Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
Business
UAE continues to attract major global companies for new headquarters
Dubai, UAE -- The United Arab Emirates has continued to attract global companies looking to establish regional or global headquarters....
Business
Economy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
- This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
- Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Business
Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
- Dubai Investment Fund (selling shareholder) had announced 749 million shares, or 24.99% of Parkin's total issued share capital, for the IPO.
- Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
- Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists.
- Blue Opal Capital invests in emerging venture capital funds and co-investment opportunities that maximize investment returns for their partners.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
- The US$30 billion valuation was made by global technology funds in particular, Durov said.
- The Telegram will consider the sale of a portion of shares to its standing users, the businessman added.
Economy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
- The decline in the Food Price Index in February 2024 was led by a decrease in the price for cereals and vegetable oils.
- The route via the Red Sea accounts for slightly more than 10 percent of the global maritime trade volume.
Business
EIC to pay $22m dividend
The company's board had decided 15% cash dividend for H2 2023.
- The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.
- The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
- This will help enhance the competitiveness of the national maritime sector, promote its attractiveness to international investors.
- This strategic expansion aims to position the UAE as the premier logistical partner for global trade and further consolidate its leadership in the lindustry.
Business
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
- The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district boosted the performance.
- DMCC said it accounted for 11 percent of Dubai’s total FDI inflows and cemented its status as a global hub for trade in commodities like diamonds and precious stones.
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Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
Business
Company News
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Esports World Cup returns with record-breaking participation, global reach
Riyadh, Saudi Arabia - Saudi Arabia continues to cement its position as a global hub for gaming, esports, and entertainment...
Economy
Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
Geostrategy
Saudi chocolate industry booms with over 3,500 commercial records
Riyadh, Saudi Arabia -- On the World Chocolate Day, Saudi Arabia's Ministry of Commerce announced that the total number of...
Business
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Geostrategy
Airlines suspend or reduce flights in Middle East after Iran strikes
British Airways cancelled flights between London's Heathrow Airport and Dubai and Doha on Sunday following the US strikes on Iran....
- Germany's Lufthansa group, whose other airlines include Swiss, Austrian and ITA, has suspended flights to the Middle East until June 30.
- Turkish airline Pegasus has scrapped flights to Iraq, Jordan and Lebanon until June 30, and Iran until July 30.
Geostrategy
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
- Saudi-based Cluster2 Airports Company signed a strategic MoU with Airbus. The agreement will see the deployment of the Agnet Turnaround platform across Cluster2’s 22 airports.
- Saudi National Bank (SNB) has issued $1.25 billion in Tier 2 bonds at a 6% profit rate under its $10 billion Euro Medium Term Note program.
Economy
MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
- In major energy news, Abu Dhabi’s state-owned oil company has launched an $18.7 billion takeover bid for Australia’s Santos, offering a 28% premium
- The UAE’s economic momentum remains strong: its GDP grew 4% in 2024 to AED1.77 trillion, driven by a 5% rise in non-oil sectors