Dubai airport expects stronger H2 as airline capacity and demand recover
Dubai Airports CEO Paul Griffiths said the return of airline capacity was being matched by recovering demand, particularly important for...
Business
Gold prices hit highest levels in three months, oil falls
Oil prices fell by more than $1 a barrel on Monday as investors took profits ahead of an expected US...
Business
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.
Business
Use of DEWA’s electric-vehicle green chargers up 59% in 2023
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA)’s EV Green Charger initiative witnessed a 59 percent increase in the...
- Dubai has seen a notable increase in the use of EVs since 2015. The number of EVs in the Emirate reached 25,929 vehicles by December 2023.
- The number of EV owners registered under the initiative has increased from a mere 14 in 2015 to more than 13,959 by the end of December 2023.
Business
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.
Business
Qatar records real estate deals worth $100 million in five days
Doha, Qatar -- Qatar has recorded real estate transactions worth 378 million QR ($100 million) during the 21-25 Jan 2024...
- Sales were concentrated in, Doha, Al Rayyan, Al Daayen, Umm Salal, Al Wakrah, Al Shamal municipalities, and in the Pearl Island, Lusail 69, Legtaifiya, and Al Kharayej Zones.
- The volume of real estate trading in sales contracts at the department during the Jan 14-18 period exceeded QR 344 million.
Business
Dubai records weeklong real estate transactions worth $3.13 billion
Dubai, UAE -- Dubai recorded real estate transactions valued at AED 11.5 billion ($3.13 billion) during the week ending 2...
- A total of 192 plots were sold for AED 2.61 billion, 2,699 apartments and villas were sold for AED 5.75 billion.
- The sum of the amount of mortgaged properties for the week was 2.24 billion, with the highest being a land in Al Hebiah First, mortgaged for AED 458.77 million.
Geostrategy
Saudi Arabia not part of BRICS yet, still considering invite: Report
Riyadh, Saudi Arabia -- Saudi Arabia remains undecided on accepting the BRICS bloc's invitation to join, despite initial claims of...
- South Africa's Foreign Minister Naledi Pandor's recently asserted the kingdom's membership, but a Saudi official told Reuters the Kingdom has not yet responded to the invitation.
- BRICS had extended membership offers to Saudi Arabia, United Arab Emirates, Egypt, Iran, Argentina, and Ethiopia last August.
Business
FDI inflows into Saudi Arabia fall 14.4 percent in third quarter: GASTAT
Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of...
- The total FDI outflows reached SAR 5 billion, a decrease of 22.5 percent compared to the Q2 of the same year.
- Total FDI in Saudi Arabia reached SAR762 billion at the end of 2022, compared to SAR659 billion in 2021.
Business
Abu Dhabi records real estate deals worth $1.36 billion in Jan
Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36...
- The value of real estate mortgages in the emirate reached about AED2.6 billion through 635 mortgage deals.
- Mohamed bin Zayed City topped the list with a value of AED16.6 million for "Prestige Tower", followed by Saadiyat Island with AED12.7 million for "Mamsha Al Saadiyat".
Dubai airport expects stronger H2 as airline capacity and demand recover
Dubai Airports CEO Paul Griffiths said the return of airline capacity was being matched by recovering demand, particularly important for...
Business
Company News
Latest News
US and Iran agree to halt strikes, pursue technical talks: Official
AFP quoted an American official as saying that the technical talks are slated to continue on all areas of the...
Geostrategy
OpenAI limits release of new model after US government request
Dubai, UAE --Â ChatGPT developer OpenAI is restricting access to its latest artificial intelligence (AI) model at the request of...
Business
Sharjah Chamber registers 30,000 memberships in H1
Dubai, UAE -- The Sharjah Chamber of Commerce and Industry (SCCI) reported an impressive surge in registered memberships in the...
Business
Most Read
Geostrategy
US and Iran trade strikes again, threatening fragile ceasefire
US Central Command said American fighter jets struck 10 Iranian military sites in and near the Strait of Hormuz, while...
- Iran warned continued US attacks would collapse the Strait of Hormuz agreement and halt ongoing diplomatic negotiations immediately.
- Netanyahu, meanwhile, said Lebanon's framework deal allows Israel to maintain a southern security zone until Hezbollah is fully disarmed permanently.
Geostrategy
Iran claims retaliation against US as Hezbollah protests Israel-Lebanon agreement
Tehran warned of broader retaliation if attacked again as Washington defended its military action, while unrest spread to Beirut after...
- Hezbollah supporters blocked Beirut roads and burned tyres protesting the US-backed Israel-Lebanon framework agreement announced in Washington.
- Hezbollah was not involved in the negotiations and has previously rejected calls for nationwide disarmament.
Business
Nasdaq Dubai lists $500 million Arab Energy Fund sukuk
Dubai, UAE -- Nasdaq Dubai has listed a $500 million sukuk issued by The Arab Energy Fund (TAEF), adding to...
- The senior unsecured trust certificates, issued through APICORP Sukuk Limited under TAEF's Trust Certificate Issuance Programme, mature in 2031.
- The sukuk was priced at a spread of 70 basis points over the Secured Overnight Financing Rate (SOFR).