Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
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,...
Geostrategy
Business
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...
- Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
- Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
Business
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
- 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
- Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- The trade balance showed a decrease of about QR 9.5 billion, or 33.7 percent, compared to December 2022.
- The YoY decrease was mainly due to lower exports of Petroleum Gases and Other Gaseous Hydrocarbons.
Business
Egypt exploring dirham, rupee bond issue: Finance Minister
Hong Kong -- The Egyptian government is mulling over the possibility of issuing bonds for the first time denominated in...
- The move is part of the ministry's pursuit of a diversified financing strategy, encompassing multiple markets, investors and financing tools.
- He underscored the recent issuance of green bonds worth $750 million and sovereign sukuk worth $1.5 billion.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Business
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
- The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation.
- The campaign launch coincides with Messi's upcoming return to Saudi Arabia, where he will play two matches with his club, Inter Miami, against Al Nassr and Al Hilal.
Business
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...
- The AED500 million initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
- Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
Business
Shurooq real estate sales exceed $48 million at ACRES 2024
Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED...
- Shurooq said it has been continuously boosting Sharjah’s global investment appeal with revolutionary projects like Sharjah Sustainable City.
- At ACRES 2024 Shurooq showcased phase 4 of this net zero mixed-use development, selling and reserving 42 units that are valued at AED 102.5 million.
Business
Dubai records weeklong real estate deals worth $3.86 billion
Dubai, UAE -- The real estate and properties transactions valued at AED 14.2 billion ($3.86 billion) in total during the...
- A total of 312 plots were sold for AED 2.95 billion, 2,696 apartments and villas were sold for AED 5.84 billion.
- A total of 195 properties were granted between first-degree relatives worth AED 850 million.
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
Company News
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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...
Economy
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the...
Business
Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
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Business
ADQ to invest $1bn in Sotheby’s
ADQ will acquire newly issued shares of Sotheby’s to support its growth.
- ADQ’s said the deal reflects its strategic commitment to pursuing value-accretive investment opportunities that contribute to Abu Dhabi's economic diversification.
- Patrick Drahi, who acquired Sotheby’s in 2019, will also invest additional capital alongside ADQ and remain Sotheby’s majority owner.
Science
Imam Turki bin Abdullah Royal Reserve: A hub for over 40,000 beehives
The reserve is a sanctuary for plant life, home to over 180 recorded species, making up 7.5 percent of the...
- Imam Turki bin Abdullah Royal Reserve hosts more than 40,000 beehives across 400 sites
- The beekeepers expressed their appreciation to the reserve authorities for the vital support provided
Business
Oil and gas sector in Arab countries attracts projects worth $406bn
Kuwait: -- The oil and gas sector in Arab countries attracted 610 projects implemented by 356 foreign and Arab companies,...
- United States topped the list as the most important investing country in the Arab region in the oil and gas sector with 85 projects.
- Russia ranked first in terms of investment costs, with a value of US$ 61.5 billion, representing about 15.2 percent of the total.