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
Geostrategy
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
- UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
- The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Business
DEWA adds 600MW of clean energy production capacity
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
- Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
- The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Business
Banque Saudi Fransi net profit up 15%
The bank’s profit for the nine-month period peaked at $719m.
- The hike in profit was driven by boost in total operating income, partially offset by an increase in total operating expenses by 20.18 percent.
- The bank said the increase in total operating income was driven by higher net special commission income, exchange income, net as well as other operating income.
Business
Nedaa, Nokia ink 5G deal in Dubai
5G network will help Nedaa provide better services.
- With the introduction of 5G, Nedaa will be able to support enhanced services for public safety and management of vital operations.
- The MoU sets a framework for upgrading the existing network capabilities and introducing agile and advanced services.
Business
ADNOC sets Upstream Methane Intensity target of 0.15 percent by 2025
Abu Dhabi, UAE--- Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane...
- ADNOC’s 0.15 percent methane intensity target means ADNOC will be ranked in the Gold Standard category by the Oil and Gas Methane Partnership 2.0 (OGMP 2.0.
- Oil and Gas Methane Partnership 2.0 (OGMP 2.0 is a a multi-stakeholder initiative launched by the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition.
Economy
Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022
As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...
- The seasonally adjusted real GDP increased by 2.6 percent in the third quarter 2022 compared to the second quarter this year.
- Non-oil activities grew by 5.6 percent and government services activities by 2.4 percent on a year-on-year basis.
Business
Empower IPO priced AED1.31-1.33 per share
The total offering size expected between $357m and $362m.
- On Oct. 24, Empower announced it will list 10 percent stake in its IPO and list a portion of its ordinary shares for trading on the Dubai Financial Market (DFM).
- Empower said that 1 billion shares, each with a nominal value of AED0.10 (ten fils) will be made available in the offering.
Economy
Swiss National Bank loses nearly $143bn in first nine months
The scale of the loss can be gauged from the fact it is slightly more than the annual economic output...
- The scale of the loss can be gauged from the fact it is slightly more than the annual economic output of Morocco ($132 billion)
- The loss could mean that the bank halts payouts to the Swiss federal and cantonal governments next year
Business
Taaleem to raise US$204.21 million in IPO
Dubai school operator plans to expand its network.
- Taaleem will offer 10% of its shares to retail investors starting Nov 10, and 88% of its shares to professional investors on Nov. 17
- The company said another 2% will be offered to Eligible Employees and Eligible Parents
Business
Qatar and Azerbaijan to enhance trade, energy relations
Doha, Qatar— Qatar and Azerbaijan have decided to enhance relations in the fields of energy and trade and in this...
- Minister of Economy of Azerbaijan, Mikayil Jabbarov, lauded the relations both countries enjoy, noting that Azerbaijan is eager to further develop its relations with Qatar
- The Qatar-Azerbaijan Joint Business Council aims to assist in setting up direct partnership links between business entities of both countries
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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
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
Company News
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ADNOC L&S boosts barge fleet
Business
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
Business
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
Business
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Geostrategy
Israel police claim Hamas was not aware of a music festival on October 7
DUBAI - An investigation carried out by Israeli police has concluded that Hamas, involved in the October 7 attack, had...
- The police probe revealed that an Israeli military helicopter arrived at the scene and opened heavy fire.
- The development comes as Israel revised the official death toll of the October 7 attacks, lowering the figure to around 1,200 people.
Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
- The move aims to boost the company's capital expansions and working capital, the company said in a statement.
- The sukuk issue was amended from a private placement to a public offering, the company said.
Geostrategy
Blinken calls on Israel to stop settler violence in West Bank: Report
Israeli settler violence has increased significantly since the outbreak of the ongoing Israeli genocide campaign in Gaza, rising from an...
- Blinken said there is urgent need for affirmative steps to de-escalate tensions in West Bank, which includes curbing settler violence
- Blinken’s comments came as Israeli occupation forces carried out raids in the occupied West Bank and continued its raids of several of Gaza’s major hospitals