Al-Ittefaq plans an IPO

• The value of the company is estimated at over $2 billion
• A deal with the financial adviser to manage the company’s initial public offering is expected soon

DMCC doubles Chinese companies over last five years

• The free zone is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE
• DMCC has created an integrated infrastructure including the establishment of the Yingtian Chinese Business Centre that caters to the Chinese business community

UAE delegation, led by Abdullah bin Zayed, in Tel Aviv to discuss ways to boost ties

Saudi Arabia plans seeks to create over 200 smart cities: Minister

• The cities will use AI systems in numerous fields, including inspection, waste management, parking, and spatial planning.
• The minister explained that cities will depend on their interconnectedness and interaction to improve services quality.

JAFZA facilitates more than a third of Dubai automotive volume

• This is equivalent to $12.4 billion, more than a third of the total trade worth $31.3 billion.  
• Dubai hosts the region’s biggest automotive trading hub and the largest used car market.

Adoption of new technologies tops Saudi Maritime Congress agenda

• The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
• This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain

AD Ports ups stake in Egypt firms

• The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
• Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa

Lebanon-Israel maritime talks to conclude in days: Lebanese official

• Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border
• US mediator Amos Hochstein, who visited Beirut on September 9 said talks were making progress

First phase of ADNOC Refining’s WHR project nears completion

• The firm is looking to reduce its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative
• ADNOC has announced partnerships to decarbonise its operations at scale, with up to 100% of the company's grid power being supplied by clean nuclear and solar energy sources

Dubai records realty transactions worth $517 million: Land Department

• The sales included 286 villas and apartments worth AED600.16 million, and 58 land plots worth AED1.17 billion.
• The emirate's real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the past decade.