UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE -- Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
Business
Business
Al Seer Marine orders 4 new tankers
South Korea's K Shipbuilding will deliver the tankers in 2024.
- K Shipbuilding will construct the medium-range (MR) IMO II/III product tankers at Jinhae Shipyard.
- With these four tankers, Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol.
Business
AD Ports Group records 77% growth in Q3
The company's EBITDA increased 52 percent YoY to $162 million.
- Ports Cluster revenue grew 18 percent YoY on a like-for-like basis when adjusted for the positive effect of a one-off sand supply contract in 2021
- AD Ports Group CapEx investment rose to $0.43 billion in Q3 2022 and $1.14 billion in 9M 2022
Geostrategy
Saudi Crown Prince and PM arrives in Indonesia for G20 summit
Bali, Indonesia— Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has arrived in Indonesia to take part...
- The crown prince met with French President Emmanuel Macron, Turkish President Recep Tayyip Erdogan and other leaders on the sidelines of the G20 summit
- The 17th edition of the G20 Summit will extensively focus on key issues of global concern under the theme of ‘Recover Together, Recover Stronger’
Arts & Culture
European Film Festival commences at Haya Cultural Center in Amman
Amman, Jordan— Intended to open up a space for intercultural cooperation, the 34th edition of the European Film Festival (EUFF)...
- Hadjitheodosiou said cultural diversity is an integral part of the values of the European Union
- She lauded Jordan's role in promoting cultural appreciation and understanding, protecting diversity and cultural heritage
Geostrategy
It’s time to create and support Climate Solidarity Pact
Proposing the creation of a Climate Solidarity Pact, bringing together developed and emerging economies to combine resources and capacities to...
- G20 can play an important role in resolving global crises, says UN Secretary-General António Guterres ahead of the event in Bali, Indonesia
- Guterres urges the bloc to support his initiatives to address climate change, sustainable development, the worldwide food and energy crises, and digital transformation
Geostrategy
UAE urges global efforts for trade at B20 Summit in Indonesia
BALI, INDONESIA - Speaking at the B20 Summit in Bali, Indonesia, Minister of State for Foreign Trade Dr. Thani bin...
- The UAE is working to help the global economy overcome current and future challenges.
- The economy of the future will be based on knowledge and innovation.
Economy
Bahrain made the highest rate hike in GCC region
Many Gulf states, including the region's two biggest economies, raised key interest rates earlier this month after the US Fed...
- The Fed raised the rate by three-quarters of a percentage point for the fourth straight time.
- The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited.
Business
Emaar 9M revenue at US$5.1bn
Robust property sales helped firm enhance revenue.
- Emaar said that EBITDA in 9M 2022 increased by 47 percent to US$ 2.3 billion
- The property giant said net profit in 9M 2022 increased by 124 percent to US$ 1.6billion.
Business
ADNOC Drilling 9M net profit $568m
Onshore revenue for the period was $1.074 bn, up 25% YoY.
- The third quarter revenue was $372 million, up 33 percent year-on-year.
- Offshore revenue for the nine-month period was $431 million, broadly flat versus the prior year.
Business
UAE capital records real estate deals worth $5.72 billion in third quarter
Abu Dhabi, UAE--- Abu Dhabi's real estate market recorded a total of 4,441 transactions amounting to over AED 21.04 billion...
- Department of Municipalities and Transport said the emirate recorded 1,995 real estate sales worth AED 5.39 billion, and 2,446 mortgage transactions worth AED 15.64 billion.
- Yas Island topped the list logging transactions worth AED 1 billion, while Al Saadiyat Island coming in second with transactions worth AED 929 million.
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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
Company News
Bank Albilad posts net profit
Business
NHC, NAVER Cloud ink pact
Business
Aramco, ENOWA ink pact
Business
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RSG, KHC set up joint venture
Business
Nedaa, Dubai Customs ink MoU
Business
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
COP28 UAE
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
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Business
ENEC, X-energy sign agreement
The firms will collaborate on nuclear energy technologies.
- The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
- The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.
Geostrategy
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
- The quietly planned meeting focused on ways countries could help efforts to secure peace for Palestinians and Israelis.
- The group is not a joint peace project with Israel, and says its leaders aim to speak on behalf of Arab and Muslim people people.
Geostrategy
Israel must be held accountable for its actions, says Palestinian PM
DOHA, QATAR - Prime Minister of Palestine Mohammad Shtayyeh called for holding Israel accountable, imposing sanctions and not allowing it...
- The Palestinian PM denounced Washington’s use of veto against a UN draft resolution calling for a ceasefire in Gaza.
- He said that there is an urgent need for a comprehensive political solution that would end the suffering of the Palestinians.