Killer heat wave sweeps the globe, hundreds perish
A punishing heat dome continues to intensify over the northeastern United States, scores of record-high temperatures were matched or broken...
Economy
Saudi Arabia inaugurates its second “House of Culture”
As part of the “Quality of Life” program, these houses aim to upgrade cultural infrastructure and boost Saudi engagement in...
Arts & Culture
Business
Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.
- The figure is equal to the combined profits of Apple, Google’s parent company Alphabet, and Microsoft
- Apple, the leader among global companies in terms of market capitalization, ranked second in the profitability index, with profits of $120.5 billion during the 12 months
Business
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...
- The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
- The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.
Geostrategy
Ajman Chamber, Russian delegation discuss trade ties
The Chairman of the Ajman Chamber of Commerce and Industry (ACCI) recently received an economic delegation from the Russian Federation...
- ACCI Chairman highlighted investment opportunities in the real estate, building and construction sectors to the Russian delegation.
- The Chairman stressed Ajman Chamber's keenness to develop economic ties and attract investors to the emirate.
Business
Qatar Central Bank’s foreign currency reserves rise to $59bn in August
Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, special...
- Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings and special drawing rights deposits.
- In addition to the official reserves, other liquid assets are in foreign currency deposits and the two together constitute what is known as "total international reserves".
Business
ADNEC adopts new corporate identity to support economic diversification
A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a...
- A global hub for major events, ADNEC centre has infrastructure, flexible teams and facilities to provide key services through a number of companies
- ADNEC Group encompasses a number of specialised companies that synergistically operate in six main business sectors
Business
ADCB green bond raises $500m
The debut bond that will be issued on 14 Sept was oversubscribed 3.8 times.
- The bond was 3.8 times oversubscribed after attracting local, regional, and international investors that placed total orders of over $1.9 billion.
- The bank said it has embedded ESG into its corporate strategy and has aligned its sustainability approach to the UAE’s ambitions for an inclusive, net-zero economy.
Business
Real estate transactions worth US$544m at Sharjah in August
Real estate transactions in the Emirate of Sharjah totaled US$544 million (AED 2 billion) in August 2022, according to the...
- The total number of transactions according to SRERD records, during the past month amounted to 2,409.
- Mortgage transactions amounted to 303, which is 12.6 percent of the total transactions, with a value exceeding $193 million.
Business
DEWA programs prepare Emiratis to join the organization
Dubai Electricity and Water Authority is committed to promoting Emiratization in its various divisions by adopting an integrated strategy to...
- The MD & CEO of DEWA said that the percentage of Emiratization at DEWA has reached 88.14 percent in senior management.
- DEWA has launched several pioneering projects and programs for the employment of Emiratis.
Research
UAE ranks 1st regionally in UNDP Human Development Report
The UAE has ranked 26th globally and first in the Arab world in the 2021/2022 Human Development Report, which is...
- The Human Development Index (HDI) is a summary measure for assessing long-term progress in three basic dimensions of human development.
- The three basic dimensions are a long and healthy life, access to knowledge and a decent standard of living.
Business
Louvre Abu Dhabi, NYUAD sign collaboration agreement in key areas
Abu Dhabi, UAE -- Louvre Abu Dhabi and New York University Abu Dhabi (NYUAD) signed an MoU to collaborate in areas...
- The MoU involves exchanges among faculty, staff, and students through programmes, events, and research projects and mutual access to institutional facilities.
- The two institutions have collaborated on Reframing Museums, a live, virtual symposium on the challenges and responsibilities facing museums in the light of Covid pandemic.
Most Read
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
Killer heat wave sweeps the globe, hundreds perish
A punishing heat dome continues to intensify over the northeastern United States, scores of record-high temperatures were matched or broken...
Economy
Company News
Latest News
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
Business
Ukraine ‘satisfied’ with Saudi-led mediation to end war
Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and...
Geostrategy
Most Read
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
- It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
- OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.