Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
Business
Geostrategy
Jordan’s power supply to West Bank doubles after Jordan Valley plant’s upgrade
Jordan's Prime Minister emphasized that the project reflects Jordanian commitment to assist in laying the foundation for an independent Palestinian...
- Jordan's Prime Minister emphasized that the project reflects Jordanian commitment to assist in laying the foundation for an independent Palestinian state
- He added that Jordan is doing everything possible to safeguard the historical and legal status of Al-Aqsa Mosque and Al-Haram Al-Sharif
Business
RAK DED allots 837 licenses worth $39.48m in H1
The department's report highlighted the fact that professional licenses accounted for 49 percent of total numbering 8,986, followed by commercial...
- The number of commercial licenses were 449, representing 51.4 percent, followed by professional licenses numbering 406, along with 17 industrial licenses
- The total number of renewed licenses in the first half of 2022 was 6,947, compared to 6,606 during the same period in 2021
Business
Kuwait raises oil production to meet growing demand
The increased production is consistent with announcements made by Kuwait Petroleum Corporation.
- The increased production is consistent with announcements made by Kuwait Petroleum Corporation
- Kuwaiti oil minister Dr Al Faris said that Kuwait will continue to support efforts to promote market stability
Geostrategy
Qatar to invest $3bn in beleaguered Pakistan economy
The United Arab Emirates this month said it would invest $1 billion in Pakistan and, according to reports, Saudi Arabia...
- Qatari emir "stressed the importance of the brotherly and strategic relations between the two countries" and the need to bolster their economic partnership
- Assistance from Gulf nations and a $2.5 billion loan from China has helped Pakistan stave off the worst of an economic crisis that has seen annual inflation rise above 20 percent
Geostrategy
Abu Dhabi trainee doctors to benefit from Canada healthcare programs
Abu Dhabi's trainee doctor specialists, as part of Emirates academic healthcare training institutions, will now have access to Canada’s accredited...
- Per an MoU, both entities will exchange knowledge and best practices in the field of healthcare, especially in postgraduate medical education.
- Both entities will facilitate conversations and exchange experiences that support setting standards for postgraduate medical education and family medicine.
Economy
Saudi Arabia’s merchandise exports in June up 75 percent: GASTAT
Saudi Arabia’s merchandise exports during June 2022 increased by more than 75 percent to 148 billion riyals ($39.37 billion) compared...
- The non-oil exports (including re-exports) rose by 26.8 percent to 30 billion riyals in June 2022, compared to 24 billion riyals in June 2021.
- The kingdom’s merchandise imports during June 2022 amounted to 60 billion riyals, compared to 47 billion riyals during June 2021, an increase of 28.9 percent.
Business
Palms Sports wins its biggest contract
The 30-month UAE government contract is worth $83.31m.
- Under the new contract it will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates.
- Palms Sports reported the first half profit of AED47.2 million, a 37 percent increase for the same period last year.
Business
Majid Al Futtaim H1 EBIDTA $517m
The EBITDA rose 18 percent from $435 million a year ago.
- Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.
- The conglomerate said in a statement that it recorded a 15 percent increase in revenue to AED18 billion.
Business
Real estate deals worth $381 million recorded in Dubai Tuesday
Dubai real estate market recorded deals worth AED1.4 billion ($381 million) on Tuesday, including 387 sales transactions worth AED1.15 billion....
- The transactions also included 68 mortgage deals of AED149.38 million, and 85 gift deals amounting to AED140.85 million, data released by Dubai's Land Department (DLD) showed.
- The sales included 336 villas and apartments worth AED913.23 million, and 51 land plots worth AED241.01 million.
Economy
Saudi Arabia’s new tourism law to build globally competitive tourism sector
With the new legal framework, the Ministry of Tourism will have greater control of the quality of tourism services offered...
- With the new legal framework, the Ministry of Tourism will have greater control of the quality of tourism services offered within the kingdom
- The law also extends the tourism ministry’s remit for swift collaboration with government entities to mitigate risks and manage crises.
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Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
Company News
ACWA Power signs deal with China
Business
Latest News
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
Business
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
Business
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Geostrategy
Israel defiant amid global criticism over West Bank settlement expansion
UN Middle East envoy Tor Wennesland issued a warning on Monday against changes made by the Israeli government that will...
- Israeli official describes the changes as a reduction of unnecessary administrative procedures
- Defending the changes, Israeli government asserts that Israel is their country, "in its entirety"
Economy
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.