AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business
Geostrategy
UAE urges world to address root causes of intolerance, extremism
NEW YORK, US- Advisor to the UAE Minister of Foreign Affairs Salem Al Zaabi called on the international community to...
- Terrorism is a complex, multi-faceted, and global phenomenon that transcends borders, cultures, and religions, said the UAE official.
- The UAE hosted a discussion on terrorist groups’ acquisition, weaponization, and deployment of Autonomous and Remotely Operated Systems (AROS).
Business
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
- This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
- The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.
Arts & Culture
Saudi Arabia to host 2023 FIFA Club World Cup
RIYADH, SAUDI ARABIA- The Saudi Arabian Football Federation (SAFF) and the Fédération Internationale de Football Association (FIFA) announced on Monday...
- This follows an official visit made by a FIFA delegation to Jeddah last week to inspect the ongoing preparations to host the World Cup.
- FIFA experts inspected the infrastructure and stadiums nominated to host the WC, including King Abdullah Sports City and Prince Abdullah Al-Faisal Stadium.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Business
Qatar and Tajikistan chambers to form joint business council
Doha, Qatar - Qatar Chamber and Tajikistan Chamber of Commerce and Industry signed Sunday an agreement to establish a Joint...
- The Joint Business Council aims to facilitate communication between the two parties to increase trade and economic cooperation between the two countries.
- It includes communication mechanisms between business owners in the two countries, and exchanging information on trade and economic cooperation.
Saudi Arabia hosts the biggest hajj pilgrimage in years
Islam's holiest site is expected to host more than two million worshipers from 160 countries during the annual rites that...
- The hajj began early on Sunday with the "tawaf" -– the circumambulation of the Kaaba, the large cubic structure draped in black cloth with gold trimmings
- This year’s pilgrimage will be the biggest since Saudi Arabia scrapped rules in 2021 that banned women who weren't accompanied by a male relative
Business
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
- The move aims to provide incentive benefits to encourage REIT to consider various projects across Dubai.
- The aim is also to increase investment in the market by achieving a long-term capital return for shareholders.
Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Business
RAKEZ unveils ‘open yards’ to enhance business facilities
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive...
- Located in Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.
- With the introduction of these new open yards, investors are provided with the opportunity to operate across a spectrum of over 100 activities.
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
- Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
- The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
Company News
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Agility 2023 net profit $272m
Business
Emirates CEO Sheikh Al Maktoum ‘not happy’ over Boeing aircraft delays
Dubai, United Arab Emirates -- The head of Dubai's Emirates airline urged Boeing on Tuesday to "fix" its problems, warning the...
Business
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
Economy
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Business
IHC Q1 net profit $2.17bn
The company launches Share Buyback Programme
- IHC's robust performance in Q1 2024 led to a Profit after Tax margin of 41.6 percent and earnings per share of AED 2.17.
- This growth was propelled by strong performances across IHC’s core sectors of Real Estate & Construction, Technology, Marine & Dredging, Food, and Services & Others.
Business
Dubai records 5.18m international overnight visitors in Q1
Dubai, UAE -- Dubai welcomed 5.18 million international overnight visitors from January to March 2024, an 11 percent rise over...
- Dubai begun 2024 by being named the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards.
- From January to March, the Western Europe region was Dubai’s biggest source market with 1.138 million arrivals, a 22 percent overall share.
Business
NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
- The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives.
- The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities.