Lebanon violence tests US-Iran accord as Israeli ministers harden rhetoric
Lebanon's Health Ministry said at least 21 people were killed and 39 wounded in overnight strikes across southern Lebanon.
Geostrategy
Trump, Iran president sign framework accord to end conflict, launch nuclear talks
The accord, signed electronically by both leaders, is intended to serve as a framework for a broader settlement rather than...
Geostrategy
Business
ADNOC and bp to form gas JV
The JV is expected to be completed in the second half of 2024.
- Under the JV, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt.
- ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.
Business
$1.39bn credit facility for Cenomi Centers
The Shariah-compliant facility was secured with several banks.
- The new arrangements consist of a 12-year term sustainability-linked Murabaha facility in two tranches as well as a revolving four-year renewable Murabaha facility.
- The arrangements will help Cenomi to support its growth plans by contributing towards existing facility repayments.
Business
NMDC Group net profit $585m
The Group's revenues surged 56 percent to $4.54 billion.
- The Group's assets reached AED 20.8 billion in 2023, up from AED 16.0 billion in 2022.
- In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion.
Business
US hardwood lumber shipments to MENA reach $61 million in 2023
Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14...
- Significant increases were seen in exports of American hardwood lumber to the United Arab Emirates and Saudi Arabia last year.
- More modest increases were seen in shipments to Morocco, Lebanon, Algeria and Iraq.
Geostrategy
OFID funds $27 billion for 4,000 projects in 125 countries
Dubai, UAE -- The OPEC Fund for International Development (OFID) has committed a US$27 billion to support 4,000 development projects...
- The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution.
- Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
Economy
IMF chief forecasts higher economic growth for Arab region in 2024
Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle...
- The GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.
- The IMF Chief also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 percent.
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
- Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
- The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Business
Asian labor dialogue champions tech solutions for disputes
Dubai, UAE -- Ministers of labor and human resources from 16 Asian countries sending and receiving workers have called for...
- A total of 16 countries participated in the current edition of the Abu Dhabi Dialogue, including nine workers-sending countries.
- The UAE showcased its social protection system for workers, including the Unemployment Insurance Scheme.
Business
Dubai Customs new record: 17.15m international visitors in 2023
Dubai, UAE -- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily and played...
- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily.
- The Passenger Operations Department has over 845 inspection officers supported by 77 baggage inspection devices.
Geostrategy
IMF chief says Israel-Hamas war ‘devastating’ Palestinian economy
"The Palestinian economy's dire outlook is worsening as the conflict persists," managing director Kristalina Georgieva told the World Governments Summit...
- In the war-ravaged coastal territory, economic activity dropped 80 percent from October through December compared with a year earlier, the IMF chief said.
- The IMF now sees the economies of the region expanding 2.9 percent this year, a decrease of half a percentage point from its October forecast.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Lebanon violence tests US-Iran accord as Israeli ministers harden rhetoric
Lebanon's Health Ministry said at least 21 people were killed and 39 wounded in overnight strikes across southern Lebanon.
Geostrategy
Company News
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Aldar ups stake in Aldar Estates
Business
Countdown begins for NASA’s historic Moon mission
If successful, Artemis II will carry four astronauts on a lunar flyby, testing critical systems needed for future missions that...
Geostrategy
AD Ports records $564 million 2025 net profit
The company said revenue grew 20 percent year-on-year to $5.65 billion, while net profit increased 16 percent, supported by strong...
UAE real estate gains momentum on strong 2025 base as Mar sales surge
Dubai, UAE -- The UAE’s real estate sector extended its upward trajectory in March, with robust project launches, steady construction...
Business
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Business
Emaar Development to pay $1.1 billion dividend
The dividend represents 100 percent of its share capital. The company reported record property sales of approximately $19.4 billion in...
- EBITDA increased 52 percent to roughly $3.9 billion, with net profit before tax reaching $4.2 billion.
- The developer highlighted a revenue backlog of approximately $34.1 billion supporting future growth visibility.
Business
Empower okays $119.1m H2 2025 dividend
The dividend is equivalent to 43.75% of paid-up capital.
- It was approved at a meeting attended by 85 percent of shareholders.
- The company also ratified its 2025 financial statements and performance report.
Business
Dubai Chambers partners with DP World and Customs to boost logistics resilience
Dubai, UAE — Dubai Chambers, in collaboration with Dubai Customs and DP World, convened a meeting with around 100 private...
- Dubai brings public and private sectors together to address logistics disruptions and ensure smoother trade flows.
- Industry leaders explore practical solutions to enhance efficiency and adapt to evolving global supply chain pressures.