How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Economy
Oman issues Treasury Bills worth $103 million for 91 days
Muscat, Oman---The government of Oman issued Treasury Bills worth Omani Riyal 40 million (US$103 million) for a period of 91...
- The average accepted price reached RO 99.419 for every RO 100, and the minimum accepted price arrived at RO 99.270 per RO 100.
- Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance.
Business
Shapoorji bags Majid Al Futtaim deal
The US$217.4m contract covers construction of 808 villa sets.
- The projected date of completion of the projects at Tilal Al Ghaf is mid-2024.
- A key highlight of Tilal Al Ghaf is its central recreational lagoon bordered by white sandy beaches.
Economy
ADJD notarization, authentication transactions jump in August
The Abu Dhabi Judicial Department (ADJD) has achieved a record surge in total notarization and authentication transactions carried out in...
- There were 13,000 notarization and authentication transactions operations in August.
- The availability of multiple electronic options for submitting and completing transactions remotely helped in the increase.
Geostrategy
UAE takes part in G20 Health Working Group in Indonesia
UAE's Ministry of Health and Prevention (MoHAP) has taken part in the G20 Health Working Group (HWG3) meeting in Indonesia...
- The UAE ministry's delegation highlighted the importance of promoting solidarity among member states to better meet essential health needs.
- The delegation said UAE is ready to cooperate with Indonesian officials to expand vaccine manufacturing and research hubs for pandemic prevention.
Business
Mubadala Petroleum rebranded
The company achieved the 500,000-boed milestone this year.
- In 2017, Mubadala Energy shifted its strategy to natural gas, a transition that saw the company realize key projects.
- Other major gas projects include Mubadala Energy's operated Pegaga gas field in Malaysia.
Economy
Qatar grows its suite of world-class hotels with new openings this month
The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil...
- The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil an exciting range of culinary concepts
- Being the host nation of the first-ever FIFA World Cup in the Gulf later this year, Qatar is using the event to fulfil its goal of attracting over 6 million visitors a year
Business
Tabby launches in Egypt
The shopping app looks to widen its market in MENA.
- Tabby works with multiple brands to offer flexible payments at checkout
- It is currently ranked among the top 10 shopping apps in the Middle East with more than 2 million active shoppers
Business
DMCC puts on display world’s largest pink diamonds at DDE
DMCC has hosted the unveiling of one of the world’s largest internally flawless fancy vivid pink diamonds – the "Williamson...
- The 11.15 carat flawless pink diamond started its roadshow in Dubai, one of the world’s leading diamond trade hubs
- Expected to fetch over US$21 million, the Williamson Pink Star diamond has the potential to set a new price per carat record given its incredible purity
Business
Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in...
- Until now, Saudi had shown a circumspect approach on virtual assets, as officials questioned the speculative nature of them.
- With the emergence of UAE as a global crypto hub, Saudi displayed urgency to draft formal rules pertaining to the asset class.
Economy
Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...
- Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
- The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Company News
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Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
Geostrategy
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Business
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...
- It also supported the expansion of 15 local and national companies into global markets, either by increasing their exports or helping them to establish a presence abroad.
- During H1 2023, Dubai International Chamber inaugurated six global representative offices in Hong Kong, Australia, the United Kingdom, Indonesia, South Africa, and Singapore.
Geostrategy
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...
- Representatives from around 40 countries including China, India, the United States and Ukraine took part in the peace summit, which was held in Jeddah
- The head of Ukraine's presidential office, Andriy Yermak, said there was an agreement on the next meeting, "but there are no exact dates"
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.