OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
Business
Economy
Germany pledges 413.9m euros in development aid to Jordan
The Jordanian-German discussions covered a wide range of vital sectors including education, water and renewable energy
- The Jordanian-German discussions covered a wide range of vital sectors including education, water and renewable energy
- The aid also comprises 15 million euros as an additional grant for the National Water Carrier Project
Geostrategy
UAE to showcase its nuclear energy success in WANO meeting
The Barakah Plant is spearheading the decarbonization of the UAE’s power sector by generating clean electricity and forms key component...
- The meeting is scheduled to be held in Prague, Czech Republic under the theme “One WANO – A Global Commitment to Nuclear Excellence,”
- Due to the Barakah Nuclear Energy Plant, a major strategic energy infrastructure project, the UAE is recognized as a global nuclear energy leader.
Business
Delegations from France, Italy visit Expo Center Sharjah
Delegations from France and Italy have visited the Expo Center Sharjah to discuss ways to strengthen cooperation and exchange expertise...
- The meetings were held on the sidelines of the 50th edition of the Watch & Jewelry Middle East Show.
- The delegations toured the exhibition and looked into ways to work with the center.
Geostrategy
UAE, Egypt discuss cooperation in defense industries
A high-level UAE delegation, on a visit to Egypt, met with senior officials of the Egyptian Ministry of Defense.
- The two sides discussed opportunities for strengthening the overall relations between the UAE and Egypt.
- They discussed promoting partnerships between the defense industry of the two countries.
Business
Nykaa enters into a strategic alliance with Middle East-based Apparel group
Nykaa will leverage the Apparel Group’s robust retail infrastructure network and deep market relationships to build distinctive GCC focused beauty...
- Nykaa will leverage the Apparel Group’s retail infrastructure network to build GCC focused beauty offerings
- Founded by Falguni Nayar in 2012, Nykaa disrupted the Indian beauty market with its content to commerce expertise
Business
Tihama’s stock surges 10%
The firm won the nod from CMA to increase capital by 700%.
- Its shares jumped 9.81 percent, continuing to lead the market’s gainers since early trade at $28
- According to a bourse filing, the marketing firm’s capital will be increased from $13.33 million to $107 million
Business
Jordan’s first medical university set to enroll students
The Aqaba Medical Sciences University (AMSU), the first medical university in Jordan, will enroll its first class of medical and...
- According to the Chairman of the board of trustees, the investment in the private university is valued at $169.25 million, which can be increased
- The university will also house an educational and training hospital, which is currently being built, and in its first cohort, the university will enroll 150 students
Economy
Jordan and Iraq set up electrical project on the border
The two prime ministers affirmed that Jordan and Iraq maintain historical and strategic ties and are committed to expanding bilateral...
- Prime Minister of Jordan Bisher Khasawneh and his Iraqi counterpart, Mustafa Kazemi laid the cornerstone for the electrical interconnection project
- Khasawneh stressed that Jordan's leadership, government, and people are committed to supporting the security of Iraq and improving the country's stability, prosperity, and progress
Market Report
ADX adds 5 single stock futures
The move will help develop ADX derivatives market.
- The addition of new contracts has doubled the total number of derivative products on ADX to 10 in less than a year.
- Market participants will be able to trade on leverage and hedge their equity exposure using these contracts.
Business
TAQA to sell Netherlands business
TAQA Energy will sell upstream oil and gas business to Waldorf.
- The financial terms of the deal were not disclosed. TAQA said the sale was made following its 5 July 2022 announcement that it had completed a review of oil and gas business.
- On September 23, TAQA and ADNOC announced the financial closing of their $3.8 billion project to power and decarbonize ADNOC's offshore production operations.
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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
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Company News
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Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
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Economy
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
- The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
- It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
- The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
- It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.