ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Science
Two-day inaugural RAK Energy Summit to begin on Oct 4
The inaugural RAK Energy Summit, to be held on October 4-5, will feature experts from the energy sector in the...
- The summit will feature experts from the energy sector in the UAE and globally.
- The experts will discuss the challenges the world faces as it moves to cut carbon emissions.
Business
Dubai real estate market performance in Aug best in decade
A total of 9,720 real estate sales worth $6.62 billion were recorded during the month, an increase of 69.57 percent...
- The top areas searched for sales in August were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers.
- Most searched areas for villa/townhouse sale were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land.
Business
Large turnout of visitors at WETEX, Dubai Solar Show
The Water, Energy, Technology and Environment Exhibition (WETEX) and Dubai Solar Show (DSS) saw a large turnout of visitors in...
- A total of 1,750 companies from 55 countries worldwide participated in the exhibition.
- Latest global solutions, technologies, innovations in energy, water, sustainability, renewable and clean energy were highlighted in the event.
Business
Qatar launches Tatween platform for job localization in private sector
Qatar has launched a forum, Tatween Platform, on job localization in the private sector, with the participation of representatives of...
- Services, tourism and hospitality, IT technology, finance, health and education, finance, health and education are some of the sectors involved.
- Tawteen platform provides a space and a dialogue platform for actors to exchange ideas and best practices in the field of job localization, labor minister Dr. Ali bin Saeed said.
Business
ACWA’s investments surge
The Saudi utility now boasts of $67bn investment portfolio.
- The company, which builds power and desalinated water plants, currently has 60 percent of its projects in progress and 40 percent in development stages
- According to its CFO, Abdulhameed Al-Muhaidib, it has invested $10 billion in the UAE renewable energy, water desalination, and clean gas projects,
Business
Qatar hopes to make US$17bn in profit from World Cup
The 2022 World Cup may prove to be a big windfall for Qatar as it hopes to make some $17...
- The CEO said that between 3 and 4 billion people around the world will watch the Qatar World Cup 2022
- He said that Qatar is expecting nearly one million people, including 12,000 from the media, during the World Cup
Economy
IsDB, Jordan sign two pacts to support food security, tourism sector
Jordanian Prime Minister Bisher Al-Khasawneh commended the continuous support of IsDB for economic projects in Jordan including help in the...
- Jordanian Prime Minister Bisher Al-Khasawneh commended the continuous support of IsDB for economic projects in Jordan including help in the modernization of the public sector
- President of the IsDB Group, Dr. Mohammad Sulaiman Al-Jasser affirmed the IsDB's interest in continuing to support and implement development and service projects in Jordan
Economy
Saudi Arabia, China explore trade, investments opportunities
The two sides reviewed the growth of bilateral trade, and the volume of the commercial partnership.
- The two sides reviewed the growth of bilateral trade, and the volume of the commercial partnership
- Saudi Arabia's exports to China, in the second quarter of 2022, amounted to about $16.8 billion
Business
Salik begins trading on DFM, after large investor interest
Dubai, UAE— Salik, Dubai toll operator, has listed on Dubai Financial Market under the name of "SALIK", after the offering...
- It is the third public offering and listing on the DFM in 2022 as part of the plan to develop financial markets in the country
- The strong demand toward the issuance prompted the company to raise the offered shares to 1,867,500,000 shares representing 24.9 percent of its share capital
Economy
UAE tops Arab countries in WIPO’s Global Innovation Index 2022
The UAE also ranked 18th globally on the GII's Innovation Input Sub-Index, five ranks higher than 2021.
- The country also ranked 18th globally on the GII's Innovation Input Sub-Index, five ranks higher than 2021
- It ranked 6th globally in the Institutions indicator, as compared to 24th last year, 7th in the Infrastructure indicator, as compared to 14th in 2021
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Company News
Latest News
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
Business
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
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Arts & Culture
Red Sea International Film Festival to showcase 14 short films
Jeddah, Saudi Arabia - The Red Sea International Film Festival (RSIFF) unveiled Monday the lineup of international short films participating...
- The theme of this year's event is "Your Story, Your Festival" and will screen films by industry professionals from Asia and Africa
- 14 films will be showcased in the event by filmmakers from countries such as Singapore, Senegal, Kazakhstan and Pakistan
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