Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
Business
Dubai Airport set for record start to 2025: 4.3m guests in 15 days
Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
Business
Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...
- Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
- There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Geostrategy
Halting funding to UNRWA perils Middle East stability: Arab League
Cairo, Egypt -- The potential termination of the UN Relief and Works Agency for Palestine Refugees in the Near East...
- According to the Arab League secretary general, "the desire of some countries to exclude the role of UNRWA by suspending its funding is a moral, humanitarian and security mistake."
- He said this "dangerous trend" is consistent with the position of right-wing parties in Israel, which have always sought and are still seeking to limit UNRWA's activities.
Geostrategy
4,895 students killed, 400 schools damaged in Palestinian territories
The Palestinian Ministry of Education said more than 4,851 students were killed by Israeli forces in Gaza, while 8,227 others...
- The Ministry said that 239 teachers and administrators were killed and 836 were injured in the Gaza Strip and six were injured and more than 71 detained in the West Bank.
- Nearly 90% of government school and education buildings were directly or indirectly damaged, while 29% were damaged to an extent that they are not operational anymore.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
Saudi, UAE ‘prior’ countries for Russia’s inbound tourism push
Moscow, Russia -- China, India, Iran, the United Arab Emirates (UAE) and Saudi Arabia will become prior countries for Russia...
- In 2024, attention will be given to five prior countries: China, India, Iran, the UAE, Saudi Arabia, said Director General of the Center for Strategic Research Pavel Smelov.
- "It is expected that by 2030 the implementation of the concept presented will result in the annual flow of 16 million foreign tourists," he said.
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
- During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
- Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Arts & Culture
25,000 fragments of early Islamic era artifacts discovered in Saudi
Jeddah, Saudi Arabia -- As many as 25,000 fragments of artifacts dating from the early Islamic era, the first two...
- The discovery was announced by the Jeddah Historic District Program, in collaboration with the Heritage Commission.
- The project aims to preserve national antiquities and archaeological sites, uncover the rich history of the Kingdom, and promote historic Jeddah as a cultural destination.
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
- Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
- Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.
Business
Solutions-Devoteam deal completed
Devoteam Middle East is a subsidiary of Devoteam Group.
- The total value of Devoteam Middle East is approximately SAR741.7 million.
- Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
Business
Company News
ADNOC Gas awards $550m contracts
Business
Latest News
UAE national carriers fly to 606 destinations as travel demand rebounds
Abu Dhabi, UAE -- UAE national carriers continued to expand their destinations for passengers, supported by the UAE's leading position...
Business
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
EGA buys 80% stake in Spectro
EGA says the deal boosts its plan to expand recycling space globally.
Business
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Business
Abu Dhabi Airports, Paris Airports to expand air transport infrastructure
Abu Dhabi, UAE-- Abu Dhabi Airports has expanded its existing collaboration with Paris Airports Group (ACG) to focus on collaborating...
- This decision comes after Abu Dhabi Airports completed a comprehensive program of activities aimed at enhancing the contribution of partners among other things.
- The collaboration is aimed at creation of the ground infrastructure needed to provide advanced air transport applications in Abu Dhabi.
Global fears spread about Mpox- How worried should you be?
The World Health Organization (WHO) regional director for Europe warned on Thursday that Mpox could spread to other countries after...
- Sweden reported the first case of the more contagious variant of Mpox outside of Africa
- The virus seems to be spreading quickly and little is known about it
Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
- Completely different geopolitical situation now present more risks to global stocks
- The PIF, which has $977 billion in assets, reported a 2023 profit of $17.2 billion in a July 2024 filing