiary of Miral and promotional partner for Yas Island and Saadiyat Island Abu...
- Scheduled to take place from 6-9 May in Dubai, ATM offers a stage for Miral Destinations to demonstrate its dedication to innovation and sustainable tourism, media reports said.
- Saadiyat Island Abu Dhabi is launching the ‘Elevate your Senses’ campaign during Arabian Travel Market.
Business
UpLink launches initiatives to push circular carbon economy transition
Riyadh, Saudi Arabia -- UpLink, the World Economic Forum community dedicated to supporting early-stage impact-focused entrepreneurs, has announced the launch...
- In collaboration with Saudi Arabia's Ministry of Economy and Planning and Ministry of Energy, UpLink unveiled its Circular Carbon Economy Partnership.
- The partnership aims to select a cohort of 10-20 early-stage startups to receive support in scaling their impact over the next year.
Geostrategy
Saudi Arabia calls for ‘real commitment’ towards a Palestinian state
Riyadh, Saudi Arabia -- Saudi Arabia has called for a "real commitment to a two-state solution that is a credible, irreversible...
- At the WEF meeting, Prince Abdulaziz bin Salman, Minister of Energy, said a just and equitable energy transition will only be achieved by using a range of energy sources.
- Saudi Arabia's tourism sector has nearly doubled, growing from $35 billion to $66 billion, and set its sights on reaching $80 billion this year.
Business
UAE’s Islamic finance sector grows by 8 percent in 2023: S&P
Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth,...
- The agency expects high single-digit growth in the period 2024-2025 after the sector achieved 8 percent growth in 2023.
- The agency explained in its report that the sukuk market started strong in 2024, with total issuances reaching $46.8 billion by 31st March, 2024.
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment
Business
ADQ buys stake in Plenary Group
The deal is aimed at expanding public and social infrastructure.
- ADQ will acquire a 49 percent stake in Plenary, including all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec.
- Established in 2004, the Plenary has a portfolio of 21 assets under management valued at over US$25 billion across Australia and the Middle East.
Business
Qatar reveals program, speakers for Autonomous e-Mobility Forum
Doha, Qatar – The Autonomous e-Mobility (AEMOB) Forum, a groundbreaking initiative in the realm of sustainable transportation, announced its final...
- The event is slated to take place from April 30 to May 2, 2024, at the Qatar National Convention Centre (QNCC) in Doha.
- It has attracted significant sponsorship from over 20 prominent organizations. Notable sponsors include Mowasalat Company (Karwa).
Business
Dubai Chamber attracts MNCs valued at $82.84bn in 2023
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- Initiatives like 'Create Apps in Dubai' triple app developers, fostering innovation and entrepreneurship in the emirate.
- Through workshops and roadshows, Dubai Chamber engages globally, attracting digital companies to the emirate's burgeoning tech landscape.
Business
Alkhorayef Water awarded $458m contract
The operation and maintenance contract will be for over 15 years.
- The existing plants in this package are Al Hafuf STP 1, Al Oyun STP and Al Omran STP. This is in addition to the new one, Al Hafuf STP 2, Argaam reported.
- The design and rehabilitation will be completed in two phases over 36 months from the contract date. Meanwhile, the O&M will be carried out over 15 years (180 months).
Business
Top U.S. stock indices drop for third consecutive day on Wednesday
The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward...
- Technology-heavy Nasdaq Composite slid 1.15% to 15,683.37
- Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower
European Parliament approves aid package for Egypt, Jordan
Brussels, Belgium -- Members of the European Parliament have approved two proposals to provide Egypt and Jordan with loans worth...
Business
Company News
SHUAA okays MCB tranches
Business
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ADNOC Drilling closes JV
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
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Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
- The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
- There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.
Geostrategy
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
- At least 108,379 other civilians, most of them children, have been injured and thousands remain under debris.
- The ministry said the Israeli forces committed two massacres against Palestinian families in the Gaza Strip over the past 24 hours.
Business
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
- The number of subscribers recorded a 51 percent increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of Q3 2023.
- Foreign investment assets recorded an annual growth of 15.1 percent, increasing by over SAR 3 billion to reach SAR 25.656 billion, which accounts for 16% of the total asset value.